It's simply unbelievable to me that some people are still calling Bitcoin a scam. But unfortunately it still happens almost on a daily basis, just like recently again as Bill Harris, co-founding CEO of Paypal, called cryptocurrency and especially Bitcoin a fraud...
Among his argumentation he called Bitcoin useless in regards of being a currency, that it would be extremely volatile and without any intrinsic value. To sum it up a bit shorter and grasp his main message, he called BTC a shitcoin!
As if this wouldn't be enough he went even further to outline the huge criminal usage of Bitcoin, the resource-hungry mining and fraudulent ICO's. While mainly focusing on BTC he somehow called the whole cryptosphere a scam.
My Answer/Opinion On All That:
I don't think that I have to mention that I'm of the opinion that calling Bitcoin a scam is simply ridiculous. But yeah it is simply ridiculous!!!
But let's take a more detailed look on the facts Mr. Harris mentioned. First of all there would be the aspect of BTC as a currency. Well what shall I say, you are able to pay with Bitcoin and it's used more than 200.000 times per day already despite still being comparably unpopular compared to other payment options. If that can be called useless, then I don't know what to say anymore...
The next point is extreme volatility. Well that's, at least in my opinion, easily explained as a young asset doesn't have too much people trading it and therefore it's more volatile than older, more established trading pairs. I'm convinced that this will definitely change over time and that sudden big price jumps will not be possible anymore.
Now let's get to my favorite point being "no intrinsic value". I think this point gets answered best with a single question: "Do you believe that an asset, which could, and partly already does, disrupt the whole banking industry has no value at all?"
So now that those three points would be clarified I'd like to get back on his statement that cryptocurrency would be resource-hungry. Hmm let's see maybe we could compare the Energy consumption of Bitcoin to traditional gold mining and suddenly cryptocurrency don't seem to be so resource-hungry anymore, right?
My Conclusion
After reading through all the above you might not be surprised to hear that I can just look at such critics with a smile and think about what they might say in a few years from now. I strongly doubt that they'll still have the guts to call Bitcoin a scam.
Anyways as a total crypto enthusiast my opinion might just be fixed to be 100% pro crypto as long as we're not talking about some useless shitcoins, which is probably the only point I'd agree on with Bill Harris.
That's why I'm extremely interested in getting to know your opinion. Do you think sometimes question yourself whether people like Bill Harris might be correct, even think alike them or are you a total crypto lover just like me?
Let me know about it in the comment :)
(Source 1 - Cointelegraph.com )
(Source 2 - Digiconomist.net )
(Source 2 - Blockchain.info )
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