Topic: Bill Gates 3 problems with BTC - page 5. (Read 6695 times)
The second one is the advantage of bitcoin.
He probably owns 100K btc for kicks
you can't just buy 100k BTC without creating a big noise.
I doubt Gates has so many coins. Also considering that BTC taxes were a big
not long ago
Imagine if Microsoft integrate bitcoin into Windows 10 store for microtransactions. Wouldn't that be a big hit?
He probably owns 100K btc for kicks
you can't just buy 100k BTC without creating a big noise.
I doubt Gates has so many coins. Also considering that BTC taxes were a big
not long ago
If Bill gates was really interested in poverty issues in Africa you would think a way for Africans to use their cellphones to bank would be essential. Africans are already very savvy with older mobile payments and I was watching a BBC report that now smartphone use using very cheap African handsets are now exploding in popularity. Bitcoin could raise Africa out of poverty if they as nations get onboard with Bitcoin as a continent early. As the Wests wealth collapses with the Dollar and Euro Arica would be in a good position if they adopt wholesale Bitcoin now!
Quote
Poor people cannot currently rely on bitcoin
“The effort to make sure your bitcoin provider isn’t going to lose your money and your understanding of the volatility of bitcoin — I’d hardly say that it’s ready for, you know, poor people to have it go up and down by a factor of two and, you know — ‘Oops, I was at Mt. Gox. Now that’s not good. Now I’m at Bit-whatever.’”
“The effort to make sure your bitcoin provider isn’t going to lose your money and your understanding of the volatility of bitcoin — I’d hardly say that it’s ready for, you know, poor people to have it go up and down by a factor of two and, you know — ‘Oops, I was at Mt. Gox. Now that’s not good. Now I’m at Bit-whatever.’”
Quote
Lack of transaction reversals
“So that basic technology shows that digital can do these things very cheaply, and the fees that have been building up over time won’t stand up even for small transactions. Now making sure that the thing is fraud-resistant and that money can be refunded – there’s somebody that you call up if you think you transferred to the wrong account or your account balance is not what you’d expect.”
“So that basic technology shows that digital can do these things very cheaply, and the fees that have been building up over time won’t stand up even for small transactions. Now making sure that the thing is fraud-resistant and that money can be refunded – there’s somebody that you call up if you think you transferred to the wrong account or your account balance is not what you’d expect.”
Quote
Potential Anonymity
“Also governments, for most transactions, will want attribution, that is, the idea of a system where you can’t see — is that drug money, is it terrorist money? Should that be taxed? You’re going to have some tension between the attributed systems like credit card [or] debit card systems where there’s actually a record of who’s engaging and the purely anonymous ones. The one where I see it getting to critical mass, along with the government regulatory support we need is where it’s attributed; where we can see who actually did this transaction.”
“Also governments, for most transactions, will want attribution, that is, the idea of a system where you can’t see — is that drug money, is it terrorist money? Should that be taxed? You’re going to have some tension between the attributed systems like credit card [or] debit card systems where there’s actually a record of who’s engaging and the purely anonymous ones. The one where I see it getting to critical mass, along with the government regulatory support we need is where it’s attributed; where we can see who actually did this transaction.”
http://insidebitcoins.com/news/bill-gates-3-criticisms-of-bitcoin
The last one isn't a problem for me but the first two are. The bigger problem is having no incentive to adopt BTC for ordinary people.
If you watch the way the question was set up he was basically asked if Bitcoin was not in fact the panacea today solution to all of the unbanked in Africa's problems. Of course it isn't today. And he has said positive things about it in the past he's probably just sick of the hype.
He probably owns 100K btc for kicks
you can't just buy 100k BTC without creating a big noise.
I doubt Gates has so many coins. Also considering that BTC taxes were a big
not long ago
He probably owns 100K btc for kicks
you can't just buy 100k BTC without creating a big noise.
I doubt Gates has so many coins. Also considering that BTC taxes were a big
not long ago
He probably owns 100K btc for kicks
Quote
Poor people cannot currently rely on bitcoin
“The effort to make sure your bitcoin provider isn’t going to lose your money and your understanding of the volatility of bitcoin — I’d hardly say that it’s ready for, you know, poor people to have it go up and down by a factor of two and, you know — ‘Oops, I was at Mt. Gox. Now that’s not good. Now I’m at Bit-whatever.’”
“The effort to make sure your bitcoin provider isn’t going to lose your money and your understanding of the volatility of bitcoin — I’d hardly say that it’s ready for, you know, poor people to have it go up and down by a factor of two and, you know — ‘Oops, I was at Mt. Gox. Now that’s not good. Now I’m at Bit-whatever.’”
Quote
Lack of transaction reversals
“So that basic technology shows that digital can do these things very cheaply, and the fees that have been building up over time won’t stand up even for small transactions. Now making sure that the thing is fraud-resistant and that money can be refunded – there’s somebody that you call up if you think you transferred to the wrong account or your account balance is not what you’d expect.”
“So that basic technology shows that digital can do these things very cheaply, and the fees that have been building up over time won’t stand up even for small transactions. Now making sure that the thing is fraud-resistant and that money can be refunded – there’s somebody that you call up if you think you transferred to the wrong account or your account balance is not what you’d expect.”
Quote
Potential Anonymity
“Also governments, for most transactions, will want attribution, that is, the idea of a system where you can’t see — is that drug money, is it terrorist money? Should that be taxed? You’re going to have some tension between the attributed systems like credit card [or] debit card systems where there’s actually a record of who’s engaging and the purely anonymous ones. The one where I see it getting to critical mass, along with the government regulatory support we need is where it’s attributed; where we can see who actually did this transaction.”
“Also governments, for most transactions, will want attribution, that is, the idea of a system where you can’t see — is that drug money, is it terrorist money? Should that be taxed? You’re going to have some tension between the attributed systems like credit card [or] debit card systems where there’s actually a record of who’s engaging and the purely anonymous ones. The one where I see it getting to critical mass, along with the government regulatory support we need is where it’s attributed; where we can see who actually did this transaction.”
http://insidebitcoins.com/news/bill-gates-3-criticisms-of-bitcoin
The last one isn't a problem for me but the first two are. The bigger problem is having no incentive to adopt BTC for ordinary people.
im just watching this one https://www.youtube.com/watch?v=e6KRp91YAw8&sns=fb
Bill gates wants to say there is three problems with Bitcoin? He has no room to talk at all.
I can name 10 problems with Microsoft, right off the bat.....
Seriously Bill Gates, go back to the 20th century; take your new CEO with you also.
I can name 10 problems with Microsoft, right off the bat.....
Seriously Bill Gates, go back to the 20th century; take your new CEO with you also.
Its funny when rich people get huge egos huh?
Bill Gates know nothing about Bitcoin. 
He doesn't know the real problems with BTC,but take the Benefits as problems,that's stupid.
He also doesn't know the real cost of Bitcoin system.
He doesn't know the real problems with BTC,but take the Benefits as problems,that's stupid.
He also doesn't know the real cost of Bitcoin system.
If poor people cannot rely on bitcoin similarly they can't rely on fiat as well.
Why do so many bitcoiners says ridiculous things? I am bullish in BTC but really I think we need to stop lying to ourselves.
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.
Chicken and egg problem my friend,
To have stable exchange the market cap of bitcoin must be ALOT higher with many more tx (fiat to BTC and vice versa).
It will get there slowly i'm sure. Ppl who look at bitcoin long term can happily hold btc without worrying about short term fluctuation.
Agree. Bitcoin may be unstable now but.. when "Bitcoin took over the world", it might become a very stable currency. Most people buy Bitcoin for investment, however, it not gonna be the case in the future. They buy Bitcoin because it is a currency.
If poor people cannot rely on bitcoin similarly they can't rely on fiat as well. At least with bitcoin you have chance that one day the price is going to go up although you still have equal chance it will drop as well. So it's not exclusively bitcoin's problem
Second do we need reversals? How many times sellers get scammed and get forced out of legit business because of preferences towards customers. Isn't that counter productive? Can't we solve that with escrow if amount is really big...
Second do we need reversals? How many times sellers get scammed and get forced out of legit business because of preferences towards customers. Isn't that counter productive? Can't we solve that with escrow if amount is really big...
Exactly. You could optionally select to use some kind of 3rd party escrow type entity in a bitcoin transaction if you wanted to. It just isn't mandatory. It's one of those higher level layers that CAN be programmed on top of the Bitcoin network. So even that is a POSSIBILITY.
Exactly, and that way there is a much lower chance of problems such as paypal reversals. Someone can choose to have escrow or not which makes it their responsibility.I hope Bill Gates sees this sooner rather than later. Because he can make big decisions that can move industries. If he gets it then he can assist it.
Bill gates wants to say there is three problems with Bitcoin? He has no room to talk at all.
I can name 10 problems with Microsoft, right off the bat.....
Seriously Bill Gates, go back to the 20th century; take your new CEO with you also.
I can name 10 problems with Microsoft, right off the bat.....
Seriously Bill Gates, go back to the 20th century; take your new CEO with you also.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
+ Exactly, he does not understand bitcoin hence the 2nd and 3rd points are totally moot.
You cant have a trustless system with reversals.... lol thats like he wants to sell windows with opensource code.
You cant have a trustless system with reversals.... lol thats like he wants to sell windows with opensource code.
2 - it is an advantage, but can be solved(?) if you use escrow or a 3rd part processor.
Exactly. You could optionally select to use some kind of 3rd party escrow type entity in a bitcoin transaction if you wanted to. It just isn't mandatory. It's one of those higher level layers that CAN be programmed on top of the Bitcoin network. So even that is a POSSIBILITY.
this.
a good interpretation of 'bitcoin can't do it alone'
+ Exactly, he does not understand bitcoin hence the 2nd and 3rd points are totally moot.
You cant have a trustless system with reversals.... lol thats like he wants to sell windows with opensource code.
You cant have a trustless system with reversals.... lol thats like he wants to sell windows with opensource code.
2 - it is an advantage, but can be solved(?) if you use escrow or a 3rd part processor.
Exactly. You could optionally select to use some kind of 3rd party escrow type entity in a bitcoin transaction if you wanted to. It just isn't mandatory. It's one of those higher level layers that CAN be programmed on top of the Bitcoin network. So even that is a POSSIBILITY.
Exactly, and that way there is a much lower chance of problems such as paypal reversals. Someone can choose to have escrow or not which makes it their responsibility.
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