Realizing why McAfee is suggesting to stop the usage of ICOs
The British-American a cybersecurity magnate, John McAfee has become one of the famous cryptocurrency supporters. He founded the McAfee antivirus software which was recently acquired by Intel in $7.7 billion. The U.S. Securities and Exchange Commission might seem very clean and legal but recently the cybersecurity expert John McAfee has released a number of videos in which he claims that u.s. securities and exchange commission is after him and he is trying to save his life by hiding. After McAfee came out of the cybersecurity world he has constantly been supporting the cryptocurrencies, on which the Securities and Exchange Commission wants to badly take control over. After few weeks he released an official statement saying that he would be contesting for the 2020 Presidential elections in the United States for the development of the cryptocurrencies and the Blockchain Technology.
Due to SEC threats, I am no longer working with ICOs nor am I recommending them, and those doing ICOs can all look forward to arrest. It is unjust but it is reality. I am writing an article on an equivalent alternative to ICOs which the SEC cannot touch. Please have Patience.
— John McAfee (@officialmcafee) June 19, 2018
Most recently he also stated that he would be backing out of the world of initial coin offerings as he is experiencing a great threat from the Securities and Exchange Commission. According to his Twitter handle, he had cited SEC threats and strongly recommend people not to opt for initial coin offerings to almost more than 800,000 users.
When the same cryptocurrency role model who was once charging almost more than $100,000 for the promotion of any initial coin offering through a single tweet is now recommending not to use it at any cost, this points to an end of a crucial business model of the cryptocurrency space.
After the disregard that John McAfee expressed through his tweet and number of criticism was followed for u.s. securities and exchange commission which regularly and consistently is trying to gain access over the cryptocurrencies.
However, the statement seems to be contrary to a crucial incident that occurred prior to it. An SEC senior official had proclaimed that Ether, which was the official cryptocurrency for the Ethereum Network was uncategorized from being a Security which had marked a great relief to the enthusiasts.
John Mcafee on ICOs and Securities
Another major contradiction between McAfee and the SEC can be witnessed from the last week’s incident when McAfee did not accept the view and opinion of securities and exchange Commission that many of the Token Offerings where considered to be as a Security offering. Another major step which was taken by McAfee against them was when, earlier this month he had challenged Jay Clayton, the chairman of SEC for a public debate.
It is very clear from his tweet that he is forcibly made to stop the promotion of Initial Coin Offerings. He initiated his tweet by stating the fact that all his steps are only due to the threats that his receiving from the Securities and Exchange Commission and not abiding by them can lead to his arrest.
However, in his tweet, he also consoled the cryptocurrency enthusiasts by saying that he would be releasing another alternative for the Initial Coin Offerings which cannot be under the jurisdiction of Securities and Exchange Commission. He has also requested his followers to have some patience as he comes up with a new idea to dodge the SEC.
This is very unjust that due to the threats of some various organizations on some notable figures in the industry, one is restricted put his personal views and opinions on any matter. The fact that America, being one of the biggest democracy in the world cannot provide the freedom of expression to its citizens is annoying. Upon that it is not anyone else, but a subsidiary of the government itself, which is forcing McAfee to suppress his opinions regarding the Initial Coin Offerings.
We assume that we are living in a world which is far more safe and secure when compared to the olden days. But it is being realized that the whole economic industry, currently is manipulated with time, by a number of elite organizations and people. As the cryptocurrency space and blockchain technology is completely decentralized and out of control of any particular organization, it is inviting a lot of pressure to abandon itself. As they fear that the whole economic system might go out of the hands.