John McAfee Was Right About Bitcoin | by Paulo A. José | Oct, 2022
3 Pitfalls with Bitcoin that enthusiasts don’t want to admit
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:
- Other cryptocurrencies are coming in and pushing Bitcoin back.
- No one trusts Bitcoin anymore. No one wants to trade bitcoin anymore. No more.
- 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.
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