Last night, I published my Twitter exchange with businessman and computer programmer John McAfee. My goal was to introduce him to Steemit, as I know he’d be an extremely popular user.
I had to laugh because McAfee initially told me he didn’t have time for a phone call, but later changed his mind when I mentioned Steemit.
(I can't blame him, as I’m sure he gets hundreds of unsolicited messages per day from annoying investors.)
Despite his impressive net worth, the flaw McAfee sees with Steemit is lack of liquidity.
"In fact, the gentleman that I was looking at acquiring has about $600,000 in [Steem Power]. You just can't get it out. There's no liquidity."
At least for now, it looks like McAfee will be sticking to Facebook and Twitter.
Maybe he just prefers the fancy, blue "verified" check-mark on his profile?
Peace and love,
Andrew Demeter
Whoever this "creator" of Steem selling John McAfee one of his businesses is, it is certainly not Dan nor I nor anyone on our team.
Interesting post.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I sent John and many other libertarian celebrities DMs on Twitter asking for a phone call to explain Steemit from an Austrian Economics perspective and invite them to become users, with no solicitstion of investment or whatnot. He called me in less than an hour. He specifically mentioned that he was in talks to acquire a property of one of Steemit's founders. I immediately thought it would be awesome to see BitShares turned into John Mcafee's personal underground stock market ... he refused to name names. Very interesting... Now waiting for Mr. Tucker's call back.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I emailed Jefferey Tucker some info, and he replied saying it looks very interesting.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
HMM very interesting indeed
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's funny, the thing most people are saying about Steemit is that it is a scam/ponzie scheme and that there is too much Steem and it will quickly be worthless because of it! John is saying the exact opposite.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think he refers to cash liquidity for the exit scenario where you need $$$ to buy the steem dump.
But I don't think he gets the concept because if you buy, there's no reason to have it in STEEM. It's devaluing compared to Steem Power (which inflates in parallel to the total coin supply, to protect the investor from dilution, albeit slightly slower). So once you buy, you go to SP. And when you go to SP, liquidity (in cash) is no longer an issue because you can only withdraw 1/104th per week - so some level of cash liquidity will be able to cover a small dump like that.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
this is kind of an absurd answer. The guy says "theres no liquidity" and you say "well thats the idea, there isnt supposed to be liquidity its SP"
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Please explain to me how you can withdraw 600k in steem power in one go. You can't. At most you'll get close to 6k per week, and yes, there is 10 BTC liquidity to do that.
If he thinks about STEEM, instead of SP, then STEEM is the wrong investment (SP is the correct one due to dilution protection). You don't hold STEEM when you can increase them through SP at a very fast rate.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
oh duh ok it was steem power, not steem im stupid. Well, i mean with the steem power its just an issue of flat out liquidity.
Youre buying something for value that you won't be able sell (for whatever reason). That non-liquidity makes it worth less than it otherwise would be.
His problem is he can't cash it out if he wants to. That decreases its value. I actually had the same issue recently when i was considering buying some old miners, but decided against it.
Im not neceessarily saying i agree, but pretending his liquidity concerns arent founded is still absurd.
Hes basically forced to hold his investment regardless of how he thinks it will perform.
Yes, hes remunerated for this with SP incentives, but thats cold comfort with double digit %age drops happening every few days.
As an example, i recently was talking to a guy about biuying a bunch of miners with around 100btc worth of SP. I passed on it for essentially the same reason... because he was only offering me a 20% discount on their steem balances and it wasnt worth it for the reduced liquidity.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Edit... im HOP. he was talking about 600K steem power.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
And this is what I've been saying for a while.
Vest transfers are unnecessarily restrictive.
People should at least be able to transfer Vest ownership. Like shares.
This doesn't conflict with the objective of limiting tradeable liquid Steem, and it makes SP more liquid.
Encouraging investors to buy-in, with comfort in the knowledge that they'll be able to cash out.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
While we're on the subject, could someone explain to me what my options would be if I made a post that was worth $10000. How much of that money could be cash in my pocket within a week? I plan to power up, just curious.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
75% of the money goes to you, 25% to your curators. Of your 75%, half is allocated to Steem Dollars (which can be immediately liquidated to fiat via an exchange) and half is allocated to Steem Power (which are tokens that increase your influence on Steemit).
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
And while I have your attention, the more steem tokens and steem dollars I have, the more I get? I see in my wallet that every day I have more steem tokens. And powering up is turning steem itself into steem tokens?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I believe you're earning more STEEM tokens because they're being held and interest is accruing.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
the interest rate for holding steem power is 90% per year
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
How is this even possible? Where is value coming from?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
If you made $10000 post. $5000 of that would be SBD which you can change into steem in the local market on steemit (partnered with Blocktrades) and then you could send that steem to bittrex, poloniex or anywhere else and convert it to bitcoin (easy to do), or some other currency that you use a site that will let you sell the bitcoin for US Dollars or whatever your currency is and deposit it in your bank account. Different places report different time frames. 3-4 days is common.
I haven't done this myself though I have been researching it. I want more steem power so have mostly reinvested into that. Plus, I haven't landed any monster posts. :)
I have bought some things with bitcoin that I purchased with SBD. :) That works quite well.
The other $5000 will give you steem power based on what the current value of STEEM is in US Dollars. So if each STEEM coin were $2 your $5000 would give you 2500 steem power.
So in a $10,000 post you'd get $5000 SBD which you take steps to cash out immediately, and you'd get 2500 steem power (if in the example STEEM was going for $2/steem).
I hope that helps.
EDIT: This was also based on $10000 being the amount you received AFTER replies, votes, etc had received their cut.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I've done quite a bit of trading of Steem and Steem Dollar tokens. $5000-$10000 is not that hard to sell. If you had to do it right away you might have to take an extra 5% haircut or so. If you did it over a few days you could sell it with hardly any extra liquidity cost.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah, I won't really worry about it until it happens, but I just wanted some quick info so thanks to both of you guys for giving it to me.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good to see you curating and not just posting, respect.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's because he's used to a world few of us know about: the part of high finance that includes illiquid investments (investments made illiquid deliberately by regulators.) Eg: restricted stock
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Steem Power liquidity will be a problem if Mr McAfee only sees the platform as a monetary investment and doesn't see the value of the community benefits.
What would he say to 10% interest on his more liquid Steem Dollar?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
My question is how and where is this interest coming from?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Perhaps there was an off-screen conversation we didn't get to see (email?), but I'd be careful posting phone call recordings without the explicit permission of the other person.
I believe it's illegal in most countries, even if they're your friend/spouse/whatever. Also, your friendship/reputation might erode rather quickly.
Then again, you probably did talk to him separately and asked for permission. Right?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Let´s face it, he´s as much of an idiot as kim dotcom (who as you may know earned his money betraying german BBS owners and snitching them out to the police... after that he got fucked for pumping letsbuyit stocks and dumping them on innocent europeans), so did mr mcaffee when he sold his snake oil antivirus.
TL;DR fuck them all. No one needs those hyprocites here and they aren´t steems real issue - the real issue is getting quality content, and they for sure, aren´t the ones beeing able to solve this problem.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
He seems like quite a nice guy. I think he's got the Ethereum situation wrong though? sounded like he didnt realise that Ethereum itself had hard-forked. At first I was excited to think that he was going to come out in support of ETC.
The fact that he's going to purchase some #exchanges is the most exciting part of video for me.
Great share, thanks and followed!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
12% of total coin supply has been created in just a few weeks and the volume is way to low when one considers the market cap. It's concerning to me.
I am giving away another $50 Steam card, come play:
https://steemit.com/steemit/@cryptobarry/i-am-giving-away-another-usd50-cdn-steam-card-on-steemit-or-pick-a-number-from-1-1000
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Lol this is a pretty wild cat.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Oh, I thought you were talking about the Old man John Mcafee who writes for the NewYorker. I was all like, he'd write some great shit.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
There's another John McAfee? My life is a lie!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes, he's a writer. Here's a link to an article with great writing advice. http://www.newyorker.com/magazine/2015/09/14/omission
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I love that man. Why is he not the main candidate to US presidency?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Brilliant, what a character!! Awesome post, thank you for sharing!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Andrew, nice try in calling McAfee!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Andrew, why don't you call and invite Stephen Clobert? Imagine his introductory post and the buzz that would create... https://twitter.com/stephenathome Or Tweet him.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Or John Oliver. He'd be awesome, and he's done some pretty brilliant social experiments lately. We need a John Oliver here, gosh darn it!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I did the same thing you did 3 weeks ago and he gave me permission to Post with this account. He said " Go ahead and run it , Im working on something Big right now" that was after I had given him the password and user name .
as the @dollarvililante says
Peace , Love and Anarchy
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's interesting because his new company joined steemit recently and were flogging some advert for their new unlocking dongle thing.
I don't think it was a good samaritan advertising for them and the ad even had McAffee in it. I think that is also why he already knew about it.
Sadly I can't for the life of me remember the name of the account but it was some kind of electronic unlocking/authentication device.
It's good enough for his new company but not for him personally it would seem.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Unfortunately, there will be many who do not feel that Steem will be successful. I guess that just means we get to rub our new Ferrari's in their faces down the line right?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
so funny :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I like this guy
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Andrew,
Good post, I was surprised to see he wasn't on here already being an advocate for crypto-currencies and all. He would have been an interesting candidate for president had that panned out with his economic solution being replacing the Federal Reserve with crypto anarchistic systems.
Peace,
Titus
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
McAfee posts on Facebook and Twitter and he has no direct way of understanding the value of his message. He can only count likes.
He posts on Steemit and gets a qualified response. Let's say he gets $15000 SMD like @dollarvigilante and wants to cash out, the market is liquid enough for that amount. If he doesn't get why part needs to go to curators and another part needs to go to Steem Power, then he needs to learn a bit more about this platform.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes well he or his company has already posted here as I state in my response.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Trading volumes are very low, any sain investor won't put any money in here. DollarDude pour example is not investing anything, he's only taking money. If he believed steem is the future he would invest a good portion of his real money into it. But he is not.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The liquidity I don't see as an issue. I am no professional by any means on the matter. In my view though it is about reward of content and less a short term investment. Someone who can provoke and inspire. They can pull money out of this site fairly easily. The only reason to use it as an investment tool (powering up) is more to have weight on the issues being discussed, and for a user with some pre-existing notoriety there isn't really a need to do that. He would just need to understand that half the amount he shows from his contributions is locked up for a period, and as a result it is in his future interest to continue to do well. It's not the type of system we are used to seeing for sure, but it is pretty beautiful in it's own way
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes, it is definitely a new paradigm.
It looks dicey only if you try to fit it into the older paradigms.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
IIUC, he was talking about the liquidity in terms of potentially purchasing someones assets who had a whole bunch of steem power.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanx for sharing your experiment and feedback to make steemit on the lookout for next features to attract more users. Was his username taken here on steemit?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Is this the same John McAfee who was a "person of interest" in connection to the murder of an American expatriate in Belize several years ago? In an interview with Wired, McAfee said that he has always been afraid police would kill him and thus refused their routine questions; he fled Belize and has since evaded authorities. Belize's prime minister Dean Barrow called McAfee "extremely paranoid, even bonkers" and supposedly McAfee's "stay in Belize was so notorious that there is a libidinous, date-rape drugging, perhaps insane, gun-wielding character living in Belize in novelist Jonathan Franzen's Purity that bears a resemblance to McAfee.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
yes
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
love the gifs....haha
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
....at least not in real time :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
McAfee is now promoting "Bob's Repair" https://steemit.com/steem/@jrcornel/steem-community-welcome-bob-s-repair and they are using the STEEM blockchain.
Guess he realized he was a bit silly for not buying in when he had a chance to get it for pennies. Hey, better late than never and he could still earn a killing if he joined
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @andrewdemeter! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit