In a recent Reddit AMA, Gates was asked what he thought about cryptocurrencies. The soundbyte that's currently sweeping the internet is that crypto is killing people in a "fairly direct way." This is his full response:
"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."
As could be expected from Reddit, an extremely crypto-positive environment, the place jumped down his throat immediately - albeit in a fairly respectful way (at least for Reddit).
The main arguments against Gates were that:
- Crypto payments could be tracked
- The US dollar is also used to buy drugs/guns
- Just more money laundering/terrorist threats arguments which have questionable levels of validity
- Gates was confusing anonymity with privacy
Listen, I love crypto just as much as the next guy. I probably drink more Kool-Aid than any of you. But the man has a point.
Yes, Bitcoin transactions can be tracked. But services like xmr.to, which allow users to purchase in Bitcoin my sending Monero to the site.
Monero, an open-source project developed from the original CryptoNight protocol, is widely considered to be the "most anonymous" of all cryptocurrencies.
Want to buy a guide on how to commit credit card fraud but the vendor only accepts Bitcoin? What about a "kpack" (1000 pills - sometimes just called a "pack") of Xanax? How about a new glock? No problem, just use xmr.to.
Add Tor and a well-reviewed, no log VPN like Mullvad, connect from public wifi and order to a "drop" and you're about as anonymous as you can be. If you're really paranoid you can use a burner laptop (paid for in cash, of course).
Yes, it takes a lot of work to commit crimes like this. Your average person will probably not be able or willing to put the resources into living a life of crime, hence the arguments from Reddit that it's "not possible. And despite the fact that most career criminals are caught more than once, the fact is that it is possible and it happens every day.
Since the advent of the Silk Road, buying drugs and other illegal contraband has never been easier. This has 100% for sure, no-question-about-it, led to deaths of additional people that would not have occurred if this technology had never been invented.
Like it or not, Gates is right. He usually is.
Pass the Kool-Aid over here
That said, just the fact that he made a statement that was factually correct does not mean that crypto is bad or should be abolished or outlawed. It's similar to the gun debate in America. There are millions of gun-rights advocates in the United States who experience such powerful cognitive dissonance about firearms, that they say things like, "It's a mental health problem, not a gun problem."
Look, if there were no guns in America, there would be fewer gun deaths. On some level, even your staunchest gun rights activist agrees that is the truth.
But what people seldom say is this: "Yes, we know that there are thousands of gun deaths per year as a result of the proliferation of firearms in the United States. That being the case, we still believe that the right to gun ownership significantly outweighs the cost in human life."
If anyone went on record as saying this, it would be pounced on by the mainstream media and quoted until the end of time. "NRA spokesperson says that gun rights are more important than the lives of your children," or some other such nonsense.
While arguments like this around cryptocurrency are not quite as developed (or partisan) as the conversation around gun rights in America, they follow the same pattern. There are so many benefits to cryptocurrency and blockchain technology, that when people are faced with the bitter truth that there are negative aspects to what they love, they lose their minds.
It's much easier to claim that something is false than to admit that a certain technology is worth more than human lives. And when you add the latent resentment towards traditional financial institutions that many cryptocurrency enthusiasts share, it's easy to write off an argument like Gates' as "just more of the same."
That said, because of its decentralized nature, blockchain technology is not going anywhere. As they say in the south, you can't put the sh*t back in the horse.
Bill Gates isn't wrong about crypto causing deaths. Stop crying like little babies because you disagree with him and admit that yes, people are dead because of cryptocurrency, but that you believe the benefits to society far outweigh the costs.
Once the cards are on the table, then maybe steps can be taken to find a compromise between anonymous, decentralized currency and limiting its potential abuse by criminal elements.
Do you think cryptocurrency is killing people?
Let me know in a comment!
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Great post and I have constantly been in this conversation around cryptocurrencies. Too many people who do not understand or think about what they are saying have microphones and are weighing in inaccurately on the topic. Anonymity flies in the face of everything cryptos say they want to stand for, but people keep advocating for it without thinking what it truly means.
All of the crypto scams being committed right now are part of a huge problems and the reality is that without an industry wide body to deal with it, governments will come in and do it heavy handedly. The people who understand this and never talk about it either have a side agenda or are making too much money right now and want the train to keep moving. In the end we could end up with an overregulated mess that cannot fulfill its original intentions.
There is a dark part to crypto and it must be called that and separated from the rest.
There is also the reality that most of these coins will simply not gain traction. That is a fact. Right now between the marketplaces which are completely unregulated and the way ICOs are allowed to launch, it is an environment set up to accommodate fraud and scams, We cannot ignure this and say that govts. just want to come in and regulate. Like your comments about cryptos killing people, people will lose their and others will be completely wiped out.
I tell people to read the Bitconnect indictment in Florida. Look at the names of the defendants. In some cases they only have their internet names. How will anyone find these people when they commit scams like Bitconnect?
The challenge is as difficult as having an honest conversation about race in America, no one wants to start out with facts before the opinions can be heard.
Our biggest challenge is that there is money in the game and because of this, I doubt sanity will prevail. In other words there are rough times coming. Thanks again for the great post. I will follow and read some of your other posts as well. By the way I am writing a series of posts about the potential of Steemit and one where i ask the question about fiat currencies being so bad and if that is in fact true. Both will be done this week if you have an interest. Here is the first part of one article I post 5 days ago. Thanks and I have resteemed as well.
https://steemit.com/cryptocurrencies/@davidallenjones/the-curious-case-of-cryptocurrencies-do-they-really-have-a-chance-to-become-the-next-big-thing
So Bill Gates wants a nanny state where the government "regulates" (more like has a monopoly on) everything. Big surprise. Could it be that such government regulation maintains his monopoly along with all of the other big pro-NWO corporations? Maybe it is time to think for one's self instead of trusting in perceived authorities.
Big centralized government kills more people than anything else! Say no to overlords!
Thank you! That was exactly what I was thinking....
Government wants control and power.
Cryptos are not that easy to track.
So they are afraid of loosing power/control.
That´s all.
Think about the sources of the bad talk about cryptos.
Then you got the answer...
Look on the other side: John McAffee is absolute sure about cryptos.
But he´s also someone prosecuted by the government....
Bill Gates also thinks we give a fuck about the whatever that comes out of his mouth. @yallapapi
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Cryptocurrency is changing the world positively, most people feel pained that the government or centralized institutions ca n no longer control wealth.
The printing of fake note will end since everything currency will be digitalized and cashless policy will be working perfectly with cryptocurrency.
Cryptocurrency is saving the world
Cryptocurrencies don't kill people. People kill people.
...is what I'm expecting someone to say any minute now.
old age kills some people, Bill Gates kills the rest!!!
Gates is right. But cryptocurrency is here to stay and there's nothing anybody can do about it. If we should relate this to the evolution theory, the fish can't tell the lizard its existence is a threat to the mammalian kingdom.
Change is a train that will never stop moving.
When you´re in the NWO-Club, you have to say such things...
Bill Gates is not the good guy he always pretends to be.
pretty interesting post
I think Bill Gates has an ulterior motive. I wouldn't be surprised if he starts pumping a certain project soon.
Is there any good technology that has never been usef for evil. Name one, cars have caused a lot of deaths directly.
People don't commit crimes because crypto exist they do it becauses theu are criminals. The people buying these drugs online are using Windows laptops why are we not saying Microsoft is causing death directly
Crypto or guns does not kill people. People kill people :)
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Cryptocurrency is not killing people ,people are much engage in cryptocurrency which is a nice idea and motive
This is the most baseless, nonsensical comment I have ever seen on steemit.
Bilgates is right.Thanks for sharing
Hilarious!!!
Very good post. I agree that the kneejerk reactions to his statements are not correct. He has a point and it has to be considered.
I disagree that cryptocurrency has lead to an increase in deaths. Crimes? Maybe. Deaths? Doubtful.
Cash is harder to trace, barter systems oft used on the black market are impossible to trace.
Bill Gates is usually right? I have to disagree with that one too. I've always found him to be a blathering moron.
You made an amazing content, We sould connect and support each other by follow each other. I already following you, please think about that. My apologize if I sent this post to you already.Thanks and greeting from @chanthasam
Bill Gates does not need to lose his nights sleep over crypto. All hypocrites - getting the world addicted to computers while these elites do not practice the same for their own kids. They only take on those who do not bite back but will generally give diplomatic answers to issues where there are chances of political bite back.
It's sad how people who start as rebels get integrated and become puppets of the system.
Appreciate your in depth analysis and your thoughts in general @yallapapi.
Monero is the most anonymous coin... what about verge wraith protocol.
Bill Gates just has so much money that he doesnt need to invest in crypto and sounds like hes doing all he can to scare people away
We need deregulation not regulation. When you over regulate you make it harder for people to invest into it.
The only thing that needs fixin is the ICO shit.
I cannot imagine how can bill Gates do such a thing... It's not like as cryptocurrency is introduced drugs started to emerge in this world. That's so foolish. If people want a things they will find any way and means to get that. Height of hypocrisy.
Good aspect :-)
Good post
gates is confused
I was thinking that the income from this crypto money to buy the ox
I have lost 7 friends to hard-core drugs. Only 2 overdosed on purpose, the rest by accident. The rest that are still junkies have said the same thing, it doesn't matter what it is or what they have to do to get it, they will get it. If they want enough to kill themselves with it they will get it, you can't control them. They have all said, they will not stop, if you make it harder to get they will find a way to make it easy again. People do what they want to do, be it good or bad, doesn't matter how you go about it what matters is the outcome.
I don't agree with the currency killing people. The way I see it, if that were the case, every type of currency is killing people. For drug users/sellers, they will always find a way or another to collect money to buy it. Same thing with guns. Currency isn't the problem. People are. It is the people making the drugs, pushing it onto people and the people buying it. Same thing for guns. This is just my opinion. The decisions that people make are the once that create the consequences. Not the money of any kind.
Crypto currency is helping people and many are learning to adjust to the simplee life of transaction through the internet
Thanks for that.
Upvoted and resteemd.
I think you are killing people.
Pretty much everything on this earth can be a cause of death. People have drowned drinking too much water. People just like to abuse anything they can get their hands on. It could be guns, drugs, sex, money, and many other things. Humans like to push the limits and most that do end up in jail or dead.
So can crypto currencies be used for evil. Well of course it can. Just like anything else on this planet. We can not control what some people do. We can only control what we do as an individual. Like me I would love to use crypto currency to build family wealth and also give back to the world. Buy more books for schools in my community. Start more after school programs. Teach parents that they need to be more involved with their child and their education. There are endless good things that one can do with crypto currencies is my point.
Maybe if everyone was shown the same love and care. Maybe no one would hate as much, but that is a dream I will never see. I know greed, pride, and envy play a huge part. No matter what we can never stop striving for a better living. Love conquers hate!!
Stay opened minded. Don't jump to hate just because someone has a different opinion than you.
Oh by the way. This is an amazing post lol
Same argument can be applied to pretty much any technology. Almost all of them have a cost that can theoretically be measured in human lives. An obvious example is vehicles. Everyone who uses a car agrees, by their actions, that the value of the technology (vehicular travel) outweighs the massive cost in human life that is caused directly by this technology.