Do you think we'll look back on bitcoin and think that it grew amazingly fast?

[jehst]

Right now, it seems like bitcoin is moving slowly. Winklevoss ETF is in regulatory hell. GBTC sits there (not trading) with <100 BTC in bids. Still few places in your average city where you can use bitcoin. Remittances are not really catching on as fast as we thought.

But in reality, bitcoin in 2013 was 100% amateur bullshit. Alpaca socks, Mark Karpeles, friedcat, and DPR.

It's really hard for me to decide whether we're moving fast or slow.

[oblivi]

Right now, it seems like bitcoin is moving slowly. Winklevoss ETF is in regulatory hell. GBTC sits there (not trading) with <100 BTC in bids. Still few places in your average city where you can use bitcoin. Remittances are not really catching on as fast as we thought.

But in reality, bitcoin in 2013 was 100% amateur bullshit. Alpaca socks, Mark Karpeles, friedcat, and DPR.

It's really hard for me to decide whether we're moving fast or slow.

It's too new too judge, only geeks and VC entrepeneurs see the potential, just like at the begining only a few saw the potential for the internet. I would say it's moving a similar pace. It took years for the internet to become usable for the average pleb, just like every other new technology out there. Give it more time.

[twilliams46]

The internet, or more specifically TCP/IP protocols, which would become the modern internet was invented in in 1983. Bitcoin is the internet before the TCP/IP protocols. Now think about that and how long it to for YOU to get the hang of the internet. When you think about the long run it doesn't matter from year to year.

[Kprawn]

The price has definately something to do with it. The hype surrounding Bitcoin was at it's peak when the price reached $1000 and every Tom, Dick and Harry jumped in to make easy money.

Most people joined too late to get into the action of solo mining and they jumped onto cloud mining as a alternative... Now most cloud mining turned out to be fancy Ponzi schemes and people turned their back on Bitcoin, because they were losing money.

It's the same thing, when people discover new gold deposits in a area... You have a crazy "Gold Rush" and exitement going around... and then once everyone staked their claim, things tend to settle down. The people who were late to the party, then create secondary businesses {Eg. selling shovels and wood} ..... In Bitcoin, that compares to the 3rd party services and all the VC investors coming in now.

Before you know it, a city is born and a thriving economy is created around these gold deposits... We are at the stage, where most claims are staked and shovels are in demand 

[MicroGuy]

Right now, it seems like bitcoin is moving slowly. Winklevoss ETF is in regulatory hell. GBTC sits there (not trading) with <100 BTC in bids. Still few places in your average city where you can use bitcoin. Remittances are not really catching on as fast as we thought.

But in reality, bitcoin in 2013 was 100% amateur bullshit. Alpaca socks, Mark Karpeles, friedcat, and DPR.

It's really hard for me to decide whether we're moving fast or slow.

I think we might stick in this $200-$300 range for a while and perhaps never see $500 again.

Bitcoin is opening doors and will continue to open doors for digital currencies. However, within the next 5 years, I think a few of the top altcoins will step up and probably surpass the original bitcoin in terms of popularity and market capitalization.

[virtualx]

Right now, it seems like bitcoin is moving slowly. Winklevoss ETF is in regulatory hell. GBTC sits there (not trading) with <100 BTC in bids. Still few places in your average city where you can use bitcoin. Remittances are not really catching on as fast as we thought.

But in reality, bitcoin in 2013 was 100% amateur bullshit. Alpaca socks, Mark Karpeles, friedcat, and DPR.

It's really hard for me to decide whether we're moving fast or slow.

I think we might stick in this $200-$300 range for a while and perhaps never see $500 again.

Bitcoin is opening doors and will continue to open doors for digital currencies. However, within the next 5 years, I think a few of the top altcoins will step up and probably surpass the original bitcoin in terms of popularity and market capitalization.

Which altcoins do you think have the potential for that?  I think the majority are simply clones of the original bitcoin source code with a few variable changes.

[NUFCrichard]

Yes, I think in retrospect we will think that it expanded crazily quickly.
5 years from the very first block to be used all around the world and having a billions of USD value is a fast expansion.

Ok there have been some free services, such as facebook and twitter that expanded faster, but there is very little trust or ability to lose money with those, so the comparison isn't very fair.

I can imagine people saying, "it was worth over $1000 after 4 years of existance, it just took off straight away!"

[gentlemand]

The 2013 rise was built on sand. Ever since then it's been pretty miserable for price watchers but it's also been a lesson in going about things in the 'right' way. That is what's being put together now. Things'll be dead for a while yet but They're not going to come until It is built.

[ChuckBuck]

Right now, it seems like bitcoin is moving slowly. Winklevoss ETF is in regulatory hell. GBTC sits there (not trading) with <100 BTC in bids. Still few places in your average city where you can use bitcoin. Remittances are not really catching on as fast as we thought.

But in reality, bitcoin in 2013 was 100% amateur bullshit. Alpaca socks, Mark Karpeles, friedcat, and DPR.

It's really hard for me to decide whether we're moving fast or slow.

First of all the Winklevoss ETF is waiting on the NY Bitlicense final revision.  If you can't wait until next month, I don't know what to tell you:

http://www.coindesk.com/lawsky-bitlicense-will-be-finalized-by-end-of-may/

GBTC or Bitcoin Investment Trust is about to trade any day now.  Patience young Padawan!  Soon we'll also have Gemini and Noble Markets as well.  These things all take time...

[Beliathon]

It feels slow because it is slow... for now.

[RodeoX]

Yes. I am shocked at how quickly this is all happening. The growth I have seen in the past 5 years I thought would take 10-15 years.

[Q7]

I don't know what to say but gut feeling tells me that if it really takes off, it will go up extremely fast. But right now even though there is growth, it could be less noticeable no thanks to the slump in price and a bunch of scam exchangers and ponzi schemes riding on the popularity of bitcoin and took opportunity of it. Just relax, the ETF is in the pipeline for sometime now and last I heard it needs to sort out with the regulatory issue. It will be there.

[Amph]

not really, 6 years... ism't that fast, and still there is a long way to go before bitcoin will see its fully potential, we are like at 10% max(not talking about price here)

[reRaise]

Compared to other popular digital goods it's growing very slow, but bitcoin is innovating money as a whole and when it comes down to that it has to compete and deal with strong corrupt companies, governments, banks, payment processors etc. and compared to these guys it's growing super fast.

[Beliathon]

not really, 6 years... ism't that fast, and still there is a long way to go before bitcoin will see its fully potential, we are like at 10% max(not talking about price here)

We are at ~0.1% of adoption potential

[Amph]

not really, 6 years... ism't that fast, and still there is a long way to go before bitcoin will see its fully potential, we are like at 10% max(not talking about price here)

We are at ~0.1% of adoption potential

probably you are right(maybe a bit more, like 0.1-0.5 range), i overestimated it deliberately, because i wasn't sure about the right percentage, but my % is based on everything not just adoption or price, but also the technology around bitcoin

[ChuckBuck]

These 2 charts always seem to put my mind more at ease and put things in perspective:









Just a matter of time...

[BillyBobZorton]

These 2 charts always seem to put my mind more at ease and put things in perspective:









Just a matter of time...

Indeed, all the indicators show clear progress. The price is still way up compared to when it launched, which was worthless. And the price when something is this new (and 5 years is still new, we are still at 0.1 version) is going to be crazy.

[tyz]

In my opinion, the technology is moving fast but the acceptance of Bitcoin and cryptocoin in common stuck. I guess it needs a new good reason for most people to think about an alternative like a new financial crisis.

[sikaxchange]

i guess the peak rise of Bitcoin was a great factor and the slow rate of the coin in recent times