Bitcoin Forum

So this former PayPal ceo has claimed btc is the worlds biggest ever scam! let me deconstruct his argument. His arguments were as followed and filled with half truths and your typical anti btc arguments;

1) Useless as a currency due to volatility.

So this at the moment is kind of true, not many vendors are accepting btc due to the fact the currency can swing upwards/downwards of 10% in a day. But this is completely disregarding the fact that we are at such an early stage. Price discovery is still a real thing and if you look back at any emerging markets this volatility goes on for years! BTC is 9 years old.

2) No intrinsic value

Is having a completely barrier free value transfer system operating completely neutral politically accessibly by anybody with an internet connection not a value? From up in his ivory tower maybe this isn't valuable but for the billions excluded from the financial system this will one day be life changing

Another thing to add. Peter theil who is also a former CEO of PayPal is one of the biggest proponents of crypto so take this article that has been doing the rounds with a grain of salt

He is just another no-coiner throwing FUD.

Bitcoin is volatile because its still in its early days. Volatility will be gone in time while adoption grows. I see Volatility as an opportunity. Means more cheap coins for everybody. Even for him too.

Intrinsic value? What intrinsic value does paypal have other than ripping off its customers? Paypal was good when there weren't any alternatives but now there is competition. Bitcoin can do everything better than paypal and be cheaper at the same time.

Instead of spreading FUD he better buy btc while it is cheap.

Bitcoin is the ancestor of all cryptocurrency. It will not be used as a means of payment for a long time. It's brand.

For those who are interested in reading an article about it (and with counter arguments), here you are:

https://www.forbes.com/sites/ktorpey/2018/04/24/founding-paypal-ceo-bill-harris-says-bitcoin-is-a-scam-heres-why-hes-wrong/

Let me spoil you though: he doesn't really say anything new. Those who say Bitcoin is a scam pretty much all have the same reasonings, and this guy is no different. It doesn't seem like it affected the market at all, so it would probably be best to just dismiss it lol.

I am actually surprised that Bill was silent for all these days! I expected him to be the first to talk against bitcoin because it's paypal that is more effected because of bitcoin than any other banking institutions. I am glad that finally he has spoken and didn't make any sense to us!

In 2008-09, I used to work as freelance writer to some blogs and I used to get paid through paypal only. I still have a bank verified paypal account but it has recorded zero transactions since early 2010 as I shifted by business to solely bitcoin since that time. It's not me alone and I know many other people who has done the same. We as freelancers, was one of the major revenue source for paypal back in 2008-10. When majority of them shifted to bitcoin, paypal was the first company that was hugely affected. So his comment on bitcoin was imminent. I am just surprised that it took him so long.

Hahahaha somebody's bitter they missed the boat.

Why would he be bitter? His salary might bigger than what you earn in a whole year. The CEO of Paypal might be giving some negative opinion to Bitcoin as it is technically their competition as a payment method and with the news that Ebay might soon replace Paypal as an official partner in their website the CEO's job is actually on the line if he supported BTC in any kind of way even on words so he might need to be careful on the words coming out his mouth. If I am a CEO I wouldn't say good things to the competition either.

95% of cryptocurrencies are scams, not Bitcoin. Bcash is a scam, Ripple is a scam, all minority forks are scams and all premines are scams.

I don't expect a Paypal guy to understand Bitcoin in the first place. If he did, Paypal would not have the ridiculous fee structure they have. Paypal is 10 years behind the world.

Well that still kind of makes him bitter.

"His salary might bigger than what you earn in a whole year"

I like these kind of statements. You are a guy that does not pull your punches.

Elon Musk (paypal founder) is a btc fan isn't he... or he just donated a large sum to  LN anyway so I head.

in a few months, you will see him turning to a hidden crypto inverter whhale with minnlions invested in Bitcoin.

well paypal exists as an online payment processor with a lot of issues. the biggest one is the fact that merchants have nearly zero protection thanks to the charge back and the scumbags on the internet.
bitcoin fixes that! so bitcoin can basically put paypal out of business and make it obsolete in only a couple of years. any other CEO would have felt threatened and attacked bitcoin like this!

i liked this answer, we have seen this time and time again it won't even surprise me if it comes true :D

the value of bitcoin is : it is decentralized . it challenges the centralised financial system . bitcoin is the future , paypal's chief executive will eat his own words , not for long .

I do not think that in a few months we will see strong growth. By the end of the year before fixing profit by large investors, we will see new records of bitcoins!

He is the former CEO of a competing company, so his opinion will be biased for sure. PayPal is having a hard time already, I heard they made a lot of changes to their policies recently.

Well first, bitcoin may not be used as a currency right now but it is being used as a mode of payment buy lots of companies currently. So, technically it's still useful. His argument is lame at best.

If someone talks about the limits and risks of the btc I can also agree. But if someone says superficially that the btc is the biggest scam of the century, perhaps without even having been properly informed, it seems to me nonsense.

This CEO and others that hate Bitcoin just trying to blemish Bitcoin. If Bitcoin is a scam, it would be already deleted from the market and people wouldn't continue talking about it. But Bitcoin is continuing to rise and i think it will go that way in the future too.

Another person that says bitcoin was the biggest etc etc at all. But wait for it after a couple of months when bitcoin starts to soar we'll definitely hear another news;

"PayPal starts adopting bitcoin, CEO regrets calling it as the biggest scam ever."

Well perhaps he's planning on doing a jamke dimon here. Spread fud and wait for the price to fall taking the entire market with it, and then silently buy in during the dip. Lol there are a lot of economic experts who are in support of btc to take this too seriously.

In my opinion bitcoins is better than PayPal in many ways. Most important aspect is that PayPal keeps shutting accounts for stupid reasons which can put a full stop to your business in a moment.

He is true, but there is some points I don't agree with him. Bitcoin is NOT useless as a currency ! If bitcoin is useless, so why there is some country which adopt bitcoin for their transaction such us japan ? Bitcoin is usefull but has a weakness as the bubble price. We have to do something to fix this weakness, can we?

Now new Fud news started regarding bitcoin scam game it is never ending story every top executive come and say it is a scam but bitcoin grows stronger every time

I guess he knows that it's his biggest competitor in the course of online payment system. "It's called business".

Yes, I'm, too, when I read his application immediately thought about the money. Such loud statements are made only when it associated with money. Paypal  losing money and as a consequence - bitcoin is bad. If they somehow integrate bitcoin into their system, the situation will change immediately. They will be on every corner & shout that bitcoin is good and the blockchain is generally the manna of heaven. It's only money. As a whole, people are always angry when they lose their profits - this is normal.

Hmm, that's not suspicious at all. The former CEO of the bigger online payment method bashing the service that threatens to destroy it. Well as it is quite obvious PayPal highly dislikes bitcoin and all other crypto-currencies, as they do not allow for the exchange or purchase of bitcoins through the use of PayPal. Now I believe that because he is scared that bitcoin has a chance to take over PayPal and because he most probably has stocks/equity he is trying to scare people off of bitcoin simply to try and make as much money as possible off of PayPal.

This has a point. as long as bitcoin value still volatile, it cannot be use for daily currency.
but bitcoin is not only a currency. it is an investment, long period of investment, not a common currency.

it feels very good to read this here!

this only shows that bitcoin is working as it should and it proves that bitcoin is growing bigger and bigger every day. because now it is starting to worry these people enough for them to make statements like this. PayPal's days are numbered now and they will be forced to close down shop soon or adapt with the new world with bitcoin as a big part of it.

I think the reason why former PayPal CEOs say such things is because they do not want PayPal's products and services to be overtaken by bitcoin that continues to grow and be trusted by people because it can harm PayPal where its users are beginning to switch to bitcoin. Do not be swayed by news like this because it could be only intended to affect the price of crypto in the market for a moment.

Maybe because he us scared of what bitcoin can do to his company? I maybe wrong but other crypto are scams but bitcoin remains at thr top next to it is etherium. But j do agree on the price of bitcoin in which it is volatile and cannot be used for daily currency.

If he is saying such a huge thing about bitcoin then he must be saying on some ground and I don’t think that he is also wrong because he must be saying this on some ground as bitcoin is being use for some illegal activities like selling drugs,explosives, money laundering, ransom killing and more more and moreover this is also possible very easily before bitcoin transactions does not involve any third party seizure and moreover there is no intrinsic value of bitcoin, though bitcoin is very sustainable crypto currency but it is volatile.

Yeah yeah heard it all before.  With every big shot CEO who slams Bitcoin, there are plenty of other successful ones who are praising it.

when there are haters, it shows that bitcoin and cryptocurrencies are working. something so useless as they claim, does not have haters.
the big boys are coming in and we are part of this. makes me proud. big money always takes time but finally, in 2018 it will happen I am sure about that.

Please make sense it's not right to know nothing.Have any reference regarding 95% of cryptocurrencies are scam?.I know you can not give any proof of this claim.95% cryptocurrencies are scam it's absolutely wrong man.

What does it have to do with the scam coins, majority of the projects wont end up in a result and that is a fact we must accept, paypal is afraid of bitcoin because it directly reflects his business and he will be closing down his business if bitcoin is widely accepted, you will hear these comments from similar business owners who were milking the users till now. :D