Two valuable lessons the crypto industry can learn from McAfee’s demise
About your author: CryptoQuestion is an independent platform providing free resources for cryptocurrency investors. From an on-demand Q&A service to online courses, from our staking and farming guides to our weekly Moonshot Monday podcast. Visit us at www.cryptoquestion.tech
He has been described as a crypto expert, a bandit, an outlaw, a maverick and a master shiller. And those are only the tip of the iceberg.
In this article we are going to focus on two of his qualities, his crypto expertise and his prowess in the business of shilling, or in common lingo pump and dump.
Whilst it was tempting to write an article about some of his colorful exploits this has been done brilliantly already. I don’t need to tell you what a full life he led. Having dug deeply into McAfee’s shenanigans, what struck me was that we can learn a very valuable lesson from his most recent activities, that of a crypto promoter.
Pump and Dump
Between December 2017 and October 2018 McAfee started buying cryptocurrencies and promoting them through his Twitter account where he was followed by over 700,000 ‘fans’.
The first crypto he selected to give the McAfee treatment to was Verge. In fact, Verge is now a leading privacy coin, so maybe it wasn’t such a bad pick after all. But the Government wasn’t worried about the quality of his picks. They were pissed that he endorsed cryptocurrencies after acquiring a significant wedge of tokens for himself failing to disclose that fact. His promotions were also peppered with false and misleading statements, another no no. He went a stage further, which really put the icing on the cake. He lied to investors when asked outright on his Twitter feed and other media channels. ‘No I don’t own any, I don’t need the fucking money,’ he ranted.
Verge was his first toe in the crypto water. And it was a profitable one. He made a 400% return on investment in four days giving him a taste for more. He went on to shill another 11 cryptocurrencies in this way. Including a few popular ones such as…