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Maricoin: Is the New Spanish LGBT Token Legit or Scam?

12.01.2022 08:19
by Nina Petrov
3 min read

When a crypto token named Maricoin showed up on New Year’s eve, it immediately caused suspicions and concerns. Allegedly, Maricoin, whose name comes from a Spanish homophobic slur, is supposed to target the LGBT+ communities and businesses. Many are afraid it might be a scam.

According to the team behind Maricoin, this crypto’s goal is to benefit from the trillion dollars worth of “pink economy” by providing it with a “social and ethical” way of payment. A hairdresser from Madrid, Juan Belmonte (48), is the official creator of the coin.

Source: Pexels.com

Currently, around 8 thousand people expect to be able to buy Maricoin. The coin runs on the Algorand blockchain, and the developers intend to enlist the token on several exchanges by the end of the year, enabling trading. 

However, some are skeptical. worrying how ethical the coin can be if it takes a slur word as a name model. Others are more than skeptical and claim that Maricoin is a scam, like many other cases of fraud that are unfortunately piling up in the crypto world.

Although the team behind Maricoin claims that it is the first LGBT+ crypto project, it is not true. For example, the LGBT token appeared four years ago and is still operating. Unlike Maricoin, LGBT Token is very detailed about how the system works, there are many learning resources, and a significant community surrounding the project.

There is more misinformation surrounding this coin. Some people doubt the legitimacy of Maricoin because it is not a coin, but a token, although it contains the word “coin” in its name. 

Some aspects of how Maricon currently works are pretty basic and remind of scams or at least unprofessionalism. There aren’t any tech details on the otherwise very basic website. 

Additionally, Justin Ehrenhofer from Cake Wallet found it almost humorous that the company asks investors from the waiting list to declare their intentions in a Google form. The fact that there is no white paper is probably the most concerning issue about Maricon, according to many.

Belmonte stated that the idea of a new token that would help the LGBT+ community take advantage of its purchasing power came to him while he was partying at a Pride event in the Spanish capital in 2017. 

However, a general state of hostility of conservative groups against the LGBT+ community in Spain was the true source of inspiration for Belmonte. In 2017, the radical conservative Christian group HazteOir had a very aggressive campaign against transgender freedoms in the country. There was a bus driving across Spain, spreading the message that “Boys have penises and girls have vulvas”, and asking citizens to not accept it any other way.

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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