Above is a screen shot from Bill Gates' AMA on 2/27/2018. He was asked his opinion on crypto and is not to keen on it. He states that the anonymity of crypto is not a good thing. Really? Thats what makes it good. Plus, with paper money, there can be no trail. I can give someone $1000 and they can hide it, spend it, or give it to someone else. With blockchain technology, we can see what address has the money and who they sent it too. Now there are cryptos that are anonymous, which I very much support. Having a decentralized money structure free from government intervention is good. The problem with this argument is that money laundering, tax evasion and terrorist funding happen with the fiat money. Should we get rid of the American Dollar because people are misusing it? No, we shouldn't. Just like we shouldn't ignore or stop crypto because people are misusing it.
Bill Gates' second argument against crypto is that people are buying drugs, such as fentanyl, with it. Again, people buy drugs with every currency. Stopping Bitcoin will not stop drug selling or drug use. He goes on to call cryptocurrency a "rare technology" which it is not. Bitcoin is very much in the popular culture and relatively easy to purchase. Maybe he was referring to other altcoins or blockchain technology which is kind of rare.
His third point talks about how ICOs and crypto in general is a risky long term investment. I agree with him on the ICOs. A lot of them seem like a get rich quick scheme by the developer and do not seem to improve or create an existing technology. Bitcoin, Litecoin, and Ethereum all have gone up more than 100% in the last few years. As demand for their services grows, so will their price.
Overall I think its sad to see Bill Gates say this. He is a respected member of the technology and business community so he has a lot of power behind his words. I hope reactionarys don't sell because of this. Anyway, what are your thughts on this?
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i feel like some high profile people like warren buffet, gates, and those in financial news make negative comments , because crypto is a direct threat to their control of the monetary system
Yea, here's my take.
Rich people and old people don't know what the fuss is about. Rich because they have no problems protecting their wealth from the problems of fiat. Old because they don't understand it.
There's another element. Many people have their patterns and crypto doesn't fit. In fact it's one of the big obstacles to adoption. Cash and credit are convenient. Crypto isn't (yet). Until transacting in crypto is as easy as transacting in cash or credit, people aren't going to care, therefore aren't going to advocate for crypto, and certainly won't use it.
It's on us to push this movement forward. Remember what people said about the internet in 1994? If you forgot, here's a reminder:
Wow, that clip is crazy. Technology is moving ahead faster and faster. It's weird to think that at some point in the future, there will be a video clip of the Today Show asking, "What is a quantum computer?" or something like that.
Most drug dealers (on the streets) don't like using crypto; it's far too volatile and not that easy to rapidly convert into hard cash undetected.
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