Hill Ferguson,, vice president of Global Product at PayPal, was at TechCrunch Disrupt NY. TechCrunch
reports on his comments (my highlight):
Meanwhile Hill Ferguson from PayPal – the granddaddy of digital payments firms – confirmed the company is keeping an eye on the crypto-currency.
“It’s the perfect currency by design,” he said. “I’m curious to see how governments respond to it and how regulation may impact consumers’ ability to get money in and out. I think it’s a fascinating phenomenon and we are definitely watching it.”
Ferguson also sounded a skeptical note. “What problem is Bitcoin trying to fix? There’s no clear answer.”
"No clear answer"? Somebody didn't read the whitepaper. Satoshi explains all the problems that bitcoin solves. It eliminates the trust-based model which requires you to route your funds through a trusted third party, increasing transaction fees and making small casual payments impractical. It also solves the issue of reversibility - part of the reason banks charge so much is because they have to assume more risk with every new customer. With non-reversible payments, we don't have to pay excessive rates just so financial institutions can protect themselves from fraud.
ReplyDeleteThis guy's a clown - at first I thought he was being supportive, but it turns out he's just as misinformed as the rest of the mainstream who haven't adopted it yet. How can somebody admit that bitcoin is the perfect currency, thereby acknowledging the existence of flaws in traditional currencies, and then add that they don't know what problem it's trying to fix?