Mike Hearn:Why has Bitcoin failed?

[Chris4210]

How about contacting today´s Fiat Bitcoin exchanges like Bitfinex and Kraken?

They have all the infrastructure, KYC Regulation, Marketing etc. in place. Kraken added ETH in a few weeks. Why not BTS?

Sometimes you do not have to redevelop all the Bitcoin Apps... The business plans stays the same.

[xeroc]

i thought ccedk was a bts on-ramp ??

CCEDK is great, but we still have a ways to go there before we call it a fiat on-ramp. I want people to be able to deposit USD/EUR/CNY/Any-Major-Fiat directly from a bank into the exchange, click-click-click, and then be able to take it out again the same way after trading. Until then, we are dependent on Bitcoin, all of its flaws, and all of the steps necessary to convert fiat into Bitcoin and then BTS or BitAssets, all of which will turn off the majority of potential users.

i agree, a set of fiat on/off ramps into BTS is critical for long run growth. maybe even before that, though, it'd be nice to see a variety of secure vaulting, hardware wallets, and other storage mechanisms. Some in the BTC community will be looking for ready alternatives, and BTS should be near the top of the list.

Peermit.com

Working on the security thing already

[yvv]

If BTS had fiat on-ramps, I would spend $10,000 of my own money right now to buy ads proclaiming BitShares to be Bitcoin's successor. Without fiat on-ramps, the whole thing is irrelevant because we are stuck in Bitcoin's inferno.

  And they have to be everywhere, in every country, such that people can cash in/out in local currency through local payment systems.

[cylonmaker2053]

i thought ccedk was a bts on-ramp ??

CCEDK is great, but we still have a ways to go there before we call it a fiat on-ramp. I want people to be able to deposit USD/EUR/CNY/Any-Major-Fiat directly from a bank into the exchange, click-click-click, and then be able to take it out again the same way after trading. Until then, we are dependent on Bitcoin, all of its flaws, and all of the steps necessary to convert fiat into Bitcoin and then BTS or BitAssets, all of which will turn off the majority of potential users.

i agree, a set of fiat on/off ramps into BTS is critical for long run growth. maybe even before that, though, it'd be nice to see a variety of secure vaulting, hardware wallets, and other storage mechanisms. Some in the BTC community will be looking for ready alternatives, and BTS should be near the top of the list.

[karnal]

Good opportunity for bitshares... mention the 100,000 tps .. sounds like a job for the marketing crew, if there's still one.

[Akado]

My responce: https://medium.com/@Samupaha/bitcoin-has-a-governance-problem-2dd1b171f45f#.cjxswylmg

I would only add that shareholders can easily kick out any malicious committee members by voting.

I also think Bitcoin's consensus is broken. Proof is the blocksize debate and how this has escalated. I don't really like to go into "my coin is better than yours" type of arguments, but we could actually do that in a very short period of time. Even if it's a polemic action and we see unhappy people on the forums, in the end the shareholders vote and if something is approved that means there is consensus, meaning all whining is irrelevant.

Bitcoin is just stuck on an endless loop of useless arguments. The few people that actually decide to take action and go with XT got DDoS'ed  and shut down lol the exact opposite of what Bitcoin should be. Once again something that started with good intentions got corrupted by politics and 3rd party interests.

The thing that really got me excited about Bitcoin and why I think it had the potential to be so powerful is because it could end or at least decrease corruption. However it's current methods aren't working. The ones who take initiative are attacked.

It would be just as simple as let people go with XT and see if the majority would adopt or not. If it's forked and now we have 2 "Bitcoins" competing, what's the problem? Are people worried it could take the whole thing down? That only proves it wasn't good enough to begin with.

Bitcoin is corrupted. The community I see on forums is just the worst and they aren't any better than altcoin pumpers and shills. I just see no difference. It has become something way toxic. It wasn't either good enough from the start or maybe it was just too good and people just aren't ready and let corruption get the best of them. Pick one, the end result is the same and at the sight of everyone.

[Samupaha]

My responce: https://medium.com/@Samupaha/bitcoin-has-a-governance-problem-2dd1b171f45f#.cjxswylmg

[Akado]

If BTS had fiat on-ramps, I would spend $10,000 of my own money right now to buy ads proclaiming BitShares to be Bitcoin's successor. Without fiat on-ramps, the whole thing is irrelevant because we are stuck in Bitcoin's inferno.

Let's quote this for future reference 

I somewhat agree with @btswildpig in the sense that Bitcoin can and might always be a store of value. But tell me, what will happen when all these payments systems that are trying to implement Bitcoin realize that it will take hours or an undefined amount of time to make a transaction? What happens if Bitcoin starts to see more adoption and people realize it's just useless to buy stuff with? (assuming nothing changes till then, which I honestly think it's plausible since it's so hard to reach a consensus)

Then all those business and payment systems will have to turn to the best option. Bitcoin can still have a high marketcap and be very valuable, however some of it's money will eventually flow into the next big opportunity for payments systems for example, something that can scale.

I don't believe it will be useless, but some money will flow onto the next option

[Ben Mason]

If BTS had fiat on-ramps, I would spend $10,000 of my own money right now to buy ads proclaiming BitShares to be Bitcoin's successor. Without fiat on-ramps, the whole thing is irrelevant because we are stuck in Bitcoin's inferno.

This is a monumentally important point. BitShares needs to be free of the Bitcoin network, urgently. Assuming global financial problems accelerate and capital flight to anywhere of relative safety begins in earnest....we need a stable pipe straight into BTS.  The Bitcoin, gold and silver markets are absolutely tiny compared with the paper markets and right now absolutely nobody cares. At some point, everybody is going to care.  With the Bitcoin network's trouble, it's not going to take long before capital tries to flow into more promising ledger technologies/networks. There will be more people doing more due diligence looking for less risky 1000's of % profits than Bitcoin is likely to be able to offer. Even if Bitcoin goes to $10,000 each, I expect the flaws and time restrictions on addressing them to mean capital will try to flood out....

Could be an interesting year! FIAT on off ramps could mean the difference between success or failure of network effect for BitShares as global events catch up to us.

[TravelsAsia]

Hearn's ego is the problem here. His shitcoin flopped and now he's butthurt. that's all I got from this blog

I recommend reading it again. Bonus points if you can identify the issue with the current state of mining.

[BunkerChainLabs-DataSecurityNode]

Hearn's ego is the problem here. His shitcoin flopped and now he's butthurt. that's all I got from this blog

I didn't see anything about a shitcoin there.. what are you referring to?

[clayop]

i thought ccedk was a bts on-ramp ??

CCEDK is great, but we still have a ways to go there before we call it a fiat on-ramp. I want people to be able to deposit USD/EUR/CNY/Any-Major-Fiat directly from a bank into the exchange, click-click-click, and then be able to take it out again the same way after trading. Until then, we are dependent on Bitcoin, all of its flaws, and all of the steps necessary to convert fiat into Bitcoin and then BTS or BitAssets, all of which will turn off the majority of potential users.

Ronny said OpenLedger will soon have some fiat gateways. I think their EUR gateway will be great because SEPA charges almost (or totally) no fee and the deposit fee will be 0% as well. If someone make OPENEUR-BTS market, it will be a cool on-ramp.

[donkeypong]

i thought ccedk was a bts on-ramp ??

CCEDK is great, but we still have a ways to go there before we call it a fiat on-ramp. I want people to be able to deposit USD/EUR/CNY/Any-Major-Fiat directly from a bank into the exchange, click-click-click, and then be able to take it out again the same way after trading. Until then, we are dependent on Bitcoin, all of its flaws, and all of the steps necessary to convert fiat into Bitcoin and then BTS or BitAssets, all of which will turn off the majority of potential users.

[fav]

Hearn's ego is the problem here. His shitcoin flopped and now he's butthurt. that's all I got from this blog

[btswildpig]

If BTS had fiat on-ramps, I would spend $10,000 of my own money right now to buy ads proclaiming BitShares to be Bitcoin's successor. Without fiat on-ramps, the whole thing is irrelevant because we are stuck in Bitcoin's inferno.

i thought ccedk was a bts on-ramp ??