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It seems to be following a repeating pattern. * Bitcoin builds infrastructure. * People notice bitcoin isn't going away * Media says Bitcoin will make everyo

by Lerc 13y ago

It seems to be following a repeating pattern. * Bitcoin builds infrastructure. * People notice bitcoin isn't going away * Media says Bitcoin will make everyone Gazillionairres * Bitcoin skyrockets until infrastructure comes under strain. * Something involved with bitcoin breaks * Media(not neccisarrily the same media) says Bitcoin is all over, and everybody will lose their bitoin, their home, and their dog. * Price drops. * Bitcoin builds infrastructure. * People notice bitcoin isn't going away We seem be going into the build infrastructure phase. That's where genuine value actually gets added, and doesn't actually stop at the other times, It's just when the craziness is going on it's hard to see from the noise.

ycombasks 13y ago
> * Bitcoin skyrockets until infrastructure comes under strain. Source? Unless you consider the failure of Mt. Gox an "infrastructure" problem, then this is not the case.
- acchow 13y ago
  It's hard to see how that wasn't an "infrastructure" problem. Mt Gox was the largest BTC exchange - an integral bridge from old world to BTC world.
- Lerc 13y ago
  Not the failure of MtGox, but their day to day operations were significantly impacted during the peak hype. Other Exchanges had problems, I remember the "you can have bitcoin next friday, when we've got some ourselves" episode (bitinstant perhaps?). Even the most prepared business are going to have trouble when everyone decides to come knocking on your door in in the space of a fortnight. You can prepare for rapid scaling, but you can't hire and train people overnight.
contingencies 13y ago
You miss many elements with this summary, not the least of which is Bitcoin reaching a point of maturity with regards to regulation and compliance. To a large extent, that's happening next week in DC.
- Lerc 13y ago
  Yeah, It wasn't meant to be a detailed analysis. Having said that, I'd be inclined to put regulation and compliance milestones under the heading of infrastructure. If you mention Bitcoin now, People also don't assume you're a crazy Libertarian buying drugs off the internet (your parent's might still). In a funny sort of way that's infrastructure growth too.
  - contingencies 13y ago
    That's true and a good point: mass market familiarity is certainly an asset. I'm not sure I'd call it infrastructure though, more like an environmental factor. Infrastructure, to me, means internal.

by Lerc 13y ago

ycombasks 13y ago

> * Bitcoin skyrockets until infrastructure comes under strain. Source? Unless you consider the failure of Mt. Gox an "infrastructure" problem, then this is not the case.

acchow 13y ago
It's hard to see how that wasn't an "infrastructure" problem. Mt Gox was the largest BTC exchange - an integral bridge from old world to BTC world.
Lerc 13y ago
Not the failure of MtGox, but their day to day operations were significantly impacted during the peak hype. Other Exchanges had problems, I remember the "you can have bitcoin next friday, when we've got some ourselves" episode (bitinstant perhaps?). Even the most prepared business are going to have trouble when everyone decides to come knocking on your door in in the space of a fortnight. You can prepare for rapid scaling, but you can't hire and train people overnight.

contingencies 13y ago

You miss many elements with this summary, not the least of which is Bitcoin reaching a point of maturity with regards to regulation and compliance. To a large extent, that's happening next week in DC.

Lerc 13y ago
Yeah, It wasn't meant to be a detailed analysis. Having said that, I'd be inclined to put regulation and compliance milestones under the heading of infrastructure. If you mention Bitcoin now, People also don't assume you're a crazy Libertarian buying drugs off the internet (your parent's might still). In a funny sort of way that's infrastructure growth too.
- contingencies 13y ago
  That's true and a good point: mass market familiarity is certainly an asset. I'm not sure I'd call it infrastructure though, more like an environmental factor. Infrastructure, to me, means internal.