Topic: Buttercoin shutting down due to "low interest in Bitcoin among investors" - page 2. (Read 1583 times)
April 06, 2015, 07:21:32 AM
Nobody would do business with a butthurt company called Buttcoin.
April 06, 2015, 07:17:03 AM
Excitement among tech startup people is a lot higher than the regular people out there who might use their products. I think they're overestimating how many crypto users there are right now. Netagio was another that closed due to lack of interest from actual customers.
Exchanges must be a bitch to run and make money from. Only a small hard core would use it multiple times a week. The rest might make one trade on occasion and that's only a fraction of a per cent for the owners. You gotta spend vast amounts on security and pleasing The Man let alone gain the trust of your customers.
It would be a worry if an established exchange shut down for lack of interest. This is another example of VC money going up in smoke without having gained traction.
Exchanges must be a bitch to run and make money from. Only a small hard core would use it multiple times a week. The rest might make one trade on occasion and that's only a fraction of a per cent for the owners. You gotta spend vast amounts on security and pleasing The Man let alone gain the trust of your customers.
It would be a worry if an established exchange shut down for lack of interest. This is another example of VC money going up in smoke without having gained traction.
BTC exchanges have high volume of BTC exchanging hands but BTC market places do not. It shows that BTC is being used predominantly for speculation/trading... And of course hoarding.
I cannot see how the BTC economy can thrive at this point if the people use the currency to mostly hoard or speculate. Which of course we all are guilty of.
April 06, 2015, 07:07:28 AM
Buttercoin. Stupid name. No one used them. 'Nuff said.
Now tell me that either Coinbase or BitPay are closing up shop, and I'll start to get worried.
Now tell me that either Coinbase or BitPay are closing up shop, and I'll start to get worried.
April 06, 2015, 07:03:57 AM
Excitement among tech startup people is a lot higher than the regular people out there who might use their products. I think they're overestimating how many crypto users there are right now. Netagio was another that closed due to lack of interest from actual customers.
Exchanges must be a bitch to run and make money from. Only a small hard core would use it multiple times a week. The rest might make one trade on occasion and that's only a fraction of a per cent for the owners. You gotta spend vast amounts on security and pleasing The Man let alone gain the trust of your customers.
It would be a worry if an established exchange shut down for lack of interest. This is another example of VC money going up in smoke without having gained traction.
Exchanges must be a bitch to run and make money from. Only a small hard core would use it multiple times a week. The rest might make one trade on occasion and that's only a fraction of a per cent for the owners. You gotta spend vast amounts on security and pleasing The Man let alone gain the trust of your customers.
It would be a worry if an established exchange shut down for lack of interest. This is another example of VC money going up in smoke without having gained traction.
April 06, 2015, 04:41:00 AM
Probably this topic belongs to the general discussion board, but I decided to post it here since I want to discuss what it means under a speculative point of view, not the news per se.
I was a registered user of the exchange Buttercoin, but actually I never used it; anyway today I received an email saying that they are closing. First of all, they are quite clear about the fact that there is nothing shady behind their decision and they are still 100% secure and solvent, anyone having funds can easily withdraw them. They decided to shut down because, quoting the email
I have always been a long term bull since I believe in the importance of Bitcoin's technology, and I have to say that Buttercoin shutting down because of low interest among investors is pretty surprising and quite frightening, expecially now that the situation is stagnating and the daily "excuse" is that investors are jumping aboard but are working behind the scenes.
It is important to note that some of the investors behind Buttercoin were Google Ventures and other big people, people you would not expect to just "lose interest" in something like Bitcoin.
I was a registered user of the exchange Buttercoin, but actually I never used it; anyway today I received an email saying that they are closing. First of all, they are quite clear about the fact that there is nothing shady behind their decision and they are still 100% secure and solvent, anyone having funds can easily withdraw them. They decided to shut down because, quoting the email
Quote
With the dip in bitcoin interest among Silicon Valley investors, we weren't able to generate enough venture capital interest to continue funding Buttercoin.
I have always been a long term bull since I believe in the importance of Bitcoin's technology, and I have to say that Buttercoin shutting down because of low interest among investors is pretty surprising and quite frightening, expecially now that the situation is stagnating and the daily "excuse" is that investors are jumping aboard but are working behind the scenes.
It is important to note that some of the investors behind Buttercoin were Google Ventures and other big people, people you would not expect to just "lose interest" in something like Bitcoin.
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