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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