Former Paypal CEO "bitcoin biggest ever scam"

[JoshuaBlack1]

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

[mindrust]

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.

[hostrm]

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

[jseverson]

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.

[avikz]

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.

[SPQR_Legionnaire]

Hahahaha somebody's bitter they missed the boat.

[Harlot]

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.

[Sachinist]

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.

[cryptohunter]

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.

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.

[bitfocus]

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

[BrewMaster]

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.

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!

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

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

[Clearstream]

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 .

[nmax21]

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

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!

[maslovp]

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 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.

[YzzyGo]

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.

[@Hakermania@]

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.

[ILuckyGuyI]

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.

[batang_bitcoin]

Those who say Bitcoin is a scam pretty much all have the same reasonings, and this guy is no different.

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."

[gabmen]

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.

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.

[merkuriya]

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.