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