[2018-08-15] Is Bitcoin A “Cult”? A Former Paypal CEO Seems To Think So

[BitcoinArsenal]

From the belief that Satoshi is Craig Wright, to some considering that Bitcoin is going zero, this nascent industry has had its fair share of unpopular and contrasting opinions. A former Paypal CEO’s appearance on CNBC has only cemented this theme, with this legacy market proponent likening crypto to a cult.
Full article on NewBTC

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[AXELNetwork]

It makes sense for PayPal to be threatened by Bitcoin because it has the potential to kill their business, and when people are threatened they'll lash out.

[Sutters Mill]

It's not a cult, it just has a lot of believers behind it who can see its divine potential. Wait, that does sound like a cult  .

I think the trouble with bitcoin is it just attracts both the crazy and desperate. The people who never shut up about it are usually those that have got significant money invested in it so it's in their best interests to scream it from the rooftops with a passion.

[gentlemand]

Yes. There's something very cultish about it. Someone compared crypto obsessives to vegans which does add up. That same piousness and sense that they've realised something everyone else has not yet.

However you want to look at it, it's not a coldly logical thing to throw money into at present. Everyone's betting on a future that may not arrive. Most have barely acknowledged any possibility of failure.

But everything needs that obsessiveness and passion for it to eventually leave cult status behind and be embraced by everyone else.

[vy99]

The people who never shut up about it are usually those that have got significant money invested in it so it's in their best interests to scream it from the rooftops with a passion.

Yeah it's mostly people that got in after it was over $15k and are desperate to recoup their losses so they want to pump it up as much as possible every chance they get.

[1Referee]

The people who never shut up about it are usually those that have got significant money invested in it so it's in their best interests to scream it from the rooftops with a passion.

That definitely applies to Tim Draper. 

In a way we all have an incentive to hype Bitcoin up the best we can, but I do feel how passioned Tim Draper is. Bitcoin is the only ever option for people to obtain financial freedom in the most convenient way. It's in our best interest to make sure we do everything we can to have Bitcoin succeed, because if it doesn't, we're back to square one, which is that we are yet again an easy to exploit slave of the system.

For the first ever time we can store a large part of our wealth (which I actually have) in Bitcoin to hedge haircuts (the Cyprus haircut is still an open wound) and failing fiat currencies. I feel sorry for people in Turkey with how much their currency lost value in such a short period of time. This is a good but expensive lesson for people is to lower their fiat exposure and jump into Bitcoin, which they seem to be doing in a mild way.

[Theb]

Quoted from the article provided :

“The ‘cult’ of Bitcoin make many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful. It is none of those things.”

Good thing that the article itself have debated Harris from his beliefs as like what the article said he clearly didn't do his research right. We all know what this rival industries will say to a threat and obviously you won't hear a fair opinion about it. The only thing I can say that Harris is correct is when he said that BTC transactions are not "free" as we have to pay network fees but even that is debatable as some wallet providers provide free transfers when you are sending to the same wallet user (e.g. Coinbase to Coinbase transfers don't have network fees which means you are basically sending money for free)

[timerland]

From the belief that Satoshi is Craig Wright, to some considering that Bitcoin is going zero, this nascent industry has had its fair share of unpopular and contrasting opinions. A former Paypal CEO’s appearance on CNBC has only cemented this theme, with this legacy market proponent likening crypto to a cult.
Full article on NewBTC

Sigh... Does he even know what a cult is?

I'd like him to demonstrate in what way is bitcoin anything remotely close to religious. There are no deities that are worshiped, no system of merit based on your actions, or anything of that sort. All there is is a group of people who know the dangers and downfalls of fiat currencies, and want an alternative way of transacting.

If he's saying that bitcoin, as a payment network, is a cult, then perhaps so is Paypal.

It's completely absurd. Again though, since Paypal's problems have been increasingly exposed in recent years, and bitcoin has drastically been taking over paypal's customers, it's no surprise that the former CEOs of a centralized payment processor is saying this to bitcoin.

[BitHodler]

The harder these parasites supported by the legacy industries trash talk Bitcoin, the more they fear for their position. It's admittedly scary to see decentralized networks take over and eat up their market share.

They are trying to protect what's left of their elitist empire before crypto finds out a way to properly scale without compromising on its decentralized nature. It's going to happen eventually, the only question is when.

The only thing I can say that Harris is correct is when he said that BTC transactions are not "free" as we have to pay network fees but even that is debatable as some wallet providers provide free transfers when you are sending to the same wallet user (e.g. Coinbase to Coinbase transfers don't have network fees which means you are basically sending money for free)

Are you living under a rock? No one in the last 2 years has praised Bitcoin for its low or near free transactions. Free transactions were a thing back in 2011/2012/2013 but it's over. Harris is an idiot.

[squatter]

It's not a cult, it just has a lot of believers behind it who can see its divine potential. Wait, that does sound like a cult  .

I think the trouble with bitcoin is it just attracts both the crazy and desperate. The people who never shut up about it are usually those that have got significant money invested in it so it's in their best interests to scream it from the rooftops with a passion.

It’s definitely not a cult in any conventional sense, but plenty of vocal proponents come off sort of cultish with their intensity and fandom.

Bitcoin is great, and it works. I’ve been a user and proponent for several years. But I don’t shout it from the rooftops, because of the image. It’s definitely getting more mainstream now, though.

[AXELNetwork]

From the belief that Satoshi is Craig Wright, to some considering that Bitcoin is going zero, this nascent industry has had its fair share of unpopular and contrasting opinions. A former Paypal CEO’s appearance on CNBC has only cemented this theme, with this legacy market proponent likening crypto to a cult.
Full article on NewBTC

Sigh... Does he even know what a cult is?

I'd like him to demonstrate in what way is bitcoin anything remotely close to religious. There are no deities that are worshiped, no system of merit based on your actions, or anything of that sort. All there is is a group of people who know the dangers and downfalls of fiat currencies, and want an alternative way of transacting.

If he's saying that bitcoin, as a payment network, is a cult, then perhaps so is Paypal.

It's completely absurd. Again though, since Paypal's problems have been increasingly exposed in recent years, and bitcoin has drastically been taking over paypal's customers, it's no surprise that the former CEOs of a centralized payment processor is saying this to bitcoin.

They'll say anything to put down Bitcoin because they know it will disrupt their profit margins. PayPal has a lot to lose with Bitcoin's success.

[bbc.reporter]

@everyone. Bill Harris is no one in the cryptospace and in the internet payments industry. He is also known be the person who quit Paypal 2 months later after the merger with an online bank because he did not see a bright future ahead of internet payments.

He knows nothing.

[Theb]

~snip~

Are you living under a rock? No one in the last 2 years has praised Bitcoin for its low or near free transactions. Free transactions were a thing back in 2011/2012/2013 but it's over. Harris is an idiot.

Dude I just gave an example here in my post on how free transactions still work, I didn't even say that people are praising that BTC has free transfers. Network fee free transactions are still a thing on some 3rd party wallets and there is no minimum/maximum required the only requirement is you have to be using the same wallet as the recipient, transactions happen off-chain which means you won't see the transfer happening in the blockchain website. This free service is useful for everyone and it does not need to be praised by all of us in order to get notice.

[Sutters Mill]

It's not a cult, it just has a lot of believers behind it who can see its divine potential. Wait, that does sound like a cult  .

I think the trouble with bitcoin is it just attracts both the crazy and desperate. The people who never shut up about it are usually those that have got significant money invested in it so it's in their best interests to scream it from the rooftops with a passion.

It’s definitely not a cult in any conventional sense, but plenty of vocal proponents come off sort of cultish with their intensity and fandom.

Bitcoin is great, and it works. I’ve been a user and proponent for several years. But I don’t shout it from the rooftops, because of the image. It’s definitely getting more mainstream now, though.

It's obviously not literally a cult, but it has a devout cult-like following who believe in it at all costs, much like a cult. Some people ignore facts or are fueled by their own desire to see it succeed with a passion so strong which can put a lot of others off I think.

[BitHodler]

Dude I just gave an example here in my post on how free transactions still work, I didn't even say that people are praising that BTC has free transfers. Network fee free transactions are still a thing on some 3rd party wallets and there is no minimum/maximum required the only requirement is you have to be using the same wallet as the recipient, transactions happen off-chain which means you won't see the transfer happening in the blockchain website. This free service is useful for everyone and it does not need to be praised by all of us in order to get notice.

Harris referred to on-chain transaction fees, and not shitty centralized services allowing people transact with each other instantly and for free. You bring up a point that's completely irrelevant to what Harris was talking about.

It's not Bitcoin you're transacting with through centralized services, but worthless numbers somewhere in their database. The only thing happening is that balances change and that's it.

If we all start transacting through centralized services we can just as easily stop using crypto as payment form and use fiat based services, because there is no difference. We need to move away from centralization, not stimulate it.

[carlfebz2]

It's not a cult, it just has a lot of believers behind it who can see its divine potential. Wait, that does sound like a cult  .

I think the trouble with bitcoin is it just attracts both the crazy and desperate. The people who never shut up about it are usually those that have got significant money invested in it so it's in their best interests to scream it from the rooftops with a passion.

It’s definitely not a cult in any conventional sense, but plenty of vocal proponents come off sort of cultish with their intensity and fandom.

Bitcoin is great, and it works. I’ve been a user and proponent for several years. But I don’t shout it from the rooftops, because of the image. It’s definitely getting more mainstream now, though.

It's obviously not literally a cult, but it has a devout cult-like following who believe in it at all costs, much like a cult. Some people ignore facts or are fueled by their own desire to see it succeed with a passion so strong which can put a lot of others off I think.

Agree, if we do talk literally then its not really a cult but the actions and views towards bitcoin would really be similar into that one but well this would only depend on how a certain person would able to view that and the most important thing is we do know the potential of Crpyto itself and to those people who do say its a cult then I cant really blame them but I'm rest assured that they are fully aware and threatened on what would be the potential effects that it would give into their company.

[Carlton Banks]

"Cult" is just a perjorative way of labelling a culture (it's essentially the same word). Typically, anything labeled a cult has obviously unhealthy social/systemic dynamics to those observing from the outside.

Satoshi made that same observation, but about the culture of mainstream banking and finance. Time will tell how accurate these mutually biased observations are, but it's very tempting to state here and now: Bitcoin has been a gradually improving success since it's existed, while the mainstream financial system has at best been treading water.

[hatshepsut93]

It's not a cult, it just has a lot of believers behind it who can see its divine potential. Wait, that does sound like a cult  .

I think the trouble with bitcoin is it just attracts both the crazy and desperate. The people who never shut up about it are usually those that have got significant money invested in it so it's in their best interests to scream it from the rooftops with a passion.

We have way too many people in our community who honestly believe that one day Bitcoin will replace banks and fiat. To me such optimism always sounded unhealthy, unrealistic expectations lead to a painful disappointment. It's better to have a realistic view of Bitcoin as an alternative money for people who value freedom and privacy over convenience and perceivable safety. Our fellow bitcoiners, especially newbies, need to spend less time watching and discussing the price and learn more about the technology instead.

[darkangel11]

Fine, I'm a member of the cult of Bitcoin. It doesn't sound that bad, or maybe I'm so brainwashed that I can no longer see it?
This guy is a former CEO for a reason. Calling a competing financial instrument worthless doesn't do wonders for PR, right?

"Cult" is just a perjorative way of labelling a culture (it's essentially the same word). Typically, anything labeled a cult has obviously unhealthy social/systemic dynamics to those observing from the outside.

Satoshi made that same observation, but about the culture of mainstream banking and finance. Time will tell how accurate these mutually biased observations are, but it's very tempting to state here and now: Bitcoin has been a gradually improving success since it's existed, while the mainstream financial system has at best been treading water.

So true. We have the cult of money that so many people take part in, does that make them care in any way? Tell a rich man that he's a cultist and see if he cares.

[vy99]

Our fellow bitcoiners, especially newbies, need to spend less time watching and discussing the price and learn more about the technology instead.

Yeah this is exactly it. I wish it wasn't always "price is up! price is down! HODL! Moon! Lambo!" and people would actually take a step back and look at the technology that's behind it all and its original intention of being used as a digital currency, but even on this forum you can't get away from the hype stuff.