Yesterday news of the the arrival of Juggalo Coin, a cryptocurrency for the Insane Clown Posse's crew known as "The Family," left many journalists wanting to find out more. We wondered about its creator, Papa Nutt -- there seemed no apparent way to contact the person behind all this work and figure out if he was genuine in his ambitions to unite Juggalos the world over with their own brand of remuneration.
Well, we finally got a hold of Papa Nutt and asked him a few questions about his burgeoning project.
Billboard: Where did this idea come from?
Papa Nutt: I've been fascinated with crypto currency for about a year now. I think the biggest hurdle that crypto faces is how to appeal to a broader audience. The more I thought about it, the more I realized that coins targeted toward specific populations are a fantastic way to increase adoption of crypto. And, being a Juggalo, the specific population in this case was pretty obvious.
Can you explain (like I’m 5) the process of creating a cryptocurrency?
A crypto currency starts out like a blank ledger. "Miners" (computers running specialized programs) work on solving a puzzle, and whoever solves it first gets some coins, and that is recorded in the ledger. In this case, lets say Jim is the first to solve it, and so he gets the "block reward" (in this case 500 coins) and his ownership of those coins is recorded in the official ledger.
Then all the miners begin working on solving the next puzzle. In the meantime, let's say Jim wants to transfer 200 of his joins to Bob. He submits the transfer to the network of miners. When a miner solves the current puzzle, his computer automatically records Bob's transaction on the ledger. And that miner himself gets 500 coins.
What assurances can you give the average Juggalo that this isn’t a scam?
For the average Juggalo, there's zero risk of being scammed since they can get in for free. Just download your wallet on 4/20 and then follow the Hatchet Drop instructions. You'll see that it's for real, and it won't cost you a dime. You literally have nothing to lose.
For those who see the potential here and are considering buying in to the Insane Coin Posse, I would suggest taking a good look at our website. I think you'll see that we have a very well thought-out plan that actually makes sense. We've done the hard part, so what incentive would their be for us not to follow through?
However, if that's not enough to provide 100% confidence, I understand. That's why we are working with a third-party escrow service. If we don't deliver, buyers get their money back.
Have you heard from Psychopathic Records? [As mentioned in our story yesterday, we did hear from a source at Psychopathic, who said they have no connection to Juggalo Coin.]
Nope. But I can tell you we are NOT going to be assholes about this. If they have a problem with something we are doing, we will work with them to make it right.
However, I really don't think it will be a problem since JuggaloCoin is about promoting the positive aspects of the Juggalo community. And God knows we could use that.
What’s your favorite song?
Hard to say, but let's go with "Juggalo Homies"