We all are well aware of the cryptocurrency craze going on nowadays that is literally driving everyone crazy. While we come across a lot of advocates for digital currencies there are some people who are not much fond of the idea. A recent addition to the non-crypto-loving people is none other than the philanthropist, Bill Gates.
The former CEO of Microsoft is concerned about the crypto hype and warned everyone of its deadly aspects. During a Reddit “Ask Me Anything” session on Tuesday, while answering a question, Gates said that the anonymity of the technology has “caused deaths in a fairly direct way.”
He argued that “the government’s ability to find money laundering and tax evasion and terrorist funding is a good thing.
“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.”
Along with crypto another technology that suffered Mr. Gate’s wrath was Elon Musk’s Hyperloop concept. Musk aims to build a passenger compartment that will travel underground with the speed of several hundred miles per hour in a low-pressure tube. The project seems like it will become a reality very soon as the U.S. government issued permission to build it. However, Gates is not satisfied. “I am not sure the Hyperloop concept makes sense,” he said. “Making it safe is hard.”
But he was happy with the overall direction of the technology i.e. Automation.
“Automation has been driving productivity ever since the industrial revolution including things like tractors and garment making,” said Gates. “With software this will continue to accelerate so we need to think about how we educate people for the new jobs that will emerge.
“Overall automation is a great thing – eventually we won’t have to work as much but we are still at least a generation away from a big change there.”
Gates’ stance on cryptocurrency comes just after Apple co-founder Steve Wozniak revealed that he had been a victim of Bitcoin scam.
During a conference in India, Wozniak disclosed:
“Somebody bought them from me online through a credit card, and they canceled the credit card payment. “It was that easy. And it was from a stolen credit card number, so you can never get it back.” At the time the scam was carried out, the bitcoins were worth just under $5,000; now, their value tops $70,000.
Wozniak is not the only case. There are a lot of examples where millions of dollars have been lost to cyber attacks.
Well, now you’ve been warned by the ‘Bill Gates’. Be Careful.