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John McAfee blasts Bitcoin for being a “true shitcoin”

Jan 29, 2020 | Cryptocurrency

Many people have completely different opinions on Bitcoin and altcoins. To some, altcoins are nothing more than a way to accumulate more BTC. For John McAfee, Bitcoin is the “true shitcoin”. 

What Defines a Shitcoin?

This is another topic of substantial debate among cryptocurrency enthusiasts. So-called Bitcoin maximalists will label any alternative currency as a shitcoin. Others will distinguish between altcoins properly.  

A lot of the pump-and-dump coins can be classified in the world of shitcoins. There are also those projects without active development, albeit communities may take over development now and then. 

In theory, the concept of a shitcoin revolves around offering little innovation or fundamentals for the future. A lot of altcoins offer nothing new, although there are many that stand out in their own regard. It is impossible to put everything under one and the same label. More importantly, there is plenty of room for competition, interoperability, and further growth. 

John McAfee has a Unique Opinion

Long-term cryptocurrency enthusiasts will be familiar with John McAfee. He is very outspoken regarding cryptocurrencies. Over the years, he has built up some knowledge about different projects. As such, his opinions regarding developments and technology are often of great interest to the community. 

In one of his recent tweets, John McAfee noted some interesting comments. He also touches upon the concept of Shitcoins and Bitcoin Maximalists. However, he is convinced altcoins are the future of the crypto industry. A very controversial opinion, albeit one that isn’t wrong or right by definition. 

Claiming how Bitcoin is the “true shitcoin” however, is a different matter. It is a comment that won’t go over well with the overall community. Stating how Bitcoin has “no security” is very odd, as that seems completely false. Moreover, Bitcoin has smart contracts via Rootstock and BitHalo

This comment also comes at an interesting time. In recent years, John McAfee shared his bullish Bitcoin price predictions. Such a sudden shift in behavior is rather unusual and also difficult to comprehend. 

There is a chance that McAfee is simply trying to poke the bear and get some attention. 

Images courtesy of their respective sources.

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JP Buntinx

JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.

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