[2018-06-07] Bitcoin Hype ‘Has Barely Even Begun,’ Says Blockbid COO

[BitcoinArsenal]

Blockbid COO David Sapper believes the hype surrounding Bitcoin and other cryptocurrencies is just getting started, and will one day permeate our everyday lives.
Full article on Bitcoinist

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[FrueGreads]

Well, although it was still an interesting reading, I actually thought I would read something different. Maybe more technical, or more exact. He just said what most of bitcoin believer (like me), already think. That bitcoin will eventually have true daily use, and when that happens the real "hype" (I don't think we can really call it that, when it's use is proved) will begin.

I just don't understand the relation with "companies will create their own internal cryptocurrencies" and "bitcoin growth". Bitcoin is suppose to work as a currency, and any kind of internal crypto will have it's own use for each company, so things are not entirely related. Maybe if those coins would be fund with bitcoin, but they could just be funded with fiat, so their success doesn't necessarily mean BTC success.

[richardsNY]

I don't see much hype around Bitcoin -- the shitshow is focusing on everything else. Most of the empty headed gamblers even tend to avoid Bitcoin because it's boring and not rewarding enough. On the other hand, that could be a positive thing if the whole shitshow comes to an end. If coin x is deemed useless and no longer profitable, capital moves to the next coin, and if Bitcoin is one of the few solid coins left, the pool of available options will be scarce and Bitcoin will directly benefit from that. I have significantly decreased my interest in the speculative side of the market and started to focus on the currency aspect, because Bitcoin is money, not a speculative toy....

[hatshepsut93]

I don't see much hype around Bitcoin -- the shitshow is focusing on everything else. Most of the empty headed gamblers even tend to avoid Bitcoin because it's boring and not rewarding enough. On the other hand, that could be a positive thing if the whole shitshow comes to an end. If coin x is deemed useless and no longer profitable, capital moves to the next coin, and if Bitcoin is one of the few solid coins left, the pool of available options will be scarce and Bitcoin will directly benefit from that. I have significantly decreased my interest in the speculative side of the market and started to focus on the currency aspect, because Bitcoin is money, not a speculative toy....

To me it looks like there's not that much actual money invested in all those coins and tokens with huge marketcaps, simply because these markets mimic every movement of Bitcoin and because their marketcaps are hugely inflated by having tons of premined coins. So, if all the money from alts would be moved to Bitcoin, the total crypto market cap would be way lower than it is now. Also, for the smaller coins there's even no fiat markets, so there's no way to move the value from them into Bitcoin directly.

Also, I like to think about this market is yet another test for Bitcoin - it's constantly attacked by hundreds of coins that claim to be number one, so when this altcoin bubble will burst, people will realize that Bitcoin was objectively the best coin all along and this should deter them from throwing their money at everything new and flashy.

[IBXNetwork]

He Is right. There's no way we will not reach ATH again.. it's obvious we are one day returning to September prices

[felixesteban]

Bitcoin can't make any kind of attack, it moves far below his performance. The thing is that doesn't give any hope. I wonder, will a new upward trend can start at the end of the year like last year.

[FrueGreads]

To me it looks like there's not that much actual money invested in all those coins and tokens with huge marketcaps, simply because these markets mimic every movement of Bitcoin and because their marketcaps are hugely inflated by having tons of premined coins. So, if all the money from alts would be moved to Bitcoin, the total crypto market cap would be way lower than it is now. Also, for the smaller coins there's even no fiat markets, so there's no way to move the value from them into Bitcoin directly.

Also, I like to think about this market is yet another test for Bitcoin - it's constantly attacked by hundreds of coins that claim to be number one, so when this altcoin bubble will burst, people will realize that Bitcoin was objectively the best coin all along and this should deter them from throwing their money at everything new and flashy.

I think you make two very important points on your post that I usually don't see people talking about. The problem about pre-mined coins, that gives them huge marketcaps with actually no real value, and the absence of real fiat/crypto markets for most of the coins, so price movements doesn't necessarily mean that more money is entering the markets.

Not raising any fud here, and I still think that bitcoin will do just fine in the future, because it has real value, the problem is with the hundreds of altcoins out there. I'm afraid most of them are actually damaging the market, but BTC and a few solid coins out there, should survive this.

[Kakmakr]

I want to agree with him on one thing and that is that regulation is always a few years behind new innovative technologies and Bitcoin is one of them. It is difficult for companies to ignore the lack of regulations and to continue accepting Bitcoin as a currency, because they would be moving in a grey area and even possibly breaking the law, by doing that. 

Once Bitcoin is clearly defined by these regulations, we should see a a increase in adoption. 

[cryptofonia]

You write about Bitcoin:"it has real value" .Actually I agree with you but it's interesting what's exactly your point. I believe that Bitcoin has strong non material value since it plays as harbinger of great economic and financial shift in world order. At the same time I see a big opportunity that Bitcoin may cost just a penny if the demand for it as an object of trade and as a mean of payment goes down that we don't see now, of course, citing the rise in trading volumes at centralized crypto exchanges.

[Lucius]

I want to agree with him on one thing and that is that regulation is always a few years behind new innovative technologies and Bitcoin is one of them. It is difficult for companies to ignore the lack of regulations and to continue accepting Bitcoin as a currency, because they would be moving in a grey area and even possibly breaking the law, by doing that. 

Once Bitcoin is clearly defined by these regulations, we should see a a increase in adoption. 

This is true, it is hard to expect greater integration of BTC in daily life when so many things are still in some gray zone. Unfortunately, regulations of cryptocurrency goes pretty slowly, at least from perspective those who show interest in this matter. It is not a question can this job can be done much faster., Japan, Germany, Malta and some others countries have shown us that is possible to do that, and they benefit from it. New jobs are being opened, state revenues grow from collected taxes and cryptocurrency is moved from dark or gray zone in something completely legitimate and available to everyone.

[1Referee]

it's constantly attacked by hundreds of coins that claim to be number one

I actually like that. Funny thing is that all these coins focus on Bitcoin, and completely disregard other altcoin competitors, which is a real killer in a market like this.

Bitcoin has the first mover advantage, it's the base of everything, people use it as safe haven during altcoin dumps, etc.

Ethereum on the other hand is as vulnerable as any other altcoin, its size doesn't really matter. People constantly make fun of EOS, but I am quite certain that when they get everything up and running (regardless of how scummy and centralized they are), they will outplay Ethereum in every possible way. In that regard I am seriously considering massively shorting Ethereum at the moment EOS gets its shit together.

Another important aspect is that EOS holds billions worth of Ether that they can convert back to EOS at any time, or even dump for BTC or USD.

Interesting times are to be expected. 

[sindikat]

I want to agree with him on one thing and that is that regulation is always a few years behind new innovative technologies and Bitcoin is one of them. It is difficult for companies to ignore the lack of regulations and to continue accepting Bitcoin as a currency, because they would be moving in a grey area and even possibly breaking the law, by doing that. 

Once Bitcoin is clearly defined by these regulations, we should see a a increase in adoption. 

This is true, it is hard to expect greater integration of BTC in daily life when so many things are still in some gray zone. Unfortunately, regulations of cryptocurrency goes pretty slowly, at least from perspective those who show interest in this matter. It is not a question can this job can be done much faster., Japan, Germany, Malta and some others countries have shown us that is possible to do that, and they benefit from it. New jobs are being opened, state revenues grow from collected taxes and cryptocurrency is moved from dark or gray zone in something completely legitimate and available to everyone.

My opinion is that the regulation of cryptocurrencies does not help the growth of the popularity of cryptocurrencies. Regulation is aimed at making the asset less profitable and people have lost interest in it. I am against regulation in any form. Unfortunately, many users of cryptocurrencies do not understand this.

[hatshepsut93]

Not raising any fud here, and I still think that bitcoin will do just fine in the future, because it has real value, the problem is with the hundreds of altcoins out there. I'm afraid most of them are actually damaging the market, but BTC and a few solid coins out there, should survive this.

If it is indeed damaging, it's only a little bit. People are jumping on altcoin and ICO trains because they believe that they have missed their opportunity to invest in Bitcoin, and altcoin marketers are playing on this sentiment by telling everyone that their coin is destined to become number one. So, this type of investors would probably not invest in Bitcoin if we imagine the situation when there's no alts on the market at all. Also, this flood of coins is just a byproduct of having an unregulated market, and I think it's better than having just Bitcoin and a few alts, but with tons of obstacles for average person.

[figmentofmyass]

I don't see much hype around Bitcoin -- the shitshow is focusing on everything else.

i think it moves in cycles---back and forth between alts and BTC. i noticed years ago too during bull markets the way BTC and LTC would switch off pumping, profits flowing from one market to another. the way BTC and altcoins interface today is much like sector rotation in stock markets.

there's definitely been plenty of hype for BTC---institutions are beginning to recognize it as an accepted investment class. even jp morgan says it could be the next gold. futures markets, talk of ETFs. lots of 5-6 figure price predictions hanging out there.

it's all relative, though. i'm sure the next wave of adoption/hype (maybe 2019 or 2020?) will blow us all away.

[nutildah]

Funny how the people making such outlandish predictions are the ones who stand to gain from a high-priced bitcoin. So far, they've all been wrong. But we'll forget their names after they are definitively wrong and a new batch of proclaimed "analysts" with titles like CEO, COO, etc, will jump into their place.

[Lucius]

I want to agree with him on one thing and that is that regulation is always a few years behind new innovative technologies and Bitcoin is one of them. It is difficult for companies to ignore the lack of regulations and to continue accepting Bitcoin as a currency, because they would be moving in a grey area and even possibly breaking the law, by doing that. 

Once Bitcoin is clearly defined by these regulations, we should see a a increase in adoption. 

This is true, it is hard to expect greater integration of BTC in daily life when so many things are still in some gray zone. Unfortunately, regulations of cryptocurrency goes pretty slowly, at least from perspective those who show interest in this matter. It is not a question can this job can be done much faster., Japan, Germany, Malta and some others countries have shown us that is possible to do that, and they benefit from it. New jobs are being opened, state revenues grow from collected taxes and cryptocurrency is moved from dark or gray zone in something completely legitimate and available to everyone.

My opinion is that the regulation of cryptocurrencies does not help the growth of the popularity of cryptocurrencies. Regulation is aimed at making the asset less profitable and people have lost interest in it. I am against regulation in any form. Unfortunately, many users of cryptocurrencies do not understand this.

You have the right to your opinion, but it's difficult to imagine that states, governments and complete financial system just watch and do nothing with cryptocurrency. BTC is a great invention, but complete anonymity and independence from existing systems is simply impossible.

You say that the regulations will make crypto less profitable and that is true, you will need to share part of your profit in the form of tax, but I do not agree that people will lose interest for cryptocurrency. On the contrary, let's take an example of Germany where regulation is done and you know what can you expect when you work with crypto - citizen of Germany can buy BTC, hold it 1+ year and sell it without paying any tax. If you look just on this example you can see that asset is not less profitable, and people have more interest to invest now then before.

[Aikidoka]

I believe that the hype which he talked about has started since last year when the bitcoin price had a sharp increase. People back then were hyped about it and started to make future plans. Or perhaps, there was no hype, and it was all made up by the big investors. Either way, no one can be sure whether the hype has already started or not. Added to that, from his point of view, I expect a rise of the cryptocurrency price.

[Betwrong]

Well, although it was still an interesting reading, I actually thought I would read something different. Maybe more technical, or more exact. He just said what most of bitcoin believer (like me), already think. That bitcoin will eventually have true daily use, and when that happens the real "hype" (I don't think we can really call it that, when it's use is proved) will begin.

I just don't understand the relation with "companies will create their own internal cryptocurrencies" and "bitcoin growth". Bitcoin is suppose to work as a currency, and any kind of internal crypto will have it's own use for each company, so things are not entirely related. Maybe if those coins would be fund with bitcoin, but they could just be funded with fiat, so their success doesn't necessarily mean BTC success.

Actually, I think there is a relation between Bitcoin growth and acceptance of other cryptocurrencies. What we need for wider Bitcoin adoption, which will inevitably lead to rising of its price, is a shift of general public opinion about crypto in general. When people will realize that crypto is good for them, Bitcoin, as a number one crypto coin, will be considered good automatically. Yes, it's possible, although the chances of it are very slim, that Bitcoin will be superseded by a "better" coin from general public's point of view. But this can happen in 50-70 years, not sooner than that, considering how slow the public is in accepting innovations.

[MoonJeina]

Blockbid COO David Sapper believes the hype surrounding Bitcoin and other cryptocurrencies is just getting started, and will one day permeate our everyday lives.
Full article on Bitcoinist

Just a statement by another bitcoin lover .
This is true that the hype has just began and the world domination is setting to take place now . Maybe in  a decade or so ,it will be a very effecient alternative to fiat and payments on daily basis.

[figmentofmyass]

Funny how the people making such outlandish predictions are the ones who stand to gain from a high-priced bitcoin. So far, they've all been wrong. But we'll forget their names after they are definitively wrong and a new batch of proclaimed "analysts" with titles like CEO, COO, etc, will jump into their place.

sapper (the Blockbid COO) didn't make any outlandish predictions. he just said cryptocurrency will become more mainstream over the next few years (i.e. it's not just a bubble).

anyway, gotta give these guys time before declaring them wrong. draper's $10k prediction from 2014 was correct. i suspect his new prediction of $250k by 2022 will turn out correct as well. we may not be at million dollar bitcoins (yet), but most of the early permabulls were all proven correct, in spirit if not with literal price predictions.