Quick highlights:
- Mcafee believes If all governments in the world decide to act together to shut down the exchanges, that could lead to the end of cryptocurrency.
- Mcafee is a practical man and is aware that everyone wants stuff and gets stuff, but in the world of cryptocurrency but no matter how much a person owns in crypto McAfee will not care because they will not have power over them.
- John McAfee is thankful because the Malta government will allow the community to grow and gain respectability which may lead to other governments accepting crypto as well.
Summary:
John McAfee begins his speech by discussing the current fiat currency system and how the government controls it. They control inflation, and deflation, monitor the way you purchase, and tell people what you can and cannot buy and from. The dream of economic freedom is what everyone wants as an individual, and the people are here to learn how to use blockchain and cryptocurrency to do so.
Everyone came to Malta out of the Maltese government’s heart because they are creating a crypto community that is accepted by, promoted by, and permitted by the government. John McAfee is thankful because it will allow the community to grow and gain respectability which may lead to other governments accepting crypto as well. That acceptance can only be temporary from the governments and banks because of what cryptocurrency represents. Why is this considered temporary? Because all the permission in the world, regulations, and laws involving cryptocurrency will become meaningless as soon distributed exchanges become available for everyone.
Why is this important? Because legislation only works if it can be enforced. McAfee uses marijuana as an example of how people still smoke it even though it’s considered Illegal in most States in the United States because there is no way they cannot truly enforce it. How are people now being forced to accept regulations? Exchanges are centralized and located somewhere. Talks about his time in China and how he was supposed to talk about cryptocurrency but just days before that could happen, China outlawed cryptocurrency and shut down the exchanges. Even so, this didn’t stop people from still trading cryptocurrency.
If all Governments in the world decide to act together to shut down the exchanges, that could lead to the end of cryptocurrency. McAfee explains a distributed exchange, an exchange that runs on tens of millions of devices such as smartphones or laptops and has no geographic location. This system cannot be shut down either technologically or physically. This means that any regulations created will become a moot point because they cannot be enforced, making the laws meaningless.
For those claiming that we must have regulation to protect the poor fools who fall for scams or can’t read an entire white paper or Google a name to find out whether a person is real or not. McAfee states that it’s impossible to protect them from themselves because whether people like it or not, the mob move in the end. The mob can buy whatever they please and not tell anyone because they can.
Humans are loving, gracious, generous, hopeful, and full of dreams and compassion. But we’re also jealous, envious, angry, and fearful; people cheat sometimes and lie. This is what the mob is, which will happen because people will do what they please if they can get away with it. The Maltese blockchain summit is proof that this community is growing, and it’s thanks to a place like Malta that they can continue to grow the crypto community. McAfee recommends that those advocating for regulation should get out of crypto because those regulations will only last temporarily.
For the first time in human history, everyone has the key to unlock the door for full control over what we deserve to have. McAfee doesn’t mean to be cynical about human nature or the goodwill of Nations like Malta. He’s a practical man and is aware that everyone wants stuff and gets stuff, but in the world of cryptocurrency, no matter how much a person owns in crypto, McAfee will not care because they will not have power over them. The same can be applied to the other crypto users; a single entity will not control them. No one has true control over another person, thanks to cryptocurrency.
