McAfee’s Freedom Coin: Everything We Know So Far

McAfee, in recent, years has been one of the biggest propagators of bitcoin and cryptocurrency. From being an internet security tycoon to having plans of running for President of the United States in 2020, McAfee has stunned the world with his quick and quirky remarks and the recent announcement from him tops it all. Here comes McAfee’s latest announcement where he wants to bring a paradigm shift to cryptocurrencies by launching his own coin called the “McAfee Freedom Coin”.

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Read Also: John Mcafee’s Cryptocurrency Exchange Launch Faces Hiccup via DOS Attack

McAfee’s love for cryptocurrency

While McAfee had already gained his popularity by creating his own anti-virus protection company – McAfee and selling his shares for over USD 100 million in 1994, he turned a bad boy by running away from the US tax authorities on his “Freedom Boat”.

But what bought McAfee back to limelight was his remarks on cryptocurrency. The bull run of 2017 gave McAfee the center stage where he started picking up coins under his ‘coin of the day’ banner tweets which became easy targets for a quick pump and dump traders.

While this kept McAfee in the limelight, his quirkiness and audacious comments continued to stay abuzz in the crypto world. He even challenged to eat up his “private” part on live television if bitcoin wouldn’t be worth $ 500,000.00 in three years. He even went on to say that he would be running for US presidential elections in 2020.

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McAfee’s Freedom Coin- A reality or another shot of flamboyance

While Mcafee has been throwing things to keep himself in limelight, his latest attempt is the announcement of launching McAfee’s Freedom Coin- something that he claims would be an effort to reach “the Holy Grail of cryptocurrency – economic freedom.”

According to whatever minimal information is available on the website the properties of this new coin could be understood by the following statement.

“What is needed is a coin disconnected from fiat currencies and from other cryptocurrencies alike – a coin with zero cash-in value, yet accepted universally… It is not based on any commodity nor is it connected to the value or behavior of any external item or entity. The value of the coin will always be zero in relation to any other currency yet it’s natural market value is free, completely, to grow.”

The information and supporting reports also clear out that, there will apparently be no ICO or airdrop. It is also clear that “freedom” cryptocurrency also won’t make an appearance on any exchanges. Most importantly there is still silence on the other aspects of the coin such as the consensus mechanism whether the coin is proof-of-work or proof-of-stake and other qualities such as privacy or anonymity.

McAfee has just stated

“The world of cryptocurrency has been hoping for a crypto equivalent of the paradigm – a cryptocurrency that people value for its purchase power alone. The reason such has not occurred is that all goods and services cannot yet be purchased with cryptocurrency, so the currency holder must exchange with a currency that is accepted for what they want. This leaves the value of the currency, not in the hands of the users and suppliers, but in the hands of a market whose mechanisms operate through fear, greed, manipulation and the vagaries of external economic conditions.”

Conclusion

While the coin is expected to be out in Autumn this year, it is too early to tell which side the cryptocurrency will fall on as so many of details are still missing. While McAfee has the potential to create something like this, he has a habit of throwing antics for entertainment just to stay in the limelight.

Nilesh Maurya: Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.
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