Whoop whoop! A very tech-savvy Juggalo by the name of Papa Nutt has taken it upon himself to create a cryptocurrency specifically for Faygo-chugging devotees of "the Family" to buy goods and services with*, especially at the upcoming Gathering of the Juggalos.
"You probably see it every day," writes Nutt, possibly overestimating Juggalos' familiarity with cryptocurrencies. "Coins with no purpose. A couple of weeks ago someone attempted to launch something called 'CableCoin' -- a coin for buying computer cables. Why in the hell would anyone go to the hassle of obtaining a coin with the sole purpose of purchasing computer cables? It makes no sense. There is no benefit for the consumer. JuggaloCoin (JUG) is different."
Nutt's hope is that Juggalo Coin will be adopted by the entire Juggalo community -- the Family, tied together by their love of community and the general Psychopathic Records catalog -- and used to buy merch, goods at the Gathering, supporting one another in times of need, and more. "Juggalos don’t just buy hatchet man gear online. They buy all kinds of shit."
A source at Psychopathic Records told Billboard that the label has no relationship or knowledge of Juggalo Coin. Repeated attempts to contact Papa Nutt through Twitter and the email address and phone number that juggalocoin.org is registered to were unsuccessful. (Juggalocoin.org is registered to 1 Clown Lane, Istanbul, Turkey.)
While no one on Twitter appears to have used the assigned hashtag #JuggaloCoin to sign up, there's no indication that Nutt is joking. The website is comprised of a lengthy description of the project's goals and methodology, and Papa Nutt is clearly knowledgable about the technology underpinning cryptocurrency, raising issues of escrow payments for coins, altcoin denominations (over 45 are listed, including Dogecoin) accepted as payment for Juggalo Coins, and a detailed description of the currency's generative process.
In his extensive writeup, Nutt takes time to address concerns of a pump-and-dump scheme with Juggalo Coins, saying that their pre-mine (similar to making a public stock available to a select group of people prior to its price inflation) is only 2.17% instead of the "common" 50%. Roughly translated: Even if a pump-and-dump scheme were to be attempted with Juggalo Coin, only 2.17% of its eventual 53.5 million coin stock could potentially be affected by an unstable price inflation. That eventual stock is a long ways off, however; there are only 12.6 million bitcoins, the "gold standard" of cryptocurrency, in circulation.
Also unknown is whether the system for verifying new adopters and keeping the new coin primiarly in the Juggalo community will be effective. "This is where it gets really interesting," writes Nutt. The initial introduction of the coin is to be a release of 470,890 coins of that 53.5 million total, "directly to Juggalos," via Twitter. Nutt asks those who have signed up for Juggalo Coins to tweet their Juggalo Coin address along with two hashtags and, most importantly, a picture of themselves to prove they're in The Family. "provide some visible evidence that you are actually a Juggalo. The best would be having a profile pic of you in facepaint. Holding or wearing hatchet gear works, too. If the request seems legit, we’ll retweet it." Welcome to the Fam, son.
Initial slots in the system cost 0.1 bitcoin for 2,170 Juggalo Coins. The current exchange rate for bitcoins stands at $393.80 to 1, making Juggalo Coins worth about a tenth of a cent initially. After 50 slots are filled, the price jumps to 0.15 bitcoins per 2,170 Juggalo Coins, then 0.2 bitcoins, and so on.
*No, you can't buy illegal goods with it. "You should not use Juggalo Coins for illegal purposes. You may think I’m just covering my ass here, but I’m not. I’m deadly serious," writes Nutt. He suggests you use American dollars.