On Episode 64 of the Wild West Crypto Show – Living in Exile in the Bahamas – news on developments in the space continued to break at crypto speed. The show featured a segment devoted to cyber security pioneer John McAfee, who aims to be America’s next president.
McAfee rose to fame as the developer of the world’s first commercially successful antivirus software. In the years since, his campaign to become commander-in-chief in 2020 is not all he has launched; a cryptocurrency trading platform that he developed recently debuted. Christened ‘Magic’, the platform promises to allow users to trade cryptocurrencies on several exchanges from a single dashboard. McAfee is currently residing in the Bahamas – self-exiled, he says, because he may be indicted by U.S. authorities. McAfee, an outspoken critic of taxation, which he claims is unconstitutional, says that he has not paid income taxes for many years.
Drew Taylor and Brent Bates, hosts of the Wild West Crypto Show, also welcomed Jonathan Keim of CryptoCurrencyWire (CCW). As usual, Keim, director of communications at CCW, provided insight into some of the most intriguing developments in the crypto space.
First, he noted that fintech outfit POSaBIT Systems Corporation (CSE: PBIT) has benefited greatly from the cannabis market. The company offers a blockchain-enabled payment processing and point-of-sale (POS) system for cash-only businesses like cannabis shops. Since marijuana remains an illegal substance under federal law, most depositary institutions refuse to open accounts for cannabis businesses (only about five percent do, according to the latest FINCEN report), which limits most cannabis transactions to cash-only and poses huge security risks.
Second, Keim noted that, as well as bread and milk, many consumers can now walk into their local grocery stores to buy bitcoin. Coinme and coin-counting leader Coinstar are now offering the ability to buy bitcoin with cash at more than 2,200 locations in 21 states and the District of Columbia. Coinme is a fintech company that became the first licensed bitcoin kiosk company in the United States in 2014. The new service is hailed as the easiest and most convenient way to buy the digital currency with cash. It is expected to be available at select grocery stores and retailers, such as Albertsons, Jewel, Safeway, Shaw’s and Save Mart, among others.
Next, the Wild West Crypto Show hosts discussed efforts by the developers of the Monero privacy coin to set up a new line of defense against centralization. In collaboration with Arweave, a serverless storage protocol, the Monero team is validating a new, ASIC-resistant mining algorithm codenamed RandomX. ASIC (application specific integrated circuits) machines are those designed to solve (mine) a particular cryptocurrency algorithm. They are typically employed exclusively by enterprise-scale miners, particularly in the current bear market, due to their large capital requirements and operating costs. Thus, there is concern that the number of miners could decrease, leaving markets dominated by a few large players and resulting in the very centralization that blockchain is meant to circumvent.
For the latest episode, which includes CryptoCurrencyWire’s ongoing segment featuring the latest news from around the world, visit http://ccw.fm/dYdW4
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