Blockchain

John McAfee to Launch a Crypto-Backed Fiat Currency “McAfee Coin” in Less Than a Month

John McAfee to Launch a Crypto-Backed Fiat Currency “McAfee Coin” in Less Than a Month

One of the most outspoken and controversial men in the already turbulent crypto world, John McAfee has made another ambitious announcement. The so-called Crypto Dad will be launching his own coin, simply dubbed as the “McAfee coin” in 26 days.

The surprising news spread following the tweet of Mr. McAfee, who confirmed that this is not a hoax and the coin development is actually happening. The crypto-backed fiat currency is unheard of so far and it remains to be seen whether the idea proves to be plausible.

Speaking to Crypto-News India, Mr. McAfee further explained the idea behind his personal currency. According to him, it will be the first fiat currency that is fully protected against forgery. Each note will be connected to the blockchain via a single or numerous tokens.

Ledger Nano S - The secure hardware wallet

Owners of the notes will be able to exchange them for real world services and notes themselves will be of seven denominations, each featuring a photo of either McAfee or a well-known crypto sphere person – Bitcoin Foundation executive director Brock Pierce, Bitmain CEO Jihan Wu, or Bitcoin.com CEO Roger Ver.

The other side of the note bears a message for its owner which reads as follows, “Present your certificate. The redemption center will verify its authenticity and provide you with a date, time and location in the US where Mr. McAfee will meet with you for the allotted time.“

This means that each note may be redeemed for an eye-to-eye meeting with McAfee himself. The denominations are distributed accordingly, which means that if you come into possession of 1 McAfee coin, your meeting will last 1 minute, while a 50 denomination note will grant you 50 minutes with McAfee, etc.

However, it is not as simple as it might seem from the first sight, as the further instructions state that:

1. Show up between one and three, only.

2. Turn in your note and you receive a date, time, and address where you will meet Mr. McAfee. The meeting place may be in any part of the world. The note will be archived.

3. Only one set of notes may ever be redeemed by one individual. Maximum time allotted will be 100 minutes per person.

Each note will be tied to a digital currency, called McAfee Redemption Units (MRU). There is a total of 341,000 notes of different denominations printed on currency paper. No additional notes will ever be produced, as the printing plates have been destroyed, creating an aura of mystery and scarcity around them.

McAfee is famous for being one of the biggest crypto aficionados out there, even going as far as to claim that he will “eat his d**k on national TV” if bitcoin does not reach $500,000 within 3 years. He has also recently claimed that EOS will hit $32 by the end of July and bitcoin will double to $15,000 in June.

Crypto analysts have even observed the so-called “McAfee effect” as there have been numerous cases of digital currencies increasing more than 100% or ICOs receiving millions of dollars, as a result of a single tweet from the Crypto Dad. Reportedly, he now charges $105,000 per tweet for promoting crypto projects.

Image Source: “Flickr”

Ledger Nano S - The secure hardware wallet

I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.