Bitcoin is the greatest scam in history - Recode

From a bitcoin perspective by Bill Harris, former CEO of Intuit and founding CEO of PayPal and Personal Capital; in other cryptocurrency news, Andreessen Horowitz is preparing to launch a separate fund for crypto investments (Recode)

"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. Ernst & Young estimates that 10 percent of the money raised for initial coin offerings has been stolen.

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. And “massive” is a massive understatement — 1,500 different cryptocurrencies now register over $300 billion of “value.”

It helps to understand that a bitcoin has no value at all."

Bitcoin is the greatest scam in history - Recode