The founder of the famous computer anti-virus company has a few words to say about cryptocurrency. People promoting various cryptos take note…
First, a prelude, in his own words.
Bitcoin will reach $500,000 per coin by 2020 or else, well, this:
if not, I will eat my dick on national television.
— John McAfee (@officialmcafee) July 17, 2017
Then, McAfee doubled down and upped the ante to $1,000,000 per Bitcoin by the end of 2020 or else, well, this:
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
It’s no secret that John McAfee has been involved in pumping the cryptos for some time.
For some examples of McAfee recommending ICOs, to see just how extensively he was involved with the “pumping”, check out this post from March on “Decentralized Deception”.
Here’s the documentary from within that post conveniently started for readers at the timestamp in the video which covers John Mcafee:
No need to go down that path.
But one path celebrities have gone down is the path of the “pump-n-dump” of cryptocurrencies.
A “pump-n-dump” is originally a stock market term. Generally, we’re talking about penny stocks. Many “experts” and celebrities will get on board with some cheap stock that’s, say, trading for $.03. They own millions of shares at that price. The company is garbage and not worth a dang. Then the “pump” begins. Experts, celebrities and other gurus start talking about how awesome the company is, how great the company is doing, this hot new product or service the company has, and how great the company is about to be, as in storm onto the scene to become a household name around the world. As this goes on, could be for days, weeks, or months, the stock price rises. Say it goes from $.03 to $.10. Then MOMO traders get on board and so does the “dumb money” and the stock goes to $.35. As the stock price is surging to $.35, the “dump” in the pump-n-dump takes place where those who have thousands if not millions of shares in a worthless company sell into their shares into the hype and hysteria of the rising stock price. In other words, they dump their shares to the MOMO traders and dumb money. This sends the stock price crashing, because when the dumb money goes to sell, there is nobody to buy the worthless stock.
If there are no buyers then the price is zero.
The pump-n-dump has penetrated the world of cryptocurrency with a vengeance.
All that free and cheap money that everybody loves the central bankers for, in the hands of dumb money flowing around the world, well, that’s just too tempting to not try and get for the taking, and that is exactly what we are seeing.
In April we reported on the frauds associated with celebrity crypto ICO Schemes.
Just last week I asked, “Is Dennis Rodman in Singapore to promote world peace or to pump a crypto called Potcoin“?
Fast forward to today, and things are rapidly deteriorating in the world of cryptocurrency.
Here’s John McAfee:
Due to SEC threats, I am no longer working with ICOs nor am I recommending them, and those doing ICOs can all look forward to arrest. It is unjust but it is reality. I am writing an article on an equivalent alternative to ICOs which the SEC cannot touch. Please have Patience.
— John McAfee (@officialmcafee) June 19, 2018
Here’s a question: Is the SEC only going after celebrities and big fish?
Here’s another question: Or are the regulators casting a wide net and and going after the small fish as well, say, “gurus” who are active, daily YouTubers with 43,000 subscribers?
Could Bix Weir be in the cross hairs of the SEC?
I don’t know.
Again, I don’t know.
Here’s a giant red flag that everybody should be aware of when listening to “gurus” talking about Bitcoin and the thousands of other cryptos –
- Bitcoin and cryptocurrency are great because they are outside of the government’s control and involvement.
Turned into this:
- Government control and involvement in Bitcoin and cryptocurrency is great!
Sorry, you can’t have your cake and eat it too.
And that’s just one red flag.
There are dozens of them when it comes to Bitcoin and cryptocurrency.
I coined the term, pun intended because calling the cryptos a “coin” really is a joke, “War on Cryptocurrency“.
This war is not only being waged by governments, but also banks, and just on Sunday, June 17th, this war was escalated by the bank of all banks itself, that is, the bank to central banks, know as the BIS, – the Bank for International Settlements.
Gold & silver in hand: Now that is truly out of control over everything and everybody except the person holding it.
It’s what we call “nobody’s liability” and “free of counterparty-risk”.
There is a reason gold & silver have been money for 5,000 years.
And why gold & silver are called “inflation hedges”.
And why gold & silver are called “hedges against uncertainty”.
And why gold & silver are called “the ultimate in economic freedom and privacy that is outside of the system”.
OK, I made the last one up.
But it is said, and in many different ways, in more or less words.
Because that is the truth.
– Half Dollar
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.