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

[Cryptohunt]

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.

[Dmitry.Vastov]

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 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.

[Red-Apple]

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!

[hugeblack]

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.

[tuturutmunding]

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.

[Kimskie12]

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.

[Ikpirijor7]

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.

[eaLiTy]

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.

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.

[helern]

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.

[1Referee]

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.

[rajkr]

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 .

[Brianlee0112]

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.

[zinson01]

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.

[darklus123]

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.

[acheampong64]

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

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.

[TheGodFather]

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

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.

every time that i see people who they say about the bitcoin is useless, i was smiling only. because i know that the bitcoin done many things for us. and in terms of transaction, the bitcoin is so useful because since before this industry begin there are many user that use it for different reason so for those guys who says that it is useless it is okay . that's your opinion.

[CryptoGamblingSites]

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.

[jseverson]

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.

[kellyscott]

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!

[alanfox]

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!