Cirlce CEO blame openly bitcoin devs in WSJ

[chek2fire]

Today Circle announce that will stop to sell bitcoins from their site and it seems that they choose to separate themselves from Blockchain technology and Bitcoin. Is good for them that they find that can work better like Paypal or Alibaba with a central controlled database server.
But the sad is that his CEO blame openly bitcoin developers to an WSJ article about this.
He say:

“The story is one of essentially gridlock amongst core developers, while mainstream companies are using this technology,We’ve been deeply frustrated with that lack of progress, and we want to move it forward.”

http://www.wsj.com/articles/bitcoin-powerhouse-will-pull-the-plug-on-bitcoin-1481104800

i like to ask if anyone involved in this company. How someone like Circle can blame bitcoin when they have not invest a single Bitcoin or single dollar to Bitcoin protocol? When they have not pay a single bitcoin dev?
As a reminder this guy and i mean CEO of Circle is very hostile to Bitcoin. In a recent tweet he says that in 5 years no one will remember Bitcoin.
I have my doubts if anyone will remember them....

[RawDog]

Today Circle announce that will stop to sell bitcoins from their site and it seems that they choose to separate themselves from Blockchain technology and Bitcoin. Is good for them that they find that can work better like Paypal or Alibaba with a central controlled database server.
But the sad is that his CEO blame openly bitcoin developers to an WSJ article about this.
He say:

“The story is one of essentially gridlock amongst core developers, while mainstream companies are using this technology,We’ve been deeply frustrated with that lack of progress, and we want to move it forward.”

http://www.wsj.com/articles/bitcoin-powerhouse-will-pull-the-plug-on-bitcoin-1481104800

i like to ask if anyone involved in this company. How someone like Circle can blame bitcoin when they have not invest a single Bitcoin or single dollar to Bitcoin protocol? When they have not pay a single bitcoin dev?
As a reminder this guy and i mean CEO of Circle is very hostile to Bitcoin. In a recent tweet he says that in 5 years no one will remember Bitcoin.
I have my doubts if anyone will remember them....

Circle is right.  The gridlock at Core is insane.  Many companies have abandon the idea of using bitcoin because Blockstream has taken over, prevented 4MB blocks and severely limited tx throughput.  The network is fucked now.  Circle is not the only one.  Many other companies (not all have over $100 million like Circle) are leaving the blockchain because their project is not a settlement project.  In the present state, bitcoin is only good for settlement and store of value.  Everything else is dead.  Core ruined it with their stupid gridlock.  It was not necessary to prevent 4MB blocks.

[franky1]

the thing is that circle is making more profit swapping fiat. bitcoin is a small insignificant income for them.

many businesses are seeing that bitcoin <-> fiat is dropping off, while costs of trying to keep it running is increasing.
bitcoin has stagnated, which the bankers are loving.

circle calculated the legal costs of getting a similar subpoena that coinbase got outweighs the funds they make from it.

especially when circles costs to even do it are higher (they accept visa/mastercard=high chargeback risk and high merchant service charge)

circle in my view was never a big player in the bitcoin game. just a big player in the MEDIA game so they can get VC money.

[chek2fire]

Today Circle announce that will stop to sell bitcoins from their site and it seems that they choose to separate themselves from Blockchain technology and Bitcoin. Is good for them that they find that can work better like Paypal or Alibaba with a central controlled database server.
But the sad is that his CEO blame openly bitcoin developers to an WSJ article about this.
He say:

“The story is one of essentially gridlock amongst core developers, while mainstream companies are using this technology,We’ve been deeply frustrated with that lack of progress, and we want to move it forward.”

http://www.wsj.com/articles/bitcoin-powerhouse-will-pull-the-plug-on-bitcoin-1481104800

i like to ask if anyone involved in this company. How someone like Circle can blame bitcoin when they have not invest a single Bitcoin or single dollar to Bitcoin protocol? When they have not pay a single bitcoin dev?
As a reminder this guy and i mean CEO of Circle is very hostile to Bitcoin. In a recent tweet he says that in 5 years no one will remember Bitcoin.
I have my doubts if anyone will remember them....

Circle is right.  The gridlock at Core is insane.  Many companies have abandon the idea of using bitcoin because Blockstream has taken over, prevented 4MB blocks and severely limited tx throughput.  The network is fucked now.  Circle is not the only one.  Many other companies (not all have over $100 million like Circle) are leaving the blockchain because their project is not a settlement project.  In the present state, bitcoin is only good for settlement and store of value.  Everything else is dead.  Core ruined it with their stupid gridlock.  It was not necessary to prevent 4MB blocks.

and why they not upgrade to segwit to have x2 block size?

[Itty Bitty]

I would have been willing to pay a larger buy/sell spread on BTC buy/sell, they never even tried. Not everything adds up here.

[chek2fire]

as a reminder this guys is the same ppl that pump this Wrightamoto story before some months. They always act like they want to harm bitcoin and destroy it. I cant really imagine why they involved with bitcoin as it is out of their business model from the beginning

[DooMAD]

Circle are a "Bitcoin Powerhouse"?  Pffft.  Please.   

Enough people were reasonably skeptical of their service from the offset for this not to be a huge surprise.  They had a flashy launch and plenty of hype, but at the end of the day, they were just another centralised service who hold the private keys for the funds of their users.  They saw Bitcoin as nothing more than a vehicle to make them fiat profits and now they're all pissy because their product was a barely average clone of every other centralised service out there.  They couldn't compete and now they want to shift the blame for their own pathetic failure.

[manbitcoinlover]

I don't know if people should be panicking or not or worrying about circle's decision here. I think that many people expected this to happen, it is not a full surprise. Although, I do not know full detail of their decision to stop transfer bitcoin to fiat in their operation, there are other sites available to do that, if you still wish. So it is not that big of a deal in the end.

[calkob]

When bitcoin hits the moon next year expect them to come running back with their pants around their ankles saying sorry, the shite bags,  when an open source project as promising as bitcoin is going bad you dont throw your dummy out and walk off, you get in there and try to direct it.   

[MingLee]

Apparently Circle things that it's a good idea to abandon its origins and opt for a more direct push towards fiat institutions?

I guess if they think it is a good idea, then maybe they're making the right choice, but it doesn't seem like they're really going to be able to get anywhere, especially considering their business plan (or what I know about it). If it works for them, however, I guess it works.

[Lauda]

Unless you are directly or indirectly contributing to the development, then you need not be talking (especially not a company of this much funding). The only people that they can blame is themselves and their faulty business model.
Is the thread title wrong on purpose? Cirlce?

[The Sceptical Chymist]

Shit!  That's how I was buying most of my bitcoin.  Coinbase has already nuked me--where is there another service like theirs?  

Also, can't read the damn article because it's subscription only.  When are they dropping btc?

Edit:  OK, guess it's immediately.   Well fuck them, I'm uninstalling their app.  I have absolutely no use for Circle now.

[European Central Bank]

When are they dropping btc?

they already have. i think you can sell to them what's left in your wallet and that's it. no more buying.

I would have been willing to pay a larger buy/sell spread on BTC buy/sell, they never even tried. Not everything adds up here.

me too. i guess they priced up future compliance bills and realised it just wasn't gonna add up no matter what the fees. i assume they were making losses on it already.

[RawDog]

Shit!  That's how I was buying most of my bitcoin.  Coinbase has already nuked me--where is there another service like theirs? 

Also, can't read the damn article because it's subscription only.  When are they dropping btc?

Just use Kraken or if you are in Europe use Bitstamp or better yet use Paymium.  

Circle is dropping Bitcoin for the same reason very many others have already dropped it.  Bitcoin no longer supports microtransactions and other end user (retail) functionality.  Core/Blockstream have converted Bitcoin to a settlement and speculation system.  If you are not interested in 'Buy and Hold' or settlement functions, Bitcoin is no longer useful for those applications.  Way too long of confirmations, way too high of fee.  Blockchain congestion is suffocating so many projects.  SegWit doesn't really help.  SegWit only helps Blockstream get their Lightning bullshit going.  SegWit will not appreciably fix Blockchain congestion.  Only a 4MB limit will fix that.  

[Xester]

The main problem with Circle towards bitcoin is that they are earning a little and thats not a good business. Bitcoins transaction is very slow and very inconvenient. Even doing small transactions are very long to finish. They maybe found out that bitcoin is no longer profitable so they leave it behind and move on with paypal and paymaya. If I am a big businessman I will also the same thing.

[~Bitcoin~]

It seems CEO of circle is just making excuse to hide their failed business model.

Today Circle announce that will stop to sell bitcoins from their site and it seems that they choose to separate themselves from Blockchain technology and Bitcoin. Is good for them that they find that can work better like Paypal or Alibaba with a central controlled database server.

Paypal or alibaba/alipay aren't better payment processor than bitcoin because maintaining central database server, having support team 24x7, to comply with legal issues in every country they will operate etc will add up so much running cost and to cover it all of those payment processor try to include heavy fee on each transaction as well as lots of other hidden fees. People don't like to pay heavy % to this services just to send their hard earned money from one person to another.

[pooya87]

if i had to guess, i would say the reason why they did this recent change is because of Coinbase and the the IRS. maybe they are afraid they may end up the same as Coinbase!

[Dmitry.Vastov]

Well, the decision has been made. Why should we panic? Theres so many sites where you can buy and sell bitcoin. I think also this is their worst decision ever made. For now, i will stay at coinbase and localbitcoin. They like it to be centralized thats why they removed bitcoin and small profit.i guess. Thats all business man do. Making money. Goodluck to circle.

[Argwai96]

Unless you are directly or indirectly contributing to the development, then you need not be talking (especially not a company of this much funding). The only people that they can blame is themselves and their faulty business model.
Is the thread title wrong on purpose? Cirlce?

May i ask you, why the fuck did you leave a negative feedback on my profile when i am the original owner of this account?

[Cereberus]

Truly a bad decision from Circle. Even if they decide to shut down bitcoin buying/selling because of low income from bitcoin, this is still a big mistake. The price of bitcoin will inevitably rise in the future because of the number of people who will adopt this technology will increase. If they want to come back by then, they will not be seen as trustworthy and no one will give a shit about them anymore.

I call this the mistake of their life.