One could say that former PayPal chief executive Bill Harris is not fond of Bitcoin, but that would be an understatement.
Writing in an op-ed published by tech outlet Recode, Harris argues that Bitcoin is not only a bad investment but is also a “colossal pump-and-dump scheme, the likes of which the world has never seen.”
Harris does not break any new ground on the Bitcoin-bashing front, and he quickly retreats into stale arguments from opinion pieces authored in 2013 — and better left there.
Let’s run through a quick checklist:
Bitcoin mining is “absurdly wasteful of natural resources.” Check.
Virtually no one accepts Bitcoin payments. Check.
Bitcoin is not a store of value. Check.
Bitcoin has no intrinsic worth. Check.
Bitcoin transactions are too slow and expensive. Check and check.