Coinbase CEO Says Bitcoin and Cryptocurrency Must Evolve to Reach Mass Adoption - page 2.

Wind_FURY

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Quote from: Midas111 on August 09, 2020, 10:01:13 PM

He got rich charging insanely high fees and being a chosen gatekeeper to the banks. in the long run people dont like that and it is the opposite of what crypto is about. Now coinbase is a junkyard for eth pump and dumps. to think hes not an insider on a long list of scams is naive. he was part of litecoin charlie lee fiasco and the bch fiasco. he is part of the system most people want to remove. Shiny silk suits were his downfall

Coinbase/Brian Armstrong was also part of the political agenda, the New York Agreement, to co-opt Bitcoin by supporting a hard fork, Segwit2x, that attempted to remove the Core developers' role as stewards of the network.

verita1

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It is true that cryptocurrencies must evolve so the CEO of Coinbase is right. Every time I listen to Mass Adoption, only I think. How? It takes more than desire, education and tools for people. Countries with poor technological infrastructure could not announce Mass Adoption. If people need the internet to access technology. Only if the most technologically gifted countries take the first step in supporting Mass Adoption of cryptocurrencies, would they be a great example for other nations to replicate around the world.

Midas111

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He got rich charging insanely high fees and being a chosen gatekeeper to the banks. in the long run people dont like that and it is the opposite of what crypto is about. Now coinbase is a junkyard for eth pump and dumps. to think hes not an insider on a long list of scams is naive. he was part of litecoin charlie lee fiasco and the bch fiasco. he is part of the system most people want to remove. Shiny silk suits were his downfall

seramania

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This opinion must be admitted if it can be a solution, maybe with the revolution it can add value to bitcoin and also increase the value of bitcoin that is not a problem as long as it has a positive impact now and in the future.

Wind_FURY

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Quote from: dnprock on August 05, 2020, 01:02:04 PM

Quote from: mk4 on July 27, 2020, 08:12:36 PM

I personally don't even think that scaling is our main issue.

1. People don't like holding BTC because of the volatility. This is something that could potentially be fixed with time and a long-term increase of market liquidity.

I agree scaling is not a big issue.

It IS a big issue.

Quote

But I don't think volatility will go away. Bitcoin is highly liquid now. You can find hundreds of exchanges with Bitcoin. Bitcoin is a Store of Value.

But volatility would be less with more liquidity.

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As this use case grows, Bitcoin will have even fewer transactions. Bitcoin's shrinking reward schedule drives the SoV use case.

Bitcoin's reward has halved for the third time, but there's more transactions.

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Short-term price movements are mostly affected by traders. When they pump and dump, Bitcoin's price swings. Volatility is an inherent property because of Bitcoin's supply design.

Partly true, but Bitcoin is on its path to price discovery, somewhere with more digits than five.

malekbaba

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Coinbase CEO says the right thing. I think Covid pandemic has some positive impact on crypto. Now people get chance to read more about crypto, enthusiasts are getting more chance to monitor the market, investors and traders are getting more chance to trade and analysis the market. As a result , we are promoting crypto within our community and outside crypto community as well. People already know , it will be unwise to depend on single job or business. we need something other than our regular source of income, some passive or secondary source of income. And crypto will be a generous investment . And soon we will see more people will enter into Crypto.
IMHO

nicecrypto

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Yes he is right, btc and alts must evolved to promote mass adoption and this can be achieved through inclusion and adoption, there is need for grass root inclusion in crypto to foster widespread adoption, till now only few people are aware of crypto and even worse is people at grassroot don't know nothing about it, this is important aspect.

rexxarofmoknathal

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To be fair, the fact that something needs to change to achieve mass adoption of cryptocurrency isn't exactly unexpected news. We all have seen the struggle BTC and other markets are having especially when major institutions pull off minor setbacks.

These setbacks don't affect investors who already understand how crypto world works but it is off putting to those wanting to join the network. This is the grey area great improvement is needed.

In essence, we need to make cryptocurrency easier to understand, buy/sell and use in every day life. Those are the obstacles that stand in the way of mass adoption.

online73

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Hello to all. You don't need to be an advanced user of cryptocurrency to understand that only movement forward, only development, will strengthen the position of Bitcoin. Here one can only agree with the opinion of the CEO of Coinbase. In my country they say, - "... standing water, - it grows moldy ..." So here too, - Bitcoin still needs to do a lot to conquer even the most doubting person in the world.

dnprock

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Quote from: mk4 on July 27, 2020, 08:12:36 PM

I personally don't even think that scaling is our main issue.

1. People don't like holding BTC because of the volatility. This is something that could potentially be fixed with time and a long-term increase of market liquidity.

I agree scaling is not a big issue.

But I don't think volatility will go away. Bitcoin is highly liquid now. You can find hundreds of exchanges with Bitcoin. Bitcoin is a Store of Value. As this use case grows, Bitcoin will have even fewer transactions. Bitcoin's shrinking reward schedule drives the SoV use case. Short-term price movements are mostly affected by traders. When they pump and dump, Bitcoin's price swings. Volatility is an inherent property because of Bitcoin's supply design.

witcher_sense

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Quote from: miningcoins on August 05, 2020, 06:21:02 AM

For mass adoption forget Segwit and Lightening, just increase the block size limit by 100 times.
Compensate the miners with a mining reward of new bitcoin transaction token when a block is found.
Miners will be happy and Bitcoin gets low transaction fees with ledger traceability.
Only downside is running a full node at home is more difficult.

You think if we made bitcoin less decentralized, it would make it more widely spread among individuals. I wouldn't say so. Because centralized systems we have today are more efficient, fast and convinient. Why switch even? Less decentralized systems like 100mb bitcoin block are slow, vulnerable, user-unfriendly and can be shut down by the authorities any time since there are only few full nodes in such system. It wouldn't be evolution of cryptocurrencies, but degradation. The only way for decentralized systems to become a substitute for centralized ones is reach the level of centralized systems in terms of efficiency, user experience, user interface, capacity, etc. But at the same time they should remain decentralized.

budi691

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trying to be bigger and the same as Bitcoin isn't wrong, maybe it's one of their business strategies, by saying Bitcoin should be more developed and adopted en masse,
that's their wish but can it happen?
maybe you can but not for now because it's still too early

carlisle1

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Quote from: shoreno on August 05, 2020, 01:49:59 AM

Quote from: MCobian on August 04, 2020, 10:41:41 PM

This is not going well until now, like in my country the government prohibit using Bitcoin
as payment, and therefore there has not been a mass adoption in my country.

only for payment ? but for investing they dont prohibit it ? investment is where btc became popular and many investors compare to payers/spenders so it should still lead to mass adoption

On this idea, bitcoin will gain more attentions as there are many new investors who also seen potential from this investment currency.

A part form mass adoption in terms of usage, investors and traders are also a big help having new institutional investors who will treat this venue of investments the same way stocks are being supported.

With this acceptance, more investment will flow inside crypto trading business
that will revolutionized the market value of this valuable assets.

miningcoins

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For mass adoption forget Segwit and Lightening, just increase the block size limit by 100 times.
Compensate the miners with a mining reward of new bitcoin transaction token when a block is found.
Miners will be happy and Bitcoin gets low transaction fees with ledger traceability.
Only downside is running a full node at home is more difficult.

lebregone

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Evolution is indeed better as it will surely fill the gap or the problem of bitcoin and crypto currencies but the big question in this one is who will be the one to this task?

It has been debated for a long time already like the problem of bitcoin transaction fees, it's confirmation time and etc.
If Bitcoin can evolve easily then I can say that most of the shit coins out there won't be needed anymore but if the Coinbase CEO has a solution for it then they should start it now as the future of crypto will be ensured if they can do it.

shoreno

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Quote from: MCobian on August 04, 2020, 10:41:41 PM

Actually, multiply merchants who accept payments with Bitcoin, there will be mass adoption.

who will do that? not the government but its us because we owned the business . as long as the business has a permit if its placed on public and as long as btc/crypto is legal

Quote from: MCobian on August 04, 2020, 10:41:41 PM

Bitcoin and altcoins must be able to function
as a means of payment, not only for investment.

yes they are . only depends on the user if what he likes to do with his coins but there is that people that use thier coins for paying

Quote from: MCobian on August 04, 2020, 10:41:41 PM

This is not going well until now, like in my country the government prohibit using Bitcoin
as payment, and therefore there has not been a mass adoption in my country.

only for payment ? but for investing they dont prohibit it ? investment is where btc became popular and many investors compare to payers/spenders so it should still lead to mass adoption

amishmanish

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Quote from: fiulpro on July 28, 2020, 12:24:50 AM

--snip--
But for that I do think we have to solve many problems first:
-We have to upgrade the lightning network
-We have to do something about the fee

Both of these are dependent on adoption and viability of a fee market. Fee market will be kept alive only if there are sufficient On-chain transaction to justify putting commensurate mining power behind BTC.

Quote from: fiulpro on July 28, 2020, 12:24:50 AM

-We need to form a body to tackle the issues which are always being presented by the Government and such , so that we can have a legalized body for fighting those accusations

This is a controversial issue but such a result would be desirable. Earlier attempts at putting collective weight behind bitcoin have always devolved into scams and shams with people refusing to come to any sort of consensus. While the "hacker culture" is very conducive to the lone-wolves doing wonderful things by collaborating anonymously, they all turn into uncompromising kids when it has to be an actual debate. The better alternative has been interested stakeholders forming their own groups and fighting for a cause.

One of the best examples can be that of exchanges and a few lawyers coming together in India to persuade the highest court to lift the ban imposed by central bank. Similar decentralized pressure groups in respective countries must be recognized and encouraged. The question is, By whom? This opens a whole other pandora's box.

Wind_FURY

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Quote from: Jet Cash on August 03, 2020, 04:44:24 AM

Well I believe that Satoshi was a small tram working for the central banks, and Bitcoin was an experimental project to explore the possible successors to the failing fiat system. Keeping Bitcoin as a store of wealth is a great option, and they probably own more than half of the coins anyway. The next stage will be to own a few of the mining farms. All that is good news for us if you think about it.

To turn off their money-printers, and give up control of the money-supply to a decentralized protocol that's controlled, and secured by a community of developers, miners, and users? I believe not.

dnprock

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Bitcoin does not have any "big" problem. It does not need to evolve. It should remain as is. It can scale off-chain. It's working well as a Store of Value.

The missing piece in crypto is inflation. I've been an advocate for this. Surprisingly, not many people listen.

But I think we will eventually come to this conclusion. It took me a while. Without inflation, we can't have a crypto that people can use for transactions. Bitcoin's problem with transactions is volatility. It's an inherent property of halving. No amount of liquidity can fix volatility. Inflation can reduce volatility. A cryptocurrency with inflation does not compete with Bitcoin. It can also be mixed with Bitcoin to create hybrid crypto. I started a project called Bitflate.

https://bitflate.org/

It adheres Bitcoin's principles, except it has 7% inflation. We can use sidechains to mix the coins and get any inflation rate between 0-7%. These coins will have less volatility than Bitcoin. This is the path to mass adoption for crypto.

Pamadar

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Quote from: MCobian on August 04, 2020, 10:41:41 PM

Actually, multiply merchants who accept payments with Bitcoin, there will be mass adoption. Bitcoin and altcoins must be able to function
as a means of payment, not only for investment.

That's the best thing to happen and afterwards it will become more valuable, as more people to use it the more it will
continue the value to rise high.

Quote from: MCobian on August 04, 2020, 10:41:41 PM

This is not going well until now, like in my country the government prohibit using Bitcoin as payment, and therefore there has not been a mass adoption in my country.

There are still government who don't understand this system, they are still in the negative side the reason
why they are not adopting this industries.

Topic: Coinbase CEO Says Bitcoin and Cryptocurrency Must Evolve to Reach Mass Adoption - page 2. (Read 644 times)