Thursday, May 17, 2018

McAfee no fan of regulating cryptocurrencies

A libertarian - John McAfee is not sure of the need for regulations - AMBCrypto - Stuthie Murthy

May 15, 2018 - "John McAfee, the world’s leading security expert and a great online influencer sat down for an interview with Ovenized Oscillator from Crypto world news where he spoke about the current state of cryptocurrencies in terms of regulations and other things.

Is a regulation necessary or beneficial?
'Keep in mind politically I am libertarian so, I do not hold any regulations - as individuals we are required to be self-regulated,' began McAfee.... 'Life is not a safe affair, it has never been. There are risks, it’s far more life-supporting to accept those risks than to delegate your safety to some outside agency which really cannot protect you.'

Can regulations help in some ways at least a little bit?
"I am not sure, said John, as he explained ... according to him, the SEC continues to insist that coins are securities, they are not. 'By definition, ... if I own 1% of a company, I own 1% of everything in the company. If I buy Bitcoin, does Satoshi owe me something or is there a company behind that you owe to? No, I would say it is a look-alike. Do these things need to be regulated? It’s one-way and I am not sure which type of regulation makes any sense.'

What can people possibly do to jump a group of horrible ICO scam projects?
"According to ... John, the Internet is the greatest tool that was ever created ... with the blogs, chat rooms, etc. If one is interested in an ICO, he suggests they go and read about them. 'There are a lot of channels and groups available where anybody can see what people are [saying] about it, analyze it regarding the founders, creators, open-source project, experience in the past, and it is all basically huge common sense. The best way is to join the community and talk with others before jumping into any conclusion.'

"D-Tech Analytics, a YouTuber commented:
'Great interview. I totally agree with Mr. McAfee’s view on regulations. Regulations didn’t stop those scammed by Madoff, Bernard Ebbers or Kenneth Lay all multi-billion-dollar scams. If the same regulations that are applied to stocks get applied to crypto, the majority of the US crypto traders couldn’t continue to day trade due to the Pattern Trader Regulations. Be careful what you wish for.'"

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