1 in 300 americans are juggalos?  no.  

much, much closer to 1 in 3000.  

imaginary money may be a cute fad right now, but the whole concept is, in my opinion, rather poorly worked out.  

in this case, the only real benefit i see to juggalocoins, is making the guy that came up with them some free money. 

lookin at it empirically, there will be a total of fifty million coins.  the purchasing power of those coins?  well, their unit cost would be the total cost of acquisition over the number of items.  total cost of acquisition right now is zero.  

0 / 50,000,000 = exploding calculator.  

like every currency, the coins only have value, when all of us decide and agree that they have value;  at that point, this guy is sitting on 49.5 million coins, which cost him nothing, but now can be exchanged for real dollars.  still think he cares about makin it easier for you to buy calzones at the gathering?  

fuck nah.  

even if the thing dies in a week, and the coins are never worth more than a nickel each, he could still be a multimillionaire, without doing anything.  

my advice:  dont get these coins, make your own.  theyre equally valid.  

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"

From The Daily Dot
Of course, it's possible that Papa Nutt knows exactly what he's getting into, and is trying to bilk hardworking Juggalos across America out of their money. But if that's the case, it's not working well yet. Recall that all Bitcoin transactions are public. The Bitcoin wallet he uses to receive money has never had a transaction, as of this writing.

That raises an important question: when, exactly, is the Hatchet Drop supposed to happen? There isn't yet a scheduled date, though the site promises that "today" is the launch of its marketing campaign.

The Daily Dot would have liked to reach out to Nutt for clarification, but he forgot to put his email address on his website. We did, however, find contact information through a Whois Lookup. But considering Nutt lists his address as "1 Clown Lane," we don't expect to receive a response.

Sound like a scam to me

I think I'll stick to a currency I know will be taken everywhere.

piggofdoom said
Well, I will try and get some of the free ones. Hard to get scammed when you aren't paying anything.

True. Go for it. The most you could lose is a few minutes of time.

Papa Nutt said
And once JuggaloCoin is established among vendors at GOTJ...

Hmmm... Has this guy gone to gatherings? Maybe I wasn't paying attention but I don't remember vendors even taking Visa and MasterCard.

GanjaGoblin said  
Is this Juggalo Coin thing an actual idea or is this a joke?    

both.  

not 'these currencies', 'this currency'.  juggalocoins

do you think psychopathic is gonna back this, to the point that theyll accept it as payment?  cuz without that, the juggalocoin is going nowhere.  amazon aint gonna accept em any time soon.  

hell, id be surprised if psy dont have a lawyer or two chasing this guy right now.  

i note that bitcoins have a ceiling of twenty million coins, and there are currently much less than that out there.  

that theoretically covers the entire global population.  

juggacoins are intended for a population of somewhere between one and two hundred thousand, and according to nutt daddy, there is a ceiling of fifty million coins.  and the first half million of them add no value.  

i suspect it will be a while, before these coins are worth enough to pay attention to.  

so each coin is arbitrarily worth a third of a dollar?  

great.  cant wait to convert all of my useful money into juggalocoins, and really clean up when wall street takes notice and inflates the value.  

or, the value increases naturally, through juggalos exchanging them with each other for bead necklaces and internet albums.  

of course, before either of those things happen, im expecting jesus to return to earth and start a mariachi band.