Bill Gates 3 problems with BTC

[Hazir]

I only see one problem here. Taking advice from someone that represent the current dominant financial paradigms.

This guy is the embodiment of the current financial system. Why would he want to lose power to bitcoin ? Of course he will gently tell you that bitcoin is shit.

Well, he did not say it literally. But he blatantly stated that there is no hope for bitcoin in its current form to be dominant form of currency. Why? Because bitcoin can't be traced easily, is anonymous and do not allow refund? Thats all great qualities of bitcoin! In the times when BiG Brother is watching your every move bitcoin is a light of hope. That also means bitcoin is no currency for fools and unfortunately majority of people are well... idiots.

[1714891280]

1714891280

[Cryptonitex]

The first one is definitely a problem. Poor people can't rely on BitCoin.

[croato]

I bet Bill Gates will try to fix that "problems" with his fully centralised microsoftcoin. He is just full of shit.

[muhrohmat]

well despise the fact i do apreciate the intellegence and work of bill gates and even the money i dont think hes going to put like money into btc itsd unatural a centrelized money guy to invest in anonimouse money that can get hacked in blockchain need more safe coin

[Spamela Anderson]

The first one is definitely a problem. Poor people can't rely on BitCoin.

They might not be able to rely on anything else. Fiat isn't immune from collapse or losing value either.

[turvarya]

The first one is definitely a problem. Poor people can't rely on BitCoin.

Depends on the country. There are people from countries with high inflation, who benefited a lot from storing their wealth in Bitcoin, even if it is volatile.
People really need to learn, that there are other countries in the world than the USA.

[zebedee]

I hate to admit it, but Gates is completely right.

There is no question Satoshi is a genius, many aspects of his innovation are really remarkable, however Gates (who is very good at the implementation level) correctly spots the biggest issue with Bitcoin: that without a regulated third party it's not fit for trade and hard to integrate it in the existing regulated legal and financial structures. No wonder large adopters like Paypal and Microsoft use Bitcoin in a strictly regulated environment where the third parties can verify who is paying for who. In modern societies where drug traders, money launderers and terrorist organizations pose security risk from the state viewpoint only regulated financial instruments will be allowed by law enforcement, and therefore Gates very correctly states that it seems Bitcoin cannot be such financial instrument. What Gates said (despite what the OP states) nothing to do with privacy, it is all about the ability to comply with regulations.

In the meantime ignorant Bitcoin fanboys state that the lack of regulation what Gates points out is the strength of Bitcoin. In fantasy land yes, but in reality it is not.  The reality is that without regulated third parties Bitcoin won't be able to succeed. Only regulated third parties can take Bitcoin to the mainstream ... which completely defies the purpose of the decentralized aspect of Satoshi's great innovation.

The thing is fucked up from wider integration and regulation viewpoint, so it is better we the Bitcoin community and investors listen to smart people like Bill Gates.

You schmucks who want regulators to tell you how to live your life get very boring after a while.

Thankfully we had Satoshi to render you irrelevant.  Go live your life in your regulated taxed hell, and leave the rest of us enjoy the good things.

[rszibele]

Lack of transaction reversals

How is this a bad thing? Bitcoins are not like credit cards, you don't have to give out sensitive data to make a transaction.

I've heard of a dozen stories about merchants going out of business simply because of chargeback fraud, it is a problem that everyone seems to ignore. Imagine that you sell digital goods such as CD keys and some dude across the globe does a chargeback after he used the CD key, good luck getting your money.

[leigh2k14]

The title should be renamed to: "the 3 problems with Bill Gates"

1: He's tampering with the vaccines, there's been loads of reports that his foundation have been going to third world countries vaccinating unsuspecting population with his poison, they often end up sterilized, paralysed or even dead,

2: He has patents on geo engineering, specificity  atmospheric aerosol spraying technologies. I'm so tired of looking up at the sky and seeing the weather manipulation going on.

3: He is the chief shareholder of Monsanto and McDonalds, Monsanto are one of worst corporations in the history of the planet, and their objective is to completely genetically modify ALL our food chain. Also good old Bill has acquired the Epicyte gene, made rats sterile after 3 generations. So enjoy that Big Mac , mmmm I'm loving it!

The list of crimes against humanity is long with Gates, I just choose the first three that came into my head. Please research this man and his agenda specificity with regards to population control.


Should I take financial advice from this person? Fuck no!

[neurotypical]

Lack of transaction reversals

How is this a bad thing? Bitcoins are not like credit cards, you don't have to give out sensitive data to make a transaction.

I've heard of a dozen stories about merchants going out of business simply because of chargeback fraud, it is a problem that everyone seems to ignore. Imagine that you sell digital goods such as CD keys and some dude across the globe does a chargeback after he used the CD key, good luck getting your money.

Well, if you buy something that then you don't end liking and what a refund, that's a  problem.

[Yakamoto]

Lack of transaction reversals

How is this a bad thing? Bitcoins are not like credit cards, you don't have to give out sensitive data to make a transaction.

I've heard of a dozen stories about merchants going out of business simply because of chargeback fraud, it is a problem that everyone seems to ignore. Imagine that you sell digital goods such as CD keys and some dude across the globe does a chargeback after he used the CD key, good luck getting your money.

Well, if you buy something that then you don't end liking and what a refund, that's a  problem.

If you buy something that you don't end up liking, that's your fault. Reviews exist for this kind of thing. You shouldn't get a refund.

Charge-backs shouldn't really exist. It is way to easy to conduct fraud with the system, and rszibele makes a good point, businesses can easily go out of business due to people cheating the system.

Transaction reversals are not necessarily a good thing. The only time I could see a scenario where charge-backs would be useful would be if there was verifiable theft, but then you probably should have taken better safety precautions.

[calci]

More nonsense from Bill. Gold fluctuates drastically especially recently. Does that mean all gold based monetary systems are crap? No it fucking does not.

Well but it doesn'y fluctuate the way bitcoin does. and does not shows drops and increases the way bitcoin rolls

[cbeast]

More nonsense from Bill. Gold fluctuates drastically especially recently. Does that mean all gold based monetary systems are crap? No it fucking does not.

Well but it doesn'y fluctuate the way bitcoin does. and does not shows drops and increases the way bitcoin rolls

Gold has no new properties to give it any great speculative value anymore. Still, gold isn't the steadfast dependable anchor it used to be. Bitcoin has the potential to make gold non-speculative. Gold will simply be a commodity baseline. Bitcoin will open new speculative channels with each new technology it enables.

[turvarya]

The title should be renamed to: "the 3 problems with Bill Gates"

1: He's tampering with the vaccines, there's been loads of reports that his foundation have been going to third world countries vaccinating unsuspecting population with his poison, they often end up sterilized, paralysed or even dead,

2: He has patents on geo engineering, specificity  atmospheric aerosol spraying technologies. I'm so tired of looking up at the sky and seeing the weather manipulation going on.

3: He is the chief shareholder of Monsanto and McDonalds, Monsanto are one of worst corporations in the history of the planet, and their objective is to completely genetically modify ALL our food chain. Also good old Bill has acquired the Epicyte gene, made rats sterile after 3 generations. So enjoy that Big Mac , mmmm I'm loving it!

The list of crimes against humanity is long with Gates, I just choose the first three that came into my head. Please research this man and his agenda specificity with regards to population control.


Should I take financial advice from this person? Fuck no!

[OpenOcean]

They forgot to mention his fourth problem... that he didn't buy earlier on when few took it seriously.

Everything he's mentioned will go through the development phases that his own computers went through.

[1Referee]

They forgot to mention his fourth problem... that he didn't buy earlier on when few took it seriously.

Uhhh.... Are you serious? Look up his net worth.

He's not in need of a few millions that he potentially could have had if buying Bitcoin as early adopter.

[pooya87]

The first one is definitely a problem. Poor people can't rely on BitCoin.

Depends on the country. There are people from countries with high inflation, who benefited a lot from storing their wealth in Bitcoin, even if it is volatile.
People really need to learn, that there are other countries in the world than the USA.

nah this doesn't seem right. if anything, people from countries with high inflation can store their wealth in things that do not have price swings as big as bitcoin. like Dollar, Euro, any other currency, gold and other things that keep the value of their wealth. i doubt if someone converts their money into bitcoin when he sees this:
http://www.coindesk.com/price/#2014-03-02,2015-03-02,close,bpi,USD

or worse than that, this:
http://www.coindesk.com/price/#2013-11-16,2015-03-02,close,bpi,USD

[Father Ted]

More nonsense from Bill. Gold fluctuates drastically especially recently. Does that mean all gold based monetary systems are crap? No it fucking does not.

The value of most things fluctuate but very rarely to the extreme that bitcoin does, but maybe this will change over time as bitcoin is still a new and experimental technology. I don't think we should be overly harsh on Gates though as he's been positive but cautious of bitcoin in the past and I'd rather have him talking about it than not or straight up verbally destroying it.

[thejaytiesto]

More nonsense from Bill. Gold fluctuates drastically especially recently. Does that mean all gold based monetary systems are crap? No it fucking does not.

The value of most things fluctuate but very rarely to the extreme that bitcoin does, but maybe this will change over time as bitcoin is still a new and experimental technology. I don't think we should be overly harsh on Gates though as he's been positive but cautious of bitcoin in the past and I'd rather have him talking about it than not or straight up verbally destroying it.

Bitcoin is still very experimental, let's see when it gets released. Also price doesn't matter as long as it works.

[turvarya]

The first one is definitely a problem. Poor people can't rely on BitCoin.

Depends on the country. There are people from countries with high inflation, who benefited a lot from storing their wealth in Bitcoin, even if it is volatile.
People really need to learn, that there are other countries in the world than the USA.

nah this doesn't seem right. if anything, people from countries with high inflation can store their wealth in things that do not have price swings as big as bitcoin. like Dollar, Euro, any other currency, gold and other things that keep the value of their wealth. i doubt if someone converts their money into bitcoin when he sees this:
http://www.coindesk.com/price/#2014-03-02,2015-03-02,close,bpi,USD

or worse than that, this:
http://www.coindesk.com/price/#2013-11-16,2015-03-02,close,bpi,USD

It is not that easy to get those things in poor countries.
Seriously, how ignorant are you guys?