The War on Cryptocurrencies, a Declaration of Independence, and the McAfee Coin

Opinion

John McAfee is noted for his controversial tweets and for being a controversial character in general. In recent times, he has taken to becoming a staunch proponent of cryptocurrencies. His stance is that there is a war on cryptocurrencies – a black-and-white war between banks and established institutions against free currency movements with no associated money printing or centralized power structures controlling the show.

In a May 27 video, McAfee indicated that there was a “war on cryptocurrencies”. Soon after the video, John McAfee tweeted the launch of the McAfee coin. These are fiat currencies backed by cryptocurrency, which is the reverse of what financial institutions are doing. The coin is supposed to launch within a month.

Slow Adoption

McAfee’s comments and tweets come amid a withdrawal of cryptocurrency support among credit card providers, a number of probes and investigations in Western countries, and a steady decline in the price of Bitcoin, which started on the exact date that Bitcoin futures were launched on the Chicago Mercantile Exchange. Israel is the most extreme when it comes to cryptocurrency regulations, with a recent draft law that proposes draconian regulations on financial institutions to monitor all cryptocurrency trading activity of clients.

Aside from Israel, the UK and USA are the slowest adopters, showing outright resistance in many instances.  All developed countries are making progress with blockchain technology – Russia, Japan, China, UAE, Singapore, South Korea, Hong Kong, the Baltic States, Sweden, Norway, and Germany. Other countries like Venezuela, Poland, Iran, and Mexico also seem quite amenable to the technology. Instead of investing and dominating the space, which is what one could expect from countries like the UK and the USA, they seem to be digging in, despite a growing tide of blockchain adoption that will prove virtually impossible to stop. India is also quite resistant to cryptocurrency with a current banking ban and has recently become hostile to cash in general.

A Declaration of Currency Independence

While his comments are sensationalist, there has been much controversy and a power struggle since the Bitcoin saga began in 2009. “Team McAfee” has also launched a declaration of currency independence, an 849-page long pledge to the cryptocurrency ethos. The text resembles the 1776 constitution of the USA.

“Where value was once proven by the strength of the State “at the end of a barrel,” humans have developed, demonstrated, and proliferated a technology capable of proving value through the expenditure of electricity via the irrevocable proof of math. Such a concept has never been accomplished before the initiation of the Bitcoin blockchain.

As use of cryptocurrencies has spread and adoption rates have grown throughout the world over the past decade, the paradigm of ‘value’ has shifted in the minds of those who truly grasp the capabilities of this new technology of ‘value transfer.’ Whereas the Internet changed how humans viewed the transfer of information, cryptoassets are doing the same with the transfer of value.

We are not declaring Independence from State Controlled Currency — We are declaring Controlled Currencies through fiat have been rendered Obsolete.”

Winning the “War on Cryptocurrencies”

To win the “war,” McAfee advises viewers to take action, write to congressmen, and go down to banks and demand fiat deposits from cryptocurrency accounts. He also advises customers to demand their card providers allow them to purchase cryptocurrencies. As futile as it may sound, banks and credit card networks need the people’s money to survive, and not the other way around. If they become aware that they are losing business because of failure to allow cryptocurrency, they will change their stance, according to McAfee.

Digital Nomad with an interest in Zen and Blockchain technology.

Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.

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