Bill Gates: Cryptocurrency "Has Caused Deaths in a Fairly Direct Way"
- Microsoft head fielded questions on Reddit, and one particular answer has drawn some attention.
Bill Gates, founder of Microsoft and one of the world's richest men, appeared live on Reddit yesterday to answer questions from an internet audience. His answer to the question "Whats your opinion on Crypto Currencies?[sic]" has raised some eyebrows:
"The main feature of crypto currencies is their anonymity. I don't think this is a good thing. The Governments [sic] 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."
What is interesting to note is that on his Twitter page, where he announced the appearance, the majority of comments left by other users refer to his comments on cryptocurrency. They are mainly critical.
So terrorists like ISIS when occupied half of Iraq at 2014 they were selling btc ??
I guess the pic here shows clearly selling oil through turkey & Syria border for USD? Unless they were selling these barrels for ethereum or $ltc ?https://t.co/WcN0Ynezoz pic.twitter.com/HLPpzWMehm — BuzzBooz (@BuzzF88) February 28, 2018
To put the level of response into perspective, Gates answered 33 questions in total, and only one was on the subject of cryptocurrency.
The main feature of cryptocurrency is not anonymity. It’s that for the first time in human history the people have the freedom to transact without allowing the ruling elite to debase the currency and steal from the poor to give to the rich
— Michael Welnick (@bijeebus) February 28, 2018
Bill Gates was once more optimistic about cryptocurrency. He told Bloomberg TV back in 2014 that he considered Bitcoin to be exciting, and "better than currency" in terms of ease of payment.
However, that was four years ago, which in cryptocurrency years is approximately a century. Even then he was uneasy with the anonymous nature of the system, saying that there would have to be "enough attribution that people feel comfortable".
What you should consider is how cryptocurrencies can help people in places like Zimbabwe where their currency is useless. Many have started using Bitcoin instead of local currencies putting them on an even platform with the rest of the world. https://t.co/OHHmPZ0Arz
— Jason Combs (@jasonrcombs) February 28, 2018
But he added that he doesn't think that Bitcoin will be dominant due to the logistical difficulties that it presents for everyday use.
The comments of its founder aside, Microsoft has an active relationship with cryptocurrency. It has been accepting Bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term since 2014, although only for a limited range of goods. It is converted immediately into fiat upon receipt. The company has temporarily suspended the option on a few occasions when the price of the currency became too volatile.
In October 2017, the foundation funded Ripple's development of a software called 'Mojaloop', which is a step towards allowing two billion unbanked people to manage money by using online wallets and mobile phones.
And of course, there is Microsoft's partnership with IOTA.
Bill Gates, founder of Microsoft and one of the world's richest men, appeared live on Reddit yesterday to answer questions from an internet audience. His answer to the question "Whats your opinion on Crypto Currencies?[sic]" has raised some eyebrows:
"The main feature of crypto currencies is their anonymity. I don't think this is a good thing. The Governments [sic] 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."
What is interesting to note is that on his Twitter page, where he announced the appearance, the majority of comments left by other users refer to his comments on cryptocurrency. They are mainly critical.
So terrorists like ISIS when occupied half of Iraq at 2014 they were selling btc ??
I guess the pic here shows clearly selling oil through turkey & Syria border for USD? Unless they were selling these barrels for ethereum or $ltc ?https://t.co/WcN0Ynezoz pic.twitter.com/HLPpzWMehm — BuzzBooz (@BuzzF88) February 28, 2018
To put the level of response into perspective, Gates answered 33 questions in total, and only one was on the subject of cryptocurrency.
The main feature of cryptocurrency is not anonymity. It’s that for the first time in human history the people have the freedom to transact without allowing the ruling elite to debase the currency and steal from the poor to give to the rich
— Michael Welnick (@bijeebus) February 28, 2018
Bill Gates was once more optimistic about cryptocurrency. He told Bloomberg TV back in 2014 that he considered Bitcoin to be exciting, and "better than currency" in terms of ease of payment.
However, that was four years ago, which in cryptocurrency years is approximately a century. Even then he was uneasy with the anonymous nature of the system, saying that there would have to be "enough attribution that people feel comfortable".
What you should consider is how cryptocurrencies can help people in places like Zimbabwe where their currency is useless. Many have started using Bitcoin instead of local currencies putting them on an even platform with the rest of the world. https://t.co/OHHmPZ0Arz
— Jason Combs (@jasonrcombs) February 28, 2018
But he added that he doesn't think that Bitcoin will be dominant due to the logistical difficulties that it presents for everyday use.
The comments of its founder aside, Microsoft has an active relationship with cryptocurrency. It has been accepting Bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term since 2014, although only for a limited range of goods. It is converted immediately into fiat upon receipt. The company has temporarily suspended the option on a few occasions when the price of the currency became too volatile.
In October 2017, the foundation funded Ripple's development of a software called 'Mojaloop', which is a step towards allowing two billion unbanked people to manage money by using online wallets and mobile phones.
And of course, there is Microsoft's partnership with IOTA.