[Bitcoin-development] Why are we bleeding nodes?

Eric Martindale eric at ericmartindale.com
Mon Apr 7 14:15:15 UTC 2014

We need to make it so mind-numbingly simple to "run Bitcoin correctly" that
the average user doesn't find reasons to do so in the course of normal
use.  Right now, Coinbase and Bitstamp are winning in the user experience
battle, which technically endanger the user, and by proxy the Bitcoin

Multi-sig as a default is a start.  It won't succeed unless the user
experience is simply better than trusted third parties, but we need to
start the education process with the very basic fundamental: trusting a
third-party with full access to your Bitcoin is just replacing one
centralized banking system with another.

Eric Martindale
Developer Evangelist, BitPay
+1 (919) 374-2020
On Apr 7, 2014 7:05 AM, "Mike Hearn" <mike at plan99.net> wrote:

> My guess is that a large number of users have lost interest after they
>> lost their money in MtGox. The 24th of February coincides with the
>> "final" shutdown
> Sigh. It would not be surprising if MtGox has indeed dealt the community a
> critical blow in this regard. TX traffic is down since then too:
> https://blockchain.info/charts/n-transactions-excluding-popular?timespan=60days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
> Judging from comments and the leaked user db, it seems a lot of well known
> people lost money there   (not me fortunately). I wish I could say people
> have learned but from the size of the deposit base at Bitstamp they clearly
> have not. A lot of Bitcoin users don't seem to be ready to be their own
> bank, yet still want to own some on the assumption everyone else either is
> or soon will be. So it's really only a matter of time until something goes
> wrong with some large bitbank again, either Bitstamp or Coinbase.
> Some days I wonder if Bitcoin will be killed off by people who just refuse
> to use it properly before it ever gets a chance to shine. The general
> public doesn't distinguish between "Bitcoin users" who deposit with a third
> party and the real Bitcoin users who don't.
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