🎇 The McAfee Effect on the World of Crypto 🎇
It's not about McAfee the antivirus but how its creator influences market trades.
Who is John David McAfee and why is he influential?
John David McAfee was born on September 18, 1945. He is a British-American businessman and computer programmer.
In 1987, he founded the software company McAfee Associates and ran it until 1994, when he resigned from his position in the company. McAfee (the first commercial antivirus software), was a huge success and nowadays, the business still produces a variety of enterprise security software. When Intel purchased the company in 2011, it was renamed to Intel Security.
Although the company was purchased by Intel, the software still remains with the McAfee brand name. McAfee's net-worth was the highest in 2007 at $100 million, before the global financial crisis caused its investments to plummet that year.
2016 presidential campaign
On September 8, 2015, McAfee announced that he would seek the office of President of the United States in the 2016 presidential election, as the candidate of a newly formed political party called the Cyber Party. On December 24, 2015, he re-announced his candidacy bid, saying that he would instead seek the presidential nomination of the Libertarian Party. On the campaign trail, McAfee consistently polled among the top three presidential candidates for his party with his rivals Gary Johnson and Austin Petersen. The three candidates appeared in the Libertarian Party's first nationally televised presidential debate on March 29, 2016. McAfee announced that his vice presidential choice would be the photographer, former commercial real estate broker, and Libertarian activist Judd Weiss. Source
What is the McAfee Effect?
John McAfee announced that he read every whitepaper and determined that most of the 2000 coins are coins are trash or scams. He pledged to talk (tweet) about a unique altcoin each day on his tweet dated December 20, 2017. Since then, he talked about a few coins including Electroneum and ReddCoin. Let's examine the effects his tweets brought upon these two.
Electroneum
Data from: Coinmarketcap
His tweet about Electroneum included with a bold statement: "It is to my knowledge the first fully integrated platform, peiod." By December 22, only a few hours after his tweet, the price surged by about 60%! It seems though its trajectory is towards the price it started with.
ReddCoin
Data from: Coinmarketcap
On December 24th, the coin of the day was Reddcoin (RDD). According to McAfee, it's a sleeper - most widely used social network coin in the world. It's been flying under the radar since 2014.
Working with every Social Media platform, it is the only currency that many children under the age of 10 have ever known. Source
Humaniq
Fast forward to about 24 hours ago, the coin of the day posted was Humaniq (HMQ). He said that there is no better coin for the 'Christmas spirit'.
Data from: Coinmarketcap
Their mission is true to the very purpose of crypto - to endow the disenfranchised. HMQ, an overlooked gem, is, in my opinion, the most undervalued coin in existence. Source
Bitcoin
Here are a couple of his latest tweets about bitcoin. It might be too early to conclude on the effects of these tweets to the price of bitcoin at the moment but so far, we can see a surge in value several hours after his last tweet.
For you who are long term investors like myself: (those who allways make the most returns), BITCOIN is still the crypto giant. It is at a low price, and will never be cheaper. It will be ten times this price in 2018. Remember - it has the lowest circulating supply of any coin.
McAfee's pinned tweet says that technical issues with Bitcoin are trivial, including transaction times and costs.
I have been a technician all of my life, so if anyone knows, it is me. The world is waiting on consensus for the right solution. Bitcoin is still the only guaranteed investment in the crypto world.
Implications
Although these might sound like narrow-minded conclusions, some think that there's a conspiracy going on. Some will surely take advantage of the resulting surges in price in every coin he mentions. As far as I'm concerned, I wouldn't rely on any single source of information for decision making. It's good to read whitepapers but those are not the only bases either. Just like stocks, there are many factors influencing the price of cryptocurrencies and predictions (especially for bitcoin) proved to be largely inaccurate for the longest time.
Between these two price prediction charts (only three days apart from December 23 to December 26), you can say that bitcoin has been largely unpredictable in the short term. Along with many unpredictable changes in volume and price, the predictions also change dramatically based on current trends. Everyone can get things wrong. -That's why for the record, I don't give professional financial advice. Invest at your own risk.
Please upvote, resteem and follow me, thank you.
He will keep on doing this trying to manipulate the market until nobody listen to him anymore.
You got a 20.00% upvote from @upyou thanks to @discernente!
You got a 13.81% upvote from @votebuster courtesy of @discernente!
Now he has started that coin of the day thing which is bad for the market if he keep on doing that because it is just not natural. Look at HMQ that was pumped after his tweet and now back to its original position. I mean this is not good for long term and I hope he stops this show.
I partially agree. While it is true that the mentioned cryptocurrencies were pumped, I can see some benefits:
To sum up, I can't really see how it is that bad except for the obvious reason why he's making these tweets. Then again, I'm not really a market person and I'd really appreciate if You could elaborate more on this. I'm curious about Your insight because I have a feeling I may be missing something in my reasoning.
Now you have his another tweet. Shifting from coin of the day to coin of week. That's better.
Oh, that's nice. I think this may be a golden mean in all of this. I feel kinda sorry for him though, seems like he met with a very negative feedback for his actions.
It is impossible to make any kind of recommendation at all in the cryptosphere without someone accusing you of performing a "pump and dump" scheme. The new surge in popularity has unfortunately attracted some rather hysterical individuals to the party.
agree with you @cryptokraze
I'm also thinking about that. He can 'shake' the market momentarily but I hope he will provide updates and not 'dump' the coin afterward.
What is unnatural about someone giving an opinion to other people? Is anyone under obligation to accept his opinion? Is he responsible for the consequences of their actions should they choose to do so? Do his actions threaten the future of crypto, or is the greater threat not the attitude of an increasing number of people that bad investment decisions are someone else's fault?
McAfee's actions may lead, at best, to a small surge in price and an even smaller increase in long-term interest. The "pump-n-dump, everyting is a scam" chicken little types are far more of a threat. Stifling regulation will follow these people into the space.
No you have no obligation to follow him but just look at yesterday event. His twitter account hacked and mess was created
You got a 35.79% upvote from @postpromoter courtesy of @hiroyamagishi!
At least he could try to use his "power" to pump worthwhile projects. If he is going to pump these coins he could give more actual info than "undervalued."
Thanks for your comment. I just hope everything we can read from him will make more sense in the future.
I love it. I totally agree!
INVEST AT YOUR OWN RISK!
GREAT JOB
I
UPVOTED
FOLLOWED
AND RESTEEMED YOU!!!
Love the effort my friend great info he is really moving the markets in this sector.
Thanks!
Wow, I knew that some influential people could shake the market but not to that extent and that fast. Now I see it clearly, thank You for this post. It truly amazes me. Good for McAffee I guess - he knows his power and makes use of it and some people fast enough will also be able to benefit from these tweets.
Thank you for reading my blog and for your comment. God bless all of you.
No problem :) I like it because you've made a pretty clear point even for a layman like me - and that's something. Plus, I really like diagrams.
Ah, now I know where all the watercooler talk of coins on Discord are comming from. McAffee! Good to know. I have a lot of white papers to catch up on!
nice