John McAfee of antivirus cybersecurity fame is getting ready to put out another stellar idea: the McAfee Redemption Unit (MRU), which is a physical printed cryptocurrency. This is different from his current cryptocurrency called the McAfee Coin, which is a flop. That crypto project is so valuable to him that it no longer has a working website. Go figure.
But his latest idea for a crypto is a physical currency issued through notes like fiat currencies. The denominations will range from 1 to 500 MRU. The notes will have various pictures on them, with 4 of himself. The other 3 pictures are of Bitcoin Cash promoter Roger Ver, cryptocurrency entrepreneur Brock Pierce, and Bitmain founder Jihan Wu.
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No hoax. The "McAfee Redemption Unit" is real and coming in 26 days. The graphic 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, collectible. Twitter
Two of the pictures of him are shirtless, with one of those being surrounded by women and his nose covered in white powder from snorting cocaine or bath salts, taken from a self-mocking video about uninstalling McAfee Antivirus.
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One MRU will have an initial value of USD$9.95. 341,000 MRU note of various denominations have already been printed. The total circulation will be 6,050,000 MRU and the market cap is $60.2 million.
These physical MRU notes will have a blockchain component for some reason. Holders of MRU can convert the notes into regular fiat for a fee. But people need to redeem the notes by meeting with McAfee for a 1-minute meeting. This is done by first going to Mexico during a two hour window each day. Then they are given a date, time and location in the U.S. to actually meet with McAfee to redeem their notes. Additionally, you can only redeem 100 MRUs at a time.
This means it will take McAfee 28 years to fulfill these obligations, with 10 hours each day to meet with holders. He's already 72 years old. When he dies, holders would get caught holding the bag and unable to redeem their notes anymore.
He has this complex procedure to try to make the notes valuable. His explanation for why this is such a great idea and how the notes will be so valuable, is:
Redemption is purposely made very expensive. My followers are hugely loyal and I feel certain that many will go through time and huge expense for the opportunity to spend private time with me. See what this might do to the fundamental value of each redemption unit. If the value of a unit is based even remotely on the cost of redemption, which people are willing to pay, then the notes will immediately skyrocket. But the big key is in the way I have structured the auction sites. Cannot tell you more now.
Who the hell would want to buy this crap, other than maybe sycophants? I smell another flop from McAfee. Buyer beware, these "redemption units" will not redeem anyone.
References:
- McAfee Coin: Elaborate Hoax or A Stroke of ‘Don Quixote’ Genius?
- Eccentric ICO Promoter John McAfee Says He’s Releasing a Physical Cryptocurrency
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