MCAFEE LAUNCHES PHYSICAL CRYPTOCURRENCY

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V21 2018 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 21, Number 22, June 3, 2018, Article 40

Cryptocoin offerings are the latest incarnation of the wildcat banking era where new institutions sprung up like wildflowers and did their best to make it difficult for holders of their currency to actually redeem them.

One of the latest comes from the eccentric (to say the least) John McAfee. -Editor

Eccentric cybersecurity pioneer and initial coin offering (ICO) promoter John McAfee says that he is releasing a physical cryptocurrency called the “McAfee Redemption Unit” (MRU).

The currency, announced on Twitter and confirmed by McAfee in a subsequent interview with regional outlet Crypto-News India, appears to be distinct from McAfee Coin, which launched last year to little market demand and appears to no longer have a working website.

The physical notes come in seven denominations, ranging from 1 to 500 MRUs. Four of the notes feature pictures of McAfee in various stages of undress, including one in which he is surrounded by women, his nose covered in white powder (it’s a screenshot from this video). The other three MRU notes feature pictures of Bitmain founder Jihan Wu, cryptocurrency entrepreneur Brock Pierce, and Bitcoin.com owner (and Bitcoin Cash promoter) Roger Ver. It’s not clear if these three figures gave their consent to have their likenesses featured on MRU notes.

Each MRU has an initial face value of $9.95 and can be redeemed for a one-minute in-person meeting with McAfee (yes, they’re stackable). McAfee said that 341,000 MRU notes of different denominations have been printed, with a total circulation of 6,050,000 MRU and an implied market cap of $60.2 million.

There’s a case to be made that the redemption process is perhaps even more convoluted than attempting to withdraw USD from Tether. According to a message printed on the notes, they can only be redeemed in person in Mexico during a two-hour window each day, at which time the owner will be given a particular date, time, and location in the United States in which he or she will be able to meet with McAfee. Individuals, incidentally, may only redeem 100 MRUs at a time.

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