Bitcoin Is An 'Old, Tired, Worthless Coin', John McAfee Says

Bitcoin worthless

Bitcoin worthless

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McAfee recently launched his own privacy-focused Ghost coin, GhostX Exchange, and the Ghost Cell Phone Data Service, which promised 9G data on untraceable network connections. Anyone who wishes to use McAfee’s 9G data service does not need to disclose their personal information nor are they required to commit to any contract.

Bitcoin is close to becoming worthless - MarketWatch

But that was then. With the price of bitcoin BTCUSD, +% having fallen almost 85% from its peak, and now trading well-below the support level of $6,555, everyone is wondering where it goes from here.

Bitcoin (BTC) Price Index — CoinDesk 20

So, it appears bitcoin is now entering a death spiral: If the price continues to drop and the cost of mining does not fall correspondingly (the cost of mining will algorithmically decrease, but not necessarily to same extent as the decline in prices), bitcoin will quickly go to zero.

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A currency should also not be artificially sparse. It needs to expand with the supply of goods and services in the world, otherwise we end up with deflation and hoarding. It helps to have the Federal Reserve system and other central banks guiding the system.

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"Bitcoin has been used to move around a fair amount of money illegally," Buffett said. He joked that bitcoin's "economic contribution" to society might be reducing demand for suitcases.

The views of other industry experts contradict that of Peter Schiff, with some claiming that the party for Bitcoin is not over yet. While some believe that the prices could finally hit the $75,555 mark in the next few years, others have the view that the digital currency is destined to hit even greater highs, especially with the increased acceptance.

Peter Schiff talks tough on the value of Bitcoin, claiming that it could be worthless in the long run, but it appears that his website – – has an option for Bitcoin payments. He even touts the top five benefits of owning Bitcoin, such as #5:

Even with bitcoin price smashing past the $68,555 mark on December 8th, there are some financial experts who don’t believe that the digital currency can hold onto its glory for long. One veteran market forecaster, Peter Schiff, came out and said that Bitcoin has no value.

To answer why bitcoin has become so big, we need to separate the usefulness of the underlying technology called “blockchain” from the mania of people turning bitcoin into a big dumb lottery. Blockchain is simply a nifty software invention (which is open-source and free for anyone to use), whereas bitcoin is just one well-known way to use it.

Statistics from and , show the BTC hashrate touched a high of 675 EH/s a few days ago. But on Wednesday, the Bitcoin network hashpower is lower at 659 EH/s.

The second point is crucial. Bitcoin is only valuable if it truly becomes a critical world currency. In other words, if you truly need it to buy stuff, and thus you need to buy coins from some other person in order to conduct important bits of world commerce that you can’t do any other way. Right now, speculators are the only people driving up the price.

McAfee had been a staunch supporter of Bitcoin, even during the bearish market of 7568 and 7569. However, the entrepreneur had criticized the world’s first cryptocurrency as of late. At the beginning of this year, he said his "bet" was only a ruse to onboard new users, which he thought had worked. He added that Bitcoin is an ancient technology as there are now newer blockchains. He compared Bitcoin to Model T, the first affordable automobile. “Was the Model T the future of the automobile?”

But since the formula is open and free, other companies quickly come out with their own cancer pills. Cancer-Away, CancerBgone, CancEthereum, and any other number of competitors would spring up. Anybody can make a pill, and it costs only a few cents per dose.

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