Topic: Bill Gates 3 problems with BTC - page 2. (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.

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

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

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.

Volatility, a heaven for the majority of traders.

He's not going to like Bitcoin because of the anonymity no matter what.

One of Bill Gates' mistaken ideas about bitcoin is in regards to transaction irreversibility.

The following video is THE best video response I've ever seen to the tiresome complaint that bitcoin transaction irreversibility is a problem. Andreas debunks this claim in a few minutes with finesse.

Bill Gates needs to watch this clip so he gets we're dealing with a flexible *protocol* which is programmable and can offer reversals if needed.

https://www.youtube.com/watch?v=XsW_bsFAWgw#t=245

This is why Bitcoin is more powerful than anything that has been seen before.

How do we get him to watch it?

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.

Yup but we eventually need the price to stabilize otherwise we can never use it on daily shopping.

At least he's not toting it as a ponzi scheme with fake magic money...

Exactly, it';s this volatility that makes it possible to profit, only people obviously don't like it when it doesnt go the way they want it to but that's part of the game that they need to understand. The hodlers and long term believers don't really care about minor fluctuations.

Volatility, a heaven for the majority of traders.