Summary
Donald Trump launched a meme coin during his inauguration celebrations, prompting backlash from the crypto industry.
While Trump has pledged pro-crypto reforms and appointed industry-friendly officials, critics say his meme coin venture undermines efforts to legitimize digital assets, branding it as a “cash grab.”
The coin, initially priced at $70, dropped to $45 after First Lady Melania Trump launched her own meme coin.
Crypto leaders fear the association with meme coins damages the industry’s credibility as a serious financial sector.
The Trump Organization organized the sale of the coins, which are marketed as expressions of support rather than investment opportunities.
If he’s going to shit in someone’s well, at least it’s one belonging to the crypto bros. That’s not as bad as him vandalizing something that’s actually useful.
“damages the credibility of the crypto industry”
/s
“Oh shit, we threw in with an obvious grifter and he turned out to be a total grifter! Who could have predicted this!?”
The grifters don’t like competition?
Correct; when someone else, especially a huge failed grifter himself, can pick the winners by simply designating then reserve crypto government currencies, they don’t like that. Unless of course it’s their coin.
It’s almost as if our leaders and their supporters have never read a history book. There’s a reason none government controlled, nor government backed money systems always failed. Just because it’s all happening on a computer doesn’t mean it’s a new concept. Crypto is a scam! Unless you have hundreds of thousands of dollars to just throw away or get extremely lucky (odds worse than the lottery.)
I personally think we’ve pushed monetary base economic systems to their logical conclusion. Why pay for Necessities when we have the know-how, resources, and ability to provide for everyone? (rhetorical obviously)
Yeah, don’t think the odds are worse than the lottery…
Crypto leaders fear the association with meme coins damages the industry’s credibility as a serious financial sector.
Bit late for that.
I stopped caring about crypto once I realized that me and like 14 other people were the only ones who seemed to actually care about the technology behind it and it’s possible uses… pretty much everyone else was a speculator.
The most useless things get value, anything that isn’t about building coin value loses interest. Anything useful inherently isn’t going to shoot up in value (because you know… People are using them and not sitting on them).
Crypto is only used now by people who want to get rich from it. It doesn’t have any intrinsic value.
And all the supposed possible uses of blockchain are thrown away because of it.
They were going to scam those rubes!
Lmao. “Industry” haha. Industry. Hahahaha.
“Hey, this is our cash grab!”
Yay, Trump’s embracing crypto… Wait, not like that.
When you’re a star, they let you grab them by the pussy
Why are they calling it an industry when it is non productive?
It produces idiots and grifters.
Crypto bros can all fuck off and die.
Crypto leaders fear the association with meme coins damages the industry’s credibility as a serious financial sector.
No worry there, nobody is under any illusion that crypto is anything other than a scam. Trump simply confirms what everybody who hasn’t been living under a rock for the past 15 years already knows.
nobody is under any illusion that crypto is anything other than a scam.
I wish that was true. Not too long ago right here on Lemmy there was some bitcoin zealot who could not understand why its constantly fluctuating value make it pretty useless as a currency for everyday use. Apparently there are also 100,000,000 satoshis to the bitcoin and those are literally the only two tiers. And that same person couldn’t understand why people would find that super fucking hard to work with.
Oh no. I feel so bad for them.
Was pardoning Ulbricht supposed to be throwing a bone to the crypto community after the backlash? I genuinely can’t understand why he was pardoned.
It was a quid pro quo to gain libertarian votes. I am surprised his people are having him follow through on his side though.
Makes me wonder if Ross had a couple thousand BTC stashed away, and bought himself out.
They haven’t rugged it yet? I’m surprised.
