Bitcoin now looks like a mature technology

[rjclarke2000]

Bitcoin now looks like a mature technology. The software has settled down, there's been a modest level of merchant adoption, the transaction rate hasn't increased all that much over the last six months, and the legal status has become clear. The mining side is running into power consumption cost as a limit. Bitcoin isn't a new thing any more.

With Bitcoin out of its startup phase, what happens now?  It's starting to look like a niche product, positioned somewhat like gift cards. There are a number of pseudo-currencies like that - airline frequent flyer miles, all those "reward point" schemes, and the big array of prepaid cards available at retail outlets. They're just little convenience things; they have no significant impact on the financial system. It looks like that's where Bitcoin is settling.

John, you've been consistently wrong analyzing bitcoin's ecosystem and long-term prospects for years. Aggressively wrong, in fact:

We should revisit this post a couple of years from now. 

Is now good?

Internet.......we have a winner!!

[Melbustus]

Bitcoin now looks like a mature technology. The software has settled down, there's been a modest level of merchant adoption, the transaction rate hasn't increased all that much over the last six months, and the legal status has become clear. The mining side is running into power consumption cost as a limit. Bitcoin isn't a new thing any more.

With Bitcoin out of its startup phase, what happens now?  It's starting to look like a niche product, positioned somewhat like gift cards. There are a number of pseudo-currencies like that - airline frequent flyer miles, all those "reward point" schemes, and the big array of prepaid cards available at retail outlets. They're just little convenience things; they have no significant impact on the financial system. It looks like that's where Bitcoin is settling.

John, you've been consistently wrong analyzing bitcoin's ecosystem and long-term prospects for years. Aggressively wrong, in fact:

We should revisit this post a couple of years from now. 

Is now good?

Or maybe now. Another +1000%. Where'd Nagle go?

[STT]

I didnt even notice it was old because I have zero doubt people believe this right now that crypto is a gift card token and has nothing significant; no we cannot just carry on and forget it and we actually will require BTC or some similar solution.  BTC is developing as a protocol and the whole sector with integration is by no means finished.   We've only just begun the end of conventional pennies and notes and normal retail shop fronts thats existed for hundreds of years, obviously we are moving into more efficient virtual delivery systems and BTC will be part of that as secure transaction.

no significant impact on the financial system

Even if you dont like crypto, we are observing the mainstream finance system shake itself apart.   Some solution and evolution is required, I'm fairly sure the dude or people behind BTC in its origin were totally aware and foresaw this.    Its taking longer then many thought but central banks with their political bias to value and control of currency is not going to be forever, the world requires something more reliable.  Some of that isnt speculation its the lay of the land, examine debt markets & long term treasury debt etc.
   

[exstasie]

Or maybe now. Another +1000%. Where'd Nagle go?

I miss Nagle, almost as much as I miss ElectricMucus. The trolls of today have nothing on them. I think I even bought into his "BTC is a niche currency" narrative for a little while after being traumatized by the 2014 bear market.

I'd like to think he came around in 2016-2017 (when he stopped trolling) and is now chilling on a beach somewhere counting his millions. Fat chance of that though.

[bitgolden]

I said this in 2017, I have talked about this before. Bitcoin was wrongly assumed like a kind of dark web, internet money that was used for drugs and even used by pseudo to share stuff and so forth which is why it wasn't liked by many people, I remember a time when I applied for a job someone asked me "aren't you afraid that you will be caught using bitcoin" when I wrote something about bitcoin literally on the CV, they thought it was something illegal.

Nowadays you look at it and everyone is fine with it, even huge trillion dollar hedge funds buy it and invest in it, there are like a million other things that causes bitcoin to be liked and known a lot more this way, I think it is going to change even more in the future, at least it looks like it will, the more mature we get, the better people look at us and that is a very important thing for price and adoption.

[Melbustus]

I miss Nagle, almost as much as I miss ElectricMucus. The trolls of today have nothing on them. ...

Ah, I remember ElectricMucus.

I haven't been very active here in the past couple years....how's kwukduck doing? Ardent bear since 2011, IIRC.