John McAfee Talks Bitcoin [ 2017 ]

I'm with John whether i do have a complete understanding of blockchain technology. But i think a fundamental change in thinking about the paradigm we all live in is necessary before Bitcoin or the whole movement is taking off. There is always that uncertainty with services, software and devices we use in our daily life without a doubt. We're are all conditioned over decades to trust the information technology or to be totally paranoid. Both make no sense for me. You should just aware of all these invisible backdoor activities.

He also talks about this coin frenzy with popping ICO's and the nonsense of worthless money. The trap for me here is to think there is a shortage of something because it's a hard capped amount of a cryptocurrency and people think "uh, i must get at least a few coins before goes up, hurry up!" and it's complete craziness how many new of that altcoins pop up every day with the most ridiculous names you can imagine. Rabbitcoin, Catcoin, F***coin, Useless Ethereum Token to name a few. But that's a natural sifting process until we see the major players settle in the crypto world or maybe otherwise called world. That settling is already visible in the rankings at coinmarketcap.com and also visible here at Steemit! :)

What shakes me are the paradigms we got used to work with information technology, money, privacy. John wakes us up from the doze and i completely agree that pioneering through Bitcoin has now reached a level that is unstoppable. It's still early for working products on the blockchain. Many things need broad acceptance before becoming mainstream or whole sector must be explored and developed but it's coming slowly like a huge wall, no flood of innovation.

He naturally talks about security issues with wallets and it's common sense when we are on our machines connected to the internet and you are using no paper wallet. We think we are safe if we use random 128 character passwords, but if someone just spy them through our keyboard strokes what's the sense to generate such safe passwords.

But that sounds also ridiculous. We moved into the information age to get rid of paper just to step into a new mousetrap or even bear trap. It's like getting back to the stone age if we would store all our critical data on paper. Then we talk about probabilities of events that will occur eventually. There is always no 100% security but what is more probable to loose all things in a fire or to get hacked and virtual burned? But what he talks about are these mass raids where thousands or even millions of people are affected at the same time and that's because of the fact we want this convieniance of the internet, we want to make life easier and better. And because of the decentralized character of the blockchain there are virtual fires at uncounted locations around the globe at the same time. My question is: How can Blockchain make the world safer and protect our privacy better in the future or do we running just in another scheme of control and supervision which is much more efficient for the party who is watching 24/7? Some cryptocurrencies today claim to be quantum safe which means that upcoming quantum computers (with unbelievable computing power) cannot hack their blockchain.

There was this sceptical view on Bitcoin a few years ago from someone who came also from the security sector with 20 years of experience and he explained that there is no anonymity with Bitcoin. There is just a Pseudonymity. Eventually the intermediary comes into play if something goes wrong because we pay taxes and we pay in $ because Bitcoin is no stable world currency at the moment and because the government don't allow to pay your taxes in cryptocurrency. Today you can already pay school fees for your kids at some private schools with Bitcoins. That are experiments with volatile money. For me it's very interesting to look how the different interests come together to build a new system in the coming years and decades.

I'm optimist and realist and welcome that development and i think if not Bitcoin itself will survive (it has the first mover advantage and it is now known as the synonym for the blockchain from a marketing perspective in the whole world, it is always in the focus of the media) the technology in general will and will bring us uncounted applications for a better future.

Thank you for the great video!