Topic: Bill Gates 3 problems with BTC - page 3. (Read 6695 times)

Volatility, a heaven for the majority of traders.

well we dont have to thing bill gates the way of technology for money is also implemente by banks all over the world and the btc might do the trick of beeing good also for banks currency if they look at decentralization like bill gates would not go on it becuse the btc its too conected to the eeast crime he does not want to spend time on this method if its depriciated by name BTC=east crime of course we know its not like that its the good people of using btc the makes the coin and the personal power its good soo btc will rise and bill gates or appe will suggest to put the treades of market selling products also in btc currency for those  obiles and computers.

you don't say why to any of your assertions.

100% spot on.

There can be no such thing as 100% decentralization in this world with current technology as frankly everyone is not equal intellectually(Thus a 100% decentralized system could never hope to be the dominant system i.e what some people hope is Bitcoin). But the twist is, Bitcoin isn't fully decentralized, which is a good thing, in fact it's a great thing.

If countries start taking Bitcoin seriously, and banning the creation of exchanges that don't register for money transmitter licenses and comply with regulation etc, then Bitcoin would actually be on the road to stability and security. Of course that only partly fixes the issue, there's still Bitcoin's volatility at hand. However, that issue can also be addressed through adoption i.e the more people are using Bitcoin at a consumer level, instead of hoarding it or using it as a speculative investment, the less volatile Bitcoin's price will become.

Frankly, all the idiots here who oppose regulation are also harming Bitcoin, as regulation is the only way for Bitcoin to reach both a secure and less volatile state.

the highlighted is pure nonsense because of this
http://www.npr.org/blogs/money/2013/04/12/177051690/most-100-bills-live-outside-the-u-s
look at that growth in $100 bills, which are 2/3 OUTSIDE of US. Americans almost never use $100 bills, but there are $625 billion in circulation.
http://visualeconomics.creditloan.com/the-value-of-united-states-currency-in-circulation/
what do you think these bills are used for?

Depends on the country. There are countries where inflation is pretty bad and therefor BTC is a good store of wealth. For countries with smaller inflation, BTC has to be looked at, as an investment. And yes, poor people can not invest, since they have nothing to invest with. That is not a problem with Bitcoin
There are already escrow services. Over time they will switch to multisig, which is way more reliable as the random system we are dealing with nowadays. Worst case scenario is to go to court, which is the same today.
If you want to deal with a serious company, they have to look at how to tax it. Same with fiat. The difference is, that you can track BTC via the blockchain, which is an advantage for the government.

Just having Bill Gates, founder of Microsoft, talking about Bitcoin is a win.

Having him critical of Bitcoin with 3 specific reasons, is 3 wins.

This is the type of thing Bitcoin can learn from and progress from.  Developers and investors alike will take heed and build whatever company or application is necessary to fix these shortcomings.

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

Still haven't heard convincing arguments as to why the Winklevos regulated exchange will be any different from the previous disasters tho.

A regulated exchange will come online soon.

nah see bitcoin attacks the soft point of govs. As they have been captured by market ideology for the most part they like to make the best circumstances to attract capitial inflows, value and human capital. The people demand it. It's a race to the bottom, and as soon as one jurisdiction leaps the rest follow or face oblivion. Look at the tax breaks apple and friends make through the Ireland/dutch arrangement. How many years has this taken to stop? How many more such systems of tax minimization exist. Bitcoin is the means for us to do this for the rest of us. Capital can now flow without restriction or near that. Any one can now send 10M$ to some one in china or any one anywhere. No bank or capital restrictions. This was un do able before. The gov is weak where its tax base goes/ currency devalues and it can't pay its workers, employees, police, tax officers etc. You money is no good here will be the withering of the state.  A semi downward spiral.

Govs will exist but in a radically altered form, through a death by a thousand cuts leading to the tipping point

Your right Society won't adopt bitcoin, but rather be adopted by bitcoin, by the elision of sovereignty from the state to the individual that btc can enable in a practice sence. Further the money/commodity/currency of btc, is just a facet of the btc protocol.

i see that , and we hope so

In this video he says "Bitcoin is better than currency".


https://www.youtube.com/watch?v=e6KRp91YAw8

people should try with bitcoin while learning before serious in here .
thats serious bussines trade

I think there's a huge difference between just online/digital/mobile wallets and a decentralized cryptocurrency like Bitcoin. For many people it may be easier to use a centralized system. Unfortunately they just don't seem to care about the benefits and advantages of an independent system based on distributed consensus.

Bill raises some great points about the shortcomings of Bitcoin. What he may not be aware of is the amount of innovation on the block chain level that has occurred over the past year. These problems associated with crypto currencies have been solved, but unfortunately not by Bitcoin...Other block chain protocols that have a more dynamic development process are creating stable crypto currencies that can be exchanged right on the block chain so users can maintain full control over their money and private keys. If you haven't looked into Bitshares or Ethereum you should look at the solutions they provide:

http://bytemaster.bitshares.org/article/2014/12/18/What-are-BitShares-Market-Pegged-Assets/
https://blog.ethereum.org/2014/11/11/search-stable-cryptocurrency/
 
In the case of charge backs, multisig transactions are certainly an underused solution. Bitshares goes a step further to make escrow transactions . A buyer can send their funds to an escrow account with restrictions on the state of the funds. The buyer can only release the funds to the seller, the seller can only release the funds to the buyer, and the escrow agent can decide what portion of the funds goes to each party in the case that buyer and seller cannot come to agreement on their own. This greatly reduces the coordination cost necessary to conduct multi sig transactions, since buyer and seller do not need to rely on the third party even in the case a chargeback is necessary.

Anonymity is not a problem either because the block chain is a public record of transaction. The public key cryptography allows for users to maintain privacy at their discretion. If someone wanted to disclose their financial record to the government they could do so an I would assume in the future this will become more of requirement for those who want to exchange crypto currencies for fiat. This is also a major reason why stable currencies that can be exchange on the block chain are so important. If you can exchange different stores of value on the block chain no money every needs to exist the network. That means less sell pressure on external exchanges and no regulations by governments.

The more financial instruments we create on the block chain the more liberated we will be from the prohibitively expensive costs of financial intermediaries and the regulations of specific jurisdictions that restrict global monetary exchange. The future of banking certainly relies upon block chain technology but whether or not we will see Bitcoin adapt to meet the needs of the currently underbanked population is much less certain. I hope it does, but at the very least we should continue to support those projects that make block chains more useable for the broader population.

But Bitcoin actually works with regulated third parties. I would start with actually reading the regulations. Here is a good starting point for those in the US http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

... and did the US Government not actually sell a fair number of XBT?

Edit: The real barrier here to Bitcoin and other crypto currency adoption is DRM infested locked down propriety platforms such as IOS and Windows 8 RT and malware infested propriety operating systems such as virtually every version of Windows. It is not governments. Here is an interesting application of firearms to solving the DRM infested locked down propriety platform issue. https://www.youtube.com/watch?v=DuQZTAJ2KLk

Wtf ... the comments from the Bitcoin community like Gates worry about his 50 billion investment, fuck the regulation I do with my property what I want, we want an unregulated payment system that exists outside of tax and law frameworks, Bill should retire, etc.

No wonder with such delusional and ignorant supporters the greatest technology innovation of the last 20 years could attract only 1 million active users in 5 years.

That's absolutely true, but still the reality is that the government define the rules and not jubalix hero member from Bitcointalk. That means regardless what jubalix hero member and altcoinUK user think law enforcement will be deployed to hunt down all Bitcoin operators and traders that fail to comply with regulations. Since jubalix and altcoinUK users from Bitcointalk are unable to change how society operates Bitcoin either comply with regulations by working with regulated third parties or remains a niche solution used by 0.0001% of computer users.

Gates merely stated the fact that it is impossible for the society to adopt Bitcoin in its current unregulated form. Gates is the messenger here and you can blame and characterize the government as long as you want, but it doesn't change the fact that we live in this society ruled by (often) corrupt governments and any innovations need to find its way in this government regulated environment.

no...traders will become better and build trust by merit. Eg BTCe gave a full refund where it was hacked. Much of Gov action is way way worse that drugs/terrorism. Consider the cold war at its height. Govs had nukes pointed at everyone. This is >>>> worse than *terrorism* and drugs. or money laundering. In fact the fact that people in gov can money launder and get wealth out of a country, say china to Australia or US makes it less likley we would have war as they would be destroying their own safe havens