The Briefing Room

General Category => Economy/Business => Topic started by: corbe on May 24, 2018, 06:26:18 pm

Title: What taxi medallions can teach us about cryptocurrencies
Post by: corbe on May 24, 2018, 06:26:18 pm: What taxi medallions can teach us about cryptocurrencies

By Bert Ely, opinion contributor â€” 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 Trumpâ€™s former attorney, in the New York City taxicab business.

Much of Cohenâ€™s wealth in recent years had been attributed to the steadily rising value of the taxicab medallions he owned, but like all cryptocurrencies, Cohenâ€™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 (http://thehill.com/opinion/finance/389226-what-taxi-medallions-can-teach-us-about-cryptocurrencies)
Title: Re: What taxi medallions can teach us about cryptocurrencies
Post by: IsailedawayfromFR on May 26, 2018, 12:39:22 am: Interesting article worth reading and pondering.
Title: Re: What taxi medallions can teach us about cryptocurrencies
Post by: Drago 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!
Title: Re: What taxi medallions can teach us about cryptocurrencies
Post by: Oceander on May 28, 2018, 03:24:16 pm: Quote from: Drago 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!

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.
Title: Re: What taxi medallions can teach us about cryptocurrencies
Post by: Drago 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