McAfee: ‘Apollo Currency is a Crypto Game Changer’ – But is APL Worth Your Money?
John McAfee has doubled-down on his Apollo Currency advocacy, saying that APL coin is set to solve the ‘blockchain bloat’ problem when sharding is implemented on April 1st.
One might wonder whether McAfee is setting us up for an April Fools joke, especially after the controversy at the start of the year which outed founder Stephen McCullah as a possible scammer.
In the intervening period McCullah responded to those claims in a lengthy Reddit Q&A (more below), and his most ardent supporter (RE: advertiser?) John McAfee continues to pump the coin on Twitter.
What is Apollo Currency (APL)?
Apollo Currency smashed into the headlines, and the market cap top hundred, back in January when it recorded 418% growth in one week.
Around this time the project’s founder began predicting an imminent rise into the top twenty, as seen in this tweet.
Rather than opt for specialization with the intention of cornering a niche market (like others), Apollo’s aim is to become a Jack-of-All-Trades. From the documentation:
“Apollo will be the first currency that will have a 100% private transaction option, with IP masking, as well as smart contracts, an asset system, a currency and token system, encrypted messaging, file sharing, a decentralized marketplace, multi-signature accounts, voting system, alias system, decentralized data storage, decentralized exchange, coin shuffling, and much more…”
The coin was up 418% in a week, it had John McAfee blowing its sails from the bow of his twitter boat, and the founder was predicting a top twenty spot before long. It all looked so rosy for Apollo Currency, and then…
Twist in the Tale: Is Apollo Currency a Scam?
A few days is a long time in crypto land, and that’s how long it took for Apollo to become a victim of its own success. A suddenly higher market cap brought increased scrutiny on the coin and its team, and lo and behold: accusations of scammery were thrown.
This follow up article on Hacked delved deeper into the subject: Should Investors be Paying Attention to Apollo Currency?
Meanwhile, lengthy reddit posts were made detailing McCullah’s alleged past as a Kickstarter scammer, instances of censorship on social media channels, and accusations of pump and dumps.
In a rare event for the crypto world, the accused came out and addressed his critics in this length blog post where he attempted to answer his charges one by one – including his failed trip to the Congo and the surrounding Kickstarter furore.
So… Is Apollo’s Sharding Really a Game Changer?
Going back to McAfee’s recent tweet:
“One of the biggest issues with current cryptos is blockchain bloat. Apollo is one of the only coins to solve this problem. Their release of Sharding will make it one of the most advanced coins on the market and one of the only options viable long term.”
The tweet was accompanied by links to a couple of obviously paid-for articles, which discuss the impact that sharding could have on the blockchain space. (Read: What is Sharding?)
Ears of Zilliqa (ZIL) holders might be pricking up about now, and rightly so. Zilliqa was the first blockchain to implement sharding on its mainnet at the start of February 2019. But of course, Zilliqa wasn’t paying McAfee six figures to tweet about that.
APL Coin Worth the Risk for Investors?
At this point it’s a case of every man for himself. If you have money you can afford to lose, then maybe there’s a chance you could benefit from one or two APL pumps in the near future. If you’re new to the blockchain space and want to find some solid ground to stand on, you’d probably be better off avoiding this high-risk gamble for now.
If you happen to be swayed by the tech promised by Apollo Currency, such as sharding, then perhaps you could look at a blockchain that has already implemented it.
If Zilliqa seems like too much of a risk, we are in all likelihood just a few months away from the eventual launch of sharding on Ethereum – the number two cryptocurrency and an all-round safer bet.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.