Yes, I think it is unfortunate. I think most of it -- e.g. financial industry types talking about 'blockchain' -- is really just about not wanting to use the word bitcoin, given what they perceive as its tarnished reputation. If it's helpful in getting the bitcoin blockchain broadly adopted, I'm okay with it to some degree, but ultimately if we want mass mainstream adoption of this network and platform, the brand needs to have strength with consumers.What is your take on the current "Blockchain" labeling going on within the industry and do you feel this is a detriment to Bitcoin?
When Sean and I started this project in early 2013, we felt like we were entering a period of transformation that would take at least 10-20 years to really unfold. While it feels like things are moving fast if you are embedded within the space, in reality these changes take a very long time. Keep in mind that e-commerce in the US is still just like 5% of retail sales, some 20 years into its development. And online video viewing is also single digit % of viewing hours compared to legacy broadcast platforms, etc. If in 10-20 years, global digital currency platforms account for 5% of consumer payments flows, I think it will have been an enormous success.What do you think will be the real impact of Circle 1, 5, 10 years down the road? What happens to Circle if Bitcoin flourishes, and subsequently, what if Bitcoin dies?
We certainly do talk with a lot of major ecosystem players here in the US, and in Europe and China. I think companies and projects that have built on the bitcoin network would really like to see these issues addressed. We've publicly said we think that the BIP 101 proposal is a reasonable solution, though we'd be happy to see another consensus proposal emerge soon.Do you talk regularly (or at all) with big miners about Bitcoin and issues like the block size debate? You don't have to reveal your position on the debate, I am just wondering if have an open line of communication with say KnC Miner or 21 Inc (great if you talk to Chinese miners too, but I understand there are additional obstacles there).
Yes, we are certainly big advocates for the use of the bitcoin network as a kind of behind the scenes value transfer protocol for the internet, akin to something like SMTP for for value. realize it's not the perfect analogy.Hi Jeremy, I'm a big fan of Circle and strongly believe in the approach you are taking to bring the power of the Bitcoin network to mainstream consumers.
You often talk about Bitcoin becoming the "internet of money," which means it's a payment rails or conduit to transfer money freely around the globe.
It seems to me that bitcoin the token, which is currently traded for $340 per bitcoin, doesn't necessarily need to become extremely valuable to achieve this, since the tokens are only being used momentarily, in transit, to carry value.
Do you agree with this idea, which is opposite to what many long-term Bitcoin believers think, that bitcoin the token doesn't necessarily need to go "to the moon" or keep increasing in value for Bitcoin the network to be successful?
For new customers in the US who are in one of the 47 states where we are licensed or allowed to operate, we default to USD. We're focused on building a great consumer payments app that makes storing and using money easier, free, secure and enjoyable. But we're not interested in building yet another walled garden or closed network, we want to enable people to get the benefits of the bitcoin network (near-instant settlement, nearly free transactions, highly secure, global and open) without having to think in a new currency or hold the currency themselves. Of course, if people want to convert their balance into BTC, they can do so instantly, with no real exchange fee, and store them with our secure online and offline system, which also includes insurance from theft (cyber attacks, physical cold storage breaches, employee fraud) for the full value of their BTC balance. We just don't think that mainstream users interested in 'digital money' want a new currency.@jerallaire Is it true that Circle is trying to distance itself from bitcoin and pushing its users towards their USD wallet?
https://www.cryptocoinsnews.com/circle- ... g-bitcoin/
Nope. We're a consumer internet company, focused on solving problems for sharing and using money for consumers. We don't think of ourselves as a bitcoin brokerage either. It happens that because we enable people to convert USD into BTC with fair economics that people use us as a kind of brokerage, but that is certainly not the design center for our work.Hi Jeremy, thanks for doing this AMA!
Maybe you can answer this, maybe you can't! But any plans for Circle Pay to develop a fully built bitcoin exchange and not just a brokerage where customers can trade on your platform with advanced trader features?
Thanks!
It was a really bad experience for most users. A lot of customers had cards rejected. Those that got them accepted had extra forex and cross border fees. And too many people got caught by risk triggers that put them into manual KYC, which is a horrible experience.Why did you guys stop acccepting European debit cards?
Thats understandable, did you guys have any thoughts of possible alternatives for european customers (SEPA,The Nordic payment service Swish etc..)?It was a really bad experience for most users. A lot of customers had cards rejected. Those that got them accepted had extra forex and cross border fees. And too many people got caught by risk triggers that put them into manual KYC, which is a horrible experience.Why did you guys stop acccepting European debit cards?
So we decided to put it of until we could provide European customers with the same experience we can offer in the US, and hopefully we'll have that in place real soon now...
Jeremy
When we go live in Europe, we plan to offer a number of popular transfer protocols / networks for moving value in and out of our platform.Thats understandable, did you guys have any thoughts of possible alternatives for european customers (SEPA,The Nordic payment service Swish etc..)?
It was a really bad experience for most users. A lot of customers had cards rejected. Those that got them accepted had extra forex and cross border fees. And too many people got caught by risk triggers that put them into manual KYC, which is a horrible experience.
So we decided to put it of until we could provide European customers with the same experience we can offer in the US, and hopefully we'll have that in place real soon now...
Jeremy
I think you mean the Blockchain Alliance? Which is a really unfortunate moniker given all of the nonsense flying around with 'blockchain' everything.Hi Jeremy,
Thank you for giving your time to answer questions on this forum.
What do you imagine The Bitcoin Alliance will accomplish for the bitcoin community?
Do you have any fears that the relationships between bitcoin industry leaders and state institutions or law enforcement will degrade into a new form of regulatory capture?
Do you feel that the thesis of Bitcoin Alliance may be contrary to the ethos of bitcoin being decentralized or anti-establishment?
Cheers,
hakuna_potato
I'm not really focused on the price, but I would say that these changes in rate of inflation for BTC should of course drive some exchange value, but at a minimum BTC should price at the marginal cost per coin. Based on innovations in mining chips and data center / energy operations, I think we can see the cost per coin getting back down under $200 (in some mining operations it is below that today), and given the competitive nature of that industry, which tends to converge on real price discovery of the true marginal cost, that would suggest that post 2016 halving that a price around $400 is sustainable.Hi Jeremy... Thanks for doing the AMA. I'd like to know...
i. Where do you see the bitcoin price after 2016 block halving?
ii. Where do you see the bitcoin price after 2020 block halving?
iii. Does Circle have any plan to open a real time exchange like CoinBase/Gemini?
We've had a chance to meet and with a number of significant and global financial institutions over the past couple of years.Thanks for taking the time to do this, I always enjoy your community interactions.
How has Circle's experience been interacting with institutions in the broader financial ecosystem? (past the large funding round, that is)
Has the tone of the interactions changed since you started the company? How do you see this interaction changing going forward? Implications?
We're really heavily focused on changing consumer expectations for and experiences of their 'spending account' or 'current account', moving from closed and proprietary, with crappy UX and built-in hidden fees, to an app based model where storing, using and sharing money is instant, global, secure, free and fun, and riffing on UX for how consumers have learned to share content and messages, not bank-like interfaces. We're focused on bringing more fiat currencies onto our platform as well. Mostly, right now, we're really focused on personal payments, including group or social payments; you'll see our apps changing every 2-3 weeks. We're also focused on making customer onboarding as seamless as possible, without compromising and risk and security.Hey Jeremy,
Thank you for creating Circle.
What do you predict will happen in the Bitcoin space within the next 5 years? -- Answered already.
What is the next big move for Circle? Where are you taking it from here?
Thanks
Lee
Thanks Roger!Thanks for all your involvement in Bitcoin so far!
What future development in the Bitcoin ecosystem has you the most excited, and why?
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