Any emerging technology comes with a number of benefits, but if the intention is bad, can also pose its threats. Blockchain is no different. Monty Munford commanded the stage in a chat alongside John McAfee and Brandon Smietana at the Devs and Technology Conference to discuss the dark side of blockchain, providing the audience with some real-life experiences, and a laugh or two.

Munford kicked off the discussion and asked bitcoin evangelist, Smietana, about his experiences with the dark side of blockchain. Smietana told the audience about how he was kidnapped and held hostage for a 10,000 Bitcoin ransom.

McAfee, although a true blockchain advocate, is no stranger to its negative aspects. He commented, “It’s the Wild West. 9 out of 10 companies don’t really exist. Three months ago, I audited a company in Africa and every single director, developer and employee didn’t even exist. This is not uncommon.”

McAfee continued, “I was talking to a gentleman last night that was negotiating with one the largest exchanges to get listed, and gave them a bunch of money and found out who they were negotiating with was not the real exchange.”

Munford then proceeded to probe McAfee about a “prostitution coin” business deal which perfectly encapsulates the dark side of the chain. McAfee said he was in talks with an escort agency called PinkDate with the intention of creating a PinkDate coin but the deal fell through. McAfee concluded, “Cryptocurrency is in every single industry why not prostitution?”

McAfee then described his famous escapade with the Belizian police. After his neighbour was shot, McAfee refused to get questioned by the police. McAfee explained, “I had been on the run for 45 days. I was in an attic next door to the Queen Street police station. I had to go out and buy food. People would pass me on the street and not even look at me because I was next door to the station.” To plan his escape, he liaised with a select few from his inner circle to plan his escape. “I’d arranged with Vice magazine who sent two reporters down to Belize to monitor everything.”

However, it’s not all negative for blockchain, Smietana discussed its prominence in today’s society, “the new financial system is going to be built on top of blockchain because the old financial system works until it doesn’t work.” Smietana added, “Look at Turkey, their currency collapsed, people had 50% of their savings wiped out overnight.”

Smietana reminisced on the early days of blockchain, “When I started in Bitcoin, it was all these libertarians and we were going to get rid of the central banks.” Smietana concluded, “The whole idea behind Bitcoin is that you’d crate this money that would be backed by mathematics not humans because humans are corrupt.”

Smietana leaves us with a poignant notion that will revolutionise the industry, “Why are you investing in blockchain technology if you know it’s going to wipe you out? Well, it’s because they know the current system is unstable.”

Blockchain and crypto have been revolutionising the way the world works for some time now, improving day-to-day and business life. The dark side of blockchain, like any other tech disruption, is inevitable. The question is, is it more dangerous to neglect it rather than embrace it?