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Linux Inventor Says He Doesn’t Believe in Crypto (u.today)

submitted 5 months ago by AnActOfCreation@programming.dev to c/technology@lemmy.world

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Linus Torvalds, creator of Linux, does not believe in cryptocurrencies, calling them a vehicle for scams and a Ponzi scheme.
Torvalds was once rumored to be Bitcoin creator Satoshi Nakamoto, but he clarified it was a joke and denied owning a Bitcoin fortune.
Torvalds also dismissed the idea of technological singularity as a bedtime story for children, saying continuous exponential growth does not make sense.

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[–] Rivalarrival@lemmy.today -1 points 5 months ago* (last edited 5 months ago) (1 children)

a profitable company you're buying a share of and for a cheap price.

A company in which the owner receives nothing from the business operation is not a "profitable" company. Where the shareholders do not receive dividends, and have zero expectation of ever receiving dividends, the business operations of the company are divorced from the value of the share. From the perspective of the shareholder, there are no profits to consider.

The actual "fundamentals" of such a share is nothing more than the faith that someone else will want to buy that share for more in the future, and the only reason that second person has to buy it in the future is the belief that a third person will buy it later.

That is exactly the same "fundamentals" as crypto; the same "fundamentals" as a ponzi scheme.

[–] RecluseRamble@lemmy.dbzer0.com 2 points 5 months ago (1 children)

This is pointless. You don't even seem to know what profit and value are exactly, much less how the letter is increased.

But ok, gamble away your money for worthless crap if you believe it's the same as owning non-distributing value stock (lol). I'm not an altruistic economics teacher trying to stop you hurting yourself.

[–] Rivalarrival@lemmy.today 1 points 5 months ago* (last edited 5 months ago) (1 children)

But ok, gamble away your money for worthless crap if you believe it's the same as owning non-distributing value stock (lol).

I can point to any number of companies whose stock has proven to be worthless crap. It is the same type of gamble for both. Neither have any value arising from business operation. The value of a cryptocoin and the value of a zero-dividend share arise solely and entirely from investor faith.

[–] Arcka@midwest.social 2 points 5 months ago

But what about all the real valuable assets these companies would have these days? Like the multitude of 5 year old PCs, 1990s era Hermann-Miller office furniture, the buildings and land they lease... /s