"Cryptocurrency can cause death", has Bill Gates messed up again?

Microsoft co-founder Bill Gates mentioned cryptocurrencies during a Reddit AMA — and his views really irked some social media commentators.

In response to a question about cryptocurrencies, the world’s second-richest man noted that the ability for governments to track money laundering or terrorist financing is a good thing.

Gates continued:

Cryptocurrency is currently used to purchase fentanyl (painkillers) and other drugs, so it is one of the few technologies that can directly cause death. I think the speculative craze in ICOs and cryptocurrencies is extremely risky for participants.

Of course, the cryptocurrency world was shocked by this comment.

The venomous netizens have arrived at the battlefield

Twitter users have begun to analyze this idea from both semantic and technical levels.

Venture capitalist Anthony Pompliano pointed out that cryptocurrencies are not completely anonymous and that Gates’ concerns also apply to traditional fiat currencies.

… Cryptocurrencies are not anonymous, and this problem doesn’t just apply to digital assets. Every currency has the potential to finance terrorism, launder money, and cause death… His talk about terrorist financing and money laundering is bullshit. How do you get old and rich? I think it’s to hate cryptocurrencies.

Bitcoin developer Udi Wertheimer agreed, “Compared to cash, cryptocurrencies are not directly causing death.”

A moderator of /r/bitcoin gave a more detailed response, noting that "the main features of cryptocurrency are its immutability and trustlessness of transactions," rather than anonymity.

KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations also make it difficult for users to withdraw their cryptocurrencies anonymously, which in turn reduces the purchase of prohibited items.

Others have simply mocked Gates. Coin Center's Neeraj Agrawal mocked Gates as a "penniless nocoiner," while WhalePanda said the billionaire has officially joined the ranks of "seniors ranting about Bitcoin."

Not every comment was mean, though. One user pointed out that Gates' comments were understandable, since someone as wealthy as him wouldn't normally delve into internet currencies.

Always like this

This is not the first time Gates has criticized cryptocurrencies for their lack of transparency.

In a 2014 AMA, he said the Bill & Melinda Gates Foundation was working on a digital form of currency, but that "unlike Bitcoin, it will not be anonymous."

However, at the time he had a more positive view on Bitcoin, saying that "Bitcoin is better than traditional currencies, you don't have to store them in the same place, and it's quite inconvenient to use traditional currencies for large transactions."

By 2015, he was more cautious, saying that while he saw the potential for cryptocurrencies like Bitcoin to have a huge impact, he didn’t think Bitcoin could become the payment system of the future.