Category Archives: John McAfee

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Coinbase Moves with Cold Storage Trading via Custody Service, OTC Desk

Coinbase Moves with Cold Storage Trading via Custody Service, OTC Desk

US cryptocurrency exchange giant Coinbase has just announced that it plans to combine its custody service with its newly launched over-the-counter (OTC) desk in order to facilitate cold storage trading.

The move is partly a response to requests by Coinbase customers who have been pushing for cold storage trading since the recent launch of the OTC desk, mainly in order to sidestep the additional movement of client funds online before they can be traded.

Coinbase launched its OTC cryptocurrency trading desk at the end of 2018 again reacting to “client demand”, as well as gearing towards broadening its customer base to include more institutional clients. Its cryptocurrency custody was launched in July of 2018 for much the same reason in order to attract large financial organizations to the exchange.

The new cold storage trading facility promises to a route to the future of trading according to Sam McIngvale, the CEO of Coinbase Custody, who sees this as “the defacto way to trade”. However, the newly-announced feature rather follows in the footsteps of blockchain security company BitGo who already launched their own custody trading product earlier this year.

There are those that feel that Coinbase Custody could be far better than BitGo for this simplified trading process, due to its pull on larger institutional clients; a potential client base which has firmly been in the San Francisco-based exchange’s sights for some time. John McAfee is one who has long viewed this client pool as a future crypto industry game changer; long predicted maybe, but as yet still yet to become reality.

Institutional investors are preparing to enter the cryptocurrency market with a vengeance. They are generally long term investors and will be pumping billions into the market. Expect the top ten coins to go through the roof fairly quickly. The bulk of alt coins will soon follow.

— John McAfee (@officialmcafee) May 21, 2018

This won’t stop Coinbase trying though, and cold storage trading is another step down that road.

 

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Crypto the Movie Now Due for 12th April Release

Crypto the Movie Now Due for 12th April Release

With the current rise of cryptocurrency, people are finding new ways to exploit the financial system and the global economy. After discovering evidence of fraud, a young US government agent named Martin is tasked with following a long trail of corruption and theft. During his investigation, he finds that the people involved are more powerful than he could have ever imagined, and have become skilled in the use of cryptocurrency.

This is the plot of the latest “crypto on film” development. The much-awaited film, Crypto, starring Kurt Russell, has finally arrived; the trailer is out, and the big screen depiction of the wonderful ups and downs of a nascent industry taking the financial world by storm is due for release on 12 April.

Of course, all should be taken with just a grain of salt, and it’s all simply good fun. How much the script bears up in terms of verisimilitude to actual cryptocurrency world is left for others to comment. How likely criminals are to leave files clearly marked “Kickbacks” is also left for compliance officers to comment on.

An anti-money laundering expert’s trip to small-town America and a subsequent run-in with the Russian mob is the basic meat and bones on which the plot is hung upon with Kurt Russell in the central role.

The movie world still awaits another crypto project starring Michael Keaton a film about the life of controversial crypto advocate John McAfee, the man who made millions creating antivirus software. It appears that Johnny Depp was the original choice, but was fired before the Birdman star was drafted in to play.

 

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What Traditional Investors Think About Bitcoin

What Traditional Investors Think About Bitcoin

Earlier this week, Apple co-founder Steve Wozniak reiterated his bullish sentiments towards the flagship cryptocurrency Bitcoin, touting it to have had “massive value creation” against the odds in the face of the current bear market.

In an interview with Bloomberg, Wozniak explained how he owned some Bitcoins as an experiment to determine its barter value around the world and not as an investor, but had to sell most of his holdings during the all-time high of December 2017, in order to reduce his worries about the market’s volatility. He said:

“I don’t want to be one of those people watching the price of Bitcoin, so I sold out.”

However, he still dabbles in Bitcoin-related devices, probably because of the fact that the coins he sold earlier are now worth more than the value he sold for. His overall take on the market dynamics of crypto as he compared it to the stocks market was that of a psychology factor relative to fear as seen in the fear of missing out (FOMO) when prices go up and that of the fear, uncertainty, and doubts (FUD) which triggers massive selling when prices begin a downtrend.

Recently, billionaire Elon Musk praised Bitcoin as having a brilliant structure, and was completely bullish on the cryptocurrency industry, suggesting that it provides a far better method to transfer value than “pieces of paper”, only that he worried that Bitcoin’s computational requirement was energy intensive.

Billionaire Bill Gates had opined back in 2017 that “Bitcoin is better than [fiat] currency” in that it’s more convenient when it comes to large transactions and considerably cheaper. However, in 2018 he told the media that Bitcoin and other cryptocurrencies are “kind of a pure ‘greater fool theory’ type of investment” and that he would short Bitcoin if he could.

Billionaire and business tycoon Warren Buffett has always had a hostile opinion towards bitcoin and recently called it a delusion even though he thought the blockchain is ingenious. Still, it’s an upgrade from his usual accusations of it being “rat poison”.

Tech mogul John McAfee has always been one with probably the most extreme bullish expectations for the crypto industry and recently took to Twitter, setting a hard date on his USD 1 million per Bitcoin prediction.

People are waking up to the fact that Bitcoin will be $1,000 000. But when? “Someday”. “Maybe 5 years”. “WIthin a decade”. I’m the only one giving you a hard date: Dec 31st, 2020.https://t.co/rst3BcypFz“will-be-1-million-someday-says-jesse-lund-vp-of-blokchain-at-ibm.html

— John McAfee (@officialmcafee) February 22, 2019

Mainstream investors and top of the global rich list have taken sides on the future of the cryptocurrency industry, and perhaps, the rationale behind their stance stems from the level of understanding of what the blockchain, and cryptocurrency are all about.

As the industry continues to mature, one possible outcome may include a partial win-over of some of the nay-sayers as has been the case with CEO of JPMorgan Chase Jamie Dimon, who was also one of those who called Bitcoin a fraud. Not exactly a ‘win-over’, as he seems to still maintain his stance, however, the irony of the recent launch of its JPM Coin, possibly inspired by the technology underlying Bitcoin still is puzzling. If Bitcoin is a fraud, the technology behind it should be considered one too.

 

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Only 3% of Americans Bought Something With Bitcoin Last Month, A 5-Year Bet Reveals

A recent podcast by Planet Money, reflected on a bet made 5 years ago between Bitcoin bull and venture capitalist Ben Horowitz whose firm has made investments worth over USD 50 million into crypto and financial journalist Felix Salmon, paints a peculiar angle on Bitcoin adoption.

The bet which hinged on the adoption state of Bitcoin in 5 years as currency, had Horowitz predicting that it would have revolutionized the face of e-commerce such that 10% of people living in the US would use the currency for frequent online purchases. This happened back in 2014 when Bitcoin’s price wavered around USD 360 to USD 760.

Meanwhile, Salmon was confident about his bet, stating how Bitcoin’s value will indeed increase but not because of its use but rather based on a speculative rise in value. He cited how those who bought Alpaca socks using Bitcoin would regret, noting the price increase, and would have preferred sitting on it rather than spend it.

A sample pool survey was recently conducted to know who had won the bet – gauging how many Americans currently use Bitcoin for everyday online purchases. The bet was concluded recently, having to declare Salmon the winner, as only 3% of 900 Americans had actually bought something with Bitcoin in the past month.

Real Adoption

The mainstream real adoption of Bitcoin can be approached from three angles: One, where people who actually buy the coin become long term holders (store of value), hoping the price will reach astronomical highs and cash in on the ‘patience-profit.’ The second, where cryptocurrency adoption has been heavily facilitated by payment infrastructures such as merchant adoption, and the increased installation of Bitcoin ATM kiosks. The third has to do with the introduction of sophisticated markets such as futures contracts and exchange-traded funds (ETFs) for institutional investors.

Regardless of the adoption route, most of the early sentiments were founded upon hysterical predictions based on the assumptions that Bitcoin and its underlying technology had come to replace legacy financial systems and hence prices would go as high as USD 50,000. However, these sentiments have been counterbalanced by a rather economically bearish one that renders the initial logic as heavily flawed.

The outcome is a juxtapose of a computer science-based backing of the blockchain, Bitcoin, and cryptography, as against economic assessment of currency functions and financial asset manipulation. More so, many now rely on the economic aspects for further adoption at this point. This is the case with the constant lookout for institutional grade investment opportunities like those of the Bakkt; in the hopes of repeating what CME Group and CBOE’s Bitcoin futures contract did in late 2017.

It is clear though, that back in the early days of the industry’s development, very important structures such as scalability, and regulations were of little concern, and may have consequently cost the industry years ahead of a full-blown mainstream adoption of Bitcoin.

Over time, many influencers have taken turns on the prediction wheel; John McAfee had his predictions set to USD 1 million per Bitcoin; Thomas Lee thought at best case scenario, it would reach USD 25,000 in the past year but later on blamed regulatory uncertainty for falling short. So far, none of the near-term predictions have materialized. If anything, Bitcoin as a currency has struggled to maintain upward price projections, and as a store of value, it’s really still too soon to tell – 10 years into its development.

One thing is certain, treating Bitcoin like some gambling chip is a lot riskier than the real deal. While the tech does hold promise and has ushered in prospects of a great financial revolution, the subject of adoption will apparently continue to be an important one many years from now moving forward.

On the tech side, industry adoption has been growing consistently with legacy systems fine-tuning system processes using the distributed ledger.

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John McAfee Tweets to Sooth the Souls of Nervous Investors

Controversial investor and software guru took to Twitter this week to calm the jangling nerves of Bitcoin investors after a tumultuous week left the flagship cryptocurrency hovering above USD 4,000.

Investors may ask “why listen to John McAfee?” but they might just take a look at a recent study which revealed that the 73-year-old tech veteran was found to be the most influential figure in terms of trustworthiness when it comes to handing out trading advice. In second place, the study placed Ethereum founder Vitalik Buterin, followed by Litecoin creator Charlie Lee.

In his latest tweet, McAfee makes an analogy to the bear market and winter, arguing that a “glorious spring” is around the corner, attributing the current market disruption to confusion. He points out that investors are joining the market daily, regardless of current trends and blames the current market turmoil on institutions who took “absolutely unenforceable measures to allay their fears.”

Market forces will “burn out” in time, McAfee suggests and encourages the global cryptocurrency community to stick with cryptocurrencies in the long term, echoing the views of Blockstream’s CEO Bobby Lee, who suggested that Bitcoin could still threaten USD 3,000, but long-term, feels it will overtake gold:

“This bear market might last another 18+ months, until the next block reward halving. That’s a long time for everyone except true believers. Enough time to scare away all of the weak long positions.”

Lee certainly has an ally in venture capital partner Lou Kerner from CryptoOracle who sees gold eventually being surpassed by Bitcoin. He compared the current market instability to the early 2000 dot com burst but makes an analogy to strong coins such as Bitcoin and Ethereum and companies such as Amazon who survived the bubble and emerged to become giant players in today’s tech markets. Kerner calls Bitcoin “the greatest store of value ever created.”

As to the recent drop in values, Kerner argues that “crypto has been so weak because [for] most of it there is no underlying value outside of confidence.”

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John McAfee Hooks up With Art Platform to Auction Picasso

Ex-security software guru, turned crypto and blockchain enthusiastic, not to mention a would-be presidential candidate John McAfee seems to be everywhere these days, hence his latest dip into the world of fine art.

In his latest role as blockchain influencer, McAfee is turning to the tokenization of classic paintings, with Picasso set firmly in his sights. To this end, he’s teamed up with Blockchain-based art investment platform Maecenas and ERC20 crypto exchange Ethershift in order to produce what is hailed as the first “perpetual digitalization and tokenization of a Picasso’s work of fine art.”

The team, codenamed “Project Phoenix,” plans to auction the as yet unnamed Picasso this December and has announced the event on the Maecenas website:

“The auctioning process will be executed using Maecenas technology. The newly created digital asset, the first of its kind, will be represented as a single ERC721 token for the digitalized artwork. A fixed number of ERC20 tokens will separately represent shared ownership in the physical asset.”

This is not the first of McAfee’s forays into the art world after Andy Warhol’s ‘14 small electric chairs’ were tokenized earlier this year with 31.5% of the painting’s value sold to investors who paid in either BTC or ETH. Maecenas offered immutable purchase history and ownership information on the Warhol, connecting investors and art dealers on the platform while running a smart contract on the Ethereum blockchain. McAfee was proud to announce his latest art coup on Twitter:

“I am helping to tokenize rare art objects – a groundbreaking Blockchain application. We will auction a tokenized Picasso at the end of December. This is our second tokenized painting. The first was a resounding success.”

With Project Phoenix soon to see its tokens available to the public on the Ethereuem blockchain, there is a risk that McAfee invites the usual “shilling” accusations from his critics – the spreading of positive information about a product which may or may not be accurate in order to gain investor interest. It has been noted that McAfee tweets about new blockchain enterprises or projects often lead to huge price gains, opening him up to accusations of manipulating investors.

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John McAfee Says Presidential Run Solely for Promoting Crypto

Computer programmer and businessman John McAfee has said he has no expectations or desire to win the US presidential election of which he is a candidate. Instead, he is running solely to promote permissionless cryptocurrency.

In an interview with Cointelegraph, McAfee said he would be campaigning on a libertarian platform, as he did in the 2016 election. This time around, however, he says the singular purpose of his participation is to promote the concept of cryptocurrencies and their adoption. The pro-cryptocurrency stance that he has adopted comes from a place of encouraging ”personal freedom” through its adoption.

He reportedly seemed assured that there were no hopes for him winning the election, although this did not discourage him from running in the slightest. On the contrary, in fact.

He told a Cointelegraph reporter: ”I don’t want to be president. I couldn’t be… no one’s going to elect me president, please God. However, I’ve got the right to run.”

Plans to increase the size and significance of his platform is apparently all being done in the name of promoting cryptocurrency rather than his personal brand.

”Fiat’s got 5 years”

McAfee stands by his prediction that Bitcoin will hit USD 1 million by the election year 2020, adding that ”in five years’ time, fiat will be on its last legs”.

Foreseeing an exodus from fiat currencies into the digital market, he elaborated on this price prediction, saying that in two years, USD 1 million will not be worth what it is today.

”I will tell the truth”

As reported by Bitcoin News last month, the founder of McAfee Anti Virus shared a similar sentiment as he did earlier this week, saying: ”In truth: the crowd doesn’t want the truth. It is why politicians lie. They cannot win by telling the truth. I don’t want to win POTUS. I just want the stage.”

It is because he has neither an expectation or a desire to win the race that he says he can be the one to speak the truth.

Making a strong claim, McAfee went so far as to describe people as ”slaves to the entire system”, referring to both governments and financial institutions. ”If you want to send Bitcoin, Ethereum or Monero, who do I have to ask? Only the peer… We are creating a permissionless society,” he said.

 

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Johnny Depp Out, Michael Keaton to Play John McAfee in Film Project

Film veteran Michael Keaton will feature in a film about the life of controversial crypto advocate John McAfee, the man who made millions creating antivirus software, replacing the original actor identified, Johnny Depp. It now appears all was not quite so calm leading up to the final cast selection.

The latest confirmation is that Michael Keaton will star as the outspoken entrepreneur, but it isn’t the first yarn about McAfee’s trials and tribulations to appear on screen, following Gringo: The Dangerous Life of John McAfee released in 2016. The documentary directed by Nanette Burstein was labeled by MacAfee as complete fiction.

The latest film has McAfee’s hands all over it, so much so that he was unhappy with the selection of Johnny Depp as the main lead. Reportedly, he wanted Morgan Freeman for the part, although is happy with the inclusion of Keaton playing him.

When asked about Depp being fired from the project, McAfee responded: “The pussy couldn’t handle my drugs. Keaton will have no problem.” It appears that Depp was on the project for the best part of a year before being found a suitable replacement in Keaton, recent star of the smash hit Birdman. The synopsis of the film, in brief, covers a Wired magazine reporter, played by Seth Rogan, who is sent to cover a routine story but upon encountering McAfee, realizes it’s not that at all.

There has been no comment from Depp on his leaving the project but he is not short of work clearly, and it appears he’s after cryptocurrency-related roles. Depp, of Edward Scissorhands and Pirates of the Caribbean fame, had been linked early with this year with a new film said to be a biopic of the late cryptocurrency billionaire Matthew Mellon. Although it wasn’t confirmed, sources revealed that Depp was understood to be interested in the role and that “there is a screenplay being shopped”.

Depp has also signed with cryptocurrency-based media platform TaTaTu for an undisclosed number of movies. The new company has been attempting to acquire major stars since its ICO and is currently working on a Lamborghini biopic to star Antonio Banderas and Alec Baldwin, as well as another movie and two documentaries. The displaced actor was clearly happy to be associated with the crypto-based company and his own deal with them commenting:

“In this era of democratized entertainment, I admire the imaginative ethos of Andrea and look forward to collaborating together in a liberating, progressive manner that will befit the principals of our respective entities.”

 

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McAfee Claims: If in 2020 Presidential Race, “I Will Tell the Truth”

British-American computer programmer and businessman John McAfee has begun making pledges in his run up to the 2020 US presidential elections.

The founder of McAfee Anti Virus software and vocal cryptocurrency advocate stated recently that he would seek a nomination to run in the next US presidential election. In doing so, has expressed a clear aim to advance the stature of cryptocurrency and blockchain on the world’s financial stage. McAfee recently suggested that blockchain and crypto have given new freedoms to the working community who he sees as ‘hired slaves,’ arguing:

“If you want to send Bitcoin, Ethereum or Monero, who do I have to ask? Only the peer… We are creating a permissionless society…We are not slaves for our jobs, we are not slaves to the government, we are slaves to the entire system.”

In his latest pledge as a potential POTUS runner, which would be his second attempt to get his name on the ballot, he has vowed to “tell the truth,” despite also explaining that he has no chance or indeed no intention of actually winning anything. He commented in his latest tweet:

“In truth: the crowd doesn’t want the truth. It is why politicians lie. They cannot win by telling the truth. I don’t want to win POTUS. I just want the stage.”

Running on “Truth” would be a campaign which would certainly get some support in the present political climate in the US. Although, it would be highly unlikely that McAfee, seen by some as a maverick would progress. The comparisons to the potential of Donald Trump to become US President, turning back the clock, are there to be made, however. When questioned back in June about his chances in 2020, McAfee said:

“Don’t think that I have a chance of winning. I do not. But what truly changes America is not the president, but the process of creating one. If my following is sufficient I get to stand the world’s largest stage and talk to everyone, as I did last time, to tell the truth.”

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John McAfee: Crypto Frees Employees from “Subtle and Refined Slavery”

The founder of software company McAfee Associates has suggested that blockchain and crypto have given new freedoms to the working community whom he sees as “hired slaves”.

Giving an interview at the recent CoinsBank Blockchain Cruise event, John McAfee claims that blockchain is creating a “permissionless” society, freeing employees from a system of a “subtle and refined slavery”.

McAfee asserts that the current status quo is one which restricts the individual from fulfilling the requirements of enforced regulations at every step, arguing that a largely decentralized society would enable employees to fulfill their potential. He argues, “We live in a system of permission. Every legislation, every law, every regulatory agency, every regulatory body, is designed to control our thoughts or actions or movements.”

He gave the example of cryptocurrency as an illustration of how a new found financial freedom can be utilized by removing middlemen who profit from the established systems put in place by large institutions:

“If you want to send Bitcoin, Ethereum or Monero, who do I have to ask? Only the peer… We are creating a permissionless society… We are not slaves for our jobs, we are not slaves to the government, we are slaves to the entire system.”

McAfee’s views are shared by many and have become the driving force behind cryptocurrency adoption on both an individual, and more gradually, at a governmental level, as more nations begin to review outmoded and restrictive methods of conducting financial services. The adoption of blockchain technology is far-reaching and is beginning to make an impact in all sectors across the globe. A new World Economic Forum (WEF) report indicates that blockchain has the influence to transform the global trade industry:

“Paper-based, manual processes, some created centuries ago, lead to complexity and delays, introduce errors and risks, and stand in the way of reliable, real-time information gathering and tracking required for credible financing decisions.”

Michele Orzan, digital leader of WEF Europe, maintains that it is government services which could benefit the most from blockchain, followed by public and civic leadership. This would have a major impact on solving social issues globally, as can already be seen by numerous projects on the African continent where lives are being changed for the better, through social projects backed by blockchain.

 

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