President-elect Trump launched his own cryptocurrency overnight and swiftly appeared to make more than $25 billion on paper for himself and his companies.
Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.
- It also speaks to the nature of the crypto industry that someone could have $25 billion worth of something that literally did not exist 24 hours previously.
While I agree with the sentiment here, the market cap of the coin is currently at 7.6B according to https://coinmarketcap.com/currencies/official-trump/
Anyone know why there’s such a big discrepancy here? Maybe I’m misread?
Trump launches
meme coinmoney laundering scheme, apparentlymakeslaunders more than $25 billion overnightFtfy
This is so fucking stupid. Everything. I feel like we’re living in a fucking clown show.
The amazing real circus
He might rename USA to Trumpistan 🤣
Holy fuck, the grift is so blatant that I’m almost beginning to respect it.
Anything from Coffeezilla yet?
Edit: Yes
Crypto market cap does not equate the equivalent in dollars. When you create a new cryptocoin you can freely adjust the coin’s parameters such as the amount of available coins. So let’s say you “print” 1000 coins and sell one at $50. You now have a market cap of $50000.
It’s like pulling a rabbit out of a hat, with the notable distinction that the rabbit isn’t real. What makes it real is if enough suckers actually buy the coins with real dollars.
I wish more people understood this. Especially in the press, since its their job to educate everyone else.
Trading volume is what matters, not trading price. It’s only worth $25 billion if you can turn $25 billion of it into cash.
Unfortunately since banks still haven’t take wised up to this, and the wildcat crypto banks really haven’t, its likely still possible to pump a meme coin and then take out loans against the purported asset value. The bank is then left trying to repossess a pile of worthless memecoin when you fail to repay the loan.
Thats not a problem with cryptocurrency in general. Its only an issue with the subset of coins that premine, which is a scam.
Please someone explain how this is in any way legal. This is fucking absurd. The amount of hatred I have for every racist imbecile that supported this rapist fascist felon is too much for me to bear. The logical thing to do would be to just ignore everything because my mental well-being is more important, but this seems like some historic occurrence that should be stopped by any means necessary.
RepugnantcansThe party of misanthropic fascist vermin cheated the system to stack the highest court in the land with loyalists who now nearly unconditionally support anything Trump says/wants. It’s legal because they literally put in writing that any/everything he does is.Edit: you right
Repugnantcans is trying wayyyyy too hard.
Crypto is legally a type of stock in the usa. So has long as trum doesn’t do anything that would get him on the hook for stock or security fraud he is in the clear
There’s no rule saying a dog can’t play basketball
There’s a movie about it though
Why should legality matter? What are laws? It’s rules that the government put down for everyone to follow. And what happens if someone controls all aspects of the government?
Legality is meaningless in the face of fascism, because the fascist government will be making the laws. it’s like asking why it wasn’t illegal to do genocide in nazi Germany. Or asking why it wasn’t enforced by law to hide jews from the nazis to protect them
Legality is not relevant. Legality is not morality or a foundation for ethics. Legality is just the will of the government, for better or for worse. It is not something that necessarily serves the people’s beat interests
I mean nothing stops you from creating a new cryptocurrency, so it was kinda inevitable.
“Apparently” and “on paper” doing a lot of work there. Is it actually trading at that value?
I think they’re basing it on current trading price and the fact that Trump inc owns 80% of the tokens.
I’m sure that’s the first payment of the bribes from Russia and Saudis. Untraceable and the plausible irrationality of buying memecoins deflects questions.
First?
I suppose that’s more streamlined method of bribery than buying property in his towers or booking his hotels.
100% this. 25 billions? That’s quite some money but nothing regarding the sell out that will happen the next 4 years. The USA will be slaughtered on a global scale, strictly orchestrated by its own rules of unrestricted capitalism. The last feast before the climate wars.
Or buying ads on his wife’s radio station as apparently was how you’d get in front of President Johnson.
Hmmm that’s interesting. I wish I knew more about the crimes of all the presidents. I feel like if they were talked about more it would really bring down some of the power that people want to give to that office. Instead they make them out to be like gods after they are dead long enough
It’s funny (sad funny not hot haha funny) because we had a whole ass apology tour to the rest of the world because of getting caught having the Bush administration sign off on torture, up to and including lawyers and psychologists to support the theory that it was just “enhanced interrogation.”
Those are war crimes my dude. Bush should have been sent to the Hague. Honestly, what Bush, Cheney and Co. did was so much worse, devastating to the world, violent, and murderous than anything Trump has done yet. Honestly, you could argue that they ruined US reputation so bad internally and externally that they set the stage for Trump to take over. Trump won the year Jeb Bush was supposed to be coronated just like Hillary Clinton. They also are part of the current crises with immigration and rising right-wing sentiment in Europe since the war displaced so many. Bush deeply fucked up the planet and Europe and the Middle East especially.
In fact, Trump will do one thing previous Presidents haven’t done, he will make his own citizens suffer most of the pain instead of foreigners. That’s evidenced by how he considers many citizens to be foreigners already due to things like birthright citizenship. They’ve come out and said that explicitly. I guarantee he will be the first US President to cause more suffering to his own citizens than foreign citizens. He literally is gleeful at things like the Death Penalty, he wants to be the one pulling the switch. He’s really not all that different from Matt Berry’s character on Snuff Box who is a royal executioner who loves his job.
Anyway, we never did anything about actual well documented capital-W War Crimes, and instead have a “Hague Invasion Act” so if anyone from the US gets dragged to the Hague we’ll invade it to get them back. Like holy shit, I had my “Are we the baddies?” moment 24 fucking years ago.
If you previously weren’t convinced crypto is a scammers paradise, this should convince you.
EDIT: removed not nice comment.
Meme coins are a scam, yes. Coins with ETFs are legit. Buy BTC and stake ETH; ignore the rest.
Staking is a system where rich people get money for owning money. Sounds like a scam
We literally have (what I think is) a scam instance with a bunch of accounts made in the same day that’s been online in the fedi for about 20 days now @realbitcoin.cash. Why is there a fedi instance seemingly making fake accounts to pump bitcoincash? Doesn’t Bitcoincash have an ETF?
Why were all the accounts made on the same day if this is organic and not an admin making a bunch of accounts?
Sorry man, this kind of stuff doesn’t pass my personal sniff test (you do you), and the fact that it’s already here doesn’t make me go “gosh this isn’t a scam at all.”
Trump previously sold Trump-branded steak. Is steak a “scammer’s paradise”?
Steak has a legitimate use.
Yeah, for cooking into shoe leather and slathering in catsup before spending the next few hours on the shitter tweeting nonsense words until you manage a single bunny style bowel movement.
So do cryptocurrencies. Maybe not for you, personally, but other people have legitimate uses for them.
Laundering money and buying drugs.
Such as grifting idiots with promises of fortune and glory.
You think that’s a legitimate use? That’s exactly what Trump is using it for here.
Ooof buddy. Ooof.
Name one (1) legitimate use case that is not better served in another way
You’re going to use that “is not better served in another way” clause to wiggle out of anything I might suggest, but okay.
The Ethereum Name System is a permissionless and fully decentralized version of the Domain Name System. Lacking central servers and control means it can’t suffer outages like DNS does.
Sounds like an overly complicated and resource intensive way to have failover servers to me, and I’m usually pro-decentralization.
I don’t experience DNS interruptions when I’m running multiple failovers.
As predicted.
Bitcoin is the most secure banking method.
Though blockchain tech produces new problems that ultimately make it useless outside of a store of value.
Removed by mod
Got any more straw for that man?
It’s more that your argument is logically flawed and the person responding is pointing that out.
For what it’s worth I do think crypto is scammer’s paradise, but your original comment does not provide any real justification for that except a single example. Nor is saying “jump of a bridge” really polite.
It didn’t exist 24 hours ago and is now valued at $24 billion and doesn’t actually do anything except “hold value.” You can’t live inside of it like a house, you can’t eat it, you can’t drink it. Why is it worth $24 billion other than “it’s a scam?”
I don’t really need a serious fucking argument because that alone should be enough.
Also, Carter had to sell his fucking peanut farm, but this is fine, I guess. Nothing to see here, move along. I just need better arguments, it’s not that this is open and shut corruption out in the open.
You’ve lost track of what’s being talked about. I was talking about steak.
I’m not saying Trump’s cryptocurrency isn’t a scam. It almost certainly is a scam. But you generalized from that to saying that “crypto is a scammer’s paradise” and then told people who didn’t agree with you to kill themselves. That’s where your logic is flawed (and also where it’s certainly a violation of this community’s “be civil” rule).
The fact that Trump has released a scam cryptocurrency doesn’t mean that all crypto is a scam, in the same way that Trump releasing an awful Trump-branded steak doesn’t make all steaks into some kind of weird grift.
Yeah, because you can still eat a steak dude. Even if it’s a shitty low-quality one.
I wasn’t aware of the “can I eat it?” Method of determining whether something is a scam or not.
sharper image + trump = double the scam at 5x the price. didn’t even pair it with diaperking’s favorite ketchup
something that literally did not exist 24 hours previously.
And still doesn’t exist. It’s not a tangible thing.
They aren’t buying cryptocurrency - they’re buying influence. The cryptocurrency is just a front.
The grift is so transparent it’s scary that so many people can’t/won’t see it.
Pump and dump
My dyslexia initially read that as “plump and dumb” which is also accurate.
