7 Things You Probably Didn’t Know About John McAfee


  • John McAfee has become one of the best-known Bitcoin supporters in the last year, but his story goes far deeper than being a crypto expert.
  • He is considered to be one of the most controversial figures in the world of crypto and technology, with countless ups and downs throughout his life.
  • His career included developing one of the most popular anti-virus software to date, alcohol and drug abuse, several arrests, and return to the public scene as a well-respected crypto soothsayer.

John McAfee is by far one of the most interesting, as well as most controversial public figures today. He has had an eventful life which led him from being a door-to-door salesman to being an anti-virus maker and a cryptoanalyst, with numerous substance abuse incidents, countless lawsuits, and several arrests in between.

He also moved to Belize for a while, he attempted to run for president of the US, created his political party, and much more. His life is filled with fascinating anecdotes, disputed events, and surprising twists that have brought him to where he is now. With that in mind, here are seven interesting facts you probably did not know about John McAfee.

1) McAfee had a troubled youth

McAfee was born in the UK on September 18th, 1945. While he was still very young, his parents moved to Roanoke, Virginia. He had had a difficult childhood, with his father being an alcoholic and committing suicide when McAfee was 15 years old. He then went to Roanoke College where his alcohol abuse originally started.

2) His business career began with magazines

McAfee has had quite a colorful business career, and he started off selling magazines door-to-door. After that, he started working at a firm that coded punch-card systems, which is where he became familiar with the basics of computing. With this knowledge, he managed to get a job at the Missouri Pacific Railroad, where he worked on using the new computer system for creating train schedules.

In the 1970s, he moved to Silicon Valley, where he worked for different technology companies. In 1986, the first big computer virus hit PCs, which is when he decided to start his own anti-virus company. Soon enough, his security software was used by some of the largest firms around the world, although individual users were still unaware of the online threats, and not particularly interested in applying his anti-virus. However, when another virus called Michelangelo hit in 1992, infecting over 5 million computers, the demand for protection software made McAfee’s own anti-virus the most popular one around.

He resigned from his company in 1994, when he decided to retire and keep a low profile. He spent years lecturing at a business school, advising startups, and working on his own smaller projects.

3) He had quite an alcohol and drug problem

As mentioned, McAfee started drinking in college, which continued throughout his business career. He also began experimenting with harder drugs, often during working hours. One day he bought a psychedelic DMT, and after using it, he felt nothing. He then decided to use the entire bag, which caused vivid hallucinations, paranoia, and hearing voices. He ended up running out to the streets, and hiding behind a trash can, with people approaching him and asking questions which he was unable to understand.

He continued using drugs after the incident as well, until 1983 when he started feeling alone and scared, which is when he decided to seek help.

4) He lost his fortune in an economic collapse

After quitting his company, McAfee decided to sell his shares, which brought him quite a fortune. With $100 million in his possession, many believed he was set for life. However, in 2008, an economic collapse that inspired the creation of Bitcoin affected McAfee’s fortune quite strongly, and he lost an estimated 96% of what he owned.

5) He sold everything to move to Belize

Later in the 2000s, McAfee believed that the world of antibiotics is the next big thing where he can make a breakthrough, so he sold everything and moved to Belize to work with the company called Quorumex. While there, however, he became convinced that he is being followed and watched, which eventually led to him losing connection to society. Later, in 2012, he fled the country after becoming a person of interest in a murder case that involved the death of his neighbor, Gregory Faull.

He was living in Guatemala when the country’s police arrested him for illegal entry, and after being detained for some time, he was sent back to the US.

Source: wired.com

6) McAfee started his party and ran for president

After returning to the US, he received a lot of attention, which he decided to use in September 2015 when he decided to start a new political party called The Cyber Party. He also attempted to run for the president of the US. He tried to join the Libertarian Party, but he failed to win the nomination, with New Mexico Governor Gary Johnson winning it instead.

7) McAfee developed an interest in crypto after leaving a shady company

Finally, he got involved with a mysterious tech company called MGT Technologies, which invested in games and cybersecurity, but also in a small drugmaker. Soon enough, McAfee left the company, which is when he developed an interest in digital currencies.

He developed a particular interest in Bitcoin and had made some of the most bullish claims to date, stating that Bitcoin will hit $500,000 by 2020. While there is no way of knowing whether or not this will happen, many consider him a tech genius, which is why many have taken his predictions to be extreme, but possible.

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Thailand Stock Exchange Considering Gov’t License to Trade Bitcoins

The Stock Exchange of Thailand (SET) could become the latest entity to obtain a cryptocurrency trading license in the country. This news comes as the bourse is reportedly mulling to become a licensed digital asset trading platform. 

SET Eyes Digital Asset License to Trade Cryptocurrency

According to the Bangkok Post, the SET plans to apply to the Thai Finance Ministry, to obtain a digital asset operating license. If granted, the stock exchange could establish its cryptocurrency trading platform.

Reports indicate that the bourse is looking at beginning crypto exchange operations before the end of 2019. For Pattera Dilokrungthirapop, the vice-chair of the SET’s board of governors, the need to become involved in the emerging digital economy is the main reason for the move.

According to Dilokrungthirapop, many companies listed on the SET are already pursuing licenses to become cryptocurrency broker-dealers. Thus, the SET plans to liaise with its member companies to work out modalities for the proposed cryptocurrency exchange platform.

Dilokrungthirapop, who is also the chair of the Association of Securities Companies, says the SET isn’t in a hurry to move ahead with its plans. Commenting on the matter, she explained:

We [the SET] are not in a hurry to enter the digital asset trade, as some companies are still managing their core businesses, while cryptocurrencies are just one of the [digital] asset classes. Securities firms are currently waiting for the SET to apply for a license. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.

Thailand’s Growing Digital Economy

The SET’s plan to operate a licensed cryptocurrency exchange platform is yet another example of Thailand’s growing digital economy. Beginning in mid-2018, the government via its Finance Ministry and the Securities and Exchange Commission began creating a legal framework for the digital asset industry.

Bangkok, Thailand

For Dilokrungthirapop, the SET stands a good chance of obtaining the license based on its significant capital pool and status as a trusted exchange operator. Jirayut Srupsrisopa, the CEO of Bitkub Group, agrees with Dilokrungthirapop but highlight’s the SET’s lack of experience in the cryptocurrency arena.

Bitkub is one of the four platforms that recently obtained licenses from the Thai SEC to become regulated cryptocurrency exchanges. According to Srupsrisopa, there are also plans of a possible partnership between Bitkub and the SET.

Do you think stock exchange operators coming into the cryptocurrency trading arena is good for the industry? Let us know your thoughts in the comments below.

Image courtesy of Shutterstock

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Source: Bitcoininst

Thousands of US Grocery Stores to Sell Bitcoin At Coinstar Kiosks

supermarket coinstar

A U.S. Bitcoin ATM company has teamed up with international coin counter Coinstar to offer Bitcoin purchasing facilities in “thousands” of new locations.

More Bitcoin For Cash

Washington-based Coinme, which has operated Bitcoin ATMs since 2014, confirmed the deal via a press release January 17.

coinstar change machine

The exact extent of the rollout remains undisclosed, but executives referenced “thousands” of U.S. locations currently served by Coinstar, which allows consumers to count loose change. Coinstar itself lists 20,000 ‘kiosks.’

“We’re excited to team up with Coinstar to give consumers a convenient and easy way to buy Bitcoin during the course of their daily routines,” Neil Bergquist, Coinme’s cofounder and CEO commented.

Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.

Implementations are already live, with users uploading evidence of using the Bitcoin feature on social media.

The machines allow buying up to $2,500 in BTC with a few steps. Namely:

  1. Go to a select Coinstar kiosk, touch “Buy Bitcoin,” review and accept the transaction terms, and enter your phone number.
  2. Insert U.S. paper money into the cash acceptor (any amount up to $2,500).
  3. Receive a voucher with a Bitcoin redemption code.
  4. Visit www.coinme.com/redeem to create a Coinme account or sign in to your existing account to claim your Bitcoin.

Lamassu Quits US

If Bitcoin becomes available at all 20,000 locations, the partnership would increase the US’ total Bitcoin ATM numbers almost five times over.

According to data from monitoring resource CoinATMRadar, the US currently has 2488 machines in operation, constituting just under 60 percent of the global total.

Coinstar CEO Jim Gaherity said the company “is always looking for new ways to offer value to our consumers when they visit our kiosks.”

Worldwide, Bitcoin ATMs as an industry should become worth almost $145 million within five years, a study released in September 2018 claimed.

This month, mirroring the problems faced by businesses throughout the cryptosphere, Bitcoin ATM manufacturer Lamassu moved to Switzerland, citing the unfavorable regulatory climate in other jurisdictions.

As Bitcoinist reported, Switzerland has deliberately forged a supportive landscape for the sector, with banks similarly keen to expand their integration with cryptocurrency. The country currently has 46 Bitcoin ATMs alongside ticket machines at every train station that also sell bitcoin. 

What do you think about Coinme’s partnership with Coinstar? Let us know in the comments below!

Images courtesy of Shutterstock, coinstar.com

The post Thousands of US Grocery Stores to Sell Bitcoin At Coinstar Kiosks appeared first on Bitcoinist.com.

Source: Bitcoininst

Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space

Stock Exchange of Thailand Unveils Plans to Enter the Crypto Space

The Stock Exchange of Thailand is reportedly planning to launch a cryptocurrency exchange. The securities companies that are members of the exchange will also apply for cryptocurrency broker-dealer licenses with the country’s regulator. Thailand currently has three licensed crypto exchanges.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

SET Planning to Enter the Crypto Space

The Stock Exchange of Thailand (SET), the country’s national stock exchange, is reportedly planning to operate a cryptocurrency exchange that is separate from the stock exchange.

Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space
Pakorn Peetathawatchai

Dr. Pakorn Peetathawatchai, President of the SET, revealed on Thursday that the bourse is preparing to test a digital exchange prototype in the second half of this year, Post Today reported. The Bangkok Post elaborated that the bourse aims to “open a new exchange and become an authorised digital asset exchange this year,” adding that details such as the back-office system and which wallet to use for token storage are being worked out.

Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space

The news outlet reported Pattera Dilokrungthirapop, chairwoman of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors, commenting:

The bourse wants to catch the growing investment trend of digital assets.

The SET is overseen by the Thai Securities and Exchange Commission (SEC) and currently operates under the legal framework laid down in “the Securities and Exchange Act, B.E. 2535 (1992),” its website details.

SET’s Members to Also Enter the Crypto Space

Dilokrungthirapop explained that the SET plans to cooperate with its members to set up the crypto exchange, noting that securities companies that are members of the SET also plan to apply for crypto broker-dealer licenses in order to trade on the SET’s new exchange. She was further quoted by the Bangkok Post as saying:

Securities firms are currently waiting for the SET to apply for a license. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.

Thailand’s cryptocurrency regulation went into effect in May, installing the country’s SEC as the main regulator of the crypto industry. The finance ministry has the authority to issue licenses to businesses wanting to operate crypto businesses.

Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space

The ministry recently issued licenses to four cryptocurrency companies. Three of them are exchanges: Bitcoin Exchange Co. Ltd. (Bx), Bitkub Online Co. Ltd. (Bitkub), and Satang Corporation (Satang Pro). Coins Th Co. Ltd. is the only broker-dealer licensed. Meanwhile, three crypto exchanges have been rejected: Coin Asset Co. Ltd., Cash2coin Co. Ltd. and Southeast Asia Digital Exchange Co. Ltd. (Seadex).

What do you think of the Stock Exchange of Thailand entering the crypto space along with its brokers and dealers? Let us know in the comments section below.

Images courtesy of Shutterstock and the Thai SET.

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Source: Bitcoinnews.com

Move Over Bitcoin, Criminals Using V-Bucks in Fortnite to Launder Money

fortnite bitcoin

Enough already of the tired old rhetoric that Bitcoin is the first choice of criminals for money laundering. Criminals will use any means available, including Fortnite’s V-Bucks, according to a new investigation by The Independent.

Free Game, Expensive Outfits

The Fortnite Battle Royale game has become an online phenomenon, largely because it is multi-platform and free-to-play. But in-game items, such as skins, must be paid for using the in-game currency V-Bucks. With 1000 V-Bucks costing around $10, there is a ready market for discounted coins, and this is where the criminals step in.

They buy V-Bucks using stolen credit card details, and then sell them on to players at a discount to effectively ‘clean’ the money. These are available to buy in bulk on the dark web, and in smaller quantities on social media platforms.

Fortnite Is Too Weak

Cybersecurity firm Sixgill, who undertook the investigation with The Independent, uncovered operations spanning around the globe. Senior Analyst, Benjamin Preminger explained that “Criminals are… getting money in and out of the Fortnite system with relative impunity.”

Threat actors are scoffing at Epic Games’ weak security measures, saying that the company doesn’t seem to care about players defrauding the system and purchasing discounted V-bucks… This directly touches on the ability of threat actors to launder money through the game.

Who Has The Biggest Launderette

The overall profit made by the Fortnite fraudsters is unknown. In fact, it’s likely easier for a blockchain analysis company to track bitcoins on its transparently public ledger than some database tokens like V-bucks.

However, Sixgill discovered $250,000 worth of Fortnite items sold on eBay in just a 60 day period last year. Epic Games, who develop Fortnite, brought in a profit of $3 billion in 2018, and the game’s popularity shows no signs of waning.

Meanwhile, Banks are constantly in the news for being either complicit in money laundering or negligent in their monitoring.

In contrast, authorities are successfully seeking out and prosecuting those who try to use Bitcoin for money laundering. It clearly can’t be as simple a job as scaremongers would have us believe. Last year it was reported that a mere 0.17% of money laundering cases in Japan involved cryptocurrency.

What do you think about criminals using virtual in-game currency to launder money? Share below!

Images courtesy of Shutterstock

The post Move Over Bitcoin, Criminals Using V-Bucks in Fortnite to Launder Money appeared first on Bitcoinist.com.

Source: Bitcoininst

Mining Closures Reveal Recurring Bitcoin Bear Market Trend

Mining Closures Reveal Recurring Bitcoin Bear Market Trend

Another bitcoin miner this week shut down its operations, though the news didn’t come as much of a shock. The latest closure, of U.S.-based Giga Watt which went bankrupt last year, follows a trend among large mining operations that stretches back years.

Also read: No Reason to ‘Bury’ Cryptocurrencies, Russian PM Medvedev Says

Bankruptcy to Closure

After declaring bankruptcy last year, Giga Watt, which launched in 2017, announced in a Telegram message that it would be ceasing all operations. “As was reported in November of 2018, Giga Watt voluntarily filed with the Bankruptcy Court seeking debt relief and reorganization,” the message read. It added:

“Subsequent to the filing, day to day operations continued until now. At present, both access and power to the facilities in which Giga Watt operates have been closed to the company.”

The mining firm Giga Watt filed for bankruptcy at a court in the Eastern District of Washington in November, stating that it still owes its biggest 20 unsecured creditors nearly $7 million. Despite continuing to operate until Tuesday, the firm said it would not be able to refund those who had invested in its WTT token.Giga Watt Becomes the Latest Bitcoin Mining Company to Go Bust

But Giga Watt said it would be returning mining equipment to some of its customers, adding: “Customers will receive an email notification within the next two weeks with the tracking information for their shipments.”

A Recurring Trend

Giga Watt’s case is by no means unique – a number of mining firms have had to close up shop in recent years due to falling revenues. In 2016, Knc Miner, one of the fastest growing mining operations, declared bankruptcy and had to close, despite having a positive outlook and raising over $32m in venture funding from investors.

Another seemingly promising company was 21E6, which later became 21.co. Backed by prominent Silicon Valley investors, the mining company raised $70 million in 2013. But things took a turn for the worse and it ended up with long-term datacenter leases and falling revenue. It was later saved after it was taken over, turned to Earn.com and sold to Coinbase.Giga Watt Becomes the Latest Bitcoin Mining Company to Go BustHashfast, Alydian and Cointerra all suffered similar fates, with long term datacenter leases but falling revenue. Bearish market conditions evidently exacerbated Giga Watt’s problems. BTC extraction has become less profitable due to a slump in prices, leaving many miners on the brink of collapse. As news.Bitcoin.com reported last week, some mining operations are packing up and moving to countries such as Mongolia, seeking benefits such as cheaper electricity and cooler climate. 

Do you think other mining companies will go the same way as Giga Watt or is the bear market coming to an end soon? Tell us in the comments section below.

Images courtesy of Shutterstock and Giga Watt. 

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18 Months Away? Latest Lightning Network Study Calls System a ‘Small Central Clique’

The Lightning Network has been touted as the solution to the Bitcoin Core (BTC) network’s scalability problem for years now. Over the last few months, the Lightning Network has shown growth but there are still significant concerns about centralization, routing issues, and creating a usable mainstream-friendly interface. The ongoing joke that the network is “18 months away” continues, and on Wednesday researchers published a topological analysis of the network which highlights how the project is “structurally weak against rational adversaries.”

Also Read: Embracing Utility in 2019: Unreliable Crypto Networks Will Lose to Hyperbitcoinization

‘A Small Central Clique and a Loosely Connected Periphery’

At the Breaking Bitcoin conference on Sept. 9, 2017, when an audience member asked how much longer the Lightning Network (LN) will be, the ultimate answer was still “18 months.” Ever since then that timeline has been an inside joke to both LN defectors and even proponents. A recent study stemming from members of Eötvös Loránd University explains that there are still significant issues with the LN protocol. In order to review the LN, researchers Seres Istvan Andras, Laszlo Gulyas, Daniel A. Nagy, and Peter Bur published a seven-page topological analysis of the network on Wednesday.

18 Months Away? Latest Lightning Network Study Calls System a ‘Small Central Clique’
The researchers from Eötvös Loránd University believe topological studies are needed to better understand the Lightning Network.

A topological analysis uses applied mathematics and data from topological extraction, and many analysts believe many computational networks should be researched in this manner. Seres Istvan Andras shared the pre-print study to his followers on Twitter and explained the paper is a work in progress in which the researchers quantify the structural properties of the LN.

In a series of tweets, Istvan Andras explained how the research shows people’s prior intuitions toward the LN becoming centralized “were not rigorously proven,” but the team’s study shows that “the intuition is correct and it can have effects on LN.” The paper says the LN exhibits high clustering with short paths and this can be seen with entities like Lnbig.com. There was also the time that Andreas Brekken’s single node captured a large portion of the LN’s capacity. Section two of the topological study states:

LN’s local clustering coefficient distribution suggestively captures that LN is essentially comprised of a small central clique and a loosely connected periphery.

18 Months Away? Latest Lightning Network Study Calls System a ‘Small Central Clique’
The majority of nodes have very few payment channels and a few hubs control a large portion of the network. One single entity operates a large portion of nodes and controls more than half of total LN capacity on Jan. 15, 2019.

‘Extremely Harmful Attack Vectors’

The paper continues to explain the LN’s degree distribution and one metric suggests the LN could exhibit scale-free properties. However, at the moment the study emphasizes that the majority of nodes have very few payment channels and a few hubs control a large portion of the network. The paper also says that the network has improved when it comes to random failures. The network is not so resilient against targeted attacks like a Distributed Denial of Service (DDoS). The study shows that the LN saw a node loss of 20 percent on March 21, 2018, and Denial of Service (DoS) attacks are very probable by flooding Hashed Timelock Contracts (HTLCs).

“These attack vectors are extremely harmful, especially if they are coordinated well,” the study details. “One might expect that not only state-sponsored attackers will have the resources to attack a small network like LN.”

Altogether the removal of the 30 largest hubs incurs LN to collapse into 424 components, although most of these are isolated vertices — This symptom can be explained by the experienced disassortativity, namely hubs tend to be at the periphery.

18 Months Away? Latest Lightning Network Study Calls System a ‘Small Central Clique’
Istvan Andras says, “Targeted attacks are not far from reality, especially in the face of high centralization. Unfortunately targeted attacks also affect average short path lengths in the graph.”

Lots of Reports Conclude Lightning Is Far From Ready

The topological study from members of Eötvös Loránd University also follows the recent report from business management technology company Scipio ERP that explains the second-layer protocol is still a long way away from fixing BTC’s scalability issues. Scipio ERP did, in fact, have issues with random failures. “We have been operating the system for four months and crashes can and will happen all the time Transaction channels can close or may not have enough peers at any time,” the company’s study details. “There are no push notifications for these events, so you won’t know until a new transaction is placed and fails.”

18 Months Away? Latest Lightning Network Study Calls System a ‘Small Central Clique’
“LN is surprisingly resilient against random failures, however, it is not quite robust against targeted attacks, where one removes high-degree or high-betweenness centrality nodes one-by-one,” explained Istvan Andras on Twitter.
18 Months Away? Latest Lightning Network Study Calls System a ‘Small Central Clique’
Who needs scalability? There’s still the Lightning hat store

Reports over the last year have proved the LN is far from ready and still to this day not even close to being 18 months away from solving any significant scalability problems. If the same traction that occurred in 2017 happens this year with the expensive fee market and congested mempool, the Lightning Network will likely not be ready.

The researchers of the topological analysis report published on Wednesday explained that they have some concepts in mind to help the LN become more robust. Istvan Andras told his Twitter followers that a better understanding of LN’s topology is essential and he wholeheartedly believes network resilience depends on topology. At the moment “high-level depictions of LN’s topology, convey a false sense of security and robustness,” Istvan Andras added.

What do you think about this topological study done by the researchers at Eötvös Loránd University? Let us know what you think about this subject in the comments section below.

Images via Shutterstock and the Topological Analysis of Bitcoin’s Lightning Network report.

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Korea’s Biggest Conference Is around the Corner

Chain Plus Korea, one of the most influential blockchain summit and conference organized by Chainers and MTN (Money Today Network, the 3rd largest Economic Media Group) is about to open on January 23-24 2019 at the Seoul Dragon City in Seoul, with the prediction of 2,000+ audience to attend from worldwide.      The conference was not only responded well by…Read More. The post by Guest Post appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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Funds Stolen From Cryptopia Discovered and Frozen On Binance

Freezing Funds Frozen Coins Binanace Blue Yellow

On January 16, 2019, Binance CEO Changpeng Zhao confirmed that the exchange has frozen some of the stolen funds from the Cryptopia exchange hack discovered on their platform. On Ice Changpeng Zhao, the CEO of Binance, confirmed in a tweet that Binance has frozen some of the stolen funds detected in their exchange, writing:   The stolen funds in question…Read More. The post by Tokoni Uti appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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Bitfury Steps into the Music Business with the Launch of Bitfury Surround

Music Blockchain Man Headphones Purple Blue Musical Notes

On January 16, 2019, Bitfury announced the launch of their new open source music platform called Bitfury Surround. It seeks to streamline the various processes of commercializing music as well as the sharing of revenue. From Mining to Music Bitfury, known in the blockchain world for their bitcoin mining-rig manufacturing, has forayed into the music business, announcing BitFury Surround in…Read More. The post by Tokoni Uti appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

Source: BTC Manager