Bill Gates 3 problems with BTC

[neurotypical]

Bill gates should see this:

https://www.youtube.com/watch?v=J8y_GypCWf4

In this video Andreas addresses all the so called problems that Bill Gates sees with BTC.

[1714235489]

1714235489

[1714235489]

1714235489

[Yakamoto]

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?

Now a days, most of the forum seems ignorant. It's almost like most people that had a grasp on current social and political issues have left.

You are correct, though. It's not always easy to access the things that we have in other countries, for reasons such as government issues, economic issues, and the like.

[MEPHuk]

For the first one. Gotta agree, normal people (non-technology) wont be investing in Bitcoin. Most of them are afraid for the rapid changes in the exchange rate. And.. some of them can't understand how Bitcoin work. Unless Bitcoin is value stable, else, people wont be investing in it.

100% agree with this.

[moriartybitcoin]

'Poor people cannot currently rely on bitcoin'

>> Bitcoin derivatives (futures, options) are likely to solve this problem, making the price much more stable.  In any case, 'poor people' in developing countries would still do better to rely on Bitcoin than national currency, considering that currency like Rubles or pesos can plummet overnight just like Bitcoin, but ALMOST NEVER does a currency double or triple or quadruple in value!


'Lack of transaction reversals'

It's a good thing, not a bad thing, enabling merchants to accept BTC with no risk.  Shows Bill Gates does not understand the real benefits of Bitcoin.


'Potential Anonymity'

Bad for governments, good for the people.  Gates is obviously on the side of big government.

[oblivi]

'Poor people cannot currently rely on bitcoin'

>> Bitcoin derivatives (futures, options) are likely to solve this problem, making the price much more stable.  In any case, 'poor people' in developing countries would still do better to rely on Bitcoin than national currency, considering that currency like Rubles or pesos can plummet overnight just like Bitcoin, but ALMOST NEVER does a currency double or triple or quadruple in value!


'Lack of transaction reversals'

It's a good thing, not a bad thing, enabling merchants to accept BTC with no risk.  Shows Bill Gates does not understand the real benefits of Bitcoin.


'Potential Anonymity'

Bad for governments, good for the people.  Gates is obviously on the side of big government.

Soon you'll be able to do anything you want with SMS messages, which will solve all of the "poor dont have money for smartphones" thing.

[altcoinUK]

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.

Thankfully Satoshi's innovation has nothing to do with ignorant fanboys. Reading your nonsense no wonder - despite Satoshi has given us the most remarkable innovation of the last 20 years, despite the so much media exposure and heavy VC investment flow in - Bitcoin has only 1 million user after 5 years. Don't expect more with that attitude in the real world where governments and law enforcement agencies dictate the terms and if the Bitcoin ecosystem fail to comply then Bitcoin won't be mainstream. Therefore, and regardless what you wish, eventually Bitcoin will comply with law and regulations and it will be mainstream. That's just common sense and how the world works (fortunately in my opinion, because fuckers like drug dealers, paedophiles, beheading muslim terrorists will have more difficulties to get their hands on Bitcoin).

[Amitabh S]

Interesting insight; The irreversibility can be a thought of as a bug or a feature. The price fluctuations: kind of agree.. Not for poor people (or for that matter rich) to put all their life savings in. The anonymity again falls into the bug/feature category.