If you’re looking to invest your savings in an untraceable digital commodity whose value is based on a complex algorithm, who would you trust more: a shadowy mathematical genius who may or may not be a reclusive model train enthusiast, or guys who think that magnets are magic?
Vice reports that this week will mark a watershed in global monetary history—the launch of JuggaloCoin, the world’s first cryptocurrency intended solely for use by followers of the Insane Clown Posse at the annual gathering of the Juggalos. Writes Drew Millard:
Vendors at the Gathering of the Juggalos to establish relationships that will allow JuggaloCoin to be accepted at the Gathering, which will in turn lead to the official ICP online store to accept JuggaloCoin, which will lead to the entire Juggalo universe dealing in JuggaloCoins.
On JuggaloCoin.org, Papa Nutt, the innovator behind this enterprise, promotes the currency as a means of “keeping funds in the family,” “promoting the positive aspects of the Juggalo lifestyle,” “supporting Juggalo charities,” and “promoting recognition of February 17 as international ‘Juggalo Day.’ ”
Speculators beware, though. Non-Juggalos are not welcome to purchase JuggaloCoin as “that’s basically stealing from the Family.” (Update: Papa Nutt reached out to me via Twitter to clarify that “Non-Juggalos are welcome to buy JuggaloCoin, they just don't get it free.” The headline of this post has been edited to reflect this.)
Like Nakomoto, Papa Nutt’s identity is mysterious. The Daily Dot notes that the website doesn’t include a contact address and lists his address as “1 Clown Lane.”
It seems quite possible this is all a good joke, but given the purchasing power of the Juggaloes, the Faygo company might want to update its payment system just to be safe.