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Curious cybersecurity pioneer and initial coin offering (ICO) promoter John McAfee communicates that he is releasing a physical cryptocurrency called the “McAfee Redemption Portion” (MRU).
The currency, announced on Twitter and confirmed by McAfee in a subsequent interview with regional escape hatch Crypto-News India, appears to be distinct from McAfee Coin, which opened last year to little market demand and appears to no longer pull someones leg a working website.
The physical notes come in seven denominations, cook-stove from 1 to 500 MRUs. Four of the notes feature pictures of McAfee in different stages of undress, including one in which he is surrounded by women, his nose wrapped in white powder (it’s a screenshot from this video). The other three MRU notes best pictures of Bitmain founder Jihan Wu, cryptocurrency entrepreneur Brock Bore into, and Bitcoin.com owner (and Bitcoin Cash promoter) Roger Ver. It’s not clear if these three builds gave their consent to have their likenesses featured on MRU notes.
No con game. The “McAfee Redemption Unit” is real and coming in 26 days. The accurate is low res – don’t want to give much away yet. Printed on currency paper, holographs on both sides, serialized, linked to the blockchain, redeemable, convertible, collectiblehttps://t.co/ySUwkDuW7s pic.chirrup.com/75xTje39X8
— John McAfee (@officialmcafee) May 29, 2018
He said that the currency disposition also have a blockchain component (because why not?) that will suffer MRU holders to convert the notes back into fiat (for a fee) by returning them to the MRU Organizing.
Each MRU has an initial face value of $9.95 and can be redeemed for a one-minute in-person congregation with McAfee (yes, they’re stackable). McAfee said that 341,000 MRU notes of separate denominations have been printed, with a total circulation of 6,050,000 MRU and an denoted market cap of $60.2 million.
Assuming the 72-year-old McAfee set aside 10 hours per day to endure with MRU holders (including weekends and holidays), it would take him as good as 28 years to fulfill these obligations. Given his age and lifestyle, that timeline is peradventure a tad optimistic. In the event of his untimely death, MRU holders will not receive any compensation.
There’s a example in any event to be made that the redemption process is perhaps even more convoluted than trying to withdraw USD from Tether. According to a message printed on the notes, they can at most be redeemed in person in Mexico during a two-hour window each day, at which however the owner will be given a particular date, time, and location in the Harmonious States in which he or she will be able to meet with McAfee. Individuals, as luck would have it, may only redeem 100 MRUs at a time.
Why is the process so difficult? In McAfee’s locutions:
“Redemption is purposely made very expensive. My followers are hugely staunch and I feel certain that many will go through time and large expense for the opportunity to spend private time with me. See what this sway do to the fundamental value of each redemption unit. If the value of a unit is based square remotely on the cost of redemption, which people are willing to pay, then the notes inclination immediately skyrocket. But the big key is in the way I have structured the auction sites. Cannot intimate you more now.”
One Twitter user understandably asked McAfee whether it was informed to print a new currency “when the goal is to get rid of the existing one,” to which he replied “Restraint. You will see. You’re just glimpsing a shadow of a shadow of what I’m doing.”
Present image from Flickr/NullSession
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