The story of John McAfee and his presence and influence in the crypto community is a weird and ongoing tale. Now the same story got a new, expectedly strange chapter which includes bitcoin, altcoins and some McAfee private parts as well. In any other industry, this might be headline news in the bizarre section, but thankfully this is cryptocurrency around and stuff like this easily gets on the back burner.
Yet, in spite of all the nonsense, even moments like this provide a glimpse into the mechanisms that seek to wield influence over this industry. The same is especially important when it comes to its commercial and market trading aspects. In fact, the same elements could end up quite problematic if the cryptocurrency ever attains or at least aspire to a level of institutional and regulatory acceptance.
John McAfee Bet
The story behind this latest escapade began some time ago when John McAfee, when a pioneer IT and entrepreneurship professional, made a bet with himself. The bet stated that bitcoin price would reach 1 million USD per coin before the end of this year. If it did not, he pledged that he would eat his own penis and broadcasted live to the world. For those who might not be aware of this figure or his previous work and life experiences, this might sound like an idiotic even borderline insane statement.
However, for a lack of a better term, this was only another day in John McAfee’s office. The bet was made in 2017, but now he seems to have backtracked from it. Instead, he is calling the entire thing a ruse designed to acquire new followers and gain attention. In his words, he did it to put a spotlight on the crypto community but now he is no longer sure that bitcoin is the future of the same domain. Here is very the story gets even more complicated and this is also the reason why some see his statement as a betrayal of bitcoin cryptocurrency and a subtle push of altcoin.
Model T Comparison
In a typical John McAfee fashion, the expert immediately went on a counteroffensive stating the reasons why he thought that bitcoin will no longer have such a bright future. In a single tweet, he explained that although bitcoin was the first cryptocurrency it is now ancient technology. He also underlines that everyone knows this and fully grasp the implications. However, most choose not to talk about it or to focus media and public attention on the same inherent problem of this cryptocurrency network.
But, he is not one of them. This is why he showcased that new blockchain cryptocurrencies possess many other and more advanced features that bitcoin is simply missing. These include new privacy abilities, distributed apps, and smart contracts, just to name a few of the most important tech features with BTC completely lacks. He finished this analysis my asking was the Ford Model T all those years ago actually the future of automobiles.
In a sense, McAfee is completely right on the issue of technological breakthroughs lacking inside of the bitcoin network. The second-runner in the battle of cryptocurrency tokens, ethereum, has many of the same features embedded in its own network. The same list will continue to grow for ETH while it is an open question of what do bitcoin developers plan for not just 2020 but also the subsequent years as well. So in a purely technical sense, bitcoin definitely has a lot of work cut out for it if it wants to develop new features that it could offer its users.
However, critics are pointing out that John McAfeeMade the statement initial but out of a huge love for bitcoin. Instead, they claim he had much more nefarious reasons or at least reasons that are purely and utterly selfish and related to his bank account not any wider consideration for the cryptocurrency domain or its uses. Like in esports and other digital ventures, new features mean more exposition and new users. Bitcoin development community currently does not share that drive to introduce any major ones.
Pushing of Altcoins
Shortly after the treat from McAfee, they had been a push to investing money in the altcoin market. Bitcoin dominance fell back as ETH, XRP, and BCH all shot up substantially. Because of this, some believe that he intentionally put this tweet out for no other reason than to influence and impact the market. There is also little doubt that he would love to truly wield such influence over the market and its uses, especially those who are willing to invest millions into alternative cryptocurrencies.
However, the same notion is not that likely having in mind that everyone who is seriously involved in the cryptocurrency market knows who John McAfee is. It is hard to imagine that any one of those individuals, or even organizations, take him so seriously to invest huge amounts of money riding on nothing more than his tweet. Because of that, chances are that the entire movement in the altcoin market is purely a coincidence and not a result of this entire story.
In spite of the fact that John McAfee cannot really move the crypto market up and down on his own, his analysis of bitcoin still interesting. The same applies to the comparison with the Model T. Yes, this exceedingly popular model became obsolete after some time and it did not sell as well as in the beginning. However, this is true for any car in the world and in automobile history. No single car is the future of this industry just like no cryptocurrency is the future of the world.
Still, the problem with his implication is the notion of bitcoin becoming obsolete. Yes, ETH token is able to do many other things that bitcoin cannot, but people are still more inclined to put their money into BTC when it comes to any activity apart from pure developmental processes. Because of that, this particular Model T is not going anywhere anytime soon.