Topic: Bill Gates: "Bitcoin Alone Won't Solve Global Payments Challenges" - page 2. (Read 2224 times)

Satoshi Nakamoto is way smarter than Gates Bill could ever be.

That won't work. Work hours does not equal worth. How would I trade a 6 hour workday for a new computer? My 6 hour workday is just numbers, it's not like I'm trading an actual product that the seller can gain a profit off(After all, that's their goal, to get a profit). You will still need money.

When computerization gets to the point that we can compare and trade items and services and labor, based on their average value relationship as sported by the whole, worldwide, free trade process, then we won't need fiat or Bitcoin at all. All we will need do is jump on the computer, show what our job is, show that we labored so many hours last week (a showing that is placed there by collaboration with our employer), and we can trade our labor for whatever goods or services we need.

All of this will be encrypted in a blockchain of blockchains, of course. We will be able to remain reasonably anonymous, just like with Bitcoin. For our purposes, we need only see the first entry of an "address" into the blockchain, and the value attached to the last entry. Probably a computer program will be needed to generate the whole operation. It may not be entirely programmable by people.

Parts of the above are being done right now in airline comparisons, and product and service comparisons. The difference will be that there won't be price comparisons. Products and services and labor will actually become the new money. There won't need to be stated divisions of "coin" like a satoshi is part of a bitcoin. Everything will be expressed as a percentage of value of anything else. The whole operation will be entirely decentralized, yet it will act like centralization in the ways that make centralization beneficial.

Or after a future nuclear war we will be ridden of all electronic devices and be back to the old system of exchanging berries and animal hides for items  

Bill Gates was at Jimmy Fallon the other night mentioning how in 2030 everyone will be able to do personal banking on their smartphones. He didn't mention Bitcoin specifically tho, but thats something.

He still fails to realize how open source software is needed tho, so of course he is not going to specifically big up Bitcoin, maybe in microsoft they are trying to come up with their own closed source crypto, who knows.

I get a feeling the path is being cleared for the knight in shining armor Ethereum riding in on a white horse to save us all from the dirty druggy Bitcoin.

Fuck em!

I don't think it's far in any other way to say that. Maybe it's true that we can't solve all the payment challenges but more important, bitcoin will pave the way for new and future development. If we imagine years down the road, probably there might be other better systems that would come but the best way forward is still to develop the technology on top of the existing bitcoin blockchain. 

Maybe he's partly right. By itself, Bitcoin is a tool that just sits there if it isn't actually used and developed to where it needs to be. And we're working on that, right?

As time goes by, some solutions will come out! the two front issues mentioned by him is on the table. Many technical experts are working on them!

Atleast, Sir Bill Gates considered BTC to be a noteworthy thing which can at least move money and dry down fees... Thanks a lot for giving us the hope... Seems he might invest into this very-much-talked-about crypto...

There ya go, now Bill's quote is taken in context.   

Hey guys, any publicity is good publicity.

This still sounds like good news for Bitcoin regardless...

I don't think so , anything Microsoft made is closed source and NSA is always spying on it . so I don't think anyone will use this "new digital currency" unless they don't give a shit about their Privacy of couse which is not the case for the Bitcoin community users .

sounds like he has plans to pump a new digital currency, bitcoin has a wealth of talent and an intelligent community which is worth a lot.

yes, bitcoin + bitcoin network will solve these challenges, no variants needed

From the quote in the article, it seems his objections are relatively superficial i.e. volatility, irreversible transactions. The value will get more stable if the proportion of trade shifts more towards consumer use and less towards speculation, which is what will happen if we ever get out of this stage. Irreversibility is a bit of a stretch for consumers but it's more of a mindset thing: use escrow, and realise that just because you can't force a merchant to give up your funds doesn't mean you can't do it in a civilised manner.

Still, I see these objections raised all the time and even if they aren't showstoppers, I'll accept that having to think about these issues is a barrier to adoption 

Would have been more interested to hear some technical criticism about scalability. We're 'only' one order of magnitude from reaching the transaction rate limit now.

It already did.

I think he is right, bitcoin alone can't change the future, but it will pave the way to the new generation of payment service.

Bitcoin alone is almost nothing.

Bitcoin is not only the currency, It's also the community around it.