Fintech · Bitcoin

Is Bitcoin gone and forgotten?

Porfirio Partida Software Engineer at Nearsoft

October 30th, 2015

Last year was all about bitcoin, now it's hard to get people to talk about it, let alone fund it. Is it gone for good or just forgotten for now?

Chris Kitze CEO at Safe Cash Payment Technologies, Inc.

October 30th, 2015

Actually Bitcoin serves a lot of utility.  Right now it's a huge money laundry in China for party officials and rich people to get their funds out of the country.  There are of course other use cases, but at the moment, that's the big one.

Orlando Franco Martínez

October 30th, 2015

What is worth following is the blockchain technology where bitcoin is based, and goes way beyond virtual currencies.  

Bryan Vu EIR at XSeed Capital

October 30th, 2015

Legacy currencies aren't infallible and can leave a lot to be desired. Many, if not most countries have suffered through currency crises, high inflation, devaluation or capital controls. Bitcoin and digital currencies could potentially be an improvement over existing currencies in these situations. In addition, it it were possible to do business with anyone around the world using a common currency, that would seem to be an ease of use and efficiency improvement over the status quo.

Of course, for these things to happen, a digital currency would need to grow large enough to become stable. That's a pretty significant chicken and egg problem. The Bitcoin market cap has grown to about $4B, so there are certainly plenty of people experimenting with it, including some prominent startups and VCs. It may take a while to achieve critical mass, but I think it does stand a chance of happening.

Daniel Boruch Consumer Electronics Trade -- Gift Card Trade

October 30th, 2015

I definitely don't think it's anywhere near forgotten. 

I notice ATM machines all over Toronto, Canada. 

Plus there is new exchanges opening up everyday. when has former senators on the board of directors, which means they will be shaping laws and believe in the future of it. 

I am a bitcoin trader so I'm a little bios lol 

Peter Johnston Businesses are composed of pixels, bytes & atoms. All 3 change constantly. I make that change +ve.

November 2nd, 2015

Surely we all know about the hype cycle. Marketing is fast, actually producing something is slower and getting people to change habits is slower still. So things get hyped, then the media moves on. Meanwhile people are actually making it work. Finally it gets traction.

Bitcoin has been through a very volatile period when people who were just putting it into play for a fast buck were trading in it. Now it is becoming adopted for what it was intended - to make global payments ridiculously easy (and trackable). 


But Bitcoin was just the first app on something which will be much larger. Blockchain allows peer to peer on just about anything.

There is an excellent infographic and some videos here which will show you just what is happening and why it is important...

Neil Gordon Board Member, Corporate Finance Advisor and Strategy Consultant

November 2nd, 2015

Federal Reserve Notes are backed by nothing but the fact that they're legal tender (in the US). Until the IRS lets me both calculate and pay my taxes in Bitcoins, I'll stick with dollars.

Kevin Brophy Writer, Investor, Project Developer

November 2nd, 2015

Bitcoin reminds me of socialism, something people want others to use and pay for. And when that doesn't work, the people find other bits of to push out to everyone else. My 2 cents. Still don't see anyone using or needing Bitcoin or the blockchain. Regular money works just fine and file transfer capabilities are everywhere.

Jeff Fitzmyers Project Manager at Energy Remodeling Inc.

October 31st, 2015

Bitcoin and blockchains have a number of serious issues. Seems to me the next real currency will simply be Joules and or shares that any entity can offer in a decentralized way. A nice thing about bitcoin was that the float was not owned by banksters. 

Peter Johnston Businesses are composed of pixels, bytes & atoms. All 3 change constantly. I make that change +ve.

November 5th, 2015

You might find this interesting:

If these guys invest, something will happen.

Jeff Fitzmyers Project Manager at Energy Remodeling Inc.

November 4th, 2015

From Ethereum's (~"next-gen bitcoin") white paper:

"Like Bitcoin, Ethereum suffers from the flaw that every transaction needs to beprocessed by every node in the network." Billed as "decentralized", yet not! It's only semi-peer 2 peer.

~"the size of the current Bitcoin blockchainrests at about 15 GB, growing by about 1 MB per hour. If the Bitcoin network were toprocess Visa's 2000 transactions per second, it would grow by 1GB per hour (8 TB per year)." Bitcoin currently (supposedly) tops out at a pathetic 7 transactions / second. (I know the block size can be increased, and there are side chains, but everything having to lug around kabillions of old stuff is poor design.)

Blockchains don't scale. And "mining" just seems to be a way to introduce "scarcity". Since mining is now so expensive, it appears mining basically = Joules, so why have all the complexity?

There is zero conflict resolution built in. Therefore, to me, it's not a complete system. Although I wish them well, I'm interested in things that scale by design.