April 25, 2018
It has been hailed as an easy get-rich-quick scheme, but according to one financial expert, Bitcoin is the greatest scam in history.
Bill Harris, founding CEO of Paypal, said the so-called cryptocurrency has ‘no value’, and claimed it is part of a huge ‘pump-and-dump’ scheme.
Bitcoin targets ill-informed buyers ‘caught up in the spiral of greed’, according to Harris, leading to a huge shift of wealth from ordinary families to internet scammers.
In an opinion piece for Recode, Harris wrote: ‘Bitcoin is a scam. In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen.
‘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.
‘The losers are ill-informed buyers caught up in the spiral of greed. The result is a massive transfer of wealth from ordinary families to internet promoters.’
This article was posted: Wednesday, April 25, 2018 at 7:13 am