What is the McAfee Freedom Coin?

John McAfee, once of anti-virus software protection fame, is now a pin-up boy for many in the cryptocurrency community. McAfee has a history of stirring the pot and shilling his coin of the day, but he has now announced his own cryptocurrency – the McAfee Freedom Coin. Let’s take a closer look.

Early years

Before enjoying a life at sea on the run from US authorities, John McAfee founded his own anti-virus protection company – McAfee – in 1987. McAfee left his role as chairman in 1994 and sold his shares for approximately $100 million. McAfee claims to be worth a lot more than this now.

After short spells in Belize and Guatemala, McAfee is now on the “Freedom Boat”, supposedly on the run from US authorities for not paying his taxes.

Coin Rivet recently caught up with McAfee and his wife Janice to hear what they had been up to, and you can check out the video here.

Cryptocurrency renaissance

McAfee rose to prominence within the cryptocurrency scene during the bull run of 2017. His ‘coin of the day’ pick became a target for quick pump and dump investors. Indeed, some traders would have notifications on for his tweets, see the coin of the day, buy quickly, and then dump just as quick for a tidy profit. The power that McAfee was able to garner over the market was quite remarkable.

Never one to shy away from the limelight or making bold predictions, McAfee once put his manhood on the line in his Bitcoin price prediction. The bet was rather simple: the price of Bitcoin will reach $1 million or McAfee would eat one of the more precious body parts. Of course, this created a huge buzz of excitement at the preposterous nature of the bet.

US presidency campaign

Like many people involved in Bitcoin, McAfee identifies as a libertarian. He is also a proud gun owner. He ran for the US presidency in 2016 and is running again in 2020. He has admitted himself that he has little chance of winning, and the campaign is obviously made more difficult by the fact that he is currently in international waters. But as he describes in his Twitter bio: “The power we are seeking to unleash with the 2020 campaign is not the power of John McAfee. It is the power of the individual.”

McAfee’s Freedom Coin

Information is thin on the ground regarding how the Freedom Coin cryptocurrency will work. However, there will apparently be no ICO or airdrop. The cryptocurrency also won’t make an appearance on any exchanges. Whether the coin is proof-of-work or proof-of-stake, privacy-focused, or any other information remains lacking.

McAfee has stated: “What is needed is a coin disconnected from fiat currencies and from other cryptocurrencies alike – a coin with zero cash-in value, yet accepted universally… It is not based on any commodity nor is it connected to the value or behaviour of any external item or entity. The value of the coin will always be zero in relation to any other currency, yet its natural market value is free, completely, to grow.”

Conclusion

Much of what McAfee says can be assumed to be tongue-in-cheek, but there is also a serious side to the man as well. With scant details on McAfee’s Freedom Coin, it is too early to tell which side the cryptocurrency will fall on. The release isn’t too far away, but there are numerous details that are still missing.

All the while, his current issues with the authorities remain, while at the same time he is running a campaign for presidency. There is little doubt that following McAfee’s antics is entertaining and sometimes insightful.

When more details are released about his newest cryptocurrency, be sure to check out Coin Rivet to hear it first.