Bill Gates, “Cryptocurrencies... Caused Deaths In a Fairly Direct Way” In Reddit AMA, Community Reacts
From Cointelegraph
Bill Gates, principal founder of the Microsoft Corporation, has caused a furor among Reddit users, stating that cryptocurrencies are “a rare technology that has caused deaths in a fairly direct way”, during an “Ask Me Anything” session on Reddit on Feb. 27.Read more: https://cointelegraph.com/news/bill-gates-cryptocurrencies-caused-deaths-in-a-fairly-direct-way-in-reddit-ama-community-reactsGates wrote:
“The main feature of crypto currencies is their anonymity. I don't think this is a good thing. The Government’s 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.”
While drug purchases online have been increasing, the vast majority of drug users still purchase illicit substances via more ‘traditional’ methods. According to a 2017 Global Drug Survey, regardless of country, less than half of drug users purchase substances via the dark web in any one country. The global median for percentage of drug users who use the dark net is 10.1 percent.
Gates’ remarks resulted in harsh criticism from Redditors participating in the discussion. While some advised Gates to re-read the Bitcoin white paper, others reproached him for what was perceived to be an attempt to influence the cryptomarket with his celebrity status:
“... [I]f Bill Gates says he doesn’t like crypto because of how well shaded the flow of money is...a lot of ears are perking up,” said a user calling themself Hoticewater.
When one of the users pointed out that fiat currencies can also be used for illegal activities such as money laundering, tax evasion, terrorist funding, and drug purchases, Gates said that the necessity of a physical presence makes illicit activities and transfers more difficult:
“Yes - anonymous cash is used for these kinds of things but you have to be physically present to transfer it which makes things like kidnapping payments more difficult.”
So Bill just proved he's out of touch and doesn't actually know what cryptocurrencies are and do.
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The funny thing is, he's technically right about the murders. Because there are no third parties and the blockchain is pretty bad about accounting for bad actors who are willing to accost victims in person, people have been injured and even murdered for their currency.
But he's wrong that anonymity is 'the main feature'. Hell, for me it's not even the most important feature. It's one potential tool in a suite of tools that put power back in the hands of the majority of people.
Technically he is wrong since the main feature of crypto curencies is not anonymity. It may be for a few but not most.
Poor Bill is getting old. This is equivalent to saying he is responsible for the deaths of bullying victims because they had microsoft computers.
That's like blaming water for people dying of cancer because of its role in all cells, healthy or bad.
Mr Gates, I respect you for you philanthropy, but you are getting old in your views.
I don't see street corner dealers and buyers scanning QR codes on their phones on the sidewalks. It's cold, hard cash out there and a very quick transaction. Statistically speaking, the online drug trade is negligible compared to the bigger picture.
Cash is also anonymous.
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Bill Gates caused deaths in a fairly direct way as they were using MS Windows to order fentanyl online. #asshole #billgates #money #btc #bitcoin
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It seems a negative point of view towards BTC Community. But it should be great to learn from Uncle Bill Gates of his view regarding risk so we can act accordingly to manage our risk.
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