Bitcoin Forum

Here we have a brief overview of what Bill Gates believes in regards to you guessed it, Bitcoin.

http://gyazo.com/976f1e94844e3013303951b1e914ae13

What digital currency is he using if he's not using bitcoin?

That's what I'm wondering, but he said it has to be stable too. "The poor shouldn't have a currency whose value goes up and down a lot compared to their local currency."

That is a good question. Come to think about it, I wonder which currency he is referencing. Digital currency that is.

Ripple??

I think its possible he may be referring to ripple.

Bill Gates already has referred to Bitcoin before in interviews.

http://www.entrepreneur.com/article/238103


He quotes, "better than currency". His concern is the same as mine about Bitcoin hitting mainstream. There is no reason for the average person to take any consideration into it as it's not a stable form of currency for someone who is low class and any class for that matter. When you don't have much to spend, you can't afford to purchase something that's value varies up and down unprovoked. Risk is too big.

Supposedly capitalism and free market forces are the main driver in pulling gigantic swaths of the global population out of poverty. Bitcoin is young and small, the volatility will not necessarily be here forever. The poorest american still has PS3's and Flatscreen HD tv's.. my point they have enough money to hold a $100-$200 balance. The more people involved the less they need to worry about the price going down or below their initial entry.

What is soon capable of causing the current trends of lifting people out of poverty is our own debt stricken economy. We're about to fall down the economic blackhole. Bitcoin you would think would bring back the free market, smart investment that create decent jobs that get yo ass outta poverty.

It'll have be a digital currency pegged to a state currency. I can't see how they'd get acceptable levels of volatility otherwise.

If that is the case then it might not address a few root problems but solves enough for the average poor person. They'll just want wider access to trade and money.

Ok, I heard other people say this as well.  However, per Ripple Charts, I just don't see any movement in new money coming in besides JPY.
 So he is putting a few hundred dollars on the ripple network or what?  

He is worth like $80 billion and the Gates Foundation is worth like $30 billion. And has already donated like $30 billion.  Plus he is very serious about Africa and India, I don't see any gateways currently running for him to transfer value from the U.S. to these countries as of now.

Where'd you hear that? We do have homeless people in the US.

But I still believe bitcoin is great for the poor, if only for the fact that those without bank accounts, can still receive bitcoins for pay, and can still use the bitcoins to buy things. Banks have their problems, especially charging more and more fees and requiring you to have a balance when starting an account. Bitcoin gets rid of all that mess.

Bitcoin is still great for the poor. No bank account needed as you mentioned. Also, they can buy anything they want with bitcoin as they would do with fiat.

Well that's the thing...ripple has essentially made all coins in the world digital with their IOU process.  So he could transfer USD or whatever to his India Gates Foundation Center, then they can convert to whatever currency they want, all costing like 0.03 XRP, so fractions of a cent in the matter of seconds.

But getting it off the ripple network will cost more.

Maybe he'll create a new crypto :P lol

Bill Gates has mentioned Ripple before, and he's full of shit.

Poor people can benefit from Bitcoin just as much as anyone.

As for reversible transactions, that is what gives other people power to control our money.  If you give a bank, or Paypal, or anyone else the ability to reverse transactions, then they become a court that decides who is right and who is wrong in a dispute between private parties.  

Yea, if he had the drive that he had in the 80's and 90's he would be knocking competitor altcoins to 0 right now lol

You're right, but ripple doesn't give anyone that ability.  Now, gateways that "want to" and "declare it" can freeze their IOU's that you have.  But NO ONE can do anything about your XRP's...

I like the fact about the price variation for the poor. But if he cares about the terrorist part, then probably his new currency will not be anonymous.

I think I heard Andreas Antonopoulos say that blockchain transactions could allow people to do trusted transactions with each other in the future that allows returning money if certain conditions aren't met. People could do what they normally do with Bitcoin, with it not being reversible, but since it's open, there could be ways to enter into trusted agreements that would refund if you wanted to. If I understood him correctly, at least.

That's supposed to help poor people?  Give them money that is guaranteed to be worth less and less every year?

That is why everyone spends, saves nothing, and takes on massive amounts of debt - because the money is constantly losing value.  State currency is a hot potato, it's smart to get rid of it as fast as you can and leave someone else holding it.  It's always better to pay later, because the money will always be cheaper later.

I'm not saying it's right, I'm saying that's how it's likely to be.

The average guy living in a sewer in Equatorial Guinea isn't going to care too much about the future of economics. He'll want easy access to money that he can receive, spend and send if he manages to get his hands on any.

He may not care about economics, but economics might be able to tell us why he's living in a sewer in the richest country in Africa.

Most people would want to give him money;  but all he needs is to be allowed to have money.  Real money that has real value.  Not something reversible, centrally controlled, and worth less every year.  That's part of the reason he's in the sewer.

I think he's more like hinting the inadequacies observed in bitcoin. He believes bitcoin or specifically the blockchain is the future of payment currency but something needs to be done to improve the system for it to become a world wide adoption.

well ... Bill gates got a point on his point of view here , but I don't think he is using any other Cryptoo/Digital Currencies since basically all of them have a value that goes up and down and he is against that ... if I should choose I would say maybe Stellar ?
But he is totally right, poor people can't afford such a thing as Bitcoin since it's UP and sometimes Down ...

~ Madness

Is there a bigger poster boy for selling out? 

I would agree with you here. It appears he wants the system to become more advanced and evolved.

I don't see why anyone would pick stellar...?

There's zero reason for him to enrich a bunch of people who developed and hoard an existing product. He'll just start from scratch.

I'll keep an eye out in the Announcement category. 

he is already using bitcoins as microsoft acceptiong bitcoins now at the moment they are acceptiong bitcoins for US users only i hope they will accept bitcoins for all over the world

Good observation. Bill Gates dips into btc daily. Awesome stuff we have here.

Bill Gates will never support or get behind bitcoin because he has very little control over it

He has said before he is working on a digital payment system for the third world but let's be honest, he wants a bill Gates coin, not a bitcoin

Source? I would love to read up on this digital payment system you speak of in which Gates spoke on.

So how is he going to provide stability for his altcoin? Give it a fake value? Never put it on an exchange?

Putting a backdoored wallet on  every new computer as it leaves the factory. 

I just calculated and got a fact that right now bill gates can buy all the possible bitcoins in the world with only his 10-15% of wealth.
Isn't it amazing?

Good luck with that, he isn't getting mine!

Well he can have them if he wants to. He will make you an offer that you wont be able to resist ;D

He can simply make an IOU on the ripple network and try to control the volatility himself by pegging it to something more stable.   Or he might not even need to control it if he makes it ugly to bitcoiners.  For example, there's no mining, its distributed, and no hard cap on the amount of coins which his organization holds all of it at first.

I don't think Bill Gates is telling us everything. You can be sure he is cooking-up another idea or two to put himself in front of the pack!

This is what he would do. Pegged to national currencies, but what about unstable national currencies?

You guys are on point. He's cooking GatesCoin as we speak.

Yea I agree, just to clarify, NOT that new GATECOIN that just came out, GATESCOIN

Im sure by the time I wake up tomorrow there's someone announcing that coin already.

This is wrong for a couple of reasons

First would be, if he buys the entire Bitcoin network what's he going to do, trade coins back and forward to himself?  It would render btc worthless if one person had them all 

Secondly nobody will mine or even keep running wallets for no financial incentive  so the value would plummet and he would lose his investment

Thirdly, let's see him buy them all when they're worth $10k+ each lol

Fourth-they're are plenty of people like myself and Roger verr for example who believe in btc as an ideology and are already wealthy enough  so will not  need to sell their holdings to someone like gates.....

No it wouldn't, it would jack the price up and create no liquidity.

In a situation where bill Gates had all 21 million btc,  who else would want them?

Who would bother running a miner or even a node? There's no incentive...

I think it would kill it tbh..... But it will never happen :)

Microcoin ::)

Im pretty sure there is more posibilities that Gates is creating his own coin than Gates secretly buying Ripple to uncover it lately and boost the price.