bill gates' 'nonsense' crypto remarks draw twitter ire

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microsoft co-founder invoice gates took intention at cryptocurrencies in the course of a reddit "question me whatever" consultation tuesday - plenty to the ire of a few social-media commentators.

responding to a query approximately cryptocurrencies, the sector's 2nd-richest guy said the ability of governments to song cash laundering or terrorist funds "is a good element."

gates endured, saying:

"Right now cryptocurrencies 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 cryptocurrencies is super risky for those who go long."

clearly, the crypto global changed into no longer inspired by way of this answer.

reactions on twitter at once commenced dissecting the response on each semantic and technical grounds.

undertaking capitalist anthony pompliano talked about that cryptocurrencies aren't strictly nameless, and stated the same worries gates stated may be carried out to standard fiat currencies.

"he spewed the ordinary nonsense approximately funding terrorism & cash laundering," pompliano said of gates.

bitcoin developer udi wertheimer agreed, announcing "cryptocurrencies failed to motive deaths in a 'fairly direct manner' any greater than coins did."

a moderator of the /r/bitcoin subreddit furnished a greater distinct response, declaring that "the main function of cryptocurrencies is their immutability and their capacity to support trustless transactions," in preference to anonymity.

recognise-your-customer and anti-cash laundering legal guidelines also make it difficult for users to anonymously coins out their cryptocurrency holdings, which should discourage the acquisition of illegal goods, the user said.

different users virtually laughed. neeraj agrawal, coin center's head of communications, joked that gates became a "broke nocoiner," whilst @whalepanda said the billionaire had joined the "vintage guy yells at bitcoin" listing.

user @dandarkpill diagnosed a advantageous use case for bitcoin, telling gates that he had sold a banana.

not each reaction turned into as harsh. one twitter user stated it turned into understandable that a person as rich as gates might now not hassle to very well research "some internet cash scheme."

consistency

this is not the primary time gates has criticized cryptocurrencies for missing transparency.

all through some other ama in 2014, he commented that the invoice & melinda gates foundation become working on a virtual shape of money but "not like bitcoin, it'd now not be anonymous."

however, at the time he become far extra constructive about bitcoin, announcing that "bitcoin is better than forex in which you do not must physically be in the same area, and of direction for big transactions currency can get quite inconvenient."

he changed into greater cautious in 2015, pronouncing that even as he saw the potential for cryptocurrencies like bitcoin to make a large effect, he did no longer suppose bitcoin mainly would come to be a payment device of the destiny.