Oh wow, I’ve alluded before that Elio Motors wouldn’t make it, but now maybe I should just eat crow. The automaker — which has yet to make a single production vehicle, but is proficient at making promises — has just made a bold financial move that could change everything. That’s right, Elio is launching its very own cryptocurrency.
Yes, for a low, low price you can buy ElioCoins that you’ll then be able to exchange for actual vehicles, which are still totally coming really soon, guys. The Drive has an interesting and more in-depth piece about the intricacies of this new development, if you want a good laugh. Elio Motors wouldn’t elaborate to them how exchanging the new cryptocurrency for vehicles would work out. I’d imagine they’re still figuring out how to manufacture crushed unicorn horns and snake oil.
This is all being made possible by OverStock.com. No, I’m not making things up now. The internet retailer has thrown $2.5 million at Elio Motors. Why? Tax shelter? Pity? Blackmail? Nobody really seems to understand it, because the help comes out of left field.
Elio is going to take that money with value and convert it into something with relatively no value. Sounds like a plan. So, when are you going to start buying up ElioCoins?