Bitcoin Watch – Ex-PayPal CEO warns Bitcoin is the ‘greatest scam in history’

Former Paypal CEO Bill Harris has taken to technology website Recode to slam the cryptocurrency as the “greatest scam in history” and a “colossal pump-and-dump scheme”. In the article, Mr Harris said he was tired of describing the cryptocurrency as “speculative”, “gambling” or even a “bubble”, instead now comfortable using the word “scam”. “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 percent of the money raised for initial coin offerings has been stolen,” added Mr Harris.

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