How John McAfee Sent This Altcoin Soaring 92% in Mere Minutes

Cybersecurity pioneer and cryptocurrency savant John McAfee can move the altcoin market with one simple tweet.

And he started doing just that in mid-December 2017. That's when McAfee announced his "one coin every day" challenge. The criteria for a McAfee altcoin shout-out: The digital asset should be capable of "changing the world."

Altcoins are tinier than their more popular counterparts, like Bitcoin, Ethereum, and Litecoin...

...much tinier.  

They are, in effect, the penny stocks of the crypto world.

So most of McAfee's altcoin recs were of digital assets never before seen or heard of - each worth less than a penny.

But once the antivirus software forerunner gave them a little public love, their miniscule values took off.

Have a look...

John McAfee - The Altcoin Puppet Master

On Dec. 15, McAfee claimed via tweet that an altcoin called SAFEX constituted "the majority of [his] holdings."

Minutes after McAfee's Twitter proclamation, the price of SAFEX soared 92%, according to the site - from $0.014 to a high of $0.027, before settling down again. Today (March 6), SAFEX sits at $0.025 a coin.

On Dec. 21, McAfee promoted Electroneum, which saw its price spike 57% immediately after promotion, from $0.07 to $0.11.

Now, however, Electroneum sits even lower than before its McAfee-inspired heyday - at $0.06.

Obviously, you don't want to let Twitter dictate your crypto trading decisions.

If anything, these altcoin price movements show how volatile the nascent digital coin landscape can be.

On Jan. 10, Motherboard reported that McAfee himself is "acutely aware of the market chaos his tweets can sow, and attribute[s] it to automated trading bots working off of his advice."

Indeed, the prevalence of these automated trading programs - programs that monitor and exploit cryptocurrency price fluctuations, oftentimes exacerbating dips and surges - prompted McAfee to reduce his altcoin promotion from one coin per day to one per week on Dec. 26.

But he's still at it - almost three months later.

In a half-apology to altcoin investors who'd bought into McAfee's promoted coins at just the wrong moment, the crypto wizard told Motherboard, "I'm very sorry for the people who buy in at the top of the spike - yeah, you're going to be pissed off. But if you're smart, wait and let the chaos happen and then buy in."

We've got a better idea than that.

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