Bill Gates opinion about Cryptocurrency


#1

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.


#2

Neither Bitcoin nor BTG are anonymous. They are pseudonymous, and that makes a huge difference.

Transactions on the blockchain are more traceable than transactions in paper money.

https://www.google.com/amp/s/www.technologyreview.com/s/608763/criminals-thought-bitcoin-was-the-perfect-hiding-place-they-thought-wrong/amp

Actually, this is rare for Bitcoin and BTG. Paper money is used for these things much more often.

About 1% of Bitcoin transactions to exchanges are illicit.

Speculation in anything has risk, and people need to research and seek good advice before investing. Too many people were gambling with ICOs at random, and they will lose money to incompetent teams running ICOs and fraudsters, both.


#4

He in no way criticised the technology that makes up the backbone of cryptocurrency in his statement but pointed out the way humans may abuse the opportunities it creates. The Gates Foundation released software in October in cooperation with Ripple to create banking service infrastructure to developing countries.


#5

And I never said he did. :wink:

I simply disagree with his contention about the “main feature of crypto currencies.”