Author Topic: What taxi medallions can teach us about cryptocurrencies  (Read 882 times)

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Offline corbe

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What taxi medallions can teach us about cryptocurrencies
« on: May 24, 2018, 06:26:18 pm »
What taxi medallions can teach us about cryptocurrencies

By Bert Ely, opinion contributor — 05/24/18 02:00 PM EDT


Taxicab medallions have been in the news in recent weeks due to the widely publicized involvement of Michael Cohen, President Trump’s former attorney, in the New York City taxicab business.

Much of Cohen’s wealth in recent years had been attributed to the steadily rising value of the taxicab medallions he owned, but like all cryptocurrencies, Cohen’s supposed medallion wealth was merely an illusion that is no more.

Cabs cannot operate in New York, Chicago, San Francisco or Boston unless they have a medallion, which effectively is a city permit to carry passengers for hire.

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http://thehill.com/opinion/finance/389226-what-taxi-medallions-can-teach-us-about-cryptocurrencies
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Offline IsailedawayfromFR

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Re: What taxi medallions can teach us about cryptocurrencies
« Reply #1 on: May 26, 2018, 12:39:22 am »
Interesting article worth reading and pondering.
No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington

Offline Drago

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Re: What taxi medallions can teach us about cryptocurrencies
« Reply #2 on: May 28, 2018, 08:51:40 am »
Cryptocurrencies and taxi medallions?!?  Really bad/invalid comparison. People in Venezuela would have a REALLY hard time sheltering their life savings with NY taxi medallions!

Oceander

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Re: What taxi medallions can teach us about cryptocurrencies
« Reply #3 on: May 28, 2018, 03:24:16 pm »
Cryptocurrencies and taxi medallions?!?  Really bad/invalid comparison. People in Venezuela would have a REALLY hard time sheltering their life savings with NY taxi medallions!

They would now, but not before Uber and Lyft came along.  Before then, investing in a medallion was better than gold, if you could find one to buy. 

Offline Drago

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Re: What taxi medallions can teach us about cryptocurrencies
« Reply #4 on: May 29, 2018, 10:10:37 am »
Yep, like liquor licenses in some states. My point was that crypto is readily available to buy, whereas a taxi medallion/liquor license isn't really an exchange traded "commodity" that is easy to buy.

https://coinmarketcap.com