Circle CEO on BTC: Nobody Will Be Using Bitcoin in 5 to 10 Years

[kiklo]

I don't agree at all with that guy. If people sticks to using crypto-currencies, they will stick to Bitcoin.

Hmm,

So you keep using a coin that takes hour to confirm, no updates because the Chinese won't allow it, and cost you more to send it than every other crypto.

Do you think you and the 3 other guys that like wasting time and money can support the entire BTC network?  

I am already using other cryptos,
1  For the Faster Speed
2  No Transactions problems
3. It is Cheaper

 

1 Faster speed -  means a decrease in security. Faster block = More confirms required.
2 Transactions problems - don't exist likely because no one uses those cryptos.
3 Cheaper - is worthless when transferring or transacting an actual value amount.

China controls BTC & LTC
you're trusting China with BTC security,
Why don't you trust China with LTC Security?

LTC 2.5 minute Blocks : 6 Full Confirmations take ~15 minutes
BTC 10 minutes Blocks: 3 Full Confirmations take ~30 minutes , if the transaction issues don't extend it to hours or days.
China could overwrite the last 10 hours of BTC whenever they feel like, so you are trusting China not too, no matter what you say.

I could say LTC does not have transactions problems because it has 4X the transaction capacity of BTC.

Only the Stupid waste money for no reason,
LTC is just as secure and can transmit value better than BTC.

 


FYI:
You guys want to create a false religion out of BTC, then fix it.
Opps , Nevermind the Chinese won't let you.  

[AgentofCoin]

I don't agree at all with that guy. If people sticks to using crypto-currencies, they will stick to Bitcoin.

Hmm,

So you keep using a coin that takes hour to confirm, no updates because the Chinese won't allow it, and cost you more to send it than every other crypto.

Do you think you and the 3 other guys that like wasting time and money can support the entire BTC network?  

I am already using other cryptos,
1  For the Faster Speed
2  No Transactions problems
3. It is Cheaper

 

1 Faster speed -  means a decrease in security. Faster block = More confirms required.
2 Transactions problems - don't exist likely because no one uses those cryptos.
3 Cheaper - is worthless when transferring or transacting an actual value amount.

China controls BTC & LTC
you're trusting China with BTC security,
Why don't you trust China with LTC Security?

I could say LTC does not have transactions problems because it has 4X the transaction capacity of BTC.

Only the Stupid waste money for no reason,
LTC is just as secure and can transmit value better than BTC.

 

FYI:
You guys want to create a false religion out of BTC, then fix it.
Opps , Nevermind the Chinese won't let you.  

The Chinese mining community can and do control all different type of crypto currencies.
They can because they can do it cheaper than anyone else.

The Chinese miners don't know which way it up, they just want da money.
You could sell them anything and they will eat it up and smile.

Power doesn't last forever.

[kiklo]

The Chinese mining community can and do control all different type of crypto currencies.
They can because they can do it cheaper than anyone else.

The Chinese miners don't know which way it up, they just want da money.
You could sell them anything and they will eat it up and smile.

Power doesn't last forever.

Like I said , You are trusting the Chinese with BTC,
why the apprehension about trusting them with LTC, makes no sense.

LOL,
Chinese are blocking all updates, that could threaten their power.
In BTC case , China won the BTC race and the game is over forever.
Easier to start an entirely new crypto, than waste time fighting them in a war they already won.

 

[AgentofCoin]

The Chinese mining community can and do control all different type of crypto currencies.
They can because they can do it cheaper than anyone else.

The Chinese miners don't know which way it up, they just want da money.
You could sell them anything and they will eat it up and smile.

Power doesn't last forever.

Like I said , You are trusting the Chinese with BTC,
why the apprehension about trusting them with LTC, make no sense.

LOL,
Chinese are blocking all updates, that could threaten their power.
In BTC case , China won the BTC race and the game is over forever.

 

LTC is a clone that is less secure than BTC currently.

What updates would threaten their power?
The current updates would ensure and secure their positions even more.

The game can't be over forever.
If China falls into revolution or economic collapse, their mining community could disappear.
You are assuming the Chinese government will continue to allow their wealth to go into Western hands.
One day, the Chinese elites will have moved all their assets out, and then the game changes.
Power can not last forever.

[kiklo]

LTC is a clone that is less secure than BTC currently.

What updates would threaten their power?
The current updates would ensure and secure their positions even more.

The game can't be over forever.
If China falls into revolution or economic collapse, their mining community could disappear.
You are assuming the Chinese government will continue to allow their wealth to go into Western hands.
One day, the Chinese elites will have moved all their assets out, and then the game changes.
Power can not last forever.

LTC is just as secure as BTC, since China controls both.

The Blocksize updates (XT / Unlimited), they refused because their internet infrastructure can't handle the increased size.
Meaning they would lose their 51% control.

LOL, if China falls in revolution , we might be looking at a world war, BTC will be the least of my concerns then.
When you watch a race and someone wins, do they keep backing up and rerunning the same race.
No they don't , a new race starts, with different runners.
Crypto will have different runners in the next race , where China has not already won,
there is literally no other way to defeat their dominance in a race they already won.

Power can easily last for a century , so for most it will be forever.
 

[Adbitco]

As long as there's demand for bitcoin, it's going to stay there (bitcoin). And we've seen that ever since the introduction of bitcoin it's demand has grown exponentially. People might have thought the same as that CEO when bitcoin was invented or came into existence very first but it's still here and the number of people embracing this awesome digital currency is increasing incredibly daily so whatever that CEO says shouldn't be given much importance.

[SmartIphone]

Isn't circle the company that has brought the bitcoin into iMessage app? Making bitcoin payments through iMessages?
Maybe he is right but since I don't know any dark websites, don't know how much is bitcoin popular there but I don't agree with him.

[yayayo]

Circle is just trying to market their shitty and surveillance ridden service. I predict that within 10 years almost all centralized private blockchain experiments will have gone down the drain with loads of bank's money wasted for nothing - except unsuccessful defense against cognitive dissonance. In 5-10 years more people than ever before will use Bitcoin. Bitcoin's usability will have been greatly improved by then and people will realize the necessity of holding a sound decentralized currency as fiat inflation and arbitrary capital controls by governments lead to mass expropriation.

Even today Bitcoin demand is soaring. But that's nothing compared to what will happen when the fiat debt bubble is bursting. It will be a stampede towards precious metals and Bitcoin...

[...]

For me the people to listen to about blockchains are Peter Todd, Gregory Maxwell, Adam Back, Luke-Jr and there might be some names I have forgotten so please post them in here.

I agree. These guys are really competent individuals, who have done great development work for Bitcoin progress.

ya.ya.yo!

[outatime1]

The mere fact that bitcoin has lasted until 2016 and is worth about $750 per bitcoin leads me to believe that it has a future. It at least has a chance to succeed as long as businesses and investors continue to use it.

[Wind_FURY]

Circle built their userbase on Bitcoin, and then they changed their business model to bend over to KYC/AML regulations. This is like Daniel spitting in the face of Mr. Miyagi {Karate Kid I} after he trained him. Bitcoin was the mentor and Circle cut their teeth on this technology, to find a foot hold in the community.

Circle has already shown their colors, and they will not change. < Money chasers >

Is Circle really making money from their business model as middle man? I could see Circle going down in 5 - 10 years and not Bitcoin. I believe that most of the Bitcoin companies that have been funded by the Venture Capitalists are not making money. The only businesses that I think are making money are found in the dark market.

[Slark]

It is surprising that CEO of big Bitcoin powered company said something like that. I think he got some things wrong.

He compared Bitcoin to software and said that no one use Netscape navigator today and bitcoin will be replaced in the future by something better.

It would mean that another competitor will show up and every bitcoin users will dump BTC and join hype train of new coin. Yeah right.

Allaire is also disappointed with the current cryptocurrency regulations and lack of acceptance - well, what he expected? Whole world acceptance over night?

One thing he got right - Zcash and other anonymous alts are a dead end of cryptocurrency.

[Wind_FURY]

It is surprising that CEO of big Bitcoin powered company said something like that. I think he got some things wrong.

He compared Bitcoin to software and said that no one use Netscape navigator today and bitcoin will be replaced in the future by something better.

It would mean that another competitor will show up and every bitcoin users will dump BTC and join hype train of new coin. Yeah right.

Allaire is also disappointed with the current cryptocurrency regulations and lack of acceptance - well, what he expected? Whole world acceptance over night?

Or he has finally accepted that Bitcoin is not made for the mainstream. At least not made the way we think how it should be. Bitcoin's main use is more for circumventing the law. So its use in the dark market is the perfect real world utility for it. Maybe the Circle CEO has realized that it would be more profitable to set up a dark market website than being a Bitcoin middle man.

One thing he got right - Zcash and other anonymous alts are a dead end of cryptocurrency.

Zcash is a scam. It is nothing but a Bitcoin clone with a built in tumbler.

[Schuyler]

The opinion of one man hardly matters. This is a free world and you can say what you want and predict whatever you wish. Although we are not sure what happens in the coming years, it is looking like bitcoin is going to be around longer than 10 years. The development is slowly coming along and more people are jumping on the bitcoin bandwagon.

[densuj]

Does the CEO of Circle knows what he is talking about at all? Most of the so called "experts" in the Bitcoin and blockchain world do not know what they are talking about because it is all still new.

For me the people to listen to about blockchains are Peter Todd, Gregory Maxwell, Adam Back, Luke-Jr and there might be some names I have forgotten so please post them in here.

Well and there is statement from Jessi Baker the founder of provenance, and i think it is bad news about bitcoin usage too and i have made thread on here https://bitcointalk.org/index.php?topic=1687907.msg16942497#msg16942497
I hope give us more knowledge about bitcoin and other cryptos coins, thanks.

[Denker]

The mere fact that bitcoin has lasted until 2016 and is worth about $750 per bitcoin leads me to believe that it has a future. It at least has a chance to succeed as long as businesses and investors continue to use it.

This is probably on of the most important points which we should always try to keep in mind.
All that started as some very tiny nerdy experiment.
And look how far we've come so far!!
In almost 8 years we created a ~ $12billion transaction protocol which the media, niche and mainstram had been reporting about constantly over the last 4 years.
Who knows what the future will bring us? Bitcoin just as a digital vault and store of value could be worth several thousand if ten thousands per coin!!!
This is enough for me to stay positive and keeps me believe that Bitcoin will definitely have a place in one or many old and maybe new markets we may not think about right now.

[1Referee]

I never take these people serious. Not even when they are being overly confident that the price will reach a certain level in 2017-2020 or whatever other unrealistic scenario. I am quite sure that the store of value aspect, and the fact that you can store money effortlessly outside the reach of banks and governments, will be the main reasons people will actually make use of Bitcoin (investment/trading purposes aside). I would gladly put his statement in his face again once we are 10 years away from now and Bitcoin has experienced an immense growth.

[kiklo]

Hmm,

It looks like someone is stress testing Bitcrap transactions limit.

Over 33795 Unconfirmed Transactions in the Bitcrap Queue,
https://blockchain.info/unconfirmed-transactions

Guy reporting over 16 hours without any confirmations and he pay a fee.

BTC won't last til the end of the year , if this continues much less 5 years. 

This may trigger a BTC dump, so watch the markets and be ready, don't get caught losing half its value in a day. 

 

[chesatochi]

The mere fact that bitcoin has lasted until 2016 and is worth about $750 per bitcoin leads me to believe that it has a future. It at least has a chance to succeed as long as businesses and investors continue to use it.

This is probably on of the most important points which we should always try to keep in mind.
All that started as some very tiny nerdy experiment.
And look how far we've come so far!!
In almost 8 years we created a ~ $12billion transaction protocol which the media, niche and mainstram had been reporting about constantly over the last 4 years.
Who knows what the future will bring us? Bitcoin just as a digital vault and store of value could be worth several thousand if ten thousands per coin!!!
This is enough for me to stay positive and keeps me believe that Bitcoin will definitely have a place in one or many old and maybe new markets we may not think about right now.

The best is to stay in the moment present and stay away from the turbulence from story or websites any without real value. Today the price is strong and a big community believe in this technology, in 5 to 10 years will what is going to happen.

I agree with you about the last statement

[buwaytress]

There's nothing wrong with an alternative view and such sweeping statements can be taken grossly out of context.

He may be speaking strictly from an economic point of view in which case he may be closer to home than we would comfortably believe.

Also, he singled out bitcoin and not crypto or blockchain.

[Barbut]

People can think what they wish, that is not necessarily truth. Its just their point of view, and I don't pay too much attention on this kind of statements.
I believe bitcoin will be here for 5 and 10 years and much more, this experts can say what ever, I don't know why are they expert's, I think if someone is early adopter he is not an expert cause of that.