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Title : Former Ceo Of Paypal: ‘Ok, I’Ll Enjoin It: Bitcoin Is A Scam’
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Former Ceo Of Paypal: ‘Ok, I’Ll Enjoin It: Bitcoin Is A Scam’

Bill Harris, founding CEO of PayPal

Bill Harris, former CEO of Intuit too founding CEO of PayPal, writes at ReCode:

I’m tired of saying, “Be careful, it’s speculative.” Then, “Be careful, it’s gambling.” Then, “Be careful, it’s a bubble.” Okay, I’ll say it: Bitcoin is a scam.

In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the footing has never seen. In a pump-and-dump game, promoters “pump” upward the cost of a safety creating a speculative frenzy, too therefore “dump” around of their holdings at artificially high prices. And around cryptocurrencies are pure frauds. Ernst & Young estimates that x per centum of the money raised for initial money offerings has been stolen.

The losers are ill-informed buyers caught upward inwards the spiral of greed. The effect is a massive transfer of wealth from ordinary families to mesh promoters. And “massive” is a massive understatement — 1,500 dissimilar cryptocurrencies right away register over $300 billion of “value.”...Promoters claim cryptocurrency is valuable equally (1) a way of payment, (2) a shop of value and/or (3) a matter inwards itself. None of these claims are true.

-Robert Wenzel  

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