March 29, 2024

The vast majority of alternative cryptocurrencies (also known as altcoins) are either pyramid schemes, scams, or both.

That’s not to say cryptocurrency itself is a con. Blockchain and decentralized cryptofinance technologies are, in my opinion, crucial for the future. They provide insurance against government and social tyranny in an ever-changing and dangerous world.

Unfortunately, most shitcoins (and shit-tokens) are marketing schemes meant to create value out of nothing and then divide that “nothing” up like stocks. Those “nothing” stocks are then distributed to a community of holders, with extreme prejudice towards a minority group of “early adopters.”

The mythos of Bitcoin and Ethereum has made it “common knowledge” (note: those are sarcastic air quotes) that cryptocurrency is safe and backed by proof in the form of mining.

In fact, most altcoins are either “pre-mined” or simply backed by their inherent value like Beanie Babies. A simple rule to remember is that coins are money and tokens are property.

And that, dear readers, brings us to Maricoin. A cryptocurrency token that’s recently entered a testing phase in the Chueca community in Madrid, Spain.

What’s interesting about Maricoin is that its name is an apparent play on words. The word “maricon,” in Spanish, is analogous to the English pejorative “faggot.” It’s meant to be derogatory and dismissive in a homophobic or anti-queer way. It’s hate speech.

I will give a minor concession….

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