Paragon
It’s pretty clear from the symbol the crypto is related to marijuana in some fashion. Paragon is a rental company that claims to “Bring blockchain technology to the world of cannabis.”
Our Paragon Spaces sit at the heart of our business model. The concept for a Paragon Space was derived from the persistent lack of working spaces for entrepreneurs and employees working in and for the cannabis industry.
As a result, we at Paragon want to address that demand with a real high-tech solution, our very own Paragon Space. These buildings will be accessible in 2018 for all to rent a desk, office or a conference area – there will also be a cafe for all your food and drinks needs.
So why rent at Paragon Space? We will be below the market average and offer a highly competitive pricing structure for those who wish to work at our Space – but most importantly, we will only accept PRG tokens in exchange for desk space, drinks and everything else.
Mathematical Silliness
The company rents office space and only accepts PRG tokens for rent.
Other than last-minute volatility, it makes no mathematical difference whether the company takes dollars and converts them to PRG or the renter buys PRG and hands over the PRG.
This is the same nonsense we have seen before regarding oil priced in Euros or Yuan.
It is irrelevant what a commodity is priced in, as long as the currency is liquid enough. Pricing something in Yap Island Stones will not work.
Is PRG liquid enough? Long enough? I don’t know, but the risks to the renter are the same unless the renter decides to speculate on future price movements.
Speculation Encouragement
What Paragon hopes to do is get renters to speculate on PRG tokens, buying more than they need to pay the rent.
If enough people do that, the price will rise, for a while. But eventually the price will crash, as there is no reason to hold PRG for anything other than speculative purposes.
Paragon is a fool’s game for everyone but the insiders who got in early.
For more discussion on the silliness of “priced-in-PRG” please see Gold-Backed Petro-Yuan Silliness: Reserve Currency Curse?
Mike “Mish” Shedlock
stillCJ
stillCJ
2 days
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A fool and his money are soon parted.
It’s too late to be a crypto billionaire. It was easy enough five years ago. You just had to be a true believer.
Cryptos to dollars, dollars to cryptos… How many tulip bulbs does that equal? If only I could dig to the bottom of it, I’d be a billionaire overnight.
Fiat paper currencies have no intrinsic value either, but at least I can buy gold with them. Can I convert bitcoins and other cryptocurrency to real gold?
Doesn’t being a Petro currency increase liquidity and demand for dollars which allows excessive debt and bad political decisions? What ever will the US do without that?