Well, this is an interesting broadcast from John McAfee. He is warning that cryptocurrencies that are not used for their intended purpose (spending) will crash to zero.
This is panic, folks, from an odd but bright guy who has finally realized the current pump and dump nature of cryptocurrencies.
The purpose of cryptocurrency pic.twitter.com/LSRtkgBHpY— John McAfee (@officialmcafee) May 27, 2018
-RW
The purpose on why there are over 1,600+ cryptos (https://coinmarketcap.com/all/views/all/) is to make a tremendous amount of
ReplyDeleteprofit for purchasers....and FAST. PERIOD. If Bitcoin had not exploded to over $19K+ over the latter half of 2017 we wouldn't be seeing Mr. McAfee on this video now.
Bitcoin has made a series of lower highs since the peak on its way to zero. A classic bear market trait.
And they are not safe heavens.
Computer hackers have a lot more to gain now that the cryptos have arrived on the scene...and they are getting more and more creative in finding ways to steal your wealth!!
https://www.youtube.com/watch?v=tVYcMNWHO_U
If it is this complicated, as the video suggests, to secure cryptos they will never be adopted en masse.
There are many more uses for crypto than storing and exchanging value; most have to do with trust, verification, and the like. Bitcoin and its kin are just part of the story.
ReplyDeleteWhether these other uses have real value or not is another question entirely.
Congrats Bob, you found another loony bin that doesn't get Bitcoin or cryptocurrencies. You have company!
ReplyDelete