John Mcaffe: Why Bitcoin Is Going To $0 Review

get a community for Ghost? We already have thousands of people on our Telegram. The Ghost Coin started out at a tenth of a penny. It's now $1.75. I mean, I don't know, it did that not by itself but through the community people. Let's face fact. Bitcoin, people, has got no goddamn value at all. It's not worth 50 cents. You know it's not worth 50 fucking cents. So Bitcoin's going to zero? It's just, it's just hard to think it's going to zero. Of course it's going to zero. Duh. What's the deal? Nobody will accept it. If no one will accept it— and you show me a single goddamn vendor that will accept Bitcoin? Well, I'll eat my fucking shoe. Nobody does. It's worthless. I guess, why does it matter though that a vendor accepts it if everyone around the world accepts that? Can you tell me what the value of a cryptocurrency is if not the acceptance of the fucking currency? Please. What? I don't understand it. A currency? Oh, I'll take a dollar for this, or $3, or a yen. That's value. But no one will accept a goddamn Bitcoin anymore. Used to be everybody accepted Bitcoin. 2015, everybody accepted it. Now no one will accept it. What the fuck is the value of a coin no one accepts? I don't understand the question. I don't, I don't. Please, God, help me understand what your question is. Yeah, I guess my question is though, vendors don't have to accept it for it to have value. I accept it. You do? When's the last fucking— I'm serious, dude. When's the last goddamn time you accepted Bitcoin for something?

Welcome back to the channel, and today we're going to talk about the prediction of the late, great John McAfee on why Bitcoin is going to zero. So John McAfee, I think we all have to agree, was one of these larger-than-life figures, and I certainly was a fan of John McAfee, you know, although sometimes he seemed outlandish, outrageous, there were these elements of truth that came from John McAfee that I think we can't ignore, and some of us believe some of those truths may have cost him his life. Some people believe it might have been drugs. Some people believe suicide. Whatever the case is, I think we can all agree that John McAfee made a big impact in the cryptocurrency space, in the, the technology space in general, and individual that's just going to be missed a great deal I don't think there will ever be anybody like John McAfee. But today I want to review one of his last interviews he got to do where he predicted Bitcoin would go to zero, right? And so what I want to do is I want to take some points. I want to try to focus on some specific points John brings up about the nature of Bitcoin and and why he believes it will go to zero. And I got to tell you that, you know, I think everybody will walk away from this in a great deal of agreement. I think that the only people who may not is who John has referenced quite a bit, the Bitcoin maximalists, who some people see as an unreasonable group of people. And it is very difficult to sometimes communicate with people who are just bent on ideology despite any kind of counter-evidence. It becomes very difficult to be rational and logical in some cases. And so maybe by the end of this video, maybe even the Bitcoin maximalists will see some of these points and let them sit with them to try to further understand what Bitcoin is. But so one of the first points John makes is that in order for Bitcoin to be of value, right, to have any value, it has to be useful to, to something, right? It has to be— it has to have a use. And a lot of this use and the idea of what a cryptocurrency is has to do with the currency portion, right? You know, in other words, without the, the entire idea is cryptocurrency. It's, it, it, in that word, it doesn't speak about a type of store value, so to speak. Um, but even if you want to point at a point, a store value, one of the big issues with the store value is that store values are— I have a very, uh, uh, uh, congruent link to money, right, to currency. So generally Before you get the store of value, you get the currency. Throughout the ages, gold proved to be one of the best currencies people could use. And Bitcoin, at this stage, uh, many, uh, find that Bitcoin would not make a good currency, has not made a good currency, that there are many options that are better. And this is the, this is the big issue with the conversation about Bitcoin, because then Bitcoin begins to relate to, uh, what would be, uh, depending on brand effect. Now, the problem with brand effect, just to give you a— just to give you an idea of some of the problems with brand effect, if you take something like MySpace, right, go back to the ages and the social media wars before Facebook came on the scene. MySpace had all the branding and network effect. When you start about social media, you thought about MySpace. MySpace was big. I would imagine many didn't feel MySpace could be replaced because MySpace pretty much emerged out of the social media wars. Uh, there were Friendster, there were many several others. That were kind of competing, and MySpace kind of took the lead and got a great distance from them. And they were still out of league with MySpace. Facebook over the years comes on the scene, completely annihilates, uh, MySpace, takes away the branding effect, the network effect. Everybody goes to Facebook. Facebook just destroys pretty much every social media out there. And then over the years we've seen these other ones creep up, but they're— and although they've done probably better than some of the earlier ones, they're still a great leap from where Facebook is in social media arena, unless you maybe count Instagram, which is, which is owned by Facebook, and they kind of almost merge as the same thing. So If Bitcoin has no use, and this seems to be the argument of what John's making, and I will, we'll go over that if that's true or not in a second, but if it has no use case, then that would mean what the motivating factor to use Bitcoin is, it hinges on network effect, right? Just that, uh, uh, what do you want to call it, first mover advantage, whatever it is that gets it out there in people's, uh, on people's radar. Being popular just for the idea of being popular without the technology, without the use, seldom is going to be enough. And I think that's what the problem was with MySpace, because MySpace failed to improve, whereas Facebook did, right? Facebook started to develop the technologies with the friend additions, the 6 degrees of separation. And MySpace was kind of still doing ancient social media things, similar to Bitcoin now in cryptocurrency. So John is saying that Bitcoin has no use. Let's explore that. Does Bitcoin have use? No, it does not really, from what John is condensing it too, because the intrinsic value of Bitcoin, it doesn't really have the acceptance, right? We thought it would have the acceptance, but I think we can agree most places people go to, there is no Bitcoin acceptance modules, right? The Bitcoin ATMs have been greatly reduced. You hardly see them anymore. And so Bitcoin, I rarely go places I used to see Bitcoin different variety of places. I don't see that anymore. And even if they were there, there are still many complexities with accepting Bitcoin, paying for items in Bitcoin, and so on and so forth. So this is part of John's argument. Now the host seems— and the host was a bit annoying to me, I'm sorry, but, uh, no disrespect to him for those that follow him, um, but to me he seemed very similar to many other people in the cryptocurrency space who don't quite understand currency from asset class, right? So what is a currency, right? Currency. Let's look at the root word of currency. Current, to move, right? It is moving your value from channel to channel and it's creating this velocity of money and in some cases this economic prosperity. That is because of its means to deliver value from one place to another. For example, If I, if I earn a dollar and then I send a dollar to you, you might create $2 from that $1. Then you might send that $2 to someone else. They might create $50 from the $2 and $100 and $1,000, $1 million and so on and so forth, right? But you get the idea. That's what a currency can do. But for a currency to work properly, there needs to be the flow, right? The flow, the proper flow. If a currency doesn't do that efficient or well, it's going to be less useful as a currency, right? Bitcoin proved to be less efficient as a currency, right? Less useful. So through a gimmicking, uh, the stage of a gimmick, they went, well, it doesn't really have to do anything but sit there and it'll hold value and it'll be store value. Now some people say, well, what's wrong with that? It does that well. The problem with that is that is easily replicable. There is no technology in Bitcoin that sets it aside from any other cryptocurrency. The branding effect, the marketing effect of Bitcoin, whereas it is good in popular culture, there is absolutely no reason to believe that Bitcoin can't be overturned, won't be overturned. It's almost like you're just saying that— let me compare it this way. This might make a lot of sense. I'll give an example of the United States of America. What you're warned of the United States of America in the Constitution, if a very famous person with a big brand becomes president of the United States like Donald Trump did, it. Um, in the Constitution there's the Glamour Clause where it speaks to— and I'm, I'm almost 90% it's there. Um, but it is this, this area of the Constitution that allows for— and of course that could be done through Congress, through impeachment, and so on and so forth— that allows for the president to be removed on the basis he has just been elected based on glamour, right? As to say, just his brand, just what he looks like, people like, but maybe he has no handle of the policies, right? Think of Bitcoin in a similar way. If Bitcoin is just being utilized, people are buying it just because they like the just the brand of it, just the, just the idea of it. Maybe they like how the logo looks. Technology-wise, security-wise, that has nothing to do— utility-wise, that has nothing to do with the value of Bitcoin. There is no intrinsic value. There is no actual value. There is not enough vendor acceptance around the world for Bitcoin to really make it to that level. Right now it is mostly speculation. Now if we take what they've tried to falsely turn Bitcoin to in this currencies— I'm sorry, this store of value system, which most agree is a gimmick, right? A gimmick after they found it wouldn't work as a currency. Make that comparable to a currency. Did you know that a currency has no more value at $1 than it does at $1 million, right? It is a medium of exchange, right? It is not a speculative device, right? And assets generally have intrinsic value. Like if you take something like gold, it's holding the value because of what you could do with gold. Person can take it and they can shape it and they can form it to jewelry, for car parts, for computer parts, for semiconductors, for space shuttle parts. That is something so far out the scope of what we're trying to make Bitcoin— a replicable, duplicable blockchain cryptocurrency that is inferior, as John McAfee brought out, to many other cryptocurrencies. You can't build smart contracts on it, right?

right?

Or people aren't doing that, right? You can't move it properly. It is too expensive. It's a racket for miners, right, that are an oligarchical monopoly driving up the price. There are so many things wrong with Bitcoin that we could go on for hours, right? But why is it that it is being defeated? Well, it did have first mover's advantage. And because 87% of the network is owned by 1% of powerful people, still similar to our fiat currencies, those people don't want to give up power, right? And so they will keep propping up Bitcoin. And a lot of people who don't understand the technology are just following the price. But here's the thing, and here's the deal, like what John McAfee brought up. Brought up. That is not going to be enough into the future to keep people using Bitcoin, and it's not going to be enough to keep people from smartening up, right? Uh, people are going to smarten up. They're going to connect the dots on this, and they're going to say, no, that doesn't work for me. The people who are, uh, standoffish now about purchasing in Bitcoin, gonna get involved with cryptocurrency. As it goes on, there's gonna be less and less, remember, people getting involved. Remember, this isn't retail investors that are driving this, that drove this last Bitcoin price gain. These are all those institutions and big corporations that already own all the Bitcoin. They probably have been buying it over the last 10 years. They already own all of Bitcoin. So they're in control of Bitcoin. They can manipulate, dump the price anytime you want. That's why the market is not important, use is important, right? And John McAfee, he makes several great points to that that I agree with. Um, I'm going to leave the video in the description, the full video. I would advise everyone watch that, especially Bitcoin maximalists. But now here's the thing. I could tell you that we're not going to be able to get through to Bitcoin maximalists because many are gamblers, right? Many are speculators, and their end goal is just for the value and the price to go up. They're not interested in advancement. They're not interested in, uh, uh, advancing the human spirit, because if they were, they would, uh, be, uh, supporting cryptocurrencies that did that, they wouldn't be supporting dinosaur technology. Computer's ancient technology. And this is— we owe a debt of gratitude to Bitcoin. We've stood on the shoulders of giants to build this space. But there comes a time when we have to grow up and we have to advance forward. We wouldn't keep using the very first same automobile bicycle or airplane, right? Technology moves on for the better of humanity, and Bitcoin hasn't done that. It's tried to shape the speculative narrative of just keep purchasing us and we keep letting the price go up. I'll just conclude with some people who, you know, will probably comment, well, John McAfee, he made the comment that Bitcoin is going to go to $1 million or $100,000, whatever. And he'll eat his own, you know what. And, uh, he did touch on that, uh, and he said that the Bitcoin maximalist to him is a per— is people that are so out of touch with reality that it— to— he was basically yanking their chains, you know, as to say Bitcoin will never do that. If you just look at the market cap of Bitcoin It is inconceivable that Bitcoin could do that. I know a lot of people say, well, it reached $60,000. Well, $60,000 is not $100,000, and $100,000 is not a million dollars, right? So it's still far off of there. And as we can see, it didn't hold there at all. So it can reach any conceivable number the market has, but it doesn't mean it's going to hold there and be sustainable there. And we've seen that it hasn't done that, right? It's a little higher than it was at $20,000, but this seems to be, you know, holding off where it was. But that's my review of, uh, of Bitcoin going to zero. Can it go to zero? John McAfee said it's not even worth 50 cents. I believe him. I look at Bitcoin now as a gimmick. Not that it started as one. Not that for the time it was created, the technology was, was what was needed to build up the space as it is. However, Bitcoin is still inferior to many other cryptocurrency projects, to many other algorithms, to many other future models. It is not uh, checking any of the boxes of many of the things that it needs to do. And I'll just leave you with one last statement that John brought out through the interview that I thought was important. He asked the question, what are we doing speculating on these cryptocurrencies? We've been given the keys to the kingdom and we do not understand that Bitcoin, Blockchain technology is about— is not about speculation and making money. It's about setting men free. It's about setting us free from economic bondage. It's not about— it's not about, you know, trying to get a more comfortable position on the Titanic, right? get more, um, um, fiat currency for your Bitcoin. No, that's the, that's the market. That's an auction market. That's just people buying and selling up and down. Usefulness is a value to itself. Currency is a value to itself. Currency is a medium of exchange. The, the price of it does not matter. Now I know a lot of people It might take some a day to understand this. Some might understand that right away. Some might not understand that for 50 years, but they will understand that. And that's what we're going to be looking at with Bitcoin. So I agree 100% with John McAfee. Rest in peace, John McAfee. Hopefully you have the peace now that you sought out in life. As always, take care of yourselves and each other. Don't Don't forget to join our project, BitcoinNYK.com. We'll leave a link in the description.