"Greatest Scam in History and a Colossal Pump-and-Dump Scheme-Bitcoin"/ Fmr PayPal CEO Bill Harris

[Wwcd]

THE former chief executive of PayPal has slammed bitcoin as the “greatest scam in history” and a “colossal pump-and-dump scheme”.

Writing for technology website Recode, Bill Harris said he was tired of describing the cryptocurrency as “speculative”, “gambling” or even a “bubble”. “Okay, I’ll say it: bitcoin is a scam,” he said.

“In a pump-and-dump game, promoters ‘pump’ up the price of a security creating a speculative frenzy, then ‘dump’ some of their holdings at artificially high prices. And some cryptocurrencies are pure frauds.
Ernst & Young estimates that 10 per cent of the money raised for initial coin offerings [ICOs] has been stolen.”


Mr Harris joins a long list of crypto-naysayers from the traditional financial community, including real-life Wolf of Wall Street Jordan Belfort, who has also described cryptocurrencies as “pump-and-dump” schemes.

Earlier this month, the head of German cryptocurrency start-up Savedroid, Yassin Hankir, sparked fears he had run off with $US50 million of investors’ money after the website was taken down and replaced with a South Park meme reading: “Aannd it’s gone.”

Bitcoin today:
Bitcoin/USD Coinbase
BTC.CB=:Exchange
Real Time Quote | | USD
Last | 3:42:15 PM EDT
9,002.00
-626 (-6.5019%)

4:00ET


https://www.coindesk.com/price/

[Thomas Hurt]

1. Truly a long con...

[Wwcd]

2. I have read bitcoin/crypto explained as a money laundering tool.

Last edited Wed Apr 25, 2018, 06:07 PM - Edit history (1)

It is used by the likes of Putin to skirt the laws of sanctions, since those laws deal specifically with "money", & crypto/bitcoin is not considered "money" as the laws are currently written.

[BadGimp]

3. Actually NO!

But is not an easy subject to discuss in a quality way in a forum such as this.