John McAfee Was Right About Bitcoin | by Paulo A. José | Oct, 2022

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3 Pitfalls with Bitcoin that enthusiasts don’t want to admit

John McAfee | BLOOMBERG

Every­one is now afraid.

NFTs and cryp­tocur­ren­cies have tak­en a back seat. Nobody cares any­more. There is a new trend. A cur­ren­cy bet­ter than gold and Bit­coin. Osmi­um. This coin is 1,500 times rar­er than gold.

Osmi­um is not a new cryp­tocur­ren­cy, but the rarest pre­cious met­al on the plan­et. It has been avail­able only to investors and jew­el­ry lovers since 2014.

Bit­coin has crashed and has no way to rise any­more. No one wants to buy it any­more. Every year, month, week, and day, these fail­ures are a good rea­son to declare Bit­coin dead. Rest in peace Bitcoin.

Oth­ers see this as an oppor­tu­ni­ty to buy more, shout­ing “Buy the f*cking dip!”.

So this is the end of Bitcoin as we know it

We began our jour­ney through the bit­coin crash­es in 2011. More pre­cise­ly, on June 20, when the price of bit­coin fell from $17 to worth pennies.

The prob­lem: MtGox, the largest and only Bit­coin exchange at the time, fell vic­tim to an attack, and cus­tomer data was stolen. The rea­son why Bit­coin was declared dead in a Forbes article.

If you had bought Bit­coin for $1,000 before the attack on MtGox, they would be worth almost $1.2 mil­lion today. If you had bought the dip when they cost pen­nies, you would have hit the one bil­lion mark.

Bitcoin is dead. No more talk about it

We arrived in Feb­ru­ary 2014, when MtGox final­ly went out of busi­ness and the head­line, “Bit­coin is dead” were all over the blogs.

In an inter­view with Citibank’s head of Forex, Steven Eng­lan­der iden­ti­fied the 3 big issues with Bitcoin:

  1. Oth­er cryp­tocur­ren­cies are com­ing in and push­ing Bit­coin back.
  2. No one trusts Bit­coin any­more. No one wants to trade bit­coin any­more. No more.
  3. Tra­di­tion­al mon­ey com­pa­nies use blockchain tech­nol­o­gy and com­pete with cryp­tocur­ren­cies, but with­out decen­tral­iza­tion and in a con­trolled environment.

John McAfee reveals why bitcoin is a hoax

McAfee explained in an inter­view how proof-of-work (PoW) con­sen­sus works and why it makes Bit­coin valuable.

Accord­ing to some sources, if Bit­coin had fall­en below $1,000 right now, it would no longer be worth mining.

The only thing keep­ing bit­coin min­ing prof­itable is the bit­coin bub­ble. Read that again.

And like all bub­bles soon­er or lat­er burst, bit­coin min­ing will also reach the point where it is no longer worth the invest­ment in hard­ware, elec­tric­i­ty, and time.

There is also the 21 mil­lion coin lim­it that is approach­ing, which will her­ald the end of Bit­coin min­ing anyway.

What now crypto bros?

If you had invest­ed $1,000 in Bit­coin in May 2022, that would be just under $600 now.

Get stu­pid.

In fact, the only way to get $600 would be to sell now. Oth­er­wise, you would have 0.000111 BTC, no mat­ter what the cur­rent price is. And they could be worth $1000 or noth­ing in a year.

It is not speculation.

Because noth­ing has changed.

Join 600+ peo­ple who are get­ting free con­tent on my Sub­stack. It costs $0.

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