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

[European Central Bank]

it's over now. the option was shut off at the same time as the announcement.

I assume you can sell what's in your wallet there and that's it.

[RawDog]

it's over now. the option was shut off at the same time as the announcement.

I assume you can sell what's in your wallet there and that's it.

Sad to see yet another good company abandon its support for Bitcoin.  With the high fees and huge backlog, I don't see other companies sticking around either.  Maybe if there were a pending solution.  But, it is 100% sure as long as Maxwell is in control, the backlog will grow.  LN isn't even going to be ready for another two years at best.

[DimensionZ]

Damn Circle abandoned Bitcoin for real? I have been out of the loop for a while and just noticed the big change. I couldn't completely understand what Circle are going to do now. It says on their site that they are going to move different currencies around with no fees whatsoever and they are developing a social payment app. So does this mean that Circle won't be a fiat exchange any more and will transition to being a fiat payment processor?

[European Central Bank]

for real but they said they're going to continue using bitcoin for settlement and they'll host a bitcoin wallet still. it's the btc/fiat buying and selling that's gone.

[DimensionZ]

for real but they said they're going to continue using bitcoin for settlement and they'll host a bitcoin wallet still. it's the btc/fiat buying and selling that's gone.

But is there a statement posted anywhere that explains their decision behind this change? I couldn't find anything on that support page on Circle. I would assume their business plan with Bitcoin has gone south and they have lost customers or something and it's not profitable any more to invest in the Bitcoin infrastructure. Or is there something else? I would love to read an official statement about this.


Edit. I found it: https://blog.circle.com/2016/12/06/spark-new-markets-app-messaging-and-bitcoin-changes/

In a nutshell, Circle are building fiat-to-fiat social payment platform that is going to run on Blockchain technology.

Yeah guys, vanilla Bitcoin Blockchain is dead. The future is fusion.

[FallingKnife]

Uninstalled their shitty app today.  I have zero reason to use Circle now.

"Nobody will be using Bitcoin in 5 years?"  Hell, nobody will be using Circle in 5 days.

[Ryan Dugan]

Uninstalled their shitty app today.  I have zero reason to use Circle now.

"Nobody will be using Bitcoin in 5 years?"  Hell, nobody will be using Circle in 5 days.

Haha nice one xP

Whoever said that and wrote that article is a complete prat. What a moronic thing to say.
I think he must be a super god able to tell the future we should all listen to someone who is so sure about something.
I mean Jesus where do they find these idiots.

[BrewMaster]

i was actually looking for this news the other day, wanting to see where it all began. it seems like Circle has a history of shit talking about bitcoin. i wonder why they even get into bitcoin business if they thought like this about bitcoin in the first place and now with their new shit talk about bitcoin they dont allow buying bitcoin.

[chaser15]

i was actually looking for this news the other day, wanting to see where it all began. it seems like Circle has a history of shit talking about bitcoin. i wonder why they even get into bitcoin business if they thought like this about bitcoin in the first place and now with their new shit talk about bitcoin they dont allow buying bitcoin.

That is their own view so we have nothing to do with. We all have own analyzation and view on what will be the future of bitcoin. Some of the suggested claims is really non basis and I can keep up with them to some debates. But technically Im surely wrong with some of my assumptions but hey as of now Im pretty sure that no big events will happen that can bring downfall for bitcoin.

This is only "FOR NOW". Watch out.

[Omega Weapon]

The guy is just trying to get some free publicity that is all, besides the statement is too broad even if a new coin emerged I’m sure some people will keep using bitcoin even if just to prove him wrong.

[QuestionAuthority]

Damn Circle abandoned Bitcoin for real? I have been out of the loop for a while and just noticed the big change. I couldn't completely understand what Circle are going to do now. It says on their site that they are going to move different currencies around with no fees whatsoever and they are developing a social payment app. So does this mean that Circle won't be a fiat exchange any more and will transition to being a fiat payment processor?

They've always primarily been a fiat payment system that also took Bitcoin. Their main use is to allow people to send money around the world in any currency (dollars, euros, pounds or whatever) for absolutely NO fee. You can text someone an emoji and have money hidden behind it or just text them money. They have two factor authentication and are FDIC insured. There's no limit on how much you can send and all you do to sign up is take a pic of your debit card. Its ridiculously simple to use. As far as I can tell, they are the only true competitor to Bitcoin without the transaction fee.

Of course, we will shun them because we worship at the alter of Satoshi. The rest of society will like Circle because it's easy, insured, has no fee and uses your current bank account.

One other thing, I've attempted to call almost every exchange in bitcoinland since Tradehill and was never able to talk to a person. Before I set up my account I called circle and they answered my call in one ring and answered all my questions.

Here are their support numbers if you want to give it a try.

US +1 800 398 7172

Canada +1 800 398 7172

Europe

UK +44 1793 250273

Ireland +353 76 888 6385

Austria +43 720 116408

Denmark +45 89 88 48 73

France +33 9 75 18 69 39

Italy +39 045 786 0905

Netherlands +31 85 888 6879

Poland +48 22 307 23 72

Portugal +351 308 804 274

Spain +34 518 808 538

Asia Pacific

Hong Kong +852 58089373

Japan +81 345606551

New Zealand +64 6 880 6119

[nara1892]

This was earlier posted and discussed in our one of social media groups and for me it's just a FUD. There was already a numerous times when those experts claimed that bitcoin will be doomed nor can't be widely used worldwide.

"Our view is that we’re still in the really early stages of the technology and its development. It’s highly unlikely that any of us will be using Bitcoin in five or ten years"

- development means continous and no one can predict accurately what will be the exact output to happen

agree. the tech is still developed, but it does not mean that the tech will die. it has possibility to be better tech and is accessible for everybody.

besides, bitcoin is 8 years and it is still accessible untill now. well the man told his prediction, and not all prediction will be right.

[QuestionAuthority]

This was earlier posted and discussed in our one of social media groups and for me it's just a FUD. There was already a numerous times when those experts claimed that bitcoin will be doomed nor can't be widely used worldwide.

"Our view is that we’re still in the really early stages of the technology and its development. It’s highly unlikely that any of us will be using Bitcoin in five or ten years"

- development means continous and no one can predict accurately what will be the exact output to happen

agree. the tech is still developed, but it does not mean that the tech will die. it has possibility to be better tech and is accessible for everybody.

besides, bitcoin is 8 years and it is still accessible untill now. well the man told his prediction, and not all prediction will be right.

His prediction is crap. He's just saying that because he knows he's competing with Bitcoin. Why would a competitor want to help Bitcoin?

[Yakamoto]

It doesn't surprise me why this guy said this now, considering they're pulling their support of Bitcoin transactions and services. An attempt at getting additional attention by someone in the investing world before they left Bitcoin completely, and I'm not sure what their goals was supposed to be exactly.

They alienate their original base and go off with a new market, one not necessarily open to them.

I'm confused.

[RawDog]

It doesn't surprise me why this guy said this now, considering they're pulling their support of Bitcoin transactions and services. An attempt at getting additional attention by someone in the investing world before they left Bitcoin completely, and I'm not sure what their goals was supposed to be exactly.

They alienate their original base and go off with a new market, one not necessarily open to them.

I'm confused.

He is a practical guy who understands if the network cannot be used to make money, it will die.  Presently, the mismanagement that arises from the silly notion of 'consensus' causes network development to come to a total halt.  Therefore, he checked out.  bye-bye. 

Consensus is a great idea like communism.  It just doesn't produce the intended result, like communism.

[fiscorcle]

So this guy at Circle is trying to get people off of using bitcoin?
That is just said to see from someone who was making it their livleyhood.

[JayJuanGee]

It doesn't surprise me why this guy said this now, considering they're pulling their support of Bitcoin transactions and services. An attempt at getting additional attention by someone in the investing world before they left Bitcoin completely, and I'm not sure what their goals was supposed to be exactly.

They alienate their original base and go off with a new market, one not necessarily open to them.

I'm confused.

He is a practical guy who understands if the network cannot be used to make money, it will die.  Presently, the mismanagement that arises from the silly notion of 'consensus' causes network development to come to a total halt.  Therefore, he checked out.  bye-bye. 

Consensus is a great idea like communism.  It just doesn't produce the intended result, like communism.

Bitcoin is not anywhere near broken, whether it has to do with governance (as you suggest) or technological innovativeness. 

Are you one of those bigblocker troll nutjobs, Rawdog? 

We have a lot of great things going on in bitcoin, including the likely upcoming live version of seg wit - likely in the coming year or so and too bad Circle has chosen to alter its business model in such a way that is less helpful in getting new regular folks into bitcoin - likely Circle had some concerns about profitability, monetization of their model and possibly were concerned about some of the regulatory issues involved with buying/selling bitcoins directly with their customers.

[RealEstCoin]

Bitcoin is growing exponentially. At this rate, it seems the usage should double in the next 5 to 10 years.

[Zadicar]

Bitcoin is growing exponentially. At this rate, it seems the usage should double in the next 5 to 10 years.

Well this is a very good news regarding that circle would able to adopt bitcoin on next 5 to 10 years but i think they are late enough to engage. If they decide to adopt bitcoin then its the best time to do it now since bitcoins is only at its earlier years or maybe they are just waiting for the exact time when bitcoin reaches a particular time or year.

[deadsilent]

Bitcoin is growing exponentially. At this rate, it seems the usage should double in the next 5 to 10 years.

Well this is a very good news regarding that circle would able to adopt bitcoin on next 5 to 10 years but i think they are late enough to engage. If they decide to adopt bitcoin then its the best time to do it now since bitcoins is only at its earlier years or maybe they are just waiting for the exact time when bitcoin reaches a particular time or year.

Lol.  You should be reading everything before you make this post. The op say the ceo of circle states that nobody will use bitcoin after 5-10 years. Anyway, i respect their decision. But saying those words. I think theres no need to say that. Circle just dump bitcoin. Thats it. No one is affected. I think their just be fine. There are many companies out there that are willing to engage with bitcoin and will be more in the future.