Making predictions is a fairly common thing for the human race. People in the crypto space applaud those who make the correct forecasts and cackle at those who completely miss the mark or disown their predictions. In 2017, anti-virus software pioneer John McAfee predicted that bitcoin would surpass the $1 million mark by the end of this year. He even vowed to eat his penis on national television if this forecast did not come true.
While many believed this prediction was simply a pipe dream, McAfee explained that his prediction is based on a mining-fueled mathematical model and if it does not materialize, “then mathematics itself is a flawed disappointment.” McAfee stood by his prediction years on and even upped the ante to $2 million by year-end 2020.
Now, however, McAfee has made a big U-turn. The perennial presidential candidate recently trashed the flagship cryptocurrency, saying it is “old” and “clunky” and that the future of cryptocurrency rests in altcoins.
McAfee Labels Bitcoin As The ‘True Shitcoin’
Shitcoin is the name used by bitcoin enthusiasts to refer to any other cryptocurrency that is not bitcoin. In a tweet on January 28, McAfee said that bitcoin is the “true shitcoin”. Not only that, but he also opined that the king crypto is old and lacks certain capabilities that other alternative coins offer. In particular, he notes that bitcoin has no security, smart contracts, and Dapps.
Notably, this is not the first time McAfee is calling bitcoin an antiquated technology. Earlier this month, he retracted his $1 million bitcoin price prediction saying it was just a ploy intended to attract new users and it had worked just as he’d hoped. He then suggested that bitcoin is an “ancient technology” just like the Ford Model T which was later replaced by more sophisticated cars.
At that time, he also noted that newer blockchains have privacy, smart contracts, and distributed apps, possibly referring to the likes of Monero and ethereum.
The Future Rests With Altcoins?
McAfee believes that altcoins with more security, smart contracts, and Dapps will reign supreme in the future.
When asked to name one ethereum based Dapp or smart contract that is used by everyone and has added immense value to the crypto ecosystem, he posited that ethereum is just one of the many blockchains that support smart contracts. McAfee goes further to say that DAI is the most stable coin and it is based on ethereum smart contracts.
In all fairness, McAfee is somewhat right about other platforms supporting more smart contracts, Dapps, and other features. But, it’s important to note that all cryptocurrencies are designed to serve different purposes. Moreover, he’s utterly wrong about BTC’s security.
BTC’s hash rate has been gradually rising since the beginning of 2019, smashing previous records each time. In fact, the hash rate currently sits comfortably at a respectable range between 90-120 exahashes per second. Such a strong high hash rate means its never been harder to mine new coins and the network is well protected against potential attacks.
Commenting on McAfee’s tweet, one user going by the online alias Crypto hunter noted that altcoins and the entire crypto ecosystem cannot thrive if bitcoin fails. He said:
“Lol, I wonder if you just flip flopping because you are making a run at politics. You know as well as I know that bitcoin if bitcoin fail the whole ecosystem will too and alts will become the domain extension (not .com but the useless rest).“