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.
Topic: Bill Gates 3 problems with BTC (Read 6695 times)
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.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.
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).
'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. >> 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.
'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.
>> 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.
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.
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.
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
Seriously, how ignorant are you guys?
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.
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.
https://www.youtube.com/watch?v=J8y_GypCWf4
In this video Andreas addresses all the so called problems that Bill Gates sees with BTC.
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.
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
Seriously, how ignorant are you guys?
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.
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.
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.
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
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.
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.
Everything he's mentioned will go through the development phases that his own computers went through.
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!
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!
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
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
Quote
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.
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.
Quote
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.
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!
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!
Quote
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.
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