{"id":389884,"date":"2022-01-05T15:31:48","date_gmt":"2022-01-05T12:31:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/new-lgbt-token-aims-for-equity-but-raises-red-flags-with-community\/"},"modified":"2022-01-05T15:31:48","modified_gmt":"2022-01-05T12:31:48","slug":"new-lgbt-token-aims-for-equity-but-raises-red-flags-with-community","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/new-lgbt-token-aims-for-equity-but-raises-red-flags-with-community\/","title":{"rendered":"# New LGBT token aims for equity but raises red flags with community"},"content":{"rendered":"

“# New LGBT token aims for equity but raises red flags with community <\/strong>”
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The cryptocurrency community has raised concerns about Maricoin, a new token supposedly related to the LGBT+ community, with some people even suspecting the project to be a scam.<\/p>\n

Launched in December 2021, Maricoin promises<\/a> to enable a \u201csocial<\/a>, ethical, transparent and transversal means of payment\u201d targeting the global \u201cpink economy,\u201d which is estimated<\/a> to amount to trillions of dollars.<\/p>\n

One might question Maricoin\u2019s ethics though, as its name is a portmanteau that plays<\/a> on a Spanish slur for homosexuals.<\/p>\n

According to the project\u2019s website, Maricoin runs on the Algorand blockchain, with creators planning to list the token on several crypto exchanges in 2022.<\/p>\n

The project was reportedly founded<\/a> in Madrid by local hairdresser and entrepreneur Juan Belmonte, who said that the new token is designed to help the community profit by providing a new payment method for LGBT-friendly businesses worldwide.<\/p>\n

According to CEO Francisco Alvarez, as many as 8,000 people were already on a waiting list to buy Maricoin as of early January.<\/p>\n

Despite the token being widely promoted as the \u201cfirst coin created by and for the LGBT+ community\u201d on many mainstream media channels, Maricoin is not quite the first cryptocurrency project related to the LGBT+ community. As previously reported by Cointelegraph, there are a number of LGBT-related tokens and initiatives, including the LGBT token, which was launched<\/a> back in 2018.<\/p>\n

Several industry observers have expressed skepticism over Maricoin, with some even alleging that the initiative could be a scam.<\/p>\n

\u201cIt\u2019s not a coin, it\u2019s a token, clearly a scam to catch fools who want to make easy money with crypto. Their website is poorly made, ugly and doesn\u2019t have a single tech line about how this crypto will work. Not a single whitepaper and their waiting-list form is a damn Google Doc,\u201d one Redditor argued<\/a>.<\/p>\n

Related: <\/em><\/strong>Beware of sophisticated scams and rug pulls, as thugs target crypto users<\/em><\/strong><\/p>\n

Justin Ehrenhofer, vice president of operations at crypto wallet service Cake Wallet, said, \u201cThis 100% feels like a scam.\u201d\u00a0 He noted that the Reuters article on Maricoin didn\u2019t include much skepticism on the project:\u00a0<\/p>\n

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This 100% feels like a scam. You need to FILL OUT A GOOGLE FORM to indicate how much you want to “invest” in “MariCoin”? Yet @enriqueanarte<\/a> @TRF<\/a> publishes this likely scam, without much skepticism. *Maybe* everyone involved is oblivious, but this app<\/a>ears to be a textbook scam \ud83d\ude41 https:\/\/t.co\/3TY4NfyDgQ<\/a> pic.twitter.com\/j1ZQaZea8G<\/a><\/p>\n

\u2014 Justin Ehrenhofer \ufe0f\u200d (@JEhrenhofer) January 4, 2022<\/a><\/p><\/blockquote>\n