Bet With The Devil – The McAfee Case
Once upon a time, John McAfee, one of the most influential people in the blockchain industry, took a bet concerning the price of the Bitcoin. Now, he may try to take French leave. There is only one conclusion: do not bet, if you can’t deliver it.
“If you must play, decide upon three things at the start: the rules of the game, the stakes, and the quitting time.”
If John McAfee had read that Chinese proverb, perhaps his word worth would not be in jeopardy now. Let’s start from the beginning.
Don’t buy it, when it’s high
McAfee is often described as the evangelist of cryptocurrency. He has always had a natural talent for businesses. John founded the software company McAfee Associates, which is one of the first antivirus software in the world. Time passed, and McAfee got richer. He even wanted to become the president of the United States but did not win the nomination in Libertarian Party.
He seems like a guy, who knows best and always finishes on top, right? Right.
However, he made a mistake. He bet about Bitcoin price.
Bitcoub’s low of $1,800+ yesterday simply could not be maintained. In the long term Bitcoin moves above $500,000 within three years. Bets?
— John McAfee (@officialmcafee) 17 lipca 2017
Later in this thread, he stated that if he loses, he will consume his own penis. Bold move, right? Right. Declaration of doing it on live television was even a stronger statement. That’s not the end of this bet. When BTC started to grow fast a year ago, he decided to raise the stake…
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) 29 listopada 2017
Don’t sell, when it’s low
McAfee made a common mistake in betting. He had a hot hand and thought that he could win more (later, we explain, what he can win). The fortune can be tricky, though. Even his luck can’t last forever.
Lately, the cryptocurrency market has been in recess. Bitcoin dropped from almost $20,000 last year to $3,400 right now. The main character of our story was asked about keeping the terms of the bet.
First, he has started to back down. “We’re in a bear market”, he said.
Someone even created a website dedicated to tracking the status of his prediction. At the moment, it doesn’t look too good.
Time flies so fast. There is still over two years to the end of the bet. However, Chuck Norris of the crypto world started to look for any loopholes in his bet.
If the worst comes and I lose my Bitcoin bet (keep in mind I promised to eat my dick. The cutting it off first was added by the media), I will probably subcontract the task to a relay team of Bangkok prostitutes with instructions to carry out the task slowly, finishing as I exit
— John McAfee (@officialmcafee) 8 grudnia 2018
As you can see in this tweet, he said that he did promise to eat his own dick. However, he said that the “cutting” part was added by the media. So, how is that even possible? We are still trying to figure it out.
A little time to eat humble pie
We believe in the cryptocurrency industry. We are convinced that the blockchain technology is our future and virtual coins have got only a little hiccup and they will rise to new heights. Nevertheless, even the biggest optimists would not take that bet right now.
John McAfee still has some time to back out of this impasse. He would become a laughing stock, but would still have everything in the right place. What is better? To break your word, or to lose something really important? That’s a…hm…pickle.
Now, the worst part. The whole case is even more stupid, if you know, what McAfee can win. He can win…nothing. Literally, nothing. If he loses, he will eat his dick, if he wins, he just wins and nothing happens. Stupid as hell.
Twitter, radical views and the hothead isn’t the best combo to make bets. This article is the warning. Don’t make declarations unless you can deliver on them. Don’t put on stake your treasure, when the risk is too high and the odds are too low. Otherwise, you may end up with eating your own penis.
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