Cryptoglobe released an exclusive interview with founder of McAfee Associates and endorser of the ‘unhackable’ Bitfi wallet, John McAfee, to discuss recent controversy circling the $250,000 Bitfi hacking bounty and the future of cryptocurrency. McAfee is arguably the best known advocate for cryptocurrency today. He has garnered nearly one million Twitter followers and is personally overseeing a number of blockchain projects.
Has the Bitfi Wallet Been Hacked?
Controversy began over the last few days on Twitter following claims from teenage hackers that the Bitfi Wallet had been hacked. The hackers proved to have successfully gained root access to Bitfi wallets and were subsequently able to inject keytrackers that would in theory allow them to hack into the wallet the next time it was used by its owner. However, after posting an angry tirade on Twitter, McAffe has been clear to point out that the achievement does not qualify for the quarter million dollar prize.
“Gaining root access? That’s not hacking that’s child’s play,” said McAfee “We have a bounty – we’ll send you the wallet with bitcoins on it if you can get those bitcoins we’ll give you a quarter of a million of dollars…these ‘security researchers’ who say they have hacked it – they don’t have the money…It has not been hacked and it cannot be hacked…I have always said nothing is un-hackable. I also said, however, that when blockchain came around that this is going to change the world in ways that we will never expect.”
On U.S. President Donald Trump’s Role in the Future of Crypto
On May 25th of this year, Team McAfee famously penned the Declaration of Currency Independence. The document has been circulating online for a number of months and is asking for signatures. The declaration is calling for the cessation of government control over the world’s money supply and is considered to be a petition closely aligned with many of the free market principles that have inspired the development of the cryptocurrency movement.
When asked whether the current Trump administration is helping or hindering this movement McAfee said the following,
“I think it’s helping way more than any democratic administration would help. The unique thing about Trump is that he does not seem to be controlled by anybody – he does not seem to have any strings attached to him like every other president has. Every other president has been controlled by either the Democratic party or the Republican party or by their major donors…Trump just is Trump… I think that anybody who’s independent of power structures who is bright – and you don’t get to be as rich as trump by being stupid – who has sufficient courage to be himself, that’s good…that’s something that we need…”
On whether or not he believes Trump would be pro-crypto, McAfee stated,
“I think he will. I don’t think he’s dug into it yet…but eventually he will. Crypto is growing whether we like it or not…it’s out of the box, we can’t put it back in…as it grows it will become more and more prevalent and he will take it in and do the right thing.”
On Cryptocurrency’s Break From Fiat
McAfee expressed confidence that within 5 years cryptocurrency will no longer measure its value in the form of fiat currency.
“I think it will happen very soon…Because look at what happened in such a brief period of time already – just in the last year – look at the growth of businesses–there’s been a radical change already”
Critics in the mainstream media have suggested that market volatility renders cryptocurrencies effectively useless as a means for replacing fiat currency anytime soon. Bitcoin alone in the last 9 months has dropped in value by over 60 percent. McAfee, however, sees the current market volatility in cryptocurrency largely as a consequence of its competition to overtake government fiat. He predicts that when cryptocurrency finally replaces fiat the market volatility will cease to be an issue:
“[Think about what happens] if bitcoin [becomes] the currency? If we are buying and selling in bitcoin – the volatility will disappear – if the dollar is gone and we stop comparing it to the dollar – and all I accept is bitcoin then what does volatility mean? As things become more and more prevalent they become less and less volatile…bitcoin is volatile now because it’s such a small percentage of the currency that’s used world-wide. Yes it’s going to have wild fluctuations but as it becomes more and more prevalent those fluctuations will become smaller and smaller…until finally they are going to be liveable.”
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