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Bitcoin [BTC] success rate was “so tiny” in its early days compared to recent times, says ShapeShift CEO

Priya

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Bitcoin [BTC] success rate was "so tiny" in its early days compared to recent times, says ShapeShift CEO
Source: Unsplash

Erik Voorhees, the CEO of ShapeShift and a well-known influencer, spoke about the cryptocurrency price bubble and the bear market, in an interview for WhatBitcoinDid.

Voorhees stated that this was the fourth time he experienced the cryptocurrency bear market, adding that he has been in the space “pretty much” since the beginning. He further added that the bear market “gets bigger” and “more intense” compared to the previous one as the numbers and the impact are bigger.



“[…] the first bubble I was in, early mid 2011, was bigger in terms of percentage gain but the industry was small back then, the people talked in terms of hundreds of thousands of dollars not multi-billion dollars. This is a big industry at this point and when this whole industry rises by a 100x in 2017 and then collapses back down by 90x, it has a big effect”

Voorhees went on to state that he was the “least worried” about recovering from the 2017 bubble because the industry has made “so much progress,” which has resulted in the evolution of better technology. He said:

“[…] I don’t know if markets will get crazy again in a month or in two years but they will get crazy again and so we sit here and we build and we get ready for that […] I mean, you have to understand the perspective I come from like back in 2011, we imagined some day maybe in our fantasies that this industry would be what it is today”

He then went on to state that likelihood of Bitcoin becoming successful was “so tiny” during its initial days, in comparison to recent times.

“[…] we are not mainstream yet but we are we are getting there and most people in the world those people in at least in the Western world in modern society are familiar with Bitcoin they’ve heard of it it’s not the strange alien thing anymore.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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