Are you investing in Bitcoin and hoping that its price is going to break skies? There are signs that Bitcoin can be only a pure scam.
As long as the original article is quite long I have picked up few citations from the interview that can give you a hint:
“….the Bitcoin mining process consumes enormous amounts of electricity, computing hardware and time. Yet in the end, there’s nothing to show for all that work except for carbon dioxide emissions and mercury pollution from the Chinese coal plants that power nearly a third of global Bitcoin mining. Bitcoin, in fact, has become one of the key vectors of environmental pollution that’s causing hazardous air in California’s cities.
McAfee claims that “artificial work” is actually “proof of work.” In reality, it’s proof of nothing more than the incredible stupidity of the mining infrastructure which is now burning more electricity than a city of one million people just to keep the Bitcoin blockchain from collapsing….”
or another one
“…One by one, all the promises we were told about Bitcoin have unraveled: It isn’t anonymous, transactions aren’t “instant,” transactions aren’t “free,” Bitcoin isn’t a reliable store of value, it isn’t immune to government regulations and so on. Yet John McAfee, in his self-deluded cluelessness, points to artificial work and says, essentially, “See? We’re expending CPU cycles for all this! Doesn’t that have value?”
Actually, it doesn’t, Mr. McAfee. It has no more value than the GPU calculations of a nine-year-old kid playing a first person shooter on a Saturday afternoon. Yeah, his rig is running all sorts of complex calculations, but at the end of the day, there’s nothing to show for it other than Cheetos crumbs that fell between the cushions of the couch….”
this one is interesting…
“...If CPU cycles equaled wealth, then no one in the world would ever have to work again because people could just run computers all day and let the CPUs create wealth.”
Seven simple, self-evident questions that every Bitcoin holder should be asking themselves
Question #1) Apple produces iPhones. Amazon produces fulfillment services for millions of products. What does Bitcoin produce?
Question #2) Bitcoin’s “value” has increased by 350% in the last 12 months. What has Bitcoin introduced in that time period that would justify a 350% increase in its value?
Question #3) Bitcoin is being promoted as a “store of value,” yet it frequently will correct by 30% – 50% in under 48 hours. What is YOUR definition of a “store of value” and how does Bitcoin fulfill your definition?
Question #4) If you are holding Bitcoin in the hopes of selling it at a higher price, how will you know when to sell it?
Question #5) What does Bitcoin offer to secure its dominant market position that no other crypto-currency offers?
Question #6) What is the profile of the typical “new buyer” to Bitcoin today vs. five years ago?
Question #7) How will you sell Bitcoin if the power grid goes down?
If these citations have caught your attention, you can read full original article here.