Bitcoin is Racket – says Mr. Bill Harris, Like any other currency which is widely accepted worldwide Mr.Harris, CEO of an American Company which in Online Payment system is not passionate for Bitcoins – DIGITAL CURRECNY. It is a complete distortion.
Harris declares that Bitcoin is not only a bad investment but is also a colossal pump-and-dump scheme on a larger scale The CEO is of a view point that Bitcoin is a racket and a scam which has no use/ utility as a means of payment.
The colossal pump-and-dump scheme is a securities fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements, in order to sell the cheaply purchased stock at a higher price
He says and contend more about the Bitcoins adding though they are only accepted by a very small group of online merchants henceforth makes it unfeasible to completely rely on Bitcoins as a currency. The blockchain technology is useful but that non-fiat Crypto Currency has no value.
More Interestingly after Jamie Dimon breaks the public announcing as Bitcoin of no value, similarly, Mr. Harris had quickly results in a checklist.
- There is also a possibility that governments to ensure that user’s transactions can be tracked. Thus completely relying on Bitcoins as a currency is not correct.
- Unlike other traditional currency has no protection for users. Bitcoins is used as a barter system not necessary sharing and exchanging the promised goods.
- Aside from Protections the value of Digital Coins keeps oscillating and is volatile in Nature. Price changing and continues fluctuation in Rates is specifically determined by various factors. The calculations are done by Volatile Index.
- Bitcoin is native on Internet but it has no Physical forms Like Cards and others. Many of them says Bitcoin as Eternity and before Internet long back them might call and refer them as Intangible Coins.
Although Bitcoins are unique in the sense many have polarized the negative externalities. May be according to the experts and Individuals Bitcoin are very slow or may be for others it seems to be very much costly. There are different parameters to define BITCOIN – GOOD OR BAD. Thus Mr.Harris proclaims giving another very strong statement that Crptocurrency is best-suited for one use as Criminal activity so bitcoin is a racket, he claims at one point. Most heavy users of Bitcoin are criminals, such as Silk Road a WannaCryRansomware.
These statements about the Bitcoins are not surprising and fancy but they are owing the set of some sense unfortunately for Trading Miners after all. Because of such reasons they say it has no existence is in transaction history stored and such vigorous type of statement are passed by In Public and Miners / Traders for Crypto Currency.
PayPal itself has patented a Bitcoin wallet intentionally reduced both the time and cost it takes to execute transactions, though it is unclear whether the company will build out this idea into a functional product.
Bitcoin is not above the law, nor is it a magnet for illicit transactions, it forms only a tiny part of the criminal money circulating around the planet- Harris states so.
Relatively comparing the virtual nature of Bitcoins with Silk Road which is mentioned as one of the most ancient network of trade routes has been shut down for years. Silk Road was first modern darknet market.
A Leading forum Annual Workshop on the Economics of Information Security (WEIS) Netted hackers are $116,000 worth of BTC. They have even set examples of the WannaCryRansomware attack that was a Cyber Attack worldwide. Comparing Bitcon in similar terms like WannaCry is a ransomware worm that spread rapidly through across a number of computer networks.
Even The government du Québec feels the same way and writes In what rational universe could someone simply issue electronic scrip — or just announce that they intend to and create, out of the blue, billions of dollars of value? There are not much critics and opprobrium, made for Initial Coin Offering then Digital Currency –Bitcoin.
Mr.Wiiliam Haris and former CEO of PAYPAL has the courage to justify about the Bitcoins in contrast to Mr. Peter Thiel who is the Monster Bet on Bitcoin. He is one of the biggest name in moonshot bet on Bitcoin. These all proves myth of bitcoin is a racket, now its all up to community whether to trust bitcoin or not?