"We need to remove the smell from bitcoin"

[Denker]

https://www.youtube.com/watch?v=uHXfEJD6DUk

In this new episode of reinvent.money Trace Mayer is talking about why the Bitcoin industry has to ask itself why do people hire Bitcoin . According to him we should focus on people and customers who are willing to pay for Bitcoin instead of science projects.

In the first 5 minutes of the video Trace is saying...

We need to find out why people hire Bitcoin. And how can we make Bitcoin more useful and more valuable to the people that hire it.And I just don't mean people using Bitcoin, I mean people hiring Bitcoin. And hiring Bitcoin we need to figure out who is willing to pay money. And we need to go after the people who are willing to pay the most money with the highest margins.Those are the types of customers that we want when we're hiring Bitcoin.We don't necessarily want people just using Bitcoin to make a bunch of de minimis economic transactions. Not be willing to pay anything for it.We need people who are really willing to pay a lot of money to hire Bitcoin.

So shall Bitcoin become an elite network with high transaction fees?

Open to discuss

[maokoto]

I do not understand what he means by "hiring" Bitcoin not "using" Bitcoin. I am not a native speaker and always has understood "hiring" as paying someone to do something. Cannot see how you can "hire Bitcoin" ...

[adamstgBit]

I do not understand what he means by "hiring" Bitcoin not "using" Bitcoin. I am not a native speaker and always has understood "hiring" as paying someone to do something. Cannot see how you can "hire Bitcoin" ...

"whos willing to pay to use bitcoin."

[gentlemand]

So shall Bitcoin become an elite network with high transaction fees?

I truly hope not.

A lot sooner rather than later someone will come up with a system that does everything Bitcoin can and more for everyone who wants and needs to use it without ravaging them with fees or funnelling them through a centralised service that can fuck them over.

Those who think people will fork out large amounts for the honour of their place on the BTC blockchain have a massively overinflated sense of its current importance and potentially fatal lack of perspective.

[thejaytiesto]

So shall Bitcoin become an elite network with high transaction fees?

I truly hope not.

A lot sooner rather than later someone will come up with a system that does everything Bitcoin can and more for everyone who wants and needs to use it without ravaging them with fees or funnelling them through a centralised service that can fuck them over.

Those who think people will fork out large amounts for the honour of their place on the BTC blockchain have a massively overinflated sense of its current importance and potentially fatal lack of perspective.

Well it seems it's heading to become some sort of Gold 2.0 rather than a currency that manages low quantity transactions at high volumes. So that's why stuff like blockstream comes into place, it may bet he only way to make the coin act as an actual coin that can be used at very high volumes for small purchases.

[gentlemand]

Well it seems it's heading to become some sort of Gold 2.0 rather than a currency that manages low quantity transactions at high volumes.

That's a very possible outcome but it also sort of presumes that the technology is static, stable and already coveted by billions when that's totally not the case. It seems like yet another reason for people to discard it to me. Pulling up the drawbridge before it's even gotten anywhere seems like a daffy move.

[Blawpaw]

https://www.youtube.com/watch?v=uHXfEJD6DUk



So shall Bitcoin become an elite network with high transaction fees?

Open to discuss

I don't believe that Bitcoin could become an elite network with high transaction fees. He probably got it all wrong; The whole idea of Bitcoin is to cut the transaction expenses and enable micro transactions

[medUSA]

In the first 5 minutes of the video Trace is saying...

<snip>
We need people who are really willing to pay a lot of money to hire Bitcoin.

So shall Bitcoin become an elite network with high transaction fees?

From what I heard, finding people willing to pay a lot of money to "hire" bitcoin is not about charging high transaction fees. It's about inventing solutions to existing business problems using bitcoin. If we can have those businesses/people on board, they will buy bitcoin and the ecosystem will thrive.

For example, if we can push a solution to copyrighting and time-stamping using bitcoin, bitcoin will become an important business tool rather than just a payment system.

[Denker]

In the first 5 minutes of the video Trace is saying...

<snip>
We need people who are really willing to pay a lot of money to hire Bitcoin.

So shall Bitcoin become an elite network with high transaction fees?

From what I heard, finding people willing to pay a lot of money to "hire" bitcoin is not about charging high transaction fees. It's about inventing solutions to existing business problems using bitcoin. If we can have those businesses/people on board, they will buy bitcoin and the ecosystem will thrive.

For example, if we can push a solution to copyrighting and time-stamping using bitcoin, bitcoin will become an important business tool rather than just a payment system.

Watch the video and then you will see that it is about transaction fees as well.Just take your time and watch the video.

[koinsuka]

I think bitcoin must remain some small fee, but it should
not become an elite banks with very large transaction
costs, thereby reducing the traffic activity in the wallet