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New LGBT token aims for equity but raises red flags with community

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launched in december 2021, maricoin promises to enable a “social, ethical, transparent and transversal means of payment” targeting the global “pink economy,” which is estimated to amount to trillions of dollars.

one might question maricoin’s ethics though, as its name is a portmanteau that plays on a spanish slur for homosexuals.

According to the project's website, maricoin runs on the algorand blockchain, with creators planning to register the token on several crypto exchanges in 2022.

the project was reportedly founded 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.

According to CEO Francisco Alvarez, nearly 8,000 people were already on a waiting list to buy mariweds at the beginning of January.

Although the token is widely promoted as the "first coin created by and for the lgbt community" on many consumer media channels, maricoin is not exactly the first cryptocurrency project associated with 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 back in 2018.

Several industry observers have expressed skepticism about the maricoin, some even alleging that the initiative could be a scam.

"This is not a coin, this is a token, clearly a scam to catch imbeciles who want to make easy money with crypto. Their website is poorly done, ugly and does not 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,” one redditor argued.

Not one white paper and their waiting list is a bloody Google Doc," a Redditor argued. beware of sophisticated scams and rug pulls, as thugs target crypto users

Beware of sophisticated scams and carpet shoots, as bad guys target crypto users.  Justin Ehrenhofer, vice president of operations in the crypto portfolio department Cake Wallet, said, "This 100% feels like a scam." 

This looks like a classic scam:( Https://t. co/3TY4NfyDgQ pic.twitter.com/j1ZQaZea8G— Justin Ehrenhofer????(@JEhrenhofer) Jan 4, 2022.


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