[2019-01-21] Coinbase Exec Predicts Bitcoin Will Turn A Big Corner This Year

[gentlemand]

https://www.forbes.com/sites/billybambrough/2019/01/21/a-coinbase-exec-is-predicting-bitcoin-will-turn-a-big-corner-this-year/#5689863c252d

That corner being more regulation.

I can see where they're coming from regarding traditional finance types. No way will most experiment until there's a guarantee in place they won't have their botties spanked. I guess they want to keep their fines fund just for their conventional crimes.

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[Betwrong]

I think the regulations can scare off some old-timers, but there are definitely much more people who would be attracted to regulated cryptos. Most people don't utilize something they don't understand (and rightly so), and they defer to the government's authority in that regard (not necessarily rightly). If the government said cryptos were safe to use, they would jump right in.

[gentlemand]

As long as people retain the option to ignore the conventional services, and there's absolutely no way of stopping them anyway, then it's got to happen for it to progress deeper into everyday life. The probing that exchanges throw up is way more outlandish than most traditional services. Hopefully proper regulation will stop them from pulling the shit places like Bitstamp do.

[BitHodler]

If the government said cryptos were safe to use, they would jump right in.

Ah well, be happy that the mass doesn't hop on the crypto train yet, because it's definitely not ready for that, nor do I think it will be ready in the coming 5 years. Not many people care about crypto's utility anyway.

Governments will continue to use the hostile nature of this market against the average joes, and they aren't even wrong in doing so. Did governments jump in sooner, less people would have suffered from immense losses.

This whole industry is one big casino. A lot will need to change for people to see and understand how useful it is, because let's be honest here, why would average joes care about decentralization? Speculation is way more fun.

[hatshepsut93]

As long as people retain the option to ignore the conventional services, and there's absolutely no way of stopping them anyway, then it's got to happen for it to progress deeper into everyday life.

Which is why we must be vigilant against any attempts to takeover Bitcoin. They've already tried once with SegWit2x aka GarzikCoin, and if they have succeeded, we'd be on a road to what you're describing - a completely centralized system with exchanges serving as servers, together with miners. I think the big players of Bitcoin ecosystem, together with governments can try to repeat the attack, because the payoff can be huge while the costs don't seem to big - just spam the network and hire some shills.

[btyco]

Big institutional money won't be flowing into bitcoin unless there is stronger regulation to provide them with better protection. Coinbase will survive either way so they need not be worried

[gentlemand]

Which is why we must be vigilant against any attempts to takeover Bitcoin. They've already tried once with SegWit2x aka GarzikCoin, and if they have succeeded, we'd be on a road to what you're describing - a completely centralized system with exchanges serving as servers, together with miners. I think the big players of Bitcoin ecosystem, together with governments can try to repeat the attack, because the payoff can be huge while the costs don't seem to big - just spam the network and hire some shills.

I wonder how it would play out if this was looking like a real possibility. The most vigilant people are becoming increasingly obscure.

The big willies swinging around must surely know the core value proposition evaporates the moment it's irrevocably hijacked. The mindless traders won't care as long as the dollars keep pouring in. We can clearly see that no one cares about this in altland. 51% attacks don't seem to phase anyone.

Is there enough collective greed and blindness to barely acknowledge it when it happens? Will it become yet another zombie market propped up by the unwillingness to admit what it is at heart? Is BTC separate enough for it not to be allowed to happen?

Let's hope we never find out.