John McAfee to release redeemable, collectible cryptocurrency notes
The notes will be auctioned off late in June. Their denominations are both convertible and redeemable.
Controversial cryptocurrency influencer John McAfee will release blockchain-connected “McAfee Promissory Notes” next month. There will be a limited supply of notes, which are redeemable for meetings with McAfee.
McAfee explained to Crypto-News India that there are 341,000 notes of different denominations printed on currency paper. The printing plates have been destroyed to ensure that no additional notes can be produced.
Each note holds a denominational value, just like fiat currency. There are 6.05 million “McAfee Redemption Units (MRUs)” assigned to the notes. These units are redeemable for private meetings with McAfee.
The denominations amount to minutes spent with the British-American businessman. For example, if a person has obtained 60 MRUs, this is equal to a one hour meeting. Individuals are limited to a maximum of 100 units.
There are instructions on the reverse of the notes about how to redeem MRUs. The note holder must show up, in person, at a redemption center in Mexico which will only be open between the hours of 1 p.m. to 3 p.m. A date, time and address will be provided for a scheduled meeting, to take place at a random global location.
Only one set of notes is redeemable per individual.
The notes feature McAfee, as well as the faces of other cryptocurrency devotees including entrepreneur and Bitcoin Cash enthusiast Roger Ver, Bitmain co-founder Jihan Wu and Bitcoin Foundation director Brock Pierce.
McAfee revealed that a coin identifier or list of coin identifiers is distributed with the notes as a separate, collectible document – a paper wallet. These coins only become activated if and when a note holder decides to convert the notes via the MRU Foundation. This organization archives the physical notes and may charge a fee.
Conversion is not the same as redemption. Converted notes only offer the holder an exchange for MRU.
The face value of each MRU unit is US$9.95, according to Crypto-News India.
“When the redemption period is terminated by the unplanned death of the prime asset of the redemption process, then the only value of the promissory notes will be as collectors items,” McAfee told Crypto-News India.
McAfee revealed via Twitter (below) that the promissory notes will be auctioned off from June 24, 2018.
“Redemption is purposely made very expensive. My followers are 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,” McAfee said.
“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.”
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, collectiblehttps://t.co/ySUwkDuW7s pic.twitter.com/75xTje39X8
— John McAfee (@officialmcafee) May 29, 2018
In an effort to increase adoption and currency circulation, a Singaporean company launched pilot sales of physical bitcoin smart banknotes. Denominations of the cryptocurrency are stored on computer microchips.
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