PowerColor RX 6650 XT Hellhound White review
FSP Hydro PTM Pro (1200W PSU) review
ASUS ROG Radeon RX 6750 XT STRIX review
AMD FidelityFX Super Resolution 2.0 - preview
Sapphire Radeon RX 6650 XT Nitro+ review
Sapphire Radeon RX 6950 XT Sapphire Nitro+ Pure review
Sapphire Radeon RX 6750 XT Nitro+ review
MSI Radeon RX 6950 XT Gaming X TRIO review
MSI Radeon RX 6750 XT Gaming X TRIO review
MSI Radeon RX 6650 XT Gaming X review
Bill Gates: Cryptocurrencies are killing people
The former Microsoft CEO Bill Gates said cryptocurrencies technology "has caused deaths in a fairly direct way.". He seemed particularly concerned with whether the blockchain revolution is mostly revolutionizing financial crime, terrorism, and drug dealing, thus killing people “in a fairly direct way”
As noted by CNBC, during a Reddit “Ask Me Anything” session on Tuesday, Gates explained that he thinks cryptocurrency is really bad because it aids and abets people who want to keep their financial transactions hidden from the government:
The main feature of crypto currencies is their anonymity. I don’t think this is a good thing. The Governments ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now crypto currencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs and crypto currencies is super risky for those who go long.
Bitcoin is too hot for criminals, and also in part because authorities are starting to get a lot better at tracking down and busting criminals who try to anonymize themselves with crypto. There’s the fact that some of the crimes to which Gates alluded, like drug dealing and terrorism, have an irreplaceable physical element. If you’re a drug dealer or a terrorist, at some point you’re going to have to lug actual drugs or guns or bombs around, and payment or funding is only one part of the equation as to how the police can track you down.
"The main feature of cryptocurrencies is their anonymity. I don't think this is a good thing," he said. "The Governments [sic] ability to find money laundering and tax evasion and terrorist funding is a good thing. "Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way.
"I think the speculative wave around ICOs [initial coin offerings] and cryptocurrencies is super risky for those who go long," Gates added.
Bill Gates Might Return To Microsoft? - 12/09/2011 01:17 PM
A article from Fortune surfaced just today (12/8), discussing the possible rumor of Bill Gates returning to the helm of Microsoft. According to Fortune a prominent chief executive heard from someone c...
Bill Gates | Jerry Seinfeld ads canned - 09/19/2008 03:55 AM
Apparantly the Bill Gates/Jerry Seinfeld Microsoft ads will stop running.
Bill Gates Retires leaves 33-year legacy - 06/28/2008 03:06 PM
Windows 7 arrives next year, says Bill Gates - 04/05/2008 02:49 PM
Microsoft Chairman Bill Gates on Friday indicated that Windows 7, the next major version of Windows, could come within the next year, far ahead of the development schedule previously indicated by the ...
D3M1G0D
Senior Member
Posts: 2068
Joined: 2017-03-10
Senior Member
Posts: 2068
Joined: 2017-03-10
#5524858 Posted on: 03/02/2018 09:09 PM
Securitization was the major factor in the 2008 crisis, and this was due to a lack of regulation. The government should have created regulations around MBS and CDS but they didn't, preferring to let the free market do it (and the free market failed). It was also largely because of market forces that the banks got into trouble. When these securities were no longer mark-to-market, and banks used in-house valuation, then the crisis magically ended.
I'm curious how these countries can use cryptocurrencies to fund anything? Even if some outside source sent cryptos to them, how would they ever redeem them for fiat money? Do Bitcoin exchanges accept clients from North Korea?
The 2008 crash was caused by the sub-prime housing market, where banks were required under the community reinvestment act to provide home loans with little to no money down, to people who weren't able to pay off those loans. If banks didn't meet certain quotas on giving these loans, they were denied mergers and aquisitions. Fanny & Freddie began buying up all those loans (nearly 50% of all sub-prime risky loans) and repackaged them as securities for the gamblers on Wall Street. And everyone knows how that turned out.
Securitization was the major factor in the 2008 crisis, and this was due to a lack of regulation. The government should have created regulations around MBS and CDS but they didn't, preferring to let the free market do it (and the free market failed). It was also largely because of market forces that the banks got into trouble. When these securities were no longer mark-to-market, and banks used in-house valuation, then the crisis magically ended.
More importantly, these currencies are being heavily used by regimes like the ones in North Korea and Iran to evade sanctions and fund their nuclear programs.
I'm curious how these countries can use cryptocurrencies to fund anything? Even if some outside source sent cryptos to them, how would they ever redeem them for fiat money? Do Bitcoin exchanges accept clients from North Korea?
Noisiv
Senior Member
Posts: 8185
Joined: 2010-11-16
Senior Member
Posts: 8185
Joined: 2010-11-16
#5524908 Posted on: 03/02/2018 11:48 PM
The 2008 crash was caused by the sub-prime housing market, where banks were required under the community reinvestment act to provide home loans with little to no money down, to people who weren't able to pay off those loans. If banks didn't meet certain quotas on giving these loans, they were denied mergers and aquisitions. Fanny & Freddie began buying up all those loans (nearly 50% of all sub-prime risky loans) and repackaged them as securities for the gamblers on Wall Street. And everyone knows how that turned out.
What you wrote up there is coming straight from the Republican Field Manual For 2008 Crisis and has been debunked to death, but nvm that. Because I rly dont care for US domestic politics one way or the another.
But...
The belief that the World's economy was brought down to it's knees because US politicians, in a sudden strike of Jesus-like generosity, decided that those with the least amount of power, those weakest of the weak, should have their own house...
is laughable, to put it as mild as I can.
The 2008 crash was caused by the sub-prime housing market, where banks were required under the community reinvestment act to provide home loans with little to no money down, to people who weren't able to pay off those loans. If banks didn't meet certain quotas on giving these loans, they were denied mergers and aquisitions. Fanny & Freddie began buying up all those loans (nearly 50% of all sub-prime risky loans) and repackaged them as securities for the gamblers on Wall Street. And everyone knows how that turned out.
What you wrote up there is coming straight from the Republican Field Manual For 2008 Crisis and has been debunked to death, but nvm that. Because I rly dont care for US domestic politics one way or the another.
But...
The belief that the World's economy was brought down to it's knees because US politicians, in a sudden strike of Jesus-like generosity, decided that those with the least amount of power, those weakest of the weak, should have their own house...
is laughable, to put it as mild as I can.
blazngun
Member
Posts: 23
Joined: 2017-11-24
Member
Posts: 23
Joined: 2017-11-24
#5524959 Posted on: 03/03/2018 03:42 AM
Congrats schmidtbag on winning that hard fought battle with UnrealGaming. I knew you had it in ya to prevail!
Congrats schmidtbag on winning that hard fought battle with UnrealGaming. I knew you had it in ya to prevail!
Click here to post a comment for this news story on the message forum.
Senior Member
Posts: 1230
Joined: 2012-05-22
This is hilarious on so many levels...
The terrorism... The very government he speaks about has been the biggest terrorist under the Sun for quite some time.
Tax evasion. Bill should know, because his trademark company, Microsoft, is an expert in this field.
Paying as little as legally required is not tax evasion. It's called smart business.
Speculative financial practices. Look no further than the traditional financial institutions. Who the fuk brought down the economy in 2008? Crypto? yeah right.../s
How about another sh1ty financial practice, high-frequency trading? Oh but HTT is good, because it brings sh1tload of money for Microsoft.
The 2008 crash was caused by the sub-prime housing market, where banks were required under the community reinvestment act to provide home loans with little to no money down, to people who weren't able to pay off those loans. If banks didn't meet certain quotas on giving these loans, they were denied mergers and aquisitions. Fanny & Freddie began buying up all those loans (nearly 50% of all sub-prime risky loans) and repackaged them as securities for the gamblers on Wall Street. And everyone knows how that turned out.
Using crypto to buy drugs. How the fuk did the druggies and the drug lords manage be4 crypto? MMmmmaybe using ordinary mmmmoney? Is money bad? Ban money!
Crypto simply makes it much easier to move large sums of money around with much less risk. Keep in mind, its just as hard to move the money south, as it is to bring the drugs north.
You can buy million things with crypto. But because you can buy one bad thing, that means crypto is BAD!
WTF is wrong with this guy. I expect this kind of silliness from the bottom feeders, not from Bill effin gates.
He was talking about this specific aspect of Crypto. It's also been shown that pro-terrorist people living in western nations hide their funding of terrorist groups in the middle east through the use of these currencies.
More importantly, these currencies are being heavily used by regimes like the ones in North Korea and Iran to evade sanctions and fund their nuclear programs.