Bill Gates: 'I Don't Think Bitcoin's Anonymity is a Good Thing'

Written by:
Guest
Published on:
Feb/27/2018

Microsoft founder Bill Gates commented on bitcoin, initial coin offerings, and cryptocurrencies more generally during a Reddit AMA on Tuesday.

Here is an excerpt from that discussion:

"The main feature of crypto currencies is their anonymity. I don't think this is a good thing. The Governments ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now crypto currencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs and crypto currencies is super risky for those who go long."

Gates is clearly no fan of the cryptocurrency. In the past, Gates has called bitcoin a “techno tour de force” and discussed the difficulties associated with price volatility.

The billionaire businessman has been especially critical of Bitcoin and other cryptocurrencies being used for the purchase of the drug fentanyl.  One Redditor commented that physical U.S. dollars are also used in the global drug trade.

“Yes - anonymous cash is used for these kinds of things but you have to be physically present to transfer it which makes things like kidnapping payments more difficult,” commented Gates.

Forbes Kyle Topsey writes:

Put more simply: If anonymity is not allowed in online payments, then that means someone is tracking all of the financial activity in the world. A refusal to go along with this potential future state of the world in a cashless society is effectively the underlying value proposition of Bitcoin.

Bitcoin is a hedge against financial surveillance, negative interest rates, government confiscation of money, financial censorship, and a myriad of other issues that may accompany a future where a single entity has complete control over the digital currency of a particular population.

To Gates's point, there would not be much use for bitcoin if every government in the world implemented sound monetary policies, allowed all of their citizens to transact privately, and never seized anyone's assets; however, this obviously not how the world works.

- Alistair Prescott, Gambling911.com

Business/Financial News

Cryptocurrency Prices Slumping Again, Attibuted to Japan Demands

Cryptocurrency Prices Slumping Again, Attibuted to Japan Demands

A slumping market across most cryptocurrencies is being blamed on Japan's Financial Services Agency (FSA) requring exchanges to make improvements to the Japanese trading platforms' anti-money laundering practices. 

'Enormous Assets' to be Returned in Mt. Gox Debacle

“This is the first time in Japan legal history,” attorney for the creditors, Daniel Kelman, stated, “that a liquidation has ever converted into a rehabilitation —it’s always the other way around after a rehab fails. This sort of also made legal history as well.”

US Federal Reserve Launches Cryptocurrency Index

US Federal Reserve Launches Cryptocurrency Index

This week the Federal Reserve Bank of St. Louis added cryptocurrency to their Federal Reserve Economic Data (FRED) database, a sign that the digital currency is maturing.

ICYMI—Wins & Losses for Bookies During The World Cup Opening Weekend

The World Cup Opening weekend is a wrap, and online bookies using the right tools should have made it out big. Get the recap and don’t make the same mistakes twice, and make Matchday 2 profitable.

3 Social Media Marketing Tips For Bookies To Grow Their Sportsbooks

Social media marketing can be used to grow sportsbooks, but pay per head agents still must stay discreet. Get the 3 best tips to be social and grow your online business and find out the don’ts too!

Syndicate