Internet security expert and cryptocurrency advocate John McAfee has announced the launch of his own form of “fiat currency”, backed by crypto technology.
McAfee, who has been the talk about lately due to his extravagant predictions of the value cryptocurrencies will achieve, announced on May 29 the launch of a collectible fiat currency that will, effectively, be backed up by blockchain technology. However, the news was taken as sarcasm towards the joke cryptocurrency exchange SmartPayMINT made of the eccentric businessman, by publishing a fiduciary bill with his face on it, in an attempt to get publicity.
In response, McAfee reaffirmed his idea via a notice published in his official Twitter account, where he clarified that the release of the aforementioned bill is “not a hoax”, and the dubbed “McAfee Promissory Note” will be released on June 25. The note is backed by the “McAfee Redemption Unit” (MRU), a blockchain-based token that will be redeemable, convertible and will have holographs on both sides.
There have not been comments from any of the entrepreneurs if their consent was obtained before their images were used for the currency.
This is not the first time McAfee is releasing a physical cryptocurrency. Last year, he launched the McAfee Coin which was a flop because it had no market demand, presently even the website doesn’t appear to be operational.
These bills will have seven denominations, each one of them with a photo of McAfee or some other renowned crypto-celebrity, and can be redeemed in an office located in Mexico, for the chance of meeting the tycoon for a set amount of time. Such time will depend on the bill’s denomination.
The MRU notes ranging from 1 to 500 MRUs. Four of them featured images of McAfee in various stages of undress with some having him surrounded by women. Another had the image of Jihan Wu, the founder of Bitmain, another had the picture of Brock Pierce, the cryptocurrency entrepreneur while the other features the image of Roger Ver, the Bitcoin Cash promoter founder of Bitcoin.com.
This way, it is understood that the entrepreneur’s project is not creating a digital coin, but a collectable currency, with an intangible value but certified by Blockchain. Therefore, the success of this initiative will depend on the circulation of tokens, their numbering, and the interest of the public in them.
To this respect, McAfee commented:
“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.”
It was also reported that by the moment of the release, 341,000 different denominations would have been printed, with 6.05 mln MRU. Each one of these is currently worth $9.95, and the printing plates have been already destroyed, so to avoid any attempt of illegally printing more.
Likewise, any holder of McAfee Promissory Note that prefer to convert the note rather than redeeming it, will have to send it to the MRU Foundation, where its value will be send to the holder’s cryptocurrency wallet.
Despite the praises this idea has earned, there are still those who doesn’t get it clear, neither the purpose nor the concept, speculating on social media networks of whether it is an experiment based on another product, or just another marketing strategy. Whatever the case, though, the curious way that McAfee chose to continue its foray into the world of the blockchain does not stop gaining attention.