Eccentric crypto pundit and antivirus guru John McAfee has tongue-lashed veteran cryptocurrency trader, Peter Brandt, over his comment that some altcoins will soon fade into oblivion.
McAfee, who has been a proponent of some notable altcoins like Docademic and some others, including privacy currencies like Apollo and Monero, said Peter Brandt’s knowledge is “stone age”.
Peter, in a tweet, likened altcoins with the dot.com bubble. This has been his stance on notable altcoins like Ripple’s XRP. Recently, while conversing with Cointelegraph, the crypto pundit foresaw majority of the altcoins dying untimely death very soon.
He said, the 2017 and 2018 notable growth witnessed by altcoins will not play-out again. Peter is sure 95 percent of altcoins will die a natural death. After their death, BTC will “occupy 80% to 90%” of the total cryptocurrency market cap.
However, his sure, some other altcoins will find place in specialized niches, but he’s not sure of the altcoins that will remain.
John McAfee Responds
Clearing his doubt that altcoins are not yet done, McAfee said although Bitcoin is a store of value, but every transaction gives the receiver of the fund the avenue to see what is left in the sender’s account, but privacy coins do not have this kind of flaw inherent in Bitcoin.
“PeterLBrandt says altcoins are done. His knowledge is Stone Age. Bitcoin will forever be a store of value, but each transaction allows both parties to see inside their wallets ever after. If banks did this you would scream. Privacy coins don’t have this flaw. Just one example.”
Replying John McAfee on his comment, Peter said one percent of altcoins will be genuine survivors while 99% will pretend.
“1% will be genuine survivors, 99% are pretenders”
Recently, McAfee predicted that some altcoins will see exceedingly high price increase that’s more than that of Bitcoin.
The eccentric cryptocurrency pundit has been a firm campaigner for Bitcoin and notable altcoins. However, he has been a known critic of Bitcoin SV.
Bitcoin in the market
Bitcoin has been maintaining the $11,000 range after the digital currency witnessed a massive pullback that saw it touch $9500 level within 24 hours.
At the time of writing, Bitcoin is trading around $11,403 with less than 1 percent increase in the last 24 hours.