The highly controversial and highly entertaining John McAfee is dead. As our sister site Bitcoinist announced: “According to a spokeswoman for the Supreme Court of Catalonia, former crypto promoter John McAfee was found in his prison cell near Barcelona at the age of 75, Spain found dead. ”McAfee, a cybersecurity pioneer and eccentric millionaire, became obsessed with cryptocurrencies during the latter part of his life.
He went on from giving Bitcoin the highest praise for beating it up every time he could. A failed hardware wallet started. Pioneering work at DEXes and brief operation of a trading platform. McAfee ended up promoting every altcoin that had a check for him, and virtually none of them were successful. Quite a colorful crypto career.
Related reading | After McAfee has disposed of Bitcoin, these three altcoins are advertised
Of course, you all know what his wildest quote was about bitcoin. But what did he think of the big issues in the crypto space? Let’s give the microphone to the fallen king and let him tear everything apart in his own words.
John McAfee on Bitcoin
As we have already told you, he started with the highest possible praise. To our own news desk he said:
Bitcoin is becoming the gold standard. Bitcoin will always be the standard that you can keep offline in a wallet somewhere and think this is my retirement income. It’s the grandfather; it will always be the best. When people were taught about cryptocurrencies, they had to say bitcoin instead of currencies. It’s that prominent.
And a few years later, he finally knocked it down while showing a fundamental misunderstanding of technology and its value to the world:
I am not a bitcoin maximalist. I don’t know what the maximalists think. I mean, there is zero privacy in Bitcoin. Bitcoin doesn’t have smart contracts, and Jesus, there is nothing. It’s an ancient arcane technology and yet it will be worth a fortune. ”
“As a store of value and cryptocurrency, it is the standard. However, it doesn’t do much that the world needs from the blockchain today. It’s just a cryptocurrency.
Whichever Bitcoin maximalist invented the term “Shitcoin” for all other coins;
But we all know that the future of crypto lies with the alt coins.
Old, clunky, no security, no smart contracts, no DAPs….
Is the real shitcoin.
– John McAfee (@officialmcafee) January 29, 2020
So yeah, even though he saw the store of value aspect, he totally missed the point of what Bitcoin means to humanity. However, he always maintained the target price of $ 1 million for the price of BTC:
“It can’t be any other way. Take a look at the Bitcoin supply and its uses. It’s so artificially compressed in value right now. It will just get out of the artificial constraints and get to where it should be. I mean, there will only be 21 million coins and seven million of them are lost. ”
About blockchain technology
With that he was on the point:
Well, in 2014 I decided that blockchain is probably the most revolutionary software technology I’ve seen in my 50 years as a computer scientist.
There is no argument. And to think it’s only a small part of what makes Bitcoin special.
This is what I find funny: Ethereum is being devastated more than any currency and yet no currency is more necessary and central due to its smart contract platform used by more than 50% of all new altcoins. It is as if everyone values water, but not the containers in which it is transported.
– John McAfee (@officialmcafee) March 29, 2018
He was all in on altcoins
The man, the myth, the legend believed that altcoins were the next step.
The altcoins are obviously where the real action takes place and there are some super brilliant people there. Things like DAI, the only real stablecoin. It never fluctuates more than 1% up or down from the US dollar. And I’ve looked at it, I’ve looked at it and, amazingly, it’s based on smart contracts.
Does anyone else see the madness that practically all cryptocurrency is tied to the value of Bitcoin?
For example, why should Monero, whose value is its privacy, be tied in any way to a coin that has ZERO privacy – Bitcoin?
– John McAfee (@officialmcafee) May 1, 2020
And he was particularly interested in stablecoins and privacy coins:
I think there are two things that will survive no matter what comes in the crypto world. These are privacy coins, real privacy coins, with which no one can know anything about a transaction. And stable coins like DAI, whose value does not fluctuate. From a stable item or an unstable item like the US dollar. DAI has never deviated more than a cent from the US dollar.
Monero price chart on Bitfinex | Source: XMR/USD on TradingView.com
John McAfee on DEXes
One of McAfee’s last projects was a decentralized exchange. He was convinced the world needed it:
We have to have a distributed exchange as users of cryptocurrencies created by the likes of Bitcoin and Monero or else that will die. Because as China proved two years ago, they closed every exchange in China within 24 hours. Over night. It’s a piece of cake. We got an address where the office is, we go in and turn off the power, or arrest everyone, or you know, whatever. Easy. So without a distributed exchange we are lost, because without an exchange these are all these different currencies, if we have no way of trading between them.
Related reading | Why the most active dark net market has given up Bitcoin for Monero
A CHALLENGE FOR THE MEMBERS OF GONGRESS
Are you ready to be tokenized on the blockchain – meaning every cent that goes into or out of your accounts must be digital and every cent that is placed on the blockchain so that the American people can see its movement forever ?
If not why
– John McAfee (@officialmcafee) January 7, 2020
And about governance and decentralization in general, he thought:
I think developers use open source code to make any decision they want. So the problem is open source. I mean, if you want to change it and write your name on it and change the wallet addresses to a wallet that is yours, please God do this! That’s your basic right, okay ?!
If you make it open source, you can’t complain about what people do afterward.
So do we need governance? No!
The SEC and the IRS tell me that creating an anonymous and unrestricted DEX for law abiding citizens was wrong because criminals can use the exchange too. It’s like saying that cars can’t be built because bank robbers use them as getaway cars. Https://t.co/HdSEYi9krq
– John McAfee (@officialmcafee) November 12, 2019
And to wrap that up and finish his thoughts on governance, McAfee had this beautiful insight:
No, we don’t need that, we’re trying to get away from it, we’re trying to develop a mathematical system that makes trust and control superfluous.
Rest in peace, John McAfee.