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Another New Currency

The recent bankruptcy filing of Mt. Gox, one of the industry leaders in the Bitcoin world, has provided the impetus for me to start a new business, and I wanted you all to be the first to know. I'd like to formally announce the formation of JeffCoin! That's right JeffCoin!

From the research I did before forming JeffCoin! I learned that Bitcoin is a peer-to-peer technology used to engage in financial transactions; it is open sourced (whatever that means); nobody owns or controls it; and it has no connection to a central bank, federal reserve or any other government financial body. I think I got that all straight, but if not, apparently neither did the Mt. Gox people.

Apparently, there is an incredible level of demand for a new kind of financial currency. It seems that plain old Ben Franklins, debit cards, American Express, MasterCard and every other form of currency known to man isn't enough. Bitcoin created a new market, and JeffCoin! is going to ride its coat tails.

But there will be some major differences that will set us apart from Bitcoin and insure we won't go the way of Mt. Gox.

First we're going to issue our own paper currency. Picture good ole US greenbacks, but instead of dead presidents, my smiling mug will be there. Besides paper currency, JeffCoin! will issue debit and credit cards, and you guessed it, instead of some fancy logo it's going to be my smiling face.

We're planning to launch with a $1 billion dollar float. Why think small? And for the first 100 million of you that pony up US dollars, you can get your JeffCoin! currency at a 10% discount. Now the IRS may rule that JeffCoin! is property, not currency, but hopefully the upcoming tax filing deadlines will keep them busy with other things.

I've been assured by most major money center institutions that they will gladly accept and transact in JeffCoins! As they told me, if the US government can continue to issue currency and accumulate debt at record-setting rates, the start-up JeffCoin! company has to be a better risk - no debt and money in the bank.

So get your dollars together and let's trade them for some JeffCoins!

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The opinions expressed in this column are solely those of Jeffrey M. Weiner and do not represent those of Marcum LLP, its partners or its employees.

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