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Bitcoin is the greatest scam in history • Recode
Bill Harris is former CEO of Intuit and the founding CEO of Paypal:
<p>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 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.

Promoters claim cryptocurrency is valuable as (1) a means of payment, (2) a store of value and/or (3) a thing in itself. None of these claims are true.</p>


Shall we put you down as a "undecided voter", Bill?
bitcoin  economics  cryptocurrency 
2 hours ago by charlesarthur
Twitter
Mandala is a revolutionary digital asset exchange aiming to disrupt the market.

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Crypto  Trading  Forex  Bitcoin  from twitter_favs
9 hours ago by randyhilarski
Programming Blockchain with Jimmy Song — Blockchaing
Some content from Jimmy Song's Programming Blockchain Interactive 2-day
Seminar. Bitcoin, Finite Fields, Elliptic Curve Cryptography, oh my! In
Python so it's hands on live coding, not a theoretical lecture.
blockchain  bitcoin 
12 hours ago by pors
Twitter
Just realized that is basically a hard-fork in history. It's the alt-coin result from the fiat system.

D…
bitcoin  from twitter_favs
22 hours ago by kartik
Bitcoin is the greatest scam in history - Recode
Promoters claim cryptocurrency is valuable as (1) a means of payment, (2) a store of value and/or (3) a thing in itself. None of these claims are true.

1. Means of Payment. Bitcoins are accepted almost nowhere, and some cryptocurrencies nowhere at all. Even where accepted, a currency whose value can swing 10 percent or more in a single day is useless as a means of payment.

2. Store of Value. Extreme price volatility also makes bitcoin undesirable as a store of value. And the storehouses — the cryptocurrency trading exchanges — are far less reliable and trustworthy than ordinary banks and brokers.

3. Thing in Itself. A bitcoin has no intrinsic value. It only has value if people think other people will buy it for a higher price — the Greater Fool theory.
bitcoin  cryptocurrency  counterarguments 
23 hours ago by corrales
Twitter
Los veo muy contentos, será😎😀😎 porque el precio de Bitcoin sigue subiendo: $9,400.
Cryptocurrency  Bitcoin  from twitter_favs
yesterday by randyhilarski
Quantum Computers Pose Imminent Threat to Bitcoin Security - MIT Technology Review
The massive calculating power of quantum computers will be able to break Bitcoin security within 10 years, say security experts.
bitcoin  security  quantum  computing  cryptography  finance  fintech 
yesterday by orlin

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