John McAfee Says It’s Impossible To Regulate Cryptocurrencies, As Regulation Will Only Hurt Users

After Donald Trump’s remark on Bitcoin and altcoins, crypto enthusiasts, stakeholders, and promoters have come out with strong reactions. While some asked Trump to invite crypto leaders to understand the industry as his advisors were misleading him, others thought that this is just another brainless attempt at shunning the crypto industry.

One of the strongest reactions came from computer scientist John McAfee, who has been a long time supporter and promoter of Bitcoin and altcoins. He is also known for his feud with the US authorities, ever since Donald Trump became the President. In a video posted soon after Trump’s tweets, McAfee argued that curbing innovative tech, out of the fear that criminals would use it, is absolutely bizarre. He gave examples of telephone, internet, and automobiles, which proved to be of great help to criminals.

Taking his criticism forward, McAfee posted another video on Twitter, stating that it’s impossible and stupid to regulate crypto. He claims in the video that regulations are to protect consumers from cons, scams, and Ponzi schemes, but he says that regulations cannot stop people from doing stupid things.

In this new video, McAfee furthered his claim by giving an interesting example. He said,

“Best example is fake McAfee accounts, which claim to send you five Bitcoins if you send them just one or even half. And people do that. You cannot save people such stupid.”

He also gave another example, which proves that regulations cannot stop crime. McAfee said, America has the most stringent laws on drug import, usage, and sales, and has the world’s biggest force working against drug cartels. However, America still remains the biggest consumer of narcotics; which shows the complete failure of regulations.

According to McAfee, all the buzz about regulations in the government will only make life difficult for the consumers, and not for the criminals. Scammers and conmen have got several other ways to trick ‘novice’ users into giving away huge amounts of crypto in notorious schemes and contests.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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