John McAfees “Redemption Unit” A Cryptocurrency Backed Alternative Paper-Fiat System

John Mcafee, founder of the most successful computer security system in the world is releasing his own paper backed cryptocurrency in 26 days.

“@SmartPayMINT sent this. What’s odd is that tomorrow night I am going to make an announcement of the new “McAfee Coin”, based on a radical new concept: Fiat currencies (collectible) backed by crypto – the reverse of what banks are attempting. Seriously.”

What McAfee is referring is to is akin to his own physical holographic trading card worth digital cryptocurrency that you can exchange with other people in a paper fiat system akin to real money.

“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”

McAfee is the most influential price mover in the cryptocurrency market. He is akin to the social media gatekeeper for ICOs –  charging 150 000 for a tweet that could lead to up to a million dollars in investment (or a 100% return) from his prolific following of cryptocurrency traders.

Originally cryptocurrencies were invented as a means of liberating economics and escaping the United States fiat system. They are fundamentally a mix of decryption sustained with hydro-power and are sometimes used as an abstract claim to ownership over natural resources like gold, oil and other precious minerals.

However, with escape from the US dollar comes difficulties in using cryptocurrency for physical purchasing. That is why Bitcoin for the most part still more of an investment akin to digital gold.

That is why Mcafees proposal is a unique and appealing

With conventional fiat for you’re just agreeing that a particular symbol is valuable and then offering that currency up to the foreign exchange where it is posted for trade in direct opposition to another currency. That happens with cryptocurrencies as well but the difference is that there is no cash alternative for withdrawal. McAfees  redemption unit will make it possible to withdraw real cash associated with his Cryptocurrency.

“Banks have already declared war on us by denying us the ability to purchase crypto with credit cards. One of the opening statements rings true with many since the credit card blockade four months ago. US and UK banks first initiated a ban and many exchanges implemented disproportionate fees by classifying credit card purchases as cash advances.”

“SEC is trying to abscond with crypto by treating them as securities, we are at war. A call to action follows with the first step being to write to your congressman. While this isn’t an option for most crypto traders the next piece of advice certainly is. We still live in an age where fiat is used for most transactions and payments. As a result we need to change from crypto to fiat and vice versa and we need a compliant bank in order to do this. If customers go into their banks asking why this is not possible and threaten to change banks to one that allows crypto-fiat deposits, then the bank has to take notice if complaints are high enough in numbers.”

There’s recently been a surge of international investment bankers in to the cryptocurrency economy due to a conttroversial ruling that categorizes ICOs as futures contract.  Since then the establishment of physical trading booths in the investment banks themselves allows mainstream bankers to bet on crypto.

 

So now their are previously untapped reservoirs of  Euro and USD flowing in to the more peripheral ICO/cryptocurrency sectors. John McAfee probably sees this as a potential threat to the continued democratization of economics. Perhaps requiring some sort of economic retaliation from the ground up in the case of his “Mcafee Redemption Unit” crypto-fiat currency.

The difference between ICOs and a futures contract is that in a futures the “token purchaser” (the one proposing the future price of a stock) gets some money now and in exchange they pay whatever negative difference results if the stock doesn’t play out in the way that they bet. Whereas with ICOs sellers simply agree to share a certain piece of the companies future profit in exchange for money in the present moment (with no real obligation to pay it back

So ICOs are more often then not the precursor for a cryptocurrency and therefor closely resemble gambling mixed with crowdfunding rather then a futures contract. Yet the government classification of ICOs as a “futures contact” still continues. This may be a low-key attempt to actually shake off the last bit of crime from the market while simultaneously taming volatility.

05/29/18 Crypto Dad John McAfee Launches Own Coin In 26 Days

 

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