Bitcoin Forum

Bill Gates clearly doesn't know that bitcoin is not an anonymous cryptocoin, but what was his point?

I reckon he failed to realize that banks, the cartel that we know it is, are the largest launderers of drug money and all others from criminal enterprises as a service.

I also reckon the cryptospace is a threat to the banks' monopoly in money laundering and they will do anything within their power to block bitcoin and altcoins from competing with them. Something which they cannot stop, sadly.

Did you know that the biggest money launderer in the world is rumored to be HSBC?

https://thumbor.forbes.com/thumbor/960x0/smart/https%3A%2F%2Fspecials-images.forbesimg.com%2Fdam%2Fimageserve%2F41881556%2F960x0.jpg

During today’s AMA, Gates was asked for his general thoughts on cryptocurrencies. Here is his full response:

“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.”

Read the full article https://www.forbes.com/sites/ktorpey/2018/02/27/bill-gates-i-dont-think-bitcoins-anonymity-is-a-good-thing/#425fe4471395

http://abcnews.go.com/US/drug-sellers-exploit-postal-service-ship-fentanyl-us/story?id=52588122



If I may rephrase Mr. Gates,
 
  Right now crypto currencies the US Postal Service are is used for buying shipping fentanyl and other drugs so it is a (network of people and) technologies that has caused collect, transport, process and deliver deaths in a fairly direct way.

 
 edit: grammar

"The main feature of cryptocurrencies is anonymity and anonymity is bad because people buy drugs" - what else could we expect to hear from a man behind the OS with a ton of built-in spyware?
But it's funny to see how some people panic and think that it can crash crypto market - maybe they though that old elites, governments and corporations will embrace cryptocurrencies. Well, it's not going to happen soon, because they view cryptos and disruptors, and they will surrender only if the population will start massively adopting cryptocurrencies.

Good thing that you brought HSBC because I have read numerous articles eversince that they are 'part' or being used as hedge for laundered money. This is a far back as mid 2000's, and bitcoin was not even in existence that time.

As for the threat on Banks, yes its pretty obvious by now that they are really afraid of bitcoin and crypto. They are not happy because crypto are taking the slice of the pie that supposedly allotted to them. With crypto eliminating them, we should not be surprised at all with all the attacks coming from them.

Well, someone has to whisper to Bill Gates, that crypto is not anonymous. Second argument is that fiat has been laundered tons of billions of money to terrorist and criminals around the world. If crypto is being used, I don't think that it will get close to 10%, the rest is still fiat based.

As for the risk on ICO, well everything in life has a risk. Even his empire from the beginning is a big risk, so please Bill, don't preach us about risk. Its really up to the individual on how he deals with the risk in crypto. If he doesn't like it then they can go to stocks or real state market. But the thing is take we have to take risk, just like what he did with Microsoft.

Government do taken an extra measure before making it legal in their country and reason few countries have banned and many still left in lure with what to be done is due to this anonymity as it can bring a devastation to the country if it is misused and thus they need to regulate this space if want to make it legal.

The psuedonymous nature of Bitcoin is essential to it being a free (in terms of ability to send to anybody) or uncensorable form of payment. If you link Bitcoin to real world ids, then governments may browbeat the receiver / sender of transactions to toe their line, if they cannot get to the counterparty. People don't think cash is evil just because it is anonymous (compared to Bitcoin's pseudonymity). As  xhomerx10  said, would anybody blame the postal department for what gets shipped through its network.

Well I, too, does not think Bitcoin's anonymity is a good thing. But just so you know, money transactions through banks, although named, does not necessarily mean it is already transparent as to who the rightful owner of the accounts is. Like for instance, I can open a bank account for my daughter, ask her to affix her signature on the same, and pass all bank requirements on her name, but that does not mean she owns the money that flows with it. In this manner, I, too, can evade taxes by assigning my money to other people. In the same way, I, too, can purchase drugs without using my identity. You see the point here? So yeah, although Bitcoin's anonymity does not pass the likes of the identification required by governments, it does not follow that those of bank protocols are 100% compliant with the INTENT of the law.

Bitcoin is Pseudonymous for a reason, because it protects your financial privacy. There is no centralized authority with a private database that can be hacked in Bitcoin. All transactions are "public", but protected by Pseudo anonymity to protect the user from people who would want to use that data to "harm" you.

Most exchanges and services are regulated these days, so the pseudo anonymity is stripped away, once you use these services.

How many of these centralized fiat services are infiltrated by syndicates, who are working with criminals to steal your wealth? You have a right to protect your financial wealth and forced by laws to declare it to the governments.

I would like to zero in on one thing...the fact that Bitcoin has been, is being and will be used to buy anything that can cause harm to anyone. What we should always remember is that in that situation Bitcoin is truly a currency and being a currency it could not judge for itself what is right and what is wrong.

Is that the fault of Bitcoin then? The answer to that question is another question: is it the fault of the USA Dollar if someone is using it to buy nuclear bomb that can erase millions of human lives on this planet?

So much people are acting like dogs who are barking on the wrong tree...the cat is in the house not in the tree, ladies and gentlemen! Surprisingly, with Bitcoin, even intelligent people are showing some immaturity. Bitcoin must be that powerful to transform them.

OK boys and girls, let me translate his message into plain English: I started investing into Bitcoin now since I see it started to recover and it will make me money. Read my bullsh*t about Bitcoin and sell, since I can save a couple of millions if the price doesn't go up too fast.

Well, crypto moneys are not anonymous: all transactions are public, just protected. And moreover, criminals don't need Bitcoin: they did criminal actions before Bitcoin and will after it.

Bitcoin anonymity is a myth. All transactions can be tracked and cannot be deleted. Terrorists and criminals will never use cryptocurrencies. Ask for a ransom in bitcoins can only Amateurs. Such rumors spread by bankers in order to justify the fight against cryptocurrencies. I'm sorry Bill Gates doesn't understand that.

I think that somehow, in a way, and despite the sarcasm, this is what Bill Gates is somewhat really trying to say and imply. I mean let's face it, Bill Gates is one of the richest man in the world. There's no way he wouldn't take into account something so innovative and profitable to multiply whatever amount of money he has now exponentially. There is no doubt that rich people like him would go out and explore different ventures to earn more. It's kind of odd for him to say this because someone like him should be really familiar and aware of the structure of Bitcoin knowing the field that he has belonged to. For sure he has some intentions over it, and knowing how influential he is in the industry, dropping such statements can really be beneficial on his side if you look at the bigger picture. Mind games at its best. 

The very nature of HSBC as a banking service might have its roots in moving money for its clients that, might also be safe to assume, were illegally obtained.

HSBC was established on 1865.

Source http://www.hsbc.com/about-hsbc/company-history/history-in-detail

Also guess what was one of the most lucrative illegal trades were during those days in Hong Kong and the Chinese coast. The Opium trade.

HSBC was in the middle of it.

Bill Gates has also recently joined the chorus of self-proclaimed Austrian economists & gold bugs, stating that another great financial crash is on the horizon (caused by debt increasing instead of receding since 2008).

Seeing as Gates is among the first of those with mainstream credibility to start warning about a "new great depression", it's possible that this represents a new milestone in the overall dynamics of the economic system. He's wrong about crypto anonymity (of course), and he may well be wrong about the immediacy of market crashes too.

I am not a close follower of Bill Gates but I agree that Bill Gates from all people should know better. The whole statement in my mind seems as random bad interpretations put together to make a statement.
Yes offcouse there are some truth to it, but US dollar also is used for money loundering, buying and selling drugs . i dont get his angle regarding his recent stement.

What I think he is trying to point out too is the disadvantage of Bitcoin in mass adoption and acceptance giving to us because of its anonymity. Many governments that has banned Bitcoin as a mode of payment reasoned out is that itnis a money for criminals and it can find illegal activities. You will know that their reasons are flawed but they see anonymity as a threat that is why they are doing it.

That statement is a fallacy. Anonymity =/= buying drugs.

People expect a statement like that from a well known or influential man such as Bill Gates to make the market crash or the price to go down because they have seen how when negative news come out, it would have an effect on the price. I don't think that one person, even as well known as Bill Gates, would dissuade crypto-users. They know much more and use cryptocurrencies not to buy drugs but for many other purposes.

I dont think crypto currency has a complete anonymity, which I think crypto currencies arent really make someone anonymous when doing transactions, because every transactions can be tracked using the address. Tax evasions, money laundering, terrorism, drugs, and other criminal activities that involves money has exist long before crypto currencies been created. I dont really have a bold understanding why these big time business men and other politicians have something bad to say about crypto currencies.

someone gotta tell him that cash is anonymouus, too  :-\

This is a personal opinion of Bill Gates, if, of course, this is his opinion, and not imposed on him by others. The Crypto currency gives people a certain financial freedom, because our life is already almost completely controlled by the state authorities. This is exactly the kind of activity where it is very difficult for the state to control us. Therefore, in the near future in order to discredit the crypto currency, they will use corrupt or simply mistaken celebrities to create a false negative image of the crypto currency.

Remove crypto currency from the equation and people are still gonna buy Fentanyl and whichever drug they prefer. Third world countries with limited access to technologies such as cryptocurrencies have big drug problems despite the limitations. People want to escape reality that's why they turn to drugs. His money through his charitable foundation may have been used to improve the "state of the current reality" but it is in our nature as people to not really conform to what society wants us to follow (as how those in power sees it) and so it goes on and on.  Anonymity or not, bitcoin is just a tool. Everything depends on the wielder's hand.

You have to look at both sides of the coin here.

1. He has a point. In a way, btc is technically anonymous and its decentralized nature does make it easier for "bad guys" to go about their business and commit illegal transactions and the like.

2. Even without bitcoin, people with malicious intent or fraudulent activities will always find a way so btc isn't really the subject that should be put on the chopping block here but the people who commit the crimes.

This statement made by Bill gate will have negative impact on the clamour for decentralized transactions, many countries will use this press release and takes more actions in regulating or  outright ban on bitcoin, the basic fact is that before bitcoin money laundering, fraudulent activities and drugs business has thrived on, InterPol should strength up their networks to arrest those that perpetuate those criminal activities.

Well you know, this is nothing new because media people would always magnify something that comes from influential people so they could create a trend thereby greatly benefiting from it. Sad to say even mainstream media have been trying to control people for centuries now. They create a sense of bias in favor of one against the other because it is through it that they earn, get the popularity they dreamt of, and all good things that follow along with it. Yes, you can say they get x-deal out of it. Sad, it is. These people could care less what the world would think against them for all they are after for is to create news that is shocking to the senses of the general public. What they fail to notice, somehow, is the fact that people nowadays are smarter and less gullible than the olden days. I wish we do our parts and conduct careful study before we even believe the write ups published in the internet.

Bill Gates has pointed out a real concern (it is easy for crime dealers to transact their businesses). In cryptocurrency, the transfer of payment is not a problem but the transfer of merchandise remains to be a big concern. However, this argument ignores the fact that prostitution, drugs, weapons of destruction and other illegal stuff, have made a lot of bad guys rich through the use of dollars (not bitcoin). The lack of anonymity is not always a good thing.