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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.
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fantaskarsef
Senior Member
Posts: 12980
Joined: 2014-07-21
Senior Member
Posts: 12980
Joined: 2014-07-21
#5524292 Posted on: 03/01/2018 12:57 PM
If it isn't the government always trying to scare people away from what they can't control, regulate or tax, then it's big business.
And then there's people that just... chose to not do what everybody else does and not join the miners.
You guys missing the point that he actually got caught with tax evasion. Dude got his ass handed back to him.
So if there higher risk to get caught using cash, maybe it worth trying bitcoins.
Just saying. Bill did many mistakes in past, hopefully he learned from it and actually saying something worth listening to. He is no longer working in M$ and has less to do with it.
He is trying to make this world a better place. See his efforts and donations.
And you can't deny a fact that bitcoin makes shady deals way easier with less risk. Love it, hate it, this is what it is.
Anyway, I have nothing against bitcoins. But it is a tool that provides more possibilities. Bill mentioned dark side of it.
Na not really missing, hence my hinting at how he and m$ do business for decades now in my first post in the thread.
But I tend to agree with you on the rest, although nobody knows for sure to what the possibilities would be used. Criminals always are first to use such possibilities like using blockchain and cryptos, but the fun part is: "traditional" finance is not really any more or less legal or trustworthy. That's why you don't throw your money at the first guy offering you the same interest rates than with cryptos... with normal investments you just beg to be exploited, already waiting for get scammed.
If it isn't the government always trying to scare people away from what they can't control, regulate or tax, then it's big business.
And then there's people that just... chose to not do what everybody else does and not join the miners.
You guys missing the point that he actually got caught with tax evasion. Dude got his ass handed back to him.
So if there higher risk to get caught using cash, maybe it worth trying bitcoins.
Just saying. Bill did many mistakes in past, hopefully he learned from it and actually saying something worth listening to. He is no longer working in M$ and has less to do with it.
He is trying to make this world a better place. See his efforts and donations.
And you can't deny a fact that bitcoin makes shady deals way easier with less risk. Love it, hate it, this is what it is.
Anyway, I have nothing against bitcoins. But it is a tool that provides more possibilities. Bill mentioned dark side of it.
Na not really missing, hence my hinting at how he and m$ do business for decades now in my first post in the thread.
But I tend to agree with you on the rest, although nobody knows for sure to what the possibilities would be used. Criminals always are first to use such possibilities like using blockchain and cryptos, but the fun part is: "traditional" finance is not really any more or less legal or trustworthy. That's why you don't throw your money at the first guy offering you the same interest rates than with cryptos... with normal investments you just beg to be exploited, already waiting for get scammed.
UnrealGaming
Senior Member
Posts: 3235
Joined: 2008-03-18
Senior Member
Posts: 3235
Joined: 2008-03-18
#5524295 Posted on: 03/01/2018 01:03 PM
You guys missing the point that he actually got caught with tax evasion. Dude got his ass handed back to him.
So if there higher risk to get caught using cash, maybe it worth trying bitcoins.
Just saying. Bill did many mistakes in past, hopefully he learned from it and actually saying something worth listening to. He is no longer working in M$ and has less to do with it.
He is trying to make this world a better place. See his efforts and donations.
And you can't deny a fact that bitcoin makes shady deals way easier with less risk. Love it, hate it, this is what it is.
Anyway, I have nothing against bitcoins. But it is a tool that provides more possibilities. Bill mentioned dark side of it.
What Bill said was completely uninteresting, bland, something everyone already knows and certainly not a complete picture of crypto. Which is very disappointing considering he's a programmer and a tech guy himself. So his comments end up sounding like they're meant for complete normies that don't know anything about anything, to keep them away from crypto. Instead of giving a more honest well rounded view, with maybe some actual insight.
You guys missing the point that he actually got caught with tax evasion. Dude got his ass handed back to him.
So if there higher risk to get caught using cash, maybe it worth trying bitcoins.
Just saying. Bill did many mistakes in past, hopefully he learned from it and actually saying something worth listening to. He is no longer working in M$ and has less to do with it.
He is trying to make this world a better place. See his efforts and donations.
And you can't deny a fact that bitcoin makes shady deals way easier with less risk. Love it, hate it, this is what it is.
Anyway, I have nothing against bitcoins. But it is a tool that provides more possibilities. Bill mentioned dark side of it.
What Bill said was completely uninteresting, bland, something everyone already knows and certainly not a complete picture of crypto. Which is very disappointing considering he's a programmer and a tech guy himself. So his comments end up sounding like they're meant for complete normies that don't know anything about anything, to keep them away from crypto. Instead of giving a more honest well rounded view, with maybe some actual insight.
RedSquirrel
Member
Posts: 81
Joined: 2017-03-06
Member
Posts: 81
Joined: 2017-03-06
#5524298 Posted on: 03/01/2018 01:19 PM
Yeah that's basically exactly what bitcoin was used for when it began, and still is. The technology is fascinating, but these cryptocurrencies are cancer and offer anything but 'currency'.
Yeah that's basically exactly what bitcoin was used for when it began, and still is. The technology is fascinating, but these cryptocurrencies are cancer and offer anything but 'currency'.
cowie
Senior Member
Posts: 13276
Joined: 2005-03-30
Senior Member
Posts: 13276
Joined: 2005-03-30
#5524303 Posted on: 03/01/2018 01:26 PM
one could say that about of a lot of legal things.
but I don't think he got paid to say that, if he started to burn all his money now the fire would last years.
I guess any propaganda against mining is not a bad thing for someone who wants a vga at a sane price.
one could say that about of a lot of legal things.
but I don't think he got paid to say that, if he started to burn all his money now the fire would last years.
I guess any propaganda against mining is not a bad thing for someone who wants a vga at a sane price.
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Senior Member
Posts: 2550
Joined: 2012-04-16
If it isn't the government always trying to scare people away from what they can't control, regulate or tax, then it's big business.