Sunday, March 26, 2017

For the Love of Bitcoin: Vinny Lingham

For the Love of Bitcoin: Vinny Lingham

I’m pretty dismayed that I actually have to write this post, but I feel that it’s necessary. The vast majority of the readers of my blog will have come to appreciate that I take a very measured and rational approach to explaining the reasons to my conclusions reached for the topics I discuss. You may not agree with my conclusions, but I think I have proven to be logical, at the very least. There is however a vocal minority who disagree.

After my last post, The Power of the Invisible Hand, which was the most widely read and contentious post I’ve ever written, it has now become necessary for me to give a background on my passion for Bitcoin.

When we launched Gyft in 2012, we had a dream of building a mobile gift card company in an era where “mobile wallets” were all the rage and we had many competitors. We took a very narrow focus and built a great product. Six months after launching at TechCrunch disrupt, we realized that we still had no traction. Maybe $30k in sales per month?—?this was largely due to the fact that credit card fraud was extremely high and we had been hit so many times that we had to decline the vast majority of purchase transactions.

Full story at http://bit.ly/2nfef78

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