Topic: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value - page 5. (Read 1117 times)

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.

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

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

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.

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

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