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Topic: [2015-01-28] Bill Gates: Digital Currency Can Help the Poor, But Not Bitcoin (Read 1092 times)

sr. member
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Merit: 250
http://gizmodo.com/bill-gates-digital-currency-can-help-the-poor-but-not-1682346647

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We don't use bitcoin specifically for two reasons. One is that the poor shouldn't have a currency whose value goes up and down a lot compared to their local currency. Second is that if a mistake is made in who you pay then you need to be able to reverse it so anonymity wouldn't work.

The currency is volatile because it's in it's early days. Hopefully it will stabilize at some point but even better people may not peg it to fiat one day.

Second is that if a mistake is made in who you pay then you need to be able to reverse it so anonymity wouldn't work.

Better make sure you don't make a mistake when you send money. Besides, payment processors will likely cover these sorts of disputes with merchants.
hero member
Activity: 882
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Shocking that Warren Buffet's best friend would agree with Warren.
sr. member
Activity: 248
Merit: 250
Lol, in other news Bill Gates also said OS's are good but Mac is evil, search engines are good but Google is evil and video game systems are great but Playstations are evil.

In a parting pearl before the swine he pointed out that smartphones are revolutionary but Iphones and Android phones are the work of Satan.

Hey, don't forget that the richest man in the world is just an altruistic philanthropist with NO self-interest. What a guy!
sr. member
Activity: 418
Merit: 252
Proud Canuck
http://gizmodo.com/bill-gates-digital-currency-can-help-the-poor-but-not-1682346647

Quote
We don't use bitcoin specifically for two reasons. One is that the poor shouldn't have a currency whose value goes up and down a lot compared to their local currency. Second is that if a mistake is made in who you pay then you need to be able to reverse it so anonymity wouldn't work.



Bitcoin isn't anonymous, it's the inability to reverse transactions that he's speaking of, or should have spoken off(probably playing off the word anonymity as it already puts a bad taste in a readers mouth metaphorically, to help emphasize why Bitcoin wouldn't work).

Anyway, if someone creates a decentralized program that can make transactions reversible through fair means, then that would instantly eradicate that issue, of course the other way to end that problem is regulation. The volatility could also be ended from both adoption and regulation.

But then you have to ask yourself, Volatility is, but is the inability to reverse transactions even a problem? Think of Paypal (infamously reversing transactions especially in the buyers favor).


Digital currency shouldn't be reversible, for exactly the Paypal example stated above.  Instead, what we need is a more fool-proof layer of addressing that would mitigate the chances of paying the wrong person.  Things like tying in a "real" name (or email address) to a bitcoin address, where it's easier to make sure you don't make a mistake.  Also, multisig could help with this, as it gives a chance for a second level of confirmation. 

You are, after all, sending money.  You should be certain who you are sending it too.  If I give the wrong person a $20 bill can I just reverse that transaction after they walk away?  Not likely... there still has to be some onus on the user to not do something completely stupid.  But by the same token, we need to make sure the system is more stupid-proof... as much as it can be.  And that will come with new development.
hero member
Activity: 770
Merit: 500
http://gizmodo.com/bill-gates-digital-currency-can-help-the-poor-but-not-1682346647

Quote
We don't use bitcoin specifically for two reasons. One is that the poor shouldn't have a currency whose value goes up and down a lot compared to their local currency. Second is that if a mistake is made in who you pay then you need to be able to reverse it so anonymity wouldn't work.



Bitcoin isn't anonymous, it's the inability to reverse transactions that he's speaking of, or should have spoken off(probably playing off the word anonymity as it already puts a bad taste in a readers mouth metaphorically, to help emphasize why Bitcoin wouldn't work).

Anyway, if someone creates a decentralized program that can make transactions reversible through fair means, then that would instantly eradicate that issue, of course the other way to end that problem is regulation. The volatility could also be ended from both adoption and regulation.

But then you have to ask yourself, Volatility is, but is the inability to reverse transactions even a problem? Think of Paypal (infamously reversing transactions especially in the buyers favor).

sr. member
Activity: 868
Merit: 250
http://gizmodo.com/bill-gates-digital-currency-can-help-the-poor-but-not-1682346647

Quote
We don't use bitcoin specifically for two reasons. One is that the poor shouldn't have a currency whose value goes up and down a lot compared to their local currency. Second is that if a mistake is made in who you pay then you need to be able to reverse it so anonymity wouldn't work.

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