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Title: Why adoption is the most important thing right now, learn from early PayPal days Post by: Elwar on May 13, 2015, 01:00:36 PM https://youtu.be/4hjLgXA-MZY?t=23m
In this video Peter Thiel is talking about technology and why the Internet has been largely unregulated and he mentions "My experience at PayPal where we created this new financial service which attracted a great deal of regulatory scrutiny, it happened so quickly that the regulators were too slow to respond. We went public in February 2002, there were some people in the state of Louisiana who wanted to shut us down because maybe we're doing illegal banking. We called up the bank regulators in Louisiana and said there are 100,000 people with PayPal accounts in the state of Louisiana 3,000 small businesses, does Louisiana really want to get the reputation as a state that's technologically backwards and hostile to progress. And the answer was "No we don't" and so we were able to keep going..." "I think there is a velocity of it that is very critical..." We need more people using Bitcoin regularly so we can stay ahead of the regulatory wave. If New York had 1 million people using bitcoins in their daily lives do you really think they would have any support when it comes to regulating it and possibly disrupting those million people's daily routines? They would be worried about the backlash. But by only disrupting a few people and businesses early on they have all of the advantage to do whatever they want with no major backlash. Start using http://www.bitwage.co, get part of your paycheck converted to Bitcoin (even if it's just 5%). Start using it for most of your online purchases. Use it when you order pizza or takeaway (http://www.takeaway.com). Use it at Starbucks (http://www.gyft.com). Even if it's just a few bucks a week. Become a Bitcoin user. Not just a hodler. Title: Re: Why adoption is the most important thing right now, learn from early PayPal days Post by: Gervais on May 13, 2015, 01:24:29 PM Well I think it's a given that adoption is going to be the key to bitcoin's success but it's not like everyone who is passionate about bitcoin isn't constantly trying to spread awareness and adoption. I also don't think the regulatory authorities will leave us alone so as long as we have x amount of users or businesses. I think they're always going to be paranoid or fearful of bitcoin being used for criminal elements but hopefully they can see the other benefits of not stifling the technology with rules and regs.
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