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Title: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: seje on August 15, 2018, 06:24:49 AM Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value,' ex-PayPal CEO says
Bitcoin will continue to fall, because "there's just no value there," former PayPal CEO Bill Harris told CNBC on Tuesday. "The cult of bitcoin [makes] many claims that it's instant, free, scalable, efficient, secure, globally accepted and useful it is none of those things," Harris said on CNBC's "Fast Money." Harris, who is also founder of Personal Capital Corporation, came out swinging against bitcoin in an April op-ed in which he called the cryptocurrency a "colossal pump-and-dump scheme, the likes of which the world has never seen." Harris said Tuesday that bitcoin's value will continue to dwindle until it gets "eventually a whole lot closer to zero." "We've got digital currencies. And we've got digital currencies that are more stable, more widely accepted and have intrinsic value. We've already got it it's called the dollar, the yen, you name it," Harris said. The former financial technology CEO's primary concerns about bitcoin include its slow transaction time, scaling challenges and volatility, which "alone makes it useless as a payment mechanism and ridiculous as a store of value," Harris said. "There has to be something underpinning it," he said. "Bitcoin makes no revenue, no profitability." Bitcoin climbed more than 1,300 percent in 2017 to nearly $20,000, then lost almost half its value in the first three months of 2018. Bitcoin dipped below $6,000on Tuesday for the first time since June, before paring some losses to trade near $6,114 as of 6 p.m. EST, according to CoinDesk. Some cryptocurrency enthusiasts and investors have attributed the sell-off to kickback from Securities and Exchange Commission activity. The SEC moved to delay a decision on the VanEck SolidX Bitcoin Trust ETF on Aug. 7, after it rejected a separate ETF proposal from Cameron and Tyler Winklevoss on July 26. https://www.cnbc.com/2018/08/14/ex-paypal-ceo-theres-just-no-value-in-bitcoin.html Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: bitfocus on August 15, 2018, 06:39:00 AM The question is, how deep mr. Bill Harris is in with his Bitcoin Holding? millions?
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: keycellko on August 15, 2018, 07:28:29 AM Well huge fees that paypal charge for money transfer is one of the reasons why bitcoin emerge to be better as payment mechanism. I see the reason why Mr Harris is so against bitcoin because they see bitcoin as a rival to their business.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: talkbitcoin on August 15, 2018, 08:03:00 AM isn't this old news? i do realize that the shitty news sits are posting it now but the news itself (the quote) sounds quite old. i remember that Paypal CEO said this exact same thing a couple of months ago...
in other words it seems to me like news sites are running out of FUD to post during drops and are going back to re-posting the same stuff again :D Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Juggy777 on August 15, 2018, 08:18:41 AM Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value,' ex-PayPal CEO says Bitcoin will continue to fall, because "there's just no value there," former PayPal CEO Bill Harris told CNBC on Tuesday. "The cult of bitcoin [makes] many claims that it's instant, free, scalable, efficient, secure, globally accepted and useful it is none of those things," Harris said on CNBC's "Fast Money." Harris, who is also founder of Personal Capital Corporation, came out swinging against bitcoin in an April op-ed in which he called the cryptocurrency a "colossal pump-and-dump scheme, the likes of which the world has never seen." Harris said Tuesday that bitcoin's value will continue to dwindle until it gets "eventually a whole lot closer to zero." "We've got digital currencies. And we've got digital currencies that are more stable, more widely accepted and have intrinsic value. We've already got it it's called the dollar, the yen, you name it," Harris said. The former financial technology CEO's primary concerns about bitcoin include its slow transaction time, scaling challenges and volatility, which "alone makes it useless as a payment mechanism and ridiculous as a store of value," Harris said. "There has to be something underpinning it," he said. "Bitcoin makes no revenue, no profitability." Bitcoin climbed more than 1,300 percent in 2017 to nearly $20,000, then lost almost half its value in the first three months of 2018. Bitcoin dipped below $6,000on Tuesday for the first time since June, before paring some losses to trade near $6,114 as of 6 p.m. EST, according to CoinDesk. Some cryptocurrency enthusiasts and investors have attributed the sell-off to kickback from Securities and Exchange Commission activity. The SEC moved to delay a decision on the VanEck SolidX Bitcoin Trust ETF on Aug. 7, after it rejected a separate ETF proposal from Cameron and Tyler Winklevoss on July 26. https://www.cnbc.com/2018/08/14/ex-paypal-ceo-theres-just-no-value-in-bitcoin.html PayPal chief saying this is bit of hypocrisy, considering their fees and their rules that had caused popular sites to close down. Then again charge backs are a pain. As far the drop in prices, it's due to such statements that spreads panic in investor's and it's amazing to see how the media is hands in glove, with these people to bring the prices of Bitcoins down. They keep on bringing prices down, and then buy and again. As far as the ETF is concerned it's was always going to be rejected, the main ETF is of CBOE which will most likely be accepted. Bitcoins has created revenue for all the users, and it has proven to be a store value for, and people are accepting it as a currency. I don't agree with the above quotes, as they're one sided views and completely quoted for the purpose of creating panic and confusion. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Herlina on August 15, 2018, 08:50:15 AM Harris said Tuesday that bitcoin's value will continue to dwindle until it gets "eventually a whole lot closer to zero." From this quote, I think that he is a person who doesn't care about decentralization and believe in nonsense about the intrinsic value, I think fiat and other things can be valuable because of trust, Fiat digital currencies can be more stable because it is more trusted by most people on this earth and it is controlled by governments"We've got digital currencies. And we've got digital currencies that are more stable, more widely accepted and have intrinsic value. We've already got it it's called the dollar, the yen, you name it," Harris said. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: jseverson on August 15, 2018, 09:01:55 AM isn't this old news? i do realize that the shitty news sits are posting it now but the news itself (the quote) sounds quite old. i remember that Paypal CEO said this exact same thing a couple of months ago... in other words it seems to me like news sites are running out of FUD to post during drops and are going back to re-posting the same stuff again :D This one seems recent. This same person has apparently taken a shot at Bitcoin before though, dated April: https://www.cnbc.com/2018/04/26/fmr-paypal-ceo-says-investors-are-drinking-the-bitcoin-kool-aid.html It doesn't matter either way. Everything that can be said has already been said so I doubt anybody cares anymore. People see them on TV and simply forget about them. Only the really famous people a la Bill Gates and Warren Buffet can make an impression on the general public at this point, and even they can't seem to trigger a sell-off. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: avikz on August 15, 2018, 09:07:42 AM Harris is a known hater of bitcoin and cryptos. This is not the first time he has spoken against it and certainly not the last time. Many more to come from him. Earlier the community seems to be worried about such comments from big known wealthy names but now they know how to ignore it. It makes zero impact on the community and on the price. CNBC needs controversial news and these jerks are providing it. Nothing of a significance!
Quote he said. "Bitcoin makes no revenue, no profitability." That's a classic mistake! Bitcoin is no business so that it will have profitability. Since it's not a business, no question of revenue comes in to the picture either! Useless Stuff! Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: dothebeats on August 15, 2018, 09:54:51 AM They've been doing this thing for years ever since bitcoin rose to prominence. I wouldn't blame them for not really getting into bitcoin since it will affect their business models, though I must admit some of their points are valid and will remain as is until some people actually stand up and start receiving bitcoin-only payments for their enterprise/business. Bitcoin's development as a currency already halted and have been stagnant ever since people started speculating the crypto hard. Nonetheless, it can still be an effective payment method if people will use it as such and businesses will treat it as such.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: capn on August 15, 2018, 04:15:07 PM Hard but true to be honest bitcoin is nothing really healthy but we are using it because the volatility and on stability of Bitcoin right now is giving us an earnings that we can have, investing.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Ricky.Libertarian on August 15, 2018, 05:08:36 PM If cryptocurrencies are ridiculous as a store of value, then why people are rushing to buy them in countries facing inflation and hyperinflation ?
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: ribowo76 on August 15, 2018, 08:34:52 PM It could be, Mr. Bill Harris issued a statement because he felt bitcoin could be a threat to paypal in the future. Whatever the conditions, I still believe in the future of bitcoin
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Crystal24 on August 15, 2018, 08:42:00 PM Bitcoin as a payment mechanism cannot be said to be useless in my own opinion, it just that it has not been legalized as a payment medium and the the scalability issue.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: farosa on August 15, 2018, 08:45:26 PM Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value,' ex-PayPal CEO says Bitcoin will continue to fall, because "there's just no value there," former PayPal CEO Bill Harris told CNBC on Tuesday. "The cult of bitcoin [makes] many claims that it's instant, free, scalable, efficient, secure, globally accepted and useful it is none of those things," Harris said on CNBC's "Fast Money." Harris, who is also founder of Personal Capital Corporation, came out swinging against bitcoin in an April op-ed in which he called the cryptocurrency a "colossal pump-and-dump scheme, the likes of which the world has never seen." Harris said Tuesday that bitcoin's value will continue to dwindle until it gets "eventually a whole lot closer to zero." "We've got digital currencies. And we've got digital currencies that are more stable, more widely accepted and have intrinsic value. We've already got it it's called the dollar, the yen, you name it," Harris said. The former financial technology CEO's primary concerns about bitcoin include its slow transaction time, scaling challenges and volatility, which "alone makes it useless as a payment mechanism and ridiculous as a store of value," Harris said. "There has to be something underpinning it," he said. "Bitcoin makes no revenue, no profitability." Bitcoin climbed more than 1,300 percent in 2017 to nearly $20,000, then lost almost half its value in the first three months of 2018. Bitcoin dipped below $6,000on Tuesday for the first time since June, before paring some losses to trade near $6,114 as of 6 p.m. EST, according to CoinDesk. Some cryptocurrency enthusiasts and investors have attributed the sell-off to kickback from Securities and Exchange Commission activity. The SEC moved to delay a decision on the VanEck SolidX Bitcoin Trust ETF on Aug. 7, after it rejected a separate ETF proposal from Cameron and Tyler Winklevoss on July 26. https://www.cnbc.com/2018/08/14/ex-paypal-ceo-theres-just-no-value-in-bitcoin.html I have no idea about the owner of paypal but this statements has both its pro and cons. I am not agree with that opinion regarding the payment methods and bitcoin is not only alternative to them. Gold are safe heaven for investors and bitcoin can replace only risk investment options. Investors are playing safe and they prefer safe assets for steady gains. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: darkangel11 on August 15, 2018, 09:35:23 PM isn't this old news? i do realize that the shitty news sits are posting it now but the news itself (the quote) sounds quite old. i remember that Paypal CEO said this exact same thing a couple of months ago... in other words it seems to me like news sites are running out of FUD to post during drops and are going back to re-posting the same stuff again :D It's not old, this guy is just talks like a broken record. He used to say that and he's still repeating it nowadays. PRobably is angry because he's now the "former" CEO. Meanwhile in PayPal: Wences Casares, CEO of bitcoin wallet Xapo and member of PayPals board of directors has made a compelling forecast on bitcoins value over the next decade. The bitcoin entrepreneur and executive was speaking at the Consensus 2017 conference in New York. Taking the stage at a dinner organized by bitcoin and blockchain advocacy group Coin Center, Casares speech was quite the hit. Looks like they can't make up their minds in PayPal, but since the one being negative is the former CEO his opinions don't hold much value. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: levvv on August 16, 2018, 01:27:08 AM Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value,' ex-PayPal CEO says Bitcoin will continue to fall, because "there's just no value there," former PayPal CEO Bill Harris told CNBC on Tuesday. "The cult of bitcoin [makes] many claims that it's instant, free, scalable, efficient, secure, globally accepted and useful it is none of those things," Harris said on CNBC's "Fast Money." Harris, who is also founder of Personal Capital Corporation, came out swinging against bitcoin in an April op-ed in which he called the cryptocurrency a "colossal pump-and-dump scheme, the likes of which the world has never seen." Harris said Tuesday that bitcoin's value will continue to dwindle until it gets "eventually a whole lot closer to zero." "We've got digital currencies. And we've got digital currencies that are more stable, more widely accepted and have intrinsic value. We've already got it it's called the dollar, the yen, you name it," Harris said. The former financial technology CEO's primary concerns about bitcoin include its slow transaction time, scaling challenges and volatility, which "alone makes it useless as a payment mechanism and ridiculous as a store of value," Harris said. "There has to be something underpinning it," he said. "Bitcoin makes no revenue, no profitability." Bitcoin climbed more than 1,300 percent in 2017 to nearly $20,000, then lost almost half its value in the first three months of 2018. Bitcoin dipped below $6,000on Tuesday for the first time since June, before paring some losses to trade near $6,114 as of 6 p.m. EST, according to CoinDesk. Some cryptocurrency enthusiasts and investors have attributed the sell-off to kickback from Securities and Exchange Commission activity. The SEC moved to delay a decision on the VanEck SolidX Bitcoin Trust ETF on Aug. 7, after it rejected a separate ETF proposal from Cameron and Tyler Winklevoss on July 26. https://www.cnbc.com/2018/08/14/ex-paypal-ceo-theres-just-no-value-in-bitcoin.html Really ? But i see bitcoin price is keep staying on a stable price while many altcoins price drop in the market. Someday i think paypal and other payment gateway will be replaced by bitcoin and cryptocurrency. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: SamarasLoch on August 16, 2018, 01:41:26 AM Now, these people at PayPal are now beginning to hate Bitcoin and the exceptional solutions it brings. This is a better option to PayPal and they know it, so they badmouth it to the public so they can keep their loyal customers.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: wnfakind on August 16, 2018, 01:44:12 AM If I recall the CEO of PayPal had a different view of this not to long ago. He was praising Bitcoin in the article. Funny how thing's change quickly.. wonder how much Bitcoin he is holding and trying to drive the price down as the other manipulating the market are to buy in dirt cheap as all the weak hands sell off their future fortune. Idiot's
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: SamarasLoch on August 16, 2018, 01:45:38 AM I know one thing; Bitcoin and altcoins have come to stay. We can finally get rid of huge charges and slow transactions as these have been perfected in some crypt currencies already. Try moving a little as $2000 with PayPal and see the ridiculous charges you will incur. Yet about $2m was moved with ripple and the charges was less than $0.01 and it took just 5 seconds. This should tell us a lot. THIS IS THE FUTURE.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: pooya87 on August 16, 2018, 02:36:28 AM mark my words, in a short time in the future we will see PayPal adopt bitcoin in one way or another. most probably (if they are wise) they will start letting people add bitcoin to their PP wallets and turn it into fiat and vice versa, or (if they are not wise) they will start making PP into an altcoin and fail.
but they will get involved eventually because they are seeing how their business is losing its grounds slowly but surely to bitcoin. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Cryptohunt on August 16, 2018, 05:29:29 AM how much gossip circulating about the destruction of bitcoin must be received and evaluated by ourselves.
maybe people who say bitcoin has no value is just a setting so that the price of bitcoin drops sharply and after reaching the lowest point they just buy in large quantities and seek profit from the increase in bitcoin prices later on, so this might just be a conspiracy. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Dmitry.Vastov on August 18, 2018, 09:50:13 AM Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value,' ex-PayPal CEO says I find these people morons and foolish who either called bitcoin a bubble that would burst soon or calling bitcoin useless as a payment method and ridiculous as a store of value and I think these are the people who are completely unaware of fate and potential of bitcoin and the sustainability of the bitcoin, though bitcoin has been not that famous to be use as a payment method very popularly but but as a store value it is the best among all.Bitcoin will continue to fall, because "there's just no value there," former PayPal CEO Bill Harris told CNBC on Tuesday. "The cult of bitcoin [makes] many claims that it's instant, free, scalable, efficient, secure, globally accepted and useful it is none of those things," Harris said on CNBC's "Fast Money." Harris, who is also founder of Personal Capital Corporation, came out swinging against bitcoin in an April op-ed in which he called the cryptocurrency a "colossal pump-and-dump scheme, the likes of which the world has never seen." Harris said Tuesday that bitcoin's value will continue to dwindle until it gets "eventually a whole lot closer to zero." "We've got digital currencies. And we've got digital currencies that are more stable, more widely accepted and have intrinsic value. We've already got it it's called the dollar, the yen, you name it," Harris said. The former financial technology CEO's primary concerns about bitcoin include its slow transaction time, scaling challenges and volatility, which "alone makes it useless as a payment mechanism and ridiculous as a store of value," Harris said. "There has to be something underpinning it," he said. "Bitcoin makes no revenue, no profitability." Bitcoin climbed more than 1,300 percent in 2017 to nearly $20,000, then lost almost half its value in the first three months of 2018. Bitcoin dipped below $6,000on Tuesday for the first time since June, before paring some losses to trade near $6,114 as of 6 p.m. EST, according to CoinDesk. Some cryptocurrency enthusiasts and investors have attributed the sell-off to kickback from Securities and Exchange Commission activity. The SEC moved to delay a decision on the VanEck SolidX Bitcoin Trust ETF on Aug. 7, after it rejected a separate ETF proposal from Cameron and Tyler Winklevoss on July 26. https://www.cnbc.com/2018/08/14/ex-paypal-ceo-theres-just-no-value-in-bitcoin.html Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Red-Apple on August 18, 2018, 10:18:22 AM I find these people morons and foolish who either called bitcoin a bubble that would burst soon or calling bitcoin useless as a payment method and ridiculous as a store of value and I think these are the people who are completely unaware of fate and potential of bitcoin and the sustainability of the bitcoin, though bitcoin has been not that famous to be use as a payment method very popularly but but as a store value it is the best among all. i disagree. people who have been calling bitcoin these things are wise because they know the market is greatly affected by FUD like that and they want to have negative effect on the market for different reasons. some see bitcoin as competition and don't want it to grow and some want to buy in at cheaper prices. and although this is a dirty trick but it is wise and effective. i consider people like OP who quote these people morons because they don't benefit from this type of news but the people they are quoting will! Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: hugeblack on August 18, 2018, 12:23:01 PM Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value,' ex-PayPal CEO says Away from emotions, his words contain a kind of honesty.Bitcoin in its current form is not appropriate: - As a payment mechanism for daily transactions "or to everyone." - Make quick purchases. - As a Payments to large merchants. On the other hand, a store of value, high fluctuation in value makes it unsuitable to be a store of value. Perhaps after the activation of solutions such as lightning network, and control/regulation on the exchange platforms resolved all these restrictions. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: tuturutmunding on August 18, 2018, 01:33:21 PM in my opinion it is a very wrong statement about bitcoin. in fact the opposite is true with what you say. precisely now more and more countries with strong economies are using bitcoin as a means of payment. it indicates that it is very good and easy to make payments with bitcoin.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Kimskie12 on August 18, 2018, 01:58:41 PM I'm not an expert but in my opinion that is just his speculation. I still believe to those reliable sources and giving us positive comments about bitcoin.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Ikpirijor7 on August 18, 2018, 02:06:22 PM Well immense expenses that paypal charge for cash exchange is one reason why bitcoin develop to be better as installment system. I see the motivation behind why Mr Harris is so against bitcoin in light of the fact that they see bitcoin as an adversary to their business.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: eaLiTy on August 18, 2018, 02:41:56 PM mark my words, in a short time in the future we will see PayPal adopt bitcoin in one way or another. most probably (if they are wise) they will start letting people add bitcoin to their PP wallets and turn it into fiat and vice versa, or (if they are not wise) they will start making PP into an altcoin and fail. This is what is happening and these companies will start accepting bitcoin in the future even though they can bash anything they want now because it is affecting their business model and if they do not adopt they will go out from business in a short time . We will hear from company owners who are directly affected by bitcoin and the entire market.but they will get involved eventually because they are seeing how their business is losing its grounds slowly but surely to bitcoin. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: helern on August 18, 2018, 02:44:35 PM And in all anyone can just say anything they feel especially a negative statement about Bitcoin and honestly it doesn't change the fact that Bitcoin is useful to all.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: 1Referee on August 18, 2018, 02:47:33 PM On the other hand, a store of value, high fluctuation in value makes it unsuitable to be a store of value. How so? I have been using Bitcoin as store of value for years, and it worked out pretty well. People think just because of the fluctuations that Bitcoin isn't suitable as store of value, but why would you bother caring about short term fluctuations when the price is bound to increase throughout the forthcoming years? If you park your money in Bitcoin for a couple of years, why are current fluctuations a problem? You are not speculating, you are not planning to use any of it, you just want it to grow as time goes by, that's what a store of value should function as. Most legacy means of value storage have time on time proven to be unreliable in that aspect. Bitcoin has been and still is the ultimate store of value of this century. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: rajkr on August 18, 2018, 02:47:43 PM It is not much succeed as payment method but it can not be predicted that it is moving towards zero.It is widely used as assets .
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Brianlee0112 on August 20, 2018, 07:38:41 PM I don't know why but seems like Bill Harris is very salty about Bitcoin, either he have made a huge loss out of it or he is secretly holding BTC so that he can make profit out of it once people have abandoned it. Anyways, such opinions carry little to no value rather spreading unnecessary fear among a whole community, it is better if we learn to ignore these.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: zinson01 on August 21, 2018, 02:53:48 AM I can show you thousands of expert opinions where they have predicted Bitcoin to rise up to millions of dollars but does that change anything in the market? The answer is no. Famous people like Bill Harris have been sharing their view regarding Bitcoin for a long time now but honestly, I haven't seen any of them become true. So, I would rather trust my own judgement in this case.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: darklus123 on August 21, 2018, 03:01:21 AM Come'on, This statement came from paypal's CEO. As we all know that bitcoin is a threat to all other digital currencies like paypal. Will you expect the creator of paypal to support bitcoin which can definitely be a problem to them. In short this statement is pretty one sided with a conflict of interest. Just read the statement again after he directly told everyone how bad bitcoin can be then at the end promoting his currency (paypal). Pretty smart guy tho
The question is, how deep mr. Bill Harris is in with his Bitcoin Holding? millions? I highly doubt that they have invested into bitcoin. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: acheampong64 on August 21, 2018, 03:12:10 AM in other words it seems to me like news sites are running out of FUD to post during drops and are going back to re-posting the same stuff again :D And that's what they've been doing for quite sometime. They only get news when people say these things against Bitcoin. They spread bad news all over. I'm happy I don't read from them. This forum is my source of news- I decide what to read and what to ignore.Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: TheGodFather on August 21, 2018, 03:22:29 AM in other words it seems to me like news sites are running out of FUD to post during drops and are going back to re-posting the same stuff again :D And that's what they've been doing for quite sometime. They only get news when people say these things against Bitcoin. They spread bad news all over. I'm happy I don't read from them. This forum is my source of news- I decide what to read and what to ignore.Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: CryptoGamblingSites on August 21, 2018, 03:28:40 AM What is this thread even about?
It's just a bunch of quotes from people who don't believe in bitcoin? Couldn't a thousand threads be created like that if we really wanted... Spend less time caring what people who don't agree with your world view say, Bitcoin is doing just fine. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: jseverson on August 21, 2018, 06:18:29 AM On the other hand, a store of value, high fluctuation in value makes it unsuitable to be a store of value. How so? I have been using Bitcoin as store of value for years, and it worked out pretty well. I don't think it has as much to do about fluctuations in value as Bitcoin's track record, or more specifically, its lack thereof. People who have held coins for longer than a year know that Bitcoin can hold its value really well, and that chances are it's going to be even more valuable in the future. The problem, I think, is that Bitcoin hasn't even existed for a decade yet. I can't blame more traditional people for thinking precious metals are a much better option for storage of value considering the fact that they've been playing that role for centuries. Generations of people have gone that road without encountering any problems. "Tried and tested" typically trump "new and innovative" in cases where you need to wait decades for a result. Fluctuations themselves shouldn't be too bad at the end of the day, but I imagine they may cause some unnecessary anxiety, so I can also see where that sentiment is coming from. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: kellyscott on August 21, 2018, 10:26:36 PM Okay, well, this is not new news that the Paypal CEO had said this! His statements only spreads panic in investors and new bees. And if, bitcoin is such useless payment then why people would rush into this to invest? So, it would be wise not to listen about his statements. Bitcoin is itself enough to show how strong it is!
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: alanfox on August 21, 2018, 11:00:54 PM Well, this is old news. Previously, the CEO of Paypal already said this. Investors and new bees gt panicked when they listen to such news. If the bitcoin was such useless then people would definitely not invested in this. So, it would be better not to listen to this type of news!
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Justin Jones on August 22, 2018, 04:10:38 AM Fiat money has value because we believe in it and assign it a value. Without the value assignment of users, fiat money just a piece of paper and worth nothing. Bitcoin is the same. If it is believed by many people and those people accept to sell and buy in Bitcoin, then Bitcoin can become a medium of exchange. The value Bitcoin has gained is what it stores.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Pamela Andrade on August 22, 2018, 04:11:22 AM He's biased because as the CEO of PayPal, he is considering Bitcoin as a competitor with his product.
"We've got digital currencies. And we've got digital currencies that are more stable, more widely accepted and have intrinsic value. We've already got it it's called the dollar, the yen, you name it," Harris said. So doesn't he care about the technology behind Bitcoin - what makes it different from those traditional currencies? Is he scared that Bitcoin will take over the market and PayPal will fail to compete? Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: blackandwhite89 on August 22, 2018, 07:15:54 PM bitcoin price are fall down but ETF are not resposible for this. it is liquidity thats why here anything can happen. bitcoin price will go upward in future. it will make more profit for investor by increasing price more than $8000.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: 9jaflick on August 22, 2018, 07:32:01 PM isn't this old news? i do realize that the shitty news sits are posting it now but the news itself (the quote) sounds quite old. i remember that Paypal CEO said this exact same thing a couple of months ago... lol, this is what we see everyday, bloggers will do anything to get traffic, they don't care to know if the news is an old or not, in as much as it will bring traffic they are good to goin other words it seems to me like news sites are running out of FUD to post during drops and are going back to re-posting the same stuff again :D Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: gabbie2010 on August 22, 2018, 07:42:54 PM The CEO has not come to term with reality, his disparaging and derogatory comments about bitcoin is just a way of discouraging people, personally I think bitcoin has made online payment easier as a digital currency without any hassle of useless and cumbersome KYC by the so called PayPal and other payment processors I can use bitcoin as a store of value.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Mabinat on August 22, 2018, 07:47:30 PM this is another attempt to manipulate the market does not need to be driven by this
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Ferki on August 22, 2018, 08:01:41 PM The price of Bitcoin at 2010 was 0,06 $.Without any value.And it still has no value,no big background,no firm behind the project.And it costs about 6000$.You could buy all bitcoins with just 1 mio at 2010 and be the reachest man right now.ATH?Will come again :D
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: crypto-bit456 on August 22, 2018, 08:15:08 PM bitcoin are now decrease their price. but it will go upward. ETF does no effect to fall down price. it is following liquidity thats why here anything can happen.it will be increasing price as early as possible more than $8000 in the end of this year.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: timerland on August 22, 2018, 09:38:55 PM He's literally saying here that USD is a good long term store of value. That's how absurd his entire argument is. His motivation for saying all this is obviously because of his links to Paypal, imo, even though he's not the CEO anymore.
I don't know about you guys, but I would definitely take bitcoin over any sort of fiat currency if I was to hold my wealth in something in the long run. Fiat currencies are centrally controlled and it has been demonstrated over and over again in history that the government will continue to be debasing the monetary supply, leading to depreciation. Bitcoin on the other hand, is decentralized, and has an absolute limit on its supply - something that fiat currencies never has or will have. That itself debunks the argument that bitcoin is not a store of value. It is - and it is much better than fiats. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: easycoin995 on August 22, 2018, 10:04:25 PM bitcoin price are down now that does not mean it is end. it will come back and it will increase price. you just wait for a good time. if you analysis the past year bitcoin price list you can guess this. it will go more than$10000.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: markluis on August 22, 2018, 10:11:43 PM This is absolutely a wrong and very old news. The CEO of Paypal is known to be hater of bitcoin. And he has told so many times before that the bitcoin is useless. If the bitcoin were useless then people off course didnt show such interest. So, its better not to bother about his statement.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: kellyscott on August 22, 2018, 10:34:58 PM It is obvious he will say that because when bitcoin will be accepted worldwide with no transaction fee all the companies like pay pal will fall for sure. This is the main reason the CEOs of these companies are spreading rumors now.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: cryptoking963 on August 23, 2018, 09:43:33 AM I saw bitcoin value is keep remaining on a stable price while many altcoins fee drop in the market. Some times I assume that paypal and other payments are gateway it will be swapped by bitcoin and cryptocurrency.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: blacknight789 on August 23, 2018, 02:00:52 PM As an investor of Bitcoin, I would never say that Bitcoin is totally nothing in the payment system. It has good value in the field of store value and as well as for the payment system.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Daybreak76 on August 23, 2018, 05:44:11 PM The bitcoin users know the true value of it. So whatever Harris tells does not effect on them. He will say anything to keep track on his business. So its better to not take his discussion seriously
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: thichtieuthuong on August 23, 2018, 05:52:03 PM Why is Bitcoin falling due to ETF, so ridiculous . There is no definite conclusion at present, whatever may happen, Bitcoin prices will increase in the future . It will make more profits to investors by raising prices by more than $ 16,000.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: blackmagic111 on August 23, 2018, 06:01:43 PM No one can throw out the possibility of Bitcoin in the current situation. Because digitalization is the most important in this modern world and Bitcoin is doing the job. So, people have the highest confidence in bitcoin.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: AllenTurner on August 23, 2018, 06:51:10 PM Harris is famous for his hate towards the market, especially the BTC. It will be just better for us to avoid this guy and not to say any heed to what he says.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: blackrain321 on August 23, 2018, 06:51:28 PM Anyone can say any kind of thing from his thoughts. But there is my trust in Bitcoin, I think other investors like me are also fully trust on it. And investing their investment and trading by believing in Bitcoin.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: GreenHarbor57 on August 23, 2018, 07:08:52 PM This is old news actually. But for the retrospect, it will be better to give the spotlight to people like Harris who have nothing but acid in their mouth about BTC.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: BitcoinMaster555 on August 23, 2018, 07:43:26 PM For it's current down market price BTC fsces many criticissm like that and maximum of these come from BTC's rival. But BTC will be increase in future and it will be able to stop all criticism like these.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: 3acaga on August 23, 2018, 07:50:36 PM Another clever in the crypto currency, which simply defends their interests and is very interested in the fall of bitcoin. Why do I tsytat and be interested in any emissions in the media.
It's been a long time since a normal person understood - that the media is all manipulation and nothing else. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: andohyeb on August 23, 2018, 08:22:53 PM Bitcoins core function is to serve as a payment method but it is the greed of investors seeking a safe haven for their money that has make bitcoins now as a store of value cum investment asset, which is wrong.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Omega Weapon on August 23, 2018, 09:31:15 PM Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value,' ex-PayPal CEO says The real question is what is he receiving to make those kind of claims? I am sure that a person like him is smart enough to see that bitcoin has problems like any new technology but that it is slowly solving them, this tells me that he is being intellectually dishonest about this, but it does not matter at the end we are going to be proven right and he is going to be proven wrong. Bitcoin will continue to fall, because "there's just no value there," former PayPal CEO Bill Harris told CNBC on Tuesday. "The cult of bitcoin [makes] many claims that it's instant, free, scalable, efficient, secure, globally accepted and useful it is none of those things," Harris said on CNBC's "Fast Money." Harris, who is also founder of Personal Capital Corporation, came out swinging against bitcoin in an April op-ed in which he called the cryptocurrency a "colossal pump-and-dump scheme, the likes of which the world has never seen." Harris said Tuesday that bitcoin's value will continue to dwindle until it gets "eventually a whole lot closer to zero." "We've got digital currencies. And we've got digital currencies that are more stable, more widely accepted and have intrinsic value. We've already got it it's called the dollar, the yen, you name it," Harris said. The former financial technology CEO's primary concerns about bitcoin include its slow transaction time, scaling challenges and volatility, which "alone makes it useless as a payment mechanism and ridiculous as a store of value," Harris said. "There has to be something underpinning it," he said. "Bitcoin makes no revenue, no profitability." Bitcoin climbed more than 1,300 percent in 2017 to nearly $20,000, then lost almost half its value in the first three months of 2018. Bitcoin dipped below $6,000on Tuesday for the first time since June, before paring some losses to trade near $6,114 as of 6 p.m. EST, according to CoinDesk. Some cryptocurrency enthusiasts and investors have attributed the sell-off to kickback from Securities and Exchange Commission activity. The SEC moved to delay a decision on the VanEck SolidX Bitcoin Trust ETF on Aug. 7, after it rejected a separate ETF proposal from Cameron and Tyler Winklevoss on July 26. https://www.cnbc.com/2018/08/14/ex-paypal-ceo-theres-just-no-value-in-bitcoin.html Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Sexie on August 23, 2018, 10:33:56 PM Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value,' ex-PayPal CEO says Bitcoin will continue to fall, because "there's just no value there," former PayPal CEO Bill Harris told CNBC on Tuesday. "The cult of bitcoin [makes] many claims that it's instant, free, scalable, efficient, secure, globally accepted and useful it is none of those things," Harris said on CNBC's "Fast Money." Harris, who is also founder of Personal Capital Corporation, came out swinging against bitcoin in an April op-ed in which he called the cryptocurrency a "colossal pump-and-dump scheme, the likes of which the world has never seen." Harris said Tuesday that bitcoin's value will continue to dwindle until it gets "eventually a whole lot closer to zero." "We've got digital currencies. And we've got digital currencies that are more stable, more widely accepted and have intrinsic value. We've already got it it's called the dollar, the yen, you name it," Harris said. The former financial technology CEO's primary concerns about bitcoin include its slow transaction time, scaling challenges and volatility, which "alone makes it useless as a payment mechanism and ridiculous as a store of value," Harris said. "There has to be something underpinning it," he said. "Bitcoin makes no revenue, no profitability." Bitcoin climbed more than 1,300 percent in 2017 to nearly $20,000, then lost almost half its value in the first three months of 2018. Bitcoin dipped below $6,000on Tuesday for the first time since June, before paring some losses to trade near $6,114 as of 6 p.m. EST, according to CoinDesk. Some cryptocurrency enthusiasts and investors have attributed the sell-off to kickback from Securities and Exchange Commission activity. The SEC moved to delay a decision on the VanEck SolidX Bitcoin Trust ETF on Aug. 7, after it rejected a separate ETF proposal from Cameron and Tyler Winklevoss on July 26. https://www.cnbc.com/2018/08/14/ex-paypal-ceo-theres-just-no-value-in-bitcoin.h [/quote He can say what he can say but records served as evidence that bitcoin is so quiet, as the number 6 currency in the world and has value as you can say on the chart it is still dominating. It is not just easy to have a part of it unless you have a big capital . If you are so efficient , resourceful and patient to receive rewards from any bitcoin projects or if you had saved a lot of altcoin in exchange to bitcoin then you will be lucky to have. In that way you will understand that bitcoin is worth as a mode of payment by your hardwoks. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Indrawan77 on August 23, 2018, 11:16:08 PM Bitcoin offered something new in this world which is decentralised currency, and no matter what the person said, bitcoin had helped so many people and it had given profit to a lot of people, some people just jealous of bitcoin success, no other investment able to rise faster than bitcoin
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: StephKram on August 23, 2018, 11:17:56 PM PayPal is the biggest POS ever. I use Bitcoin at numerous retail outlets and I make many online purchases with it. SOunds like Paypal is about to be replaced. Bye Bye. I have never witnessed a bigger bunch of thieves than those guys.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: 2fresh on August 23, 2018, 11:25:56 PM Of course he is going to say that, paypal wants to see bitcoin die.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Patatas on August 23, 2018, 11:32:07 PM Of course he is going to say that, paypal wants to see bitcoin die. Not to mention but they tried to do that but banning so many accounts that involved crypto trading. I still remember the number of accounts that were banned by them in the early bitcoin bubble.PayPal is the biggest POS ever. I use Bitcoin at numerous retail outlets and I make many online purchases with it. SOunds like Paypal is about to be replaced. Bye Bye. I have never witnessed a bigger bunch of thieves than those guys. About to be? They already are! They are not even POS, they're just a highly centralized money regulating organization. Elon Musk wouldn't be proud of PayPal at its current stage either.Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: jcarlo on August 24, 2018, 12:26:04 AM I am prefer beliving on bitcoin rather than ex CEO paypal said. Bitcoin prove profitable investment and its more safe than currency and gold. Gold is good investment but its not safe because people can stole it easily but not with bitcoin as long we keep our private key safe
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: pitiflin on August 24, 2018, 01:03:35 AM Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value,' ex-PayPal CEO says What he is saying is a little true,not entirely. People don't use bitcoin as a payment system. They use it as an asset/investment. If bitcoin is going to be used as an investment,and if ETF gets approved, there's no real difference between these and other digital investments and physical investments. All these end up being centralized. Bitcoin will continue to fall, because "there's just no value there," former PayPal CEO Bill Harris told CNBC on Tuesday. "The cult of bitcoin [makes] many claims that it's instant, free, scalable, efficient, secure, globally accepted and useful it is none of those things," Harris said on CNBC's "Fast Money." Harris, who is also founder of Personal Capital Corporation, came out swinging against bitcoin in an April op-ed in which he called the cryptocurrency a "colossal pump-and-dump scheme, the likes of which the world has never seen." Harris said Tuesday that bitcoin's value will continue to dwindle until it gets "eventually a whole lot closer to zero." "We've got digital currencies. And we've got digital currencies that are more stable, more widely accepted and have intrinsic value. We've already got it it's called the dollar, the yen, you name it," Harris said. The former financial technology CEO's primary concerns about bitcoin include its slow transaction time, scaling challenges and volatility, which "alone makes it useless as a payment mechanism and ridiculous as a store of value," Harris said. "There has to be something underpinning it," he said. "Bitcoin makes no revenue, no profitability." Bitcoin climbed more than 1,300 percent in 2017 to nearly $20,000, then lost almost half its value in the first three months of 2018. Bitcoin dipped below $6,000on Tuesday for the first time since June, before paring some losses to trade near $6,114 as of 6 p.m. EST, according to CoinDesk. Some cryptocurrency enthusiasts and investors have attributed the sell-off to kickback from Securities and Exchange Commission activity. The SEC moved to delay a decision on the VanEck SolidX Bitcoin Trust ETF on Aug. 7, after it rejected a separate ETF proposal from Cameron and Tyler Winklevoss on July 26. https://www.cnbc.com/2018/08/14/ex-paypal-ceo-theres-just-no-value-in-bitcoin.html Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: xena2 on August 24, 2018, 02:24:03 AM Well huge fees that paypal charge for money transfer is one of the reasons why bitcoin emerge to be better as payment mechanism. I see the reason why Mr Harris is so against bitcoin because they see bitcoin as a rival to their business. You are right, as the competition goes by, bitcoin become more popular that makes paypal shrink it's popularity. Many people have known the advantages of crypto that is why many of them transferred to using bitcoin comparing paypal. So that is why Mr. paypal is saying false accusations to crypto. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: kolsernik on August 24, 2018, 08:45:20 PM How would they not say this man but the capitalization of crypto-currencies grows.A large number of ICO startups gather hard cap and followed a well-defined road map.Bitcoin and cryptocurrency are already in great demand.In my opinion, the only problem with bitcoin is its volatility.But I hope this is temporary.There has to be stability sometime.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Mrconnect on August 24, 2018, 08:49:06 PM Bitcoin is only a rival to Mr Harris because it is rivalling his company PayPal. Has he taken time to see the growing capital investment in the Bitcoin. In my opinion, Mr harris is just whinning and he'lll continue to do so until his company goes to zero. He is just scared of the mounting competition. The Bitcoin has only just started and will egt better in temrs of its transaction speed, etc.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Bitocek100000 on August 24, 2018, 08:52:16 PM I think that the Pay Pal dreams that Bitcoin went to the bottom. In the end, in the near future Bitcoin simply makes it useless to use this payment system.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Rozita on August 24, 2018, 09:03:39 PM Bitcoin is a good investment now because it can be useful as a payment mechanism in future. People are now investing in a currency which can make them rich if it becomes a common currency. There is a high possibility that it will happen. So, shouldn't miss this opportunity.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: SafeCamel95 on August 26, 2018, 06:04:47 PM Bitcoin is decentralized and that's why there are no third party who maintain BTC. That's no one here for profitable without the investor and holder. But this criticism will be error I wissh.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: BitGunner on August 26, 2018, 07:13:05 PM I think that btc has real value and it is the best innovative coin I have ever seen. To my mind, it is better to choose it due to the benefits it has. To my mind, you need to hold it for the long-term
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Marlo Stanfield on August 26, 2018, 07:31:53 PM Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value,' ex-PayPal CEO says The real question is what is he receiving to make those kind of claims? I am sure that a person like him is smart enough to see that bitcoin has problems like any new technology but that it is slowly solving them, this tells me that he is being intellectually dishonest about this, but it does not matter at the end we are going to be proven right and he is going to be proven wrong. Bitcoin will continue to fall, because "there's just no value there," former PayPal CEO Bill Harris told CNBC on Tuesday. "The cult of bitcoin [makes] many claims that it's instant, free, scalable, efficient, secure, globally accepted and useful it is none of those things," Harris said on CNBC's "Fast Money." Harris, who is also founder of Personal Capital Corporation, came out swinging against bitcoin in an April op-ed in which he called the cryptocurrency a "colossal pump-and-dump scheme, the likes of which the world has never seen." Harris said Tuesday that bitcoin's value will continue to dwindle until it gets "eventually a whole lot closer to zero." "We've got digital currencies. And we've got digital currencies that are more stable, more widely accepted and have intrinsic value. We've already got it it's called the dollar, the yen, you name it," Harris said. The former financial technology CEO's primary concerns about bitcoin include its slow transaction time, scaling challenges and volatility, which "alone makes it useless as a payment mechanism and ridiculous as a store of value," Harris said. "There has to be something underpinning it," he said. "Bitcoin makes no revenue, no profitability." Bitcoin climbed more than 1,300 percent in 2017 to nearly $20,000, then lost almost half its value in the first three months of 2018. Bitcoin dipped below $6,000on Tuesday for the first time since June, before paring some losses to trade near $6,114 as of 6 p.m. EST, according to CoinDesk. Some cryptocurrency enthusiasts and investors have attributed the sell-off to kickback from Securities and Exchange Commission activity. The SEC moved to delay a decision on the VanEck SolidX Bitcoin Trust ETF on Aug. 7, after it rejected a separate ETF proposal from Cameron and Tyler Winklevoss on July 26. https://www.cnbc.com/2018/08/14/ex-paypal-ceo-theres-just-no-value-in-bitcoin.html I think for the most part it's true that Bitcoin itself is pretty bad as a payment system. Perhaps something can be built on top of it with Lightning, but leveraging that and actually getting some good for the consumer is still a huge question mark when you live in a word where people can get cash back and protection using a credit card or Paypal. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: jpnl0008 on August 26, 2018, 07:35:18 PM it is said that people who do not know much about certain things always judges those things from their microscopic view of the things and in most cases, it is always very wrong, for one to say bitcoin is useless that is simply because the person has very little understanding of what blockchain is and how it works
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: SummerHamster on August 26, 2018, 07:44:29 PM Inspite of being bitcoin market price is down it's still reliable and sustainable for many many. It's tottaly transaction fee but some other currency like paypal which charge a big amount for transaction.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Omega Weapon on August 28, 2018, 12:30:50 AM I think for the most part it's true that Bitcoin itself is pretty bad as a payment system. Perhaps something can be built on top of it with Lightning, but leveraging that and actually getting some good for the consumer is still a huge question mark when you live in a word where people can get cash back and protection using a credit card or Paypal. We can all recognize that bitcoin is not the best system of payments out there, but you are missing the point of bitcoin, which is to be an independent currency not controlled by governments that cannot be destroyed and that despite the fact that you do not get cashback protection you get protection from the inflation created by printing more fiat.Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: MidKnight on August 28, 2018, 01:52:42 AM Paypal would be the worst people in terms of digital transactions so they don't have the right to insult bitcoin that is still in its early stage. Those Paypal former CEOs are unbelievable because many of their users complains about their garbage services.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: IndigoRed on August 28, 2018, 02:34:39 AM Well huge fees that paypal charge for money transfer is one of the reasons why bitcoin emerge to be better as payment mechanism. I see the reason why Mr Harris is so against bitcoin because they see bitcoin as a rival to their business. You're absolutely right! As a frequent PayPal user, I cannot even tell you how much money I lost because of their exorbitant transfer and conversion fees! It's only natural for the competitors to feel threatened by a payment system that is cheaper, more secure and way more efficient. Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: D.boss on September 19, 2018, 08:50:40 PM That is a very old news. Though the last part of the article is written recently but the news of Bill Harris is very old. However, I would suggest people to stop listening to all these expert opinions, be it good or bad regarding Bitcoin and believe in their own instincts. I have seen such personalities come and talk bad about Bitcoin whereas they have been the biggest investor of BTC all along.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: kimcuchospital on September 30, 2018, 09:00:05 AM Some people are jealous of the bitcoin success, not any other investment grows faster than bitcoin. I use Bitcoin at many retail stores and I make a lot of online purchases with it. Goodbye. Of course he would say that paypal wants to see bitcoin die.
Title: Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value Post by: Moiyah on October 12, 2018, 07:02:36 PM Those who are not believing how bitcoin will grow and will work as a payment in the future, are those who want to down bitcoin. Some establishments are already accepting btc as a paymeny like amazon. These kind of fud are baseless and the transparency of btc is so obvious. It is continuing to do better and better as the time goes by.
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