John McAfee, a computer programmer, businessman and from time-to-time, a controversial individual, has recently announced the potential launch of the “McAfee Coin”. Since the release of several denominations with his face stamped on them, many took to Twitter assuming it was jokingly done. However, McAfee has confirmed that both the statements made, and his fiat currency backed by cryptocurrency are factual.
SmartPayMint, an online platform that sells Ledger wallets and crypto essentials, has always been on McAfee’s side, especially with his strong stance on the crypto world and his belief that government officials are taking the necessary measures to prevent crypto growth.
In a tweet, McAfee stated that, “@SmartPayMint sent this. What’s odd is that tomorrow night I am going to make an announcement of the new “McAfee Coin,” based on a radical new concept: Fiat currencies (collectible) backed by crypto – the reverse of what banks are attempting. Seriously.”
See our post about this yesterday here:
This tweet left many questioning its originality, as the fiat currencies house his portrait on them. In addition, the bills created thus far include the one, five, ten, twenty, fifty, hundred and 5 hundred-dollar bills.
Several Twitter users took to the platform to express excitement for a possible project in the making, while others mocked the currency and assumed it was just a hoax to see what a bill with McAfee’s face would look like.
In response to the alleged news, McAfee replied on Twitter saying that, “No hoax. The “McAfee Redemption Unit” is real and coming in 26 days. The graphic is low res – don’t want to give much away yet. Printed on currency paper, holographs on both sides, serialized, linked to the blockchain, redeemable, convertible, collectible.”
No hoax. The "McAfee Redemption Unit" is real and coming in 26 days. The graphic is low res – don't want to give much away yet. Printed on currency paper, holographs on both sides, serialized, linked to the blockchain, redeemable, convertible, collectiblehttps://t.co/ySUwkDuW7s pic.twitter.com/75xTje39X8
— John McAfee (@officialmcafee) May 29, 2018
Getting back to the crypto-backed McAfee coin, which was announced on the Declaration of Currency Independence, it has been supposedly considered for the sole purpose of disrupting traditional fiat currency. This is definitely alarming, as the crypto world has already been criticized for its instability.
McAfee has always been known for his outspoken personality, and this measure can potentially represent his stance against government, siding with the crypto market. He’s also gotten into several disputes for representing his beliefs, especially when Binance publicly reproached him.
Now that the McAfee Coin project is on, several questions are likely to rise like, how fiat currency and possibly clash with crypto?
Mainly, whether or not a paper currency is needed, as many users believe the project to be contradicting the purpose of supporting a decentralized system. Will McAfee’s attempts succeed and get many onboard?
To remain updated on his endeavors, please read: