John McAfee Defends Bitcoin From Donald Trump 'Please Sir, Get a Clue'

Francisco Memoria

Eccentric cybersecurity pioneer and 2020 Presidential Candidate John McAfee has responded to U.S. President Donald Trump’s comments on bitcoin, defending the cryptocurrency and those who use it.

As CryptoGlobe covered, Trump bashed bitcoin and Facebook’s cryptocurrency libra in a series of tweets this week, claiming that he isn’t a fan of bitcoin or other cryptos and that these aren’t meaning. The President added these are “highly volatile and based on thin air,” before claiming a lack of regulations only facilitates unlawful behavior.

Responding to Trump through a video on Twitter, McAfee argued that most disrupting technologies were adopted by criminals, but still greatly improved people’s lives. As an example, the cybersecurity pioneer used the telephone.

Per his words, the telephone’s invention “created a brand new America, with instant communications,” and also aided criminals as they then used the technology to coordinate criminal activities.

 McAfee then claimed the automobile’s invention aided criminals in bank robberies, as a getaway car helps them flee with stolen funds.

The internet itself, McAfee added, created criminal organizations that can coordinate on an international level, instantly. Cryptocurrencies, he argued, are no different and shouldn’t be as crime has been around for “50,000 years.”

Regulations, the cybersecurity pioneer added, are broken and ignored by the criminals they’re trying to stop, and as such “only hurt the people who are law-abiding.” He finished his video with “please sir, get a clue.”

In his tweets, Trump also argued there’s one “one real currency in the USA,” referring to the U.S. dollar. In response the cryptocurrency community pointed out bitcoin is “about personal responsibility and choice,” and thanked him for the free publicity.

Cryptocurrency Can’t Be Regulated: McAfee

In a follow-up video, McAfee noted that while regulations are well-intended, they only hurt the consumer. He also argued these don’t actually work and are mostly a large expense the government takes up.

As an example, McAfee pointed to the drug use in the U.S., claiming the country is the number one consumer of drugs despite having “the most stringent regulations and laws about drug use,” and the “largest force to prevent it on the planet.”

He concluded that government can’t stop people from doing what they want to in private, and as such cryptocurrencies cannot be regulated.

It’s worth noting McAfee is a well-known cryptocurrency bull, who late last month argued bitcoin will “break records” that’ll only be exceeded by altcoins. In May, he launched a “Bitcoin Play” app that lets users earn crypto while testing their knowledge.

Featured image via Gage Skidmore | Flickr | CC by 2.0

The Bitcoin Update: Price Action, Futures, Halving, and Security

Siamak Masnavi

This article provides: an overview of how Bitcoin (BTC) has been doing over the past 24-hour period; a recap of interesting recent news that might have affected its price (or might do so in the future), and useful observations from Crypto Twitter.

Bitcoin Price Action

BTC-USD 24 Hour Chart - 22 Oct 2019.png

According to data from CryptoCompare, as you can see in the above price chart, the Bitcoin price has been mostly hovering in the range $8,150 and $8,300 during the past 24-hour period. 

Crypto analyst/trader Josh Rager says that Bollinger Bands suggest that the next volatile move could come soon:

Bitcoin Futures

Although trading volume in institutional BTC products decreased in September, as described in the recently-released CryptoCompare Exchange Review report for September 2019, "long positions held by institutional accounts at the CME have been rising again in October" according to crypto data analytics startup Skew:

The Next Bitcoin Halving

As you probably know already, once every 210,000 blocks (approximately every four years), there is a Bitcoin halving event (where the block mining reward is halved, such that miners receive 50% less BTC for verifying transactions); these Bitcoin halving events keep on occurring until the maximum supply of 21 million bitcoins has been minted.

Well, the next Bitcoin halving event is estimated to occur around 14 May 2020; this is when the block mining reward will decrease from 12.5 BTC to 6.25 BTC.

Alistair Milne, Co-Founder and Chief Investment Officer (CIO) of cryptocurrency-focused hedge fund Altana Digital Currency Fund (ADCF), tried to explain yesterday via the following what next year's Bitcoin halving will mean to BTC sell-side pressure:

Offline Storage of Private Keys

Yesterday, UK-based firm Sword Ltd announced the official launch of Cryptosteel Capsule, a 100% stainless steel device (shockproof, waterproof, acid-resistant, and fireproof up to 1400C/2500F) for offline storage of valuable data such as private keys and passwords. 

Cryptosteel Capsule Screenshot.png

Cryptosteel Capsule costs between 89 and 329 euros depending on the variant being ordered.

Jameson Lopp, CTO at Casa, received one of these gadgets at last weekend's Lightning Conference in Berlin Germany, and he put it in his carry-on luggage for the flight back home to the U.S.. Unfortunately, airport security officers in Germany were not too impressed:

 

Featured Image Credit: Photo via Pexels.com. Photo of CryptoSteel Capsule Courtesy of Sword Ltd.