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

[BitcoinMaster555]

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.

[3acaga]

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.

[andohyeb]

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.

[Omega Weapon]

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

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.

[Sexie]

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
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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.

[Indrawan77]

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

[StephKram]

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. 

[2fresh]

Of course he is going to say that, paypal wants to see bitcoin die.

[Patatas]

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.

[jcarlo]

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

[pitiflin]

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

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.

[xena2]

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.

[kolsernik]

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.

[Mrconnect]

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.

[Bitocek100000]

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.

[Rozita]

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. 

[SafeCamel95]

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.

[BitGunner]

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

[Marlo Stanfield]

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

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.

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.

[jpnl0008]

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