This is a pretty good card, if it is used correctly. It is quite similar to Stimhack. Cold Read doesn't provide as much money, less than half actually, and the downside or penalty for the money is potentially worse. However, that penalty can be avoided or at least mitigated unlike Stimhack.
So if used correctly, this is potentially a zero cost Sure Gamble that also lets you make a run! Here are some good ways to use it:
1: Make a run without using any programs. Of course you need to use the money too.
-Trash that unprotected PAD Campaign for free.
EDIT: Drugs mentioned another good set of breakers, the Birdies. You can't trash it if it is no longer installed. I think this would be a great card to include in a Birdie deck as the derez effect gets really expensive really quickly.
Now there are some other good things to consider. It is a run event, so Ken "Express" Tenma: Disappeared Clone is a fan of this card. It will avoid the tax from Enhanced Login Protocol. And it can be combined with other run effects like Desperado and Temüjin Contract.
All in all, a solid card in the right deck and an easy include at one influence.