Category Archives: John McAfee

Auto Added by WPeMatico

Hacker Claims Access to Supposedly Unhackable BitFi Wallet

BitFi has branded itself as an unhackable cryptocurrency wallet, in the same way the Titanic branded itself as an unsinkable ship. Fate seems to have been tempted successfully as it now appears that BitFi has been hacked, at least partially.

BitFi partnered with cryptocurrency superstar John McAfee to offer a USD 100,000 bounty to anyone that could hack the BitFi wallet. After some back and forth on the internet, since there is a widespread belief that anything is hackable, BitFi upped the ante to USD 250,000. It has fairly specific rules outlined on its website detailing how the hacker has to purchase a locked BitFi wallet and drain the funds to win the challenge.

Challenging all the hackers on the internet might not have been the best strategy, especially when offering them such a large sum of money. It appears a hacker has claimed to have partially hacked the BitFi wallet to gain root access.

Short update without going into too much detail about BitFi:

We have root access, a patched firmware and can confirm the BitFi wallet still connect happily to the dashboard.

There are NO checks in place to prevent that like claimed by BitFi.

— OverSoft (@OverSoftNL) August 1, 2018

This can be considered a serious security breach, but BitFi has refused to pay out the USD 250,000 because its rules clearly state that the hacker must drain the funds to win the challenge. If the hacker claims were true, root access should give full access to everything in the wallet system. However, it is unclear if the private key is stored on these BitFi wallets being offered to hackers for the challenge. If not, then this challenge is impossible, since cryptocurrency private keys are inherently unhackable even with the most powerful supercomputer.

McAfee, who is a BitFi advocate and funding the challenge, has downplayed the hacking of the BitFi wallet. He asserts that gaining root access is meaningless, despite the fact that when hacking, gaining root access usually means game over.

Hackers saying they have gained root access to the BitFi wallet. Well whoop-de-do! So what? Root acces to a device with no write or modify capability. That’s as useless as a dentist license un a nuclear power plant. Can you get the money on the wallet? No. That’s what matters.

— John McAfee (@officialmcafee) August 2, 2018

The hacker asserts that gaining root access means BitFi is not secure, and that this hacker challenge is a sham.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post Hacker Claims Access to Supposedly Unhackable BitFi Wallet appeared first on BitcoinNews.com.

Another Blockchain Party, This Time at Sea with 2,500 Cryptolites

A third floating blockchain conference is planned for September of this year with an entire ship reserved for a potential 2,500 cryptocurrency enthusiasts sailing the Mediterranean Sea.

The cruise is organized by cryptocurrency exchange CoinsBank taking in Barcelona, Monte Carlo and Ibiza as 100 speakers deliver presentations on current developments in the industry.

Those at sea will include a mixed bag of pioneers and experts from the industry including John McAfee, founder of McAfee security and Bobby Lee, the founder of BTCC and a crypto expert. Others on board will include venture capitalist and philanthropist Brock Pierce and CEO of Bitcoin.com, Roger Ver. Apart from speeches, the main speakers plan to also run workshops and one-on-one consultations.

Lectures and workshops covered will cover managing crypto investments, understanding regulations and all things blockchain. Other aspects within this main framework will be cybersecurity, trading and scalability issues.

Blockchain and crypto-conferences are becoming fashionable in the new digital world, dressed for fun but with business lurking in the background ready to pounce. It’s not surprising then that CoinsBank has dressed up three conferences to date as parties, given recent history.

In this year’s Dubai Futurama summit, the conference to surpass all others in terms of razzmatazz, the actual blockchain discussions were basically molded around networking events and basically, having fun. However, these events don’t come cheap, with admission prices running into the thousands of dollars; many happy to pay these after striking up a rewarding business relationship or tapping into yet another good idea. A cruise would be no cheaper.

As has been said elsewhere, possibly at Brock Pierce’s highly-publicized recent desert conference, information is great but having a good time in the process of acquiring it makes it even better. Of course, what he actually said was “…the most likely way to get me to attend your conference is to throw really good parties”.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post Another Blockchain Party, This Time at Sea with 2,500 Cryptolites appeared first on BitcoinNews.com.

McAfee Furious over SEC Decision to Classify ICOs as Securities, Demands Debate with SEC Chairman

Infamous cryptocurrency advocate John McAfee, who is running for President of the United States with a campaign platform that focuses on cryptocurrency, is furious over the Security and Exchange Commission’s (SEC) decision to classify most initial coin offerings (ICOs) as securities. He is demanding a debate with SEC chairman Jay Clayton that would he hopes to be broadcast on CNN.

McAfee makes a significant portion of his money from advertising ICOs on his Twitter feed where he has 827,000 followers. Apparently, he makes USD 105,000 per promotional ICO Tweet, which he admits is “embarrassingly” huge. This is all down to a supposed “McAfee Effect” where cryptocurrency prices jump after they are promoted in his Tweets.

It is, therefore, no surprise that McAfee is upset about the recent declaration from the SEC that ICOs will be treated as securities if there is an organization making money from conducting the ICO, and if people who invest in the ICO expect a return on their investment. If ICOs are considered securities then John McAfee could end up facing severe legal consequences for promoting ICOs that aren’t properly licensed by the SEC.

He says that he will no longer work for future ICOs under the current conditions, but promises to fight the SEC’s decision. He believes that ICOs don’t meet the criteria for the Howey Test which was created by the Supreme Court to define what a security is.

McAfee says that if the SEC tries to prosecute any ICO activity prior to the date of their announcement, then he will become “the greatest thorn in the side of the SEC since the founding of our Constitution”.

McAfee has challenged the SEC to a debate on CNN, having previously lambasted the FBI and NSA on CNN and RT, respectively. In typically provocative fashion, he welcomes the opportunity to “rip the SEC a new butthole”.

He will have certainly raised eyebrows by posting the phone number and email of SEC Chairman Jay Clayton on his Twitter feed, urging his followers to pressure Clayton to give in to McAfee’s demands.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

The post McAfee Furious over SEC Decision to Classify ICOs as Securities, Demands Debate with SEC Chairman appeared first on BitcoinNews.com.

McAfee Says Bitcoin Will Hit $15K By July 2018, $1M by 2020

John McAfee says Bitcoin will hit USD 15,000 by the end of July 2018 at the latest. This revises his earlier prediction that the mark would be reached in June. He says that the recent price crash, which has brought Bitcoin down to USD 6,400 as of this writing, is due to an overreaction about news that Bitcoin exchanges are being investigated for price manipulation. He says this will delay the bull rally by no more than 30 days.

In his most notorious prediction, McAfee said Bitcoin would hit USD 500,000 by the end of 2020. He made this prediction when Bitcoin was near USD 2,250 on 17 July 2017, and after this Bitcoin experienced its biggest rally in history, reaching nearly USD 20,000 in December 2017.

The prediction that Bitcoin would rally followed by an order of magnitude price increase brought McAfee much fame in the crypto world, especially since he made a specific prediction that Bitcoin would hit USD 5,000 by the end of 2017 and that prediction came to fruition with plenty of time to spare.  He has used this fame to earn lucratively from advertising initial coin offerings on his Twitter feed.

He famously he upped the stakes and revised his long-term prediction for USD 1 million by the end of 2020, reiterating his promise to consume a sensitive body part on national television if incorrect.

When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD

— John McAfee (@officialmcafee) November 29, 2017

When looking at a long-term logarithmic graph of Bitcoin’s price on bircoin.top, it can be seen that McAfee’s prediction isn’t so far-fetched. Bitcoin’s price has been increasing by an order of magnitude roughly every one to two years, having increased four orders of magnitude between 2011 and 2018 from around a dollar to USD 10,000.

In addition to being a self-declared “Bitcoin prophet”, John McAfee is also running for President of the United States in order to provide the ultimate PR platform for the cryptocurrency community.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

The post McAfee Says Bitcoin Will Hit $15K By July 2018, $1M by 2020 appeared first on BitcoinNews.com.

McAfee’s Bid For POTUS Race Stirs Crypto Community

Hundreds of cryptocurrency enthusiasts have reacted to John McAfee’s Sunday night Twitter announcement of his intention to run for the US presidential elections in 2020. The Tweet has currently generated almost 800 comments, generally positive, and over 5,800 likes.

In spite of past refusals, I have decided to again run for POTUS in 2020. If asked again by the Libertarian party, I will run with them. If not, I will create my own party. I believe this will best serve the crypto community by providing the ultimate campaign platform for us.

— John McAfee (@officialmcafee) June 3, 2018

In 2016, he was nominated for the Whitehouse race by the Libertarian party. He lost to Garry Johnson; the New Mexico governor.

In his Sunday message on Twitter, McAfee openly expressed his love for the cryptocurrencies, saying he aims at serving the crypto community if he is elected as the president of the United States.

While some criticized the decision, many applauded him for his decision. A quick scan of the twitter comments indicated that many within Twitter would back him for the upcoming election.

The self-styled ‘Crypto Dad’ has a recognized influence within the crypto community, with past analysis showing that a single tweet from John McAfee has managed to move markets. Thus, the hypothesis that crypto fans will vote for him because of his apparent interest for cryptocurrency over fiat money seemingly holds true.

Although it would appear unlikely for McAfee to ever be American president, he might improve his chances if he uses his crypto-campaign strategy well. His 2016 campaign strategy was quite argumentative, using the premise of “a paradigm shift” with a manifesto based on free trade and acceptance of the use of cannabis.

Now, he has identified cryptocurrency and its growing community as a unique ticket to the upcoming election. His campaign focus for the 2020 presidential race will be mostly about cryptocurrencies, which have a growing community. McAfee seems to have his facts right, and if Americans begin to favor Bitcoin, a people network strategy could work in his favor.

 

Image Source: Wikimedia Commons – NullSession

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

The post McAfee’s Bid For POTUS Race Stirs Crypto Community appeared first on BitcoinNews.com.

John McAfee Launching Crypto-Backed Fiat Currency “McAfee Coin”

Tech-tycoon John McAfee is spinning heads after announcing the launch of his own crypto-backed fiat currency aptly called McAfee Coin, which is due for release in 26 days.

The cryptocurrency world often hangs tenaciously on any bullish or controversial statements made by the so-called ‘Crypto Dad’. His endless displays of eccentricity and unconventional attitudes in both personal and business practice has caused him to receive a devout following. Some would even go as far as to call him “an anti-hero of sorts to the worlds cybersecurity, economic, political landscapes”.

No Hoax

This latest serving from McAfee takes all those presumptions that much further, a crypto-backed fiat currency seems almost implausible if not impossible, but according to a Tweet, this is no hoax.

To go along with prior tweet: pic.twitter.com/7s7mpGFvnD

— John McAfee (@officialmcafee) May 29, 2018

In an exclusive with Crypto-News India, McAfee went on to explain his crypto-backed fiat currency, some of its features and inner workings.

Firstly, the McAfee Promissory Note will be the first note that is connected to the blockchain by a token or number of tokens; he also claims it to be the first “fiat currency collectors item that is 100% guaranteed as forgery proof”.

The notes can be redeemed for real-world services, and the notes themselves come in seven denominations, with some of the most prominent figures in the crypto industry featured on them.

An interesting feature of the notes is that they are redeemable for a face-to-face meeting with Crypto Dad himself; a 10 denomination note will grant you ten minutes with McAfee, a 20 for twenty minutes and so on. The instructions for meeting are as follows:

  • Show up between one and three, only.
  • Turn in your note and you receive a date, time, and address where you will meet Mr McAfee.
  • The meeting place may be in any part of the world. The note will be archived.
  • Only one set of notes may ever be redeemed by one individual. Maximum time allotted will be 100 minutes per person.

McAfee notes are to be tied to McAfee Redemption Units (MRUs), a digital currency; McAfee explains that each McAfee promissory note is denomination and serial number unique, and each note is tied to one or more cryptocurrency coins called “McAfee Redemption Units.”

These coins are “activated” once the owner of a note converts their McAfee fiat through “mail or other means”, to the MRU Foundation, which is responsible for the physical notes.

The full details of the latest McAfee project can be read here; it is also worth noting that McAfee has released a Declaration of Currency Independence, a profound statement that calls for the accelerated mass-adoption of cryptocurrencies. The website reads:

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

It is almost impossible to predict what McAfee will do next or whether or not his latest ambitious venture will hold ground after its launch. Either way, watch this space.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

The post John McAfee Launching Crypto-Backed Fiat Currency “McAfee Coin” appeared first on BitcoinNews.com.