Lesson learned from Auroracoin's death

[productionhead]

 

[r3p1v]

Bitcoin has broken below $500. Now $487.

Also, the thing about Auroracoin being totally dead seems to be inaccurate? The price is still like $2 and trading on major exchanges.

 

[Suddenly_Ass]

 

[microphone head]

Like a perfectly told story in three simple images.

 

[dmnEPC]

Make the same fucking app have peer to peer transactional capabilities. Boom, suddenly_borat is pimping out his sister (and grandma in times of demand>supply) for 0.000001213 KazCoins per hot mouth blowjob.

If any of the altcoins are going to survive, let alone prosper, they need to be dumbed down to consumer level. Mobile apps is the quickest route to massive infiltration. You know, out in the real world where end user consumers actually live, not completely online like us fucks.

Consumer: "Fuck, I got a flat tire...better call AAA."

Towtruck driver: "Hey, you got DongCoins on your phone there, we can keep this off your insurance for say, <insert fractional number>."

Consumer: "OK".

Touch phones, NFC transaction occurs, both drive away happy.

Or flowers from a street market vendor. Or a back alley blowjob. Kajillions of of micro-transactions could take place from a mobile backed app.

Your third pillar needs critical mass for stability, you'd get there a lot quicker allowing peer to peer transactions than hoping for merchant acceptance/integration to propel it over that hump.

but but Apple banned all crypto apps. So in the free and open environment that makes up the mobile world, this may prove to be difficult.

 

[Grindstone]

True dat. Same goes for bitcoin.

I meant to say cryptocurrencies, not altcoins. Didn't intentionally leave out bitcoins. On phone so can't properly respond but the big difference from what I see needed for mass acceptance and your reply is well, just go surf reddit and take note of how many investors don't even understand the role of the blockchain in the system. Now imagine the general public trying to decipher the inner workings of a wallet and a secret key.

When there's a Whatsapp for bitcoins, then you win. inb4 someone regs whatscoin.com...

 

[lukep]

...the big difference from what I see needed for mass acceptance and your reply is well, just go surf reddit and take note of how many investors don't even understand the role of the blockchain in the system. Now imagine the general public trying to decipher the inner workings of a wallet and a secret key.

Not a long term problem. We've got 2 million active bitcoin users now and you can watch them on the graph grow in real time at quite an acceptable rate. If they just stay on this rate, which sounds really pessimistic to me, we'll have spread to the whole world by 2020 easily.

When there's a Whatsapp for bitcoins, then you win. inb4 someone regs whatscoin.com...

Funny you should say this. Adding a bitcoin client to a good messenger program like whatsapp should be a big deal, right?

No one made a fuss over any of these guys hitting the scene:

• Bit Chat - a Secure Encrypted Instant Messenger Built using Bitcoin
• https://heml.is/
• https://gli.ph/
• http://www.btcmessenger.com

I think we just have too many cool products/services launching on a daily basis to give them all press...

 

[Cath Erder]

Perhaps it's just me, but when people start using the "we" reference, I always think they believe they are part of a new magical group.

OT, I'm not that big on blonds and it looks like she might have pointy elbows, but damn!!!

 

[Fatbat]

Fair enough, if that gets them mining... However there is the third pillar (Merchant acceptance) that you're leaving out.

If no Kazaks are accepting Kazcoin at any local retail bizes, (which generally requires understanding and even POS hardware) then the coins only exist in Kazakhstanian long enough to be sold to an exchange.

You have to address all 3 pillars at once.

Bitcoin has been around for close to 5.5 years but has only seen any kind of real acceptance on the retail side in the last year or so, and even then it's still sparse. So how is it that a new coin must have wide ranging retail acceptance out of the gate if it is to hope to survive when the grand poobah of cryptocurrencies is still lacking in acceptance?

 

[lukep]

Perhaps it's just me, but when people start using the "we" reference, I always think they believe they are part of a new magical group.

We wickedfire members should know better. :action-smiley-027:

Bitcoin has been around for close to 5.5 years but has only seen any kind of real acceptance on the retail side in the last year or so, and even then it's still sparse.

5.5 years after whitepapers were written at Darpa about the internet, we didn't even have America Online yet!

I'd say these big services today like blockchain.info and Coinbase are bitcoin's AOL and Prodigy. Can't freaking wait until we have a real contender for the 'web browser' of bitcoin... I'd imagine that would look something like a completely decentralized iTunes... But for buying everything on planet earth via bitcoin, anonymously.

So how is it that a new coin must have wide ranging retail acceptance out of the gate if it is to hope to survive when the grand poobah of cryptocurrencies is still lacking in acceptance?

They simply must grow in tandem. Think of each of the three pillars as the incentive for usage of the other two pillars... One slips behind, it hurts the growth of the other two pillars.

As you said, the merchant adoption is still pretty sparse... This is exactly what should be expected right now because frankly, user adoption is still sparse too.

Only 2 million active bitcoin addresses have shown up on the blockchain. There has got to be a Billion merchants on this planet right now, so if only 50,000 merchants accept bitcoin at the moment, it's quite closely in line with what you'd expect.

Users: 2 Million / 7 Billion = 0.35% global adoption
Merchants: ~50 k / ~115 Million = 0.23% global adoption

(Those numbers are my best guesses based off several sources like bitcointalk & wikipedia... A very wide margin here.)

Very similar ratios nonetheless!

Everything is proceeding just as Satoshi planned. Don't sweat it bro.

 

[Shakeitout]

Are these the 3 pillars you speak of?