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Author Topic: After Nine Bitcoin ETF Rejections! What is the Solution to Mainstream Adoption?  (Read 515 times)
Jerryzack2
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September 04, 2018, 02:19:58 PM
 #1

Recently I really got interested in cryptocurrency, so I have been reading a lot and started following blockchain related news and projects. What really caught my attention is the SEC rejection of nine ETF applications. I think this is in a bid to usher in mainstream adoption, but many argue that it's a problem of regulation, and others are saying the price instability of cryptocurrencies is hindering mainstream adoption. what is the solution to mainstream crypto adoption?
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September 04, 2018, 02:29:37 PM
 #2

We don't need any ETF, and the average Joe doesn't even know what is ETF. Go in the street to ask about, you will maybe find 2% of people who know what you're talking about. So I don't see how it can help with the mainstream adoption. Only the Bitcoiners care about ETF with the hope to see any accepted, and it's not to get Bitcoin recognized, it's just a matter to see the price jumping to make more profits.
#FollowTheMoney

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September 04, 2018, 02:57:08 PM
 #3

The post above hits the main points. An ETF won't make any difference in terms of mainstream adoption, at least not a direct impact. It's just a way of bringing in institutional money and pumping the price. That in turn could increase interest from the average person but they still won't stick around unless there's a real use case and a level of price stability. I do believe an ETF will be accepted soon however, the SEC will give feedback each time as to why they are rejected and eventually a middle ground will be found.

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September 04, 2018, 03:15:17 PM
 #4

Better have no ETF for the bitcoin because it will bring more institutional investors who just do bump and dump the coins so the crypto currencies will become a full time investment rather than the currency system.
The solution to mainstream adoption is start accept bitcoin as currency and start using bitcoin where you can spend that.

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September 04, 2018, 03:30:25 PM
 #5

The 'solution' is to have people switch their mindset. Instead of looking at Bitcoin as an investment or get rich quick tool, see it as sound money.

The more people use it as money, the more Bitcoin's utility value increases, and thus its price will increase as well. It's pretty shitty if you're here solely for the increases, because you're missing the whole point of this decentralized revolution. Converting Bitcoin to fiat is just trashy in my opinion; you're selling Gold for Copper, which is just a very bad deal.

Complaining about fees isn't an excuse to not use Bitcoin as money. I use PayPal from time to time as well, and the last time I used their service to move $20 worth of value, they charged me a whopping ~$2.5 in fees. The last time I used Bitcoin to move value it only required a fee of $0.05 so who's getting a better deal, PayPal users or Bitcoin users?

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September 04, 2018, 03:36:12 PM
 #6

if you define mainstream adoption as SEC approving an ETF for bitcoin and wallstreet wolves coming in bitcoin market and shit all over the market then i don't even want that "mainstream adoption" to happen. and trust me you don't want that to happen either. because a much more volatile market with a lot of manipulation would be the result of that and this kind of situation will postpone the real adoption which is merchant adoption and adoption as a currency.

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September 04, 2018, 03:45:55 PM
 #7

We don't need any ETF, and the average Joe doesn't even know what is ETF. Go in the street to ask about, you will maybe find 2% of people who know what you're talking about. So I don't see how it can help with the mainstream adoption. Only the Bitcoiners care about ETF with the hope to see any accepted, and it's not to get Bitcoin recognized, it's just a matter to see the price jumping to make more profits.
#FollowTheMoney

exactly. people don't really care about etf and that has nothing to do with mainstream adoption which will happen gradually rather than overnight.

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September 04, 2018, 03:46:59 PM
 #8

We don't need any ETF, and the average Joe doesn't even know what is ETF. Go in the street to ask about, you will maybe find 2% of people who know what you're talking about. So I don't see how it can help with the mainstream adoption. Only the Bitcoiners care about ETF with the hope to see any accepted, and it's not to get Bitcoin recognized, it's just a matter to see the price jumping to make more profits.
#FollowTheMoney
Exactly, we don't need ETF for mass adoption. For mass adoption we need more people to buy Bitcoin and use it, that's all. The more people will use it the faster it will be used as a normal currency and the price will explode.
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September 04, 2018, 04:06:43 PM
 #9

I think cryptocurrencies is not yet in the mind of sec to recognise it as money or stocks. ETF will one day get approved just that we have to allow time to take it cost.  We are going to understand the role of bitcoin and blockchain technology in our society the way we are using internet now.


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September 04, 2018, 04:12:12 PM
 #10

Recently I really got interested in cryptocurrency, so I have been reading a lot and started following blockchain related news and projects. What really caught my attention is the SEC rejection of nine ETF applications. I think this is in a bid to usher in mainstream adoption, but many argue that it's a problem of regulation, and others are saying the price instability of cryptocurrencies is hindering mainstream adoption. what is the solution to mainstream crypto adoption?

What do mean my mainstream adoption?

But I have to agree with what others have said, ETF's ≠ Mainstream adoption. If bitcoin be mainstream, it should be adopted as online payment method. I want to to read this report: (https://www.imperial.ac.uk/media/imperial-college/research-centres-and-groups/ic3re/CRYPTOCURRENCIES--OVERCOMING-BARRIERS-TO-TRUST-AND-ADOPTION.pdf). It is written by professor William Knottenbelt from Imperial College London and Dr. Zeynep Gurguc from Imperial College Business School. The study says that crypto can become a mainstream payment scheme in the next 10 years.


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September 04, 2018, 04:27:40 PM
 #11

I think this news will run out quickly along with everyone's boredom about the SEC's decision for many reasons, everything is good if we use cryptocurrency very well and carefully against fraud and cunning people out there, now it takes a long time to show it to others that crypto is able to do it without any help, fans who are increasingly showing how potential it is to move forward, to forget it and focus on what you plan, positive values are always there without us knowing.

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September 04, 2018, 04:55:52 PM
 #12

Like I'd always say, mainstream is when I can buy a hotdog from a vendor on the street and with instantaneous transaction, be on my way in a matter of seconds just like in the case of fiat. The lay person has greater influence over the usage of crypto since it's peer to peer designed. This is the leverage crypto has over credit cards and other payment systems and processors. Utrust, Pundi X and others are truly working to achieve that goal. But recently I stumbled upon another upcoming ICO, MFChain. Well, they have so many promises, and if anything they've promised is true, then mainstream adoption of cryptocurrencies is closer than many think. What do you guys think?

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September 04, 2018, 05:20:56 PM
 #13

Well lets face the issue of ETF. It might not have any direct impact to bitcoin but we know that its acceptance will increase the whole business of cryptos but, it won't be accepted because SEC wouldn't do that if there are no outright regulations. For me, whether it will succeed in later days, does not matter to bitcoin's value.

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September 04, 2018, 05:47:49 PM
 #14

what is the solution to mainstream crypto adoption?
One of the many solutions that would contribute to mainstream adoption is to start with yourself. Keep on using Bitcoin as a currency so that more people will be encouraged to spend Bitcoin then merchants will follow after they start to notice the demand. It's not a quick process but we'll get there at some point.  

Teaching people that don't know Bitcoin is another answer but this is difficult to pull off because not everyone could easily understand what Bitcoin is all about and there are others that lacks interest.

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September 04, 2018, 06:22:17 PM
 #15

Use!
People need to use cryptocurrencies. We need to encourage its use. They need to spread it and talk about it. Have this expectation that only the financial market can be considered for the Bitcoin becomes popular is absurd.

Bitcoin was made to disruption the financial institutions. And not to be just another asset used by banks and speculators.


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LeGaulois
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September 04, 2018, 06:43:43 PM
 #16

The 'solution' is to have people switch their mindset. Instead of looking at Bitcoin as an investment or get rich quick tool, see it as sound money.

The more people use it as money, the more Bitcoin's utility value increases, and thus its price will increase as well. It's pretty shitty if you're here solely for the increases, because you're missing the whole point of this decentralized revolution. Converting Bitcoin to fiat is just trashy in my opinion; you're selling Gold for Copper, which is just a very bad deal.

Complaining about fees isn't an excuse to not use Bitcoin as money. I use PayPal from time to time as well, and the last time I used their service to move $20 worth of value, they charged me a whopping ~$2.5 in fees. The last time I used Bitcoin to move value it only required a fee of $0.05 so who's getting a better deal, PayPal users or Bitcoin users?

I am sorry to tell you but unfortunately, I think it's too late. They all consider bitcoin as an investment and don't plan to change. They don't care about the evolution and adoption as long the price keeps to increase over the years.
The dream about a decentralized currency with any central bank is dead, especially since 2013
Most of the transactions are only about trades, etc Not about real uses as it's supposed to be

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September 04, 2018, 06:49:13 PM
 #17

Use!
People need to use cryptocurrencies. We need to encourage its use. They need to spread it and talk about it. Have this expectation that only the financial market can be considered for the Bitcoin becomes popular is absurd.

Bitcoin was made to disruption the financial institutions. And not to be just another asset used by banks and speculators.

However, it had become the best speculative assets and people tend to forget what Satoshi wanted it to be, to be used in real life situations just buying hotdog as someone has pointed out. And Satoshi's white paper is aptly titled:

Bitcoin: A Peer-to-Peer Electronic Cash System

One could argue that because of the scaling issue, bitcoin can't be a electronic cash system and proponents of Bitcoin Cash is pointing this out, but I do believed that it still be used as originally visioned by Satoshi, by having Lightning Network and Segwit adopted by merchants and bitcoin enthusiast alike.

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September 04, 2018, 07:05:42 PM
 #18

I think this is in a bid to usher in mainstream adoption, but many argue that it's a problem of regulation
Not really, Bitcoin adoption has been growing (slowly) over the past few years without needing any ETF. The only positive thing that the ETF could do for Bitcoin is to allow an influx of fresh capital from institutional investors, it doesn't mean that if it gets approved Bitcoin will suddenly go mainstream.

Merchants want security and also something that is legit, and I think regulations will further add more legitimacy to Bitcoin making merchants adopt a new payment method like Bitcoin. We also need people to trust Bitcoin (regulations can also help with that), they need to realize that they can be their own bank, no more centralized bullshit.


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aoluain
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September 04, 2018, 07:20:51 PM
 #19

I think this is in a bid to usher in mainstream adoption, but many argue that it's a problem of regulation
Not really, Bitcoin adoption has been growing (slowly) over the past few years without needing any ETF. The only positive thing that the ETF could do for Bitcoin is to allow an influx of fresh capital from institutional investors, it doesn't mean that if it gets approved Bitcoin will suddenly go mainstream.

Merchants want security and also something that is legit, and I think regulations will further add more legitimacy to Bitcoin making merchants adopt a new payment method like Bitcoin. We also need people to trust Bitcoin (regulations can also help with that), they need to realize that they can be their own bank, no more centralized bullshit.

Correct, as if miraculously bitcoin was going to be adopted by all and sundry
if ETF was going to be accepted.

Regulations can only affect the entry and exit points of bitcoin and crypto but
the currency itself cannot be regulated.

More adoption will come as more and more people realise what butcoin can
offer but it will be slow. Im not sure i want bitcoin to be mainstream, can it be
mainstream with a limited supply? What definition would people put on MAINSTREAM?

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September 04, 2018, 08:10:15 PM
 #20

Recently I really got interested in cryptocurrency, so I have been reading a lot and started following blockchain related news and projects. What really caught my attention is the SEC rejection of nine ETF applications. I think this is in a bid to usher in mainstream adoption, but many argue that it's a problem of regulation, and others are saying the price instability of cryptocurrencies is hindering mainstream adoption. what is the solution to mainstream crypto adoption?

What do mean my mainstream adoption?

But I have to agree with what others have said, ETF's ≠ Mainstream adoption. If bitcoin be mainstream, it should be adopted as online payment method. I want to to read this report: (https://www.imperial.ac.uk/media/imperial-college/research-centres-and-groups/ic3re/CRYPTOCURRENCIES--OVERCOMING-BARRIERS-TO-TRUST-AND-ADOPTION.pdf). It is written by professor William Knottenbelt from Imperial College London and Dr. Zeynep Gurguc from Imperial College Business School. The study says that crypto can become a mainstream payment scheme in the next 10 years.


The professor argues that cryptocurrency is already been used as a store of value, it further needs to be used as a unit of account and medium of exchange, which can only be archived through a friendly and conducive regulatory environment. The report further stress that technical issues as regards to scalability, volatility, and privacy will need to be addressed. I just read the first five pages, though professor is optimistic that cryptocurrency will attain adoption  within the next ten years...
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