Bill Gates Thinks ‘Super Risky’ Bitcoin Could Ruin Your Life
Cryptocurrencies are killing people in a “fairly direct way,” says Microsoft co-founder
Sean Burch | February 28, 2018 @ 8:13 AM
Last Updated: February 28, 2018 @ 8:20 AM
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That $100 worth of bitcoin you bought around Christmas? Microsoft co-founder Bill Gates not only thinks it’s a “super risky” investment — it just might kill you.
Gates shared his thoughts on cryptocurrency in a Reddit “Ask Me Anything” session on Tuesday, and it doesn’t sound like he’ll be exchanging Microsoft stock for bitcoin, or any other popular coins, anytime soon. The problem for Gates? The pseudo-anonymity of most coins can allow users to engage in illicit activity.
“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,” said Gates on Reddit. “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.”
One commenter responded to Gates, saying that government-issued currencies can and have been used for illegal deals in the past, too. The former Microsoft boss agreed with the commenter but also said it’s still easier to track crooks using traditional money.
“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,” said Gates.
For the uninitiated, cryptocurrencies like bitcoin offer a different level of obscurity. Coins are sent to “digital wallet” addresses, identified by a random string of numbers and letters, rather than an account user’s name. But, that doesn’t mean they’re incapable of being tracked by the feds. The FBI was able to seize $28.5 million worth of bitcoin when it cracked down on Silk Road, the leading online marketplace for drugs, in 2013.
6 Tech Giants Shaking Up News, From Jeff Bezos to Laurene Powell Jobs (Photos)
Tech leaders are increasingly intertwined with the news business. While some want to support old properties, one set out to destroy a new one. Here they are.
Jeff Bezos – Washington Post
The Amazon founder purchased the Washington Post in 2013 for $250 million in cash. President Trump has called the paper the “Amazon Washington Post.”
The Facebook co-founder purchased The New Republic in 2012, becoming executive chairman and publisher. However, he sold the venerable political magazine to Win McCormack in 2016, saying he "underestimated the difficulty of transitioning an old and traditional institution into a digital media company in today’s quickly evolving climate."
The eBay founder is a well-known philanthropist who created First Look Media, a journalism venture behind The Intercept. Inspired by Edward Snowden's leaks. Omidyar teamed up with journalists Glenn Greenwald, Jeremy Scahill and Laura Poitras to launch the website “dedicated to the kind of reporting those disclosures required: fearless, adversarial journalism.”
The PayPal co-founder doesn’t own a news organization, but he makes this list because he essentially ended one -- Gawker -- proving once again the power of an angry billionaire. Thiel secretly bankrolled Hulk Hogan’s sex-tape lawsuit against Gawker Media because he was upset that the website once outed him as gay. Hogan won the defamation lawsuit against the site that sent its parent company into bankruptcy, and Gawker.com is no longer operating.
OK, so Facebook isn’t technically a news organization… yet. However, the company is preparing to launch its much-anticipated lineup of original content later this summer, and there are also signs that it's on the verge of becoming an even bigger media platform.
Campbell Brown, Head of News Partnerships at Facebook, confirmed last week it’s developing a subscription service for publishers willing to post articles directly to Facebook Instant Articles, rather than their native websites.
Tech is increasingly intertwined with news, for better or worse
Tech leaders are increasingly intertwined with the news business. While some want to support old properties, one set out to destroy a new one. Here they are.