Eccentric cryptocurrency advocate John McAfee has revealed he is abandoning the privacy coin project he started earlier this year, “Ghost,” while claiming its management is “incapable of making a success of the project.”
On social media, McAfee claimed he tried to teach the Ghost project’s management the fundamental principles of management, but said they “fell on deaf ears.” He apologized to those he “led astray.”
In a later tweet he pointed to blame to a manager of the project he claimed said would be focused on Ghost, but kept on working on other projects. As CryptoGlobe reported, McAfee announced the “Ghost” project in April, as a proof-of-stake (PoS) cryptoasset supported by his decentralized exchange, McAfeeDex.
He claimed the decentralized exchange would support atomic swaps between GHOST and major cryptocurrencies like bitcoin (BTC) and ether (ETH), and that GHOST tokens would be privacy-centric through the use of zero-knowledge proofs, which allow users to verify transactions on a blockchain without knowing who’s behind them. In transaction fees, users were set to pay “a fraction of a penny” for confirmation times “under 60 seconds.”
While a week ago McAfee was claiming the Ghost project was the future, he now claims on social media the management behind it called him a “loose cannon.”
In a follow-up, however, McAfee noted he met with the Ghost executive team and that although the project was dropping the GHOST token and replacing it with another privacy-centric cryptocurrency, they are going forward with the “Ghost Phone Service.”
Investors seemingly reacted to McAfee’s announcement by dumping their GHOST tokens on exchanges, as the price of the cryptocurrency plummeted shortly after. The tokens, according to CryptoCompare, are now trading below $0.3, and have been on a downtrend after they hit an all-time high above $1.3.
It’s worth noting John McAfee is well-known in the cryptocurrency space as he predicted BTC would hit $500,000 by the end of 2020 in July 2017. By November of that year, McAfee claimed the model he used to make the prediction saw BTC at $5,000 by the end of that year, while the cryptocurrency hit a near $20,000 all-time high in December 2017. As such, he adjusted the prediction to $1 million.
Earlier this year, McAfee dropped his price prediction claiming it was a “ruse” to onboard new users, and that bitcoin is “ancient technology.”
Featured image via Unsplash.