Home Opinions McAfee Coin: Elaborate Hoax or A Stroke of ‘Don Quixote’ Genius?

McAfee Coin: Elaborate Hoax or A Stroke of ‘Don Quixote’ Genius?

May 29, 2018 13:51
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[Update: In an interesting development, John McAfee has replied to our story confirming that it’s not a hoax, along with a picture of what look like the various denominations he’s going to roll out. Read the complete update at the end of this article.]

Late last night, John McAfee, the official mouthpiece of the ‘We love making outlandish statements’ club dropped a pretty big bomb on the unsuspecting crypto community.

It all started when a little known cryptocurrency exchange  SmartPayMINT posted a photo of fiat currency with McAfee’s face on it. As far as we know it was an artist’s representation of what a probable currency would look like if it had McAfee’s face on it.

To bring in a little context: SmartPayMINT has been consistently supporting McAfee’s “War on Crypto” campaign. Readers may recall that last week, McAfee posted a video declaring that bankers and other government institutions such as Securities and Exchanges Commission (SEC), among others are declaring war on cryptocurrencies by introducing stringent reforms.

To that effect, there is also an official website called Currency Independence to take this agenda ahead. McAfee has personally poured in his own money which is around $30,000 to ensure the campaign is a success. The declaration is available in different languages such as English, Dutch, Spanish, French, German, Japanese, Korean, among others.

Coming back to the story McAfee said, “@SmartPayMINT sent this. What’s odd is that tomorrow night I am going to make an announcement of the new “McAfee Coin”, based on a radical new concept: Fiat currencies (collectible) backed by crypto – the reverse of what banks are attempting. Seriously.”

The image that started it all/SmartPayMINT

Now I am sure your reaction would be the same as ours when first confronted with this news! A mix of “Oh my god! No way! The last thing we need is fiat currency with McAfee’s face on it!”

We think that his face on a currency issued by SmartPayMINT could be a representation of his sustained ‘war’ against authorities.

However, for the sake of debate, let’s take this into perspective. What if this news IS true? What does it imply? A fiat currency that is backed by crypto? Given cryptocurrencies are extremely volatile, this would mean the value of this probable fiat would be shooting up and down within a moment’s notice. However, one cryptocoin is impervious to the changing values. Tether or as it is popularly known: USDT. No matter how much the market falls or rises, the value of USDT has always been $1.

We are inclined to take this news with a pinch of salt because McAfee changes his stance on cryptocurrencies faster than you can say “EOS.”

In the past he has said outlandish statements such as “I’ll eat my dick on the national television if 1 BTC does not touch $500k in the next three years.”

He was also guilty of spreading Fear, Uncertainty and Doubt (FUD) during one of Binance’s downtime.

He had said, “Not trying to spread FUD, but I have received dozens of reports like this one. I’m just trying to understand. As a security researcher, I know that potential hacks are far more easy to solve if investigated immediately. Days later magnifies the task by orders of magnitude.” When people told him to verify this news, he said. “he had more experience” and asked them to “shut the fuck up.” After being publicly reprimanded by Binance, he apologized.

McAfee does have his own fanboys who think he may be onto something. However, a larger part of the crypto community view  him and his viewpoints with skepticism and suspicion.

So, coming to the original question? Is it an elaborate hoax? Or does the mad genius really have something up his sleeve? Guess we will know-one way or the other- by tonight.

Update:

John McAfee, within a few hours of our story going live, has responded (both in his Twitter page as well as Crypto-News India’s Twitter inbox) confirming that it’s not a hoax. And he notched it up by attaching a picture of the upcoming denominations of the “McAfee Redemption Units”. How this whole thing is going to work is not clear at this point, and McAfee doesn’t “want to give much away yet”, but it’s now clear that it’s not a hoax. Here’s his tweet:

 

The Twitteraties have so far expressed mixed opinions about it. A good part of his followers seem to be excited about it, while there are others who are not so much.

 

With all that is said and done, whether his vision to change the future of the world’s currency economy gets realized or not is something we all will have to wait and see. What’s your guess? Tell us in the comments. And stay tuned for more updates.

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