Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value

[seje]

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

[bitfocus]

The question is, how deep mr. Bill Harris is in with his Bitcoin Holding? millions?

[keycellko]

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.

[talkbitcoin]

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

[Juggy777]

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.

[Herlina]

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.

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

[jseverson]

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

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.

[avikz]

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!

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!
 

[dothebeats]

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.

[capn]

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.

[Ricky.Libertarian]

If cryptocurrencies are ridiculous as a store of value, then why people are rushing to buy them in countries facing inflation and hyperinflation ?

[ribowo76]

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

[Crystal24]

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.

[farosa]

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.

[darkangel11]

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

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 PayPal’s board of directors has made a compelling forecast on bitcoin’s 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.

[levvv]

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.

[SamarasLoch]

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.

[wnfakind]

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

[SamarasLoch]

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.

[pooya87]

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.