Bill Gates says cryptocurrencies are killing people

By midian182 · 25 replies
Feb 28, 2018
Post New Reply
  1. Cryptocurrency tends to split opinion. Some people believe in digital currencies like bitcoin and maintain that their value will keep rising, while others call them Ponzi schemes beloved by criminals. After his Reddit “Ask Me Anything” session yesterday, it seems Bill Gates falls firmly into the latter camp. The former Microsoft CEO even said the technology “has caused deaths in a fairly direct way.”

    When asked for his opinion on cryptos, Gates said their main feature was the anonymity they offer, and he doesn’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 cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way,” he explained.

    One user pointed out that traditional cash can also be used for illegal activities, but Gates said that in some situations cryptocurrencies are easier to use. “Yes—anonymous cash is used for these kinds of things,” he wrote in the AMA. “But you have to be physically present to transfer it which makes things like kidnapping payments more difficult.”

    Gates also warned of the risks involved with Initial Coin Offerings and the rush to invest in cryptos. “The speculative wave around ICOs and cryptocurrencies is super risky for those who go long," he said.

    Judging from these comments, it appears that Gates has changed his view on cryptocurrencies over the last few years. Speaking to Bloomberg in 2014, he said: "Bitcoin is exciting because it shows how cheap it can be." He added that, "Bitcoin is better than currency in that you don't have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient."

    Fellow billionaire Warren Buffet shares Gates’ concerns. "In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," said the Berkshire Hathaway CEO.

    But not all investors view cryptocurrencies in the same way. Responding to Gates’ comments, venture capitalist Anthony Pompliano tweeted: “I’m starting to think the criteria for being old and rich is hating crypto.”

    In reality, some cryptocurrencies offer more anonymity than others, while know-your-client and anti-money laundering laws are making it difficult for users to turn their crypto into cash anonymously. But it seems their reputation for being criminals' currency of choice isn't going away.

    Permalink to story.

     
  2. QuantumPhysics

    QuantumPhysics TS Addict Posts: 198   +118

    Cryptocurrency hasn't killed anywhere near as many people as the Blue Screen of Death.
     
  3. EClyde

    EClyde TS Evangelist Posts: 1,438   +488

    Thanks Bill
     
  4. p51d007

    p51d007 TS Evangelist Posts: 1,434   +752

    Governments don't like crypto currencies, because they can't CONTROL you the way they do with worthless government money. HARD currency, like gold, silver, platinum etc, gives YOU the ability to do as you wish, which is why you see many governments pushing to remove hard currency.
     
  5. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 10,181   +4,117

    This statement is comparable to "Guns Kill". I'm not one for cryptocurrencies because of the inefficiency of mining and the instability of the currency value. With that said I'm not against cryptocurrency if those can be addressed.

    The topic of "Crypto Kills" is completely stupid. It's like someone as well as myself stated in other threads, it's our culture that kills. We can't seem to live with one another peacefully, and we blame our anger and violence on our tools (and now it seems our currency).
     
    NicuB, Stark, JaredTheDragon and 2 others like this.
  6. yRaz

    yRaz Nigerian Prince Posts: 2,559   +1,701

    Sorry Bill, people have been buying drugs illegally long before crypto
     
    Stark, JaredTheDragon, EClyde and 2 others like this.
  7. wiyosaya

    wiyosaya TS Evangelist Posts: 2,556   +1,200

    (y)
    That's for sure!

    Personally, I think Bill falls in with those who have gained riches but not wisdom.
     
  8. H3llion

    H3llion TechSpot Paladin Posts: 1,463   +318

    Windows is spreading child pornography and online bullying.
     
    dms96960 likes this.
  9. EClyde

    EClyde TS Evangelist Posts: 1,438   +488

    Not very astute. People spread porn and bullying. Are you sure you don't want to include the NRA?
     
  10. H3llion

    H3llion TechSpot Paladin Posts: 1,463   +318

    It is though. It is the same point as Gates has made. It applies to anything.
     
  11. Nero7

    Nero7 TS Maniac Posts: 314   +115

    Uh huh and his vaccines and monetary involvements were a gift for mankind...

    He can see the end. Soon he wont even be able to wipe himself with all that money since its all only virtual and the cryptos will take over.
     
    user108 and JaredTheDragon like this.
  12. BigusBirdus

    BigusBirdus TS Rookie

    I see his concern for crypto currency, when your entire fortune can be evaporated by a currency that doesn't physically exist, I'd have a negative opinion of it too.
     
  13. gnpfrslo

    gnpfrslo TS Enthusiast Posts: 61   +9

    That's not how money works. "Unless everyone believes in it [gold] is worthless" same with all other currencies.
    Another reply that is beyond ridiculous; Gates has shown time and time again that he has very little care for his fortune, his own children are getting an inheritance that is below pitiful by any other millionaire's standards and he has donated times more wealth than he currently owns to humanitarian causes. Furthermore, as of now and for many years to come, it doesn't matter how valuable bitcoin becomes, his fortune won't go anywhere: let's say the US gets overrun and all money becomes cyptos: he won't lose anything, the system will automatically convert all his money into cryptos, not for the same value but for the same worth (read: purchasing power); after all, most of his net worth is on assets and speculative wealth in the esoteric world of high finances, not on actual physical money.
    This is quite a fitting comparison. More than you realize. For, if it may be true that people, and not guns, are what kill; guns make it a hell of a deal to kill more people easier and faster than anything else available to the average US citizen.
    Exact same logic applies here.
     
    Last edited: Feb 28, 2018
    Feng Lengshun, NicuB and Tosikko like this.
  14. JaredTheDragon

    JaredTheDragon TS Maniac Posts: 351   +218

    “The Governments ability to find money laundering and tax evasion and terrorist funding is a good thing."

    Shut up, Statist. We don't need propaganda from some douchebag company figurehead.
     
  15. gnpfrslo

    gnpfrslo TS Enthusiast Posts: 61   +9

    A "douchebag company figurehead" would have nothing but bad things to say about the government. He would say things not unlike you just did.
    But my young high school extremist/middle aged corporate tool: if there is one singular big truth in politics is that government=civilization.
     
    Feng Lengshun likes this.
  16. JaredTheDragon

    JaredTheDragon TS Maniac Posts: 351   +218

    Since your logic failed in the first sentence, I don't see how the rest of your reply would get any better. And it actually gets worse. Government has nothing to do with civilization, and the governments of today are the least civilized in human history. For hundreds of thousands of years people didn't live like this and yet they lived just fine, and they didn't have archons hoarding and lording over them, robbing and raping them, and warring upon other people as well as the Earth itself. So what you're defending are those values - rob, rape, kill.

    Your first sentence is patently false and absurd, so we shouldn't have expected any further sense from you. Sorry about your Statism.
     
    Boilerhog146 likes this.
  17. treetops

    treetops TS Evangelist Posts: 2,139   +274

    Pssh get off the peoples back and let them use their hard earned money anyways they want, screw government over site on everything we buy.
     
  18. Squid Surprise

    Squid Surprise TS Evangelist Posts: 1,833   +872

    Really? Until the advent of civilization, humanity lived at the subsistence level, with a life expectancy around 30... That your idea of living "just fine"?!!?

    With civilization came government - because you CANNOT have one without the other!! Is it perfect? Of course not... but it's a heck of a lot better than how we used to live. Before you shoot other people down, maybe get your facts straight?
     
    Feng Lengshun and gnpfrslo like this.
  19. wiyosaya

    wiyosaya TS Evangelist Posts: 2,556   +1,200

    I do see that he has done some good stuff, but there are instances where he seems to be passing gas - such as suggesting that poor, rural areas in India should employ multi-million dollar, centralized sewage treatment plants that would also require significant infrastructure. That has got to be one of the biggest gas clouds he has ever passed - IMO.
     
  20. HyPeroxya

    HyPeroxya TS Enthusiast Posts: 41

    Windows for Warships Kills , slightly more directly. Bitcoin is not anon, there is at least one private company who offers a service in tracing and attributing BitCoin. 3000 cryptos? how many of any worth or value in a decades time, get in and get out , then use your spare GPU's for raytracing or
     
  21. ypsylon

    ypsylon TS Booster Posts: 126   +26

    Bill clearly is under the influence of some hallucinogenics.

    I have a lot of time for BG and all good things he is doing, but this is probably stupidest thing he ever said.

    Like multiple market crashes and failures of banking systems are a non-issue... to folks who sleep on $$$, yeah; to ordinary people not so much. In the history of world makler brokers&banksters are responsible for more deaths than all murderous dictatorships put together. Especially in today day and age, 0.5% of mankind population has 99.5% of planetary wealth. So many committed suicides just because they are incapable of freeing themselves from ever increasing debt downhill spiral.

    I say long live crypto-currencies. Screw banking system totally.

    Terrorists are funded in equal measure by shady business connections (in EVERY country) and illegal enterprises. let's not forget that most weapon supplied to this brainless entities is supplied by all major powers of the world and money is untraceable if you know right people or institutions - Bank of Vatican is perfect place for $$$ to disappear and turn into some insidious thing at the other end - 2000 years of practice!
     
  22. Reachable

    Reachable TS Addict Posts: 214   +85

    Bitcoin mining uses a staggering amount of energy -- more than the gross energy use of any of several entire countries. This is not without consequence. Energy use equals pollution, equals depletion, equals global warming. Pollution and global warming kill. All this energy use for something that isn't even a commodity, isn't even a tangible object. Yes, conventional financial transactions use energy, but not to this grotesquely out of proportion extent.

    The fact that blockchain technology may prove to be useful doesn't redeem cryptocurrency, any more than subsequent civilian uses for horrible weaponry technology deployed in a senseless war justify the war. If my analogy sounds harsh, perhaps we should wait to see what kind of destruction cryptocurrency ultimately leads to.
     
  23. Joe Blow

    Joe Blow TS Addict Posts: 216   +74

    But he's not worried about his vaccines?
     
  24. NicuB

    NicuB TS Rookie

    Honest, documented, logical point of view. Greatful that still are people like you in the world.
     
    Squid Surprise and gnpfrslo like this.
  25. gnpfrslo

    gnpfrslo TS Enthusiast Posts: 61   +9

    Have you ever studied logic? If so, explain to me how is my logic flawed and it's not just an argument that goes against your cognitive biases.
    Now, this sentence: not only is it ignorant of the entire history of mankind, it is completely senseless. To explain: the quality of government doesn't actually offer any rebuttal that government is the causal of civilization: yes, you can have a car that goes slowly, throws a lot of smoke and breaks down every weekend; that doesn't automatically mean that automobiles aren't the main method of transportation in the developed world, not to mention, the most efficient land-based method of traveling long distances anywhere. Try to get from California to Florida just on your two feet, a horse or a bicycle; see how far you get.
    I'd also like to know your arguments to so boldly state that gladiatorial games, ritual sacrifices, slavery and war mongering are more "civilized" than having basic human and worker rights and giving diplomacy a chance every once in a while.
    Talk about failing at logic.
    Factually untrue, people have been living under a government since "people" became a thing: since a man once grabbed a long staff and used it to point in general directions that other people followed, since mankind created language and one of them said "let's kill the giant elephant, together"; that is the dawn of government. Before government what we had was monkeys that kinda walked on two legs, weren't at the top of their food chain, and died sooner of predation than illness or injury. "Just fine" by the standards of some radical environmental terrorist, PETA or Greenpeace style, yes; but not by the standards of any human being that actually has any appreciation for his own life.
    Ah, the icing on the cake. The cherry on top. The **** on the stick. The **** on the duck. Need I go on?
    To repeat myself: Middle aged corporate tool/middle school extremist: throwing radical buzzwords to relive the pain and frustration that comes with the lack of understatement of the inherently, immensely complex world that surrounds him. No, he'd rather seek conformity and self-complacency in his own ignorance, dealing with the world in simple to digest absolutes.
    Final question: What do you call a man who sees the world beneath him and denies it's very existence?
     
    Last edited: Mar 3, 2018
    Tosikko, NicuB and Squid Surprise like this.

Similar Topics

Add your comment to this article

You need to be a member to leave a comment. Join thousands of tech enthusiasts and participate.
TechSpot Account You may also...