This is one of those cards that may seem like it is really bad, but it can be really good given the right situation. The first situation is in decks where you run light on counterspells like a red or green deck for example. Having the ability to counter spells, even if it's for a high cost, is better than not being able to counter spells at all right? Especially since it's colourless counterspell (albeit it's only a Negate). Another situation that kind of fits in with the last one is in Hellbent, Madness, or any other decks that likes discarding their hands. The final situation is one of pure necessity. If you're engaged in a counter war with another player, you don't want to lose simply because you ran out of cards. If you've got this out, you've got a final counterspell to toss into the mix to try and win the war. Now, this does require you to toss your hand when you activate it, so it's not that great early game. It also cost 4 to put down, so it's really 6 mana for your first counterspell. However, it is colourless counter magic and that's pretty rare in of itself (Chalice of the Void, Not of This World, Nullstone Gargoyle, and Ring of Immortals are the other colourless counter magic).
Pros: Colourless Negate and a reusable stick
Cons: First Negate costs a total of 6, must chuck your hand