There was a time when John McAfee of antivirus fame predicted that Bitcoin would reach $1 million by 2020. But he’s since changed his mind and decided that Bitcoin will eventually reach $0 because the cryptocurrency is based on “ancient” technology.
Part of McAfee’s former $1 million claim included a personal promise; if it didn’t “shoot the moon,” then McAfee was going to remove his genitalia. But now McAfee claims that this was all just a ploy for attention, and that he never actually intended to do this.
Though McAfee founded one of the largest cybersecurity firms back in 1987, he’s now on the run from authorities. And during a rare interview he gave from an anonymous location recently, McAfee told all about his “adventures,” as well as his newfound opinions on Bitcoin.
“Bitcoin was first,” McAfee wrote in a recent tweet disavowing the cryptocurrency that he once hailed. “It’s an ancient technology. All know it. Newer blockchains have privacy, smart contracts, distributed apps and more. Bitcoin is our future? Was the Model T the future of the automobile?”
Back in May, McAfee endorsed Dogecoin, a newer cryptocurrency that he likes because of its name, apparently. Just a few months later in August, McAfee warned his Twitter followers not to bail on Bitcoin because, “You know in your heart Bitcoin cannot lose.”
So, McAfee really is kind of all over the place when it comes to Bitcoin and the cryptosphere, endorsing one crypto one day and another the next. Reports indicate that he also has a history of accepting cash to pump altcoins, which one source indicates has given him an incentive to bash Bitcoin.
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Bitcoin is on the way out
McAfee did, however, blow the lid on Bitcoin back in 2017 when he admitted that Bitcoin is centered around artificial work, even while attempting to endorse it.
During an interview with Jamie Dimon, McAfee stated that it costs “over one thousand dollars per coin to create a Bitcoin,” and that the process involves “proof of work” mining. Mike Adams, the Health Ranger, described this as a computation wheel spinning operation where the Bitcoin algorithm contains artificial and needless complexity designed to make Bitcoin mining more difficult than it otherwise needs to be.
At one point in time, it only cost about a penny to mine Bitcoin, yet now it costs more than $1,000, which begs the question as to why this is the case. Adams chalks it up to Bitcoin’s artificial work algorithm, which creates pointless “computation difficulty” for miners, consuming vast amounts of electricity and computational resources to engage in pointless mathematical work that achieves nothing that matters in the real world.
It turns out that Adams realized Bitcoin was obsolete years before McAfee came to the same realization.
“Bitcoin was a proof-of-concept project, but it was never built for massive scalability,” Adams warned in a 2018 podcast. “The very structure of blockchain is a severe bottleneck for processing large numbers of transactions, and the blockchain ledger storage requirements very quickly explode beyond practicality if the currency becomes widely adopted.”
Adams, who supports the overall concept of cryptocurrency and decentralized money systems, says Bitcoin’s mining requirements have already made it not only obsolete, but also one of the largest sources of electricity consumption in some cities where mining operations are based. This electricity is being spent heating CPUs but “achieving nothing practical or even necessary,” warns Adams.
So, in many ways, both Adams and McAfee are right: Bitcoin is ancient in that it’s not a financially viable cryptocurrency in the long run, and it lacks features of scalability and functionality that have now become common in other, competing cryptocurrencies.
“On top of all that, Bitcoin is clearly not a store of value, and recent research by Princeton scientists found that Bitcoin isn’t anonymous, either,” Adams goes on to warn.
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