John McAfee, a renowned security specialist and the prominent member of the Internet community has expressed his views on cryptocurrencies and regulations in an interview with Ovenized Oscillator from Crypto world.
In his interview, McAfee expressed his doubts concerning the necessity of regulations:
“Keep in mind politically I am libertarian so, I do not hold any regulations as individuals we are required to be self-regulated.”
He proceeded to explain that if anybody falls for a scam ICO, it’s not the responsibility of the government to protect people from their faulty judgment and lack of proper research.
“Life is not a safe affair, it has never been. There are risks, it’s far more life-supporting to accept those risks than to delegate your safety to some outside agency which really cannot protect you.”
John McAfee stated his disagreement with SEC, which keeps insisting that coins should be classified as securities. According to McAfee, owing Bitcoin does not correspond to owning anything in the real world, so the definition of security cannot be applied.
In order to protect yourself from the fraudulent projects, McAfee advises studying the community around the ICO, which usually gives a pretty indicative picture of the project’s state and future prospects. These statements found support among other influencers, such as D-Tech Analytics, a YouTuber, who wrote:
“Great interview. I totally agree with Mr. McAfee’s view on regulations. Regulations didn’t stop those scammed by Madoff, Bernard Ebbers or Kenneth Lay all multi-billion-dollar scams. If the same regulations that are applied to stocks get applied to crypto, the majority of the US crypto traders couldn’t continue to day trade due to the Pattern Trader Regulations. Be careful what you wish for.”