Above is a screen shot from Bill Gates' AMA on 2/27/2018. He was asked his opinion on crypto and is not to keen on it. He states that the anonymity of crypto is not a good thing. Really? Thats what makes it good. Plus, with paper money, there can be no trail. I can give someone $1000 and they can hide it, spend it, or give it to someone else. With blockchain technology, we can see what address has the money and who they sent it too. Now there are cryptos that are anonymous, which I very much support. Having a decentralized money structure free from government intervention is good. The problem with this argument is that money laundering, tax evasion and terrorist funding happen with the fiat money. Should we get rid of the American Dollar because people are misusing it? No, we shouldn't. Just like we shouldn't ignore or stop crypto because people are misusing it.
Bill Gates' second argument against crypto is that people are buying drugs, such as fentanyl, with it. Again, people buy drugs with every currency. Stopping Bitcoin will not stop drug selling or drug use. He goes on to call cryptocurrency a "rare technology" which it is not. Bitcoin is very much in the popular culture and relatively easy to purchase. Maybe he was referring to other altcoins or blockchain technology which is kind of rare.
His third point talks about how ICOs and crypto in general is a risky long term investment. I agree with him on the ICOs. A lot of them seem like a get rich quick scheme by the developer and do not seem to improve or create an existing technology. Bitcoin, Litecoin, and Ethereum all have gone up more than 100% in the last few years. As demand for their services grows, so will their price.
Overall I think its sad to see Bill Gates say this. He is a respected member of the technology and business community so he has a lot of power behind his words. I hope reactionarys don't sell because of this. Anyway, what are your thughts on this?
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