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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.
  • Fizz@lemmy.nz
    3·
    8 minutes ago

    Trump holds 80% of the supply. This is going to be the biggest rug pull of all time. Americans are literally getting shitcoin scammed by their own presidents holy shit what a timeline.

  • umbraroze@lemmy.world
    8·
    1 hour ago

    It’s easy to think that crypto is over. The NFT bubble is so deflated. We’ve seen big companies like FTX bomb the hell out. I mean, the signs are obvious now, aren’t they? Crypto was, conclusively, proven to be the scam everyone said it would be and we don’t need any more proof, right?

    And then we hear Trump administration is really into this crypto nonsense.

    Somehow.

    Guess they didn’t get the memo.

    Brace yourself for 4 years of spectacular, glorious fail.

    And if someone says stuff like “oh, Trump just got filthy rich off of the meme coin he launched yesterday”, let’s wait and see how the coin does at the end of his administration.

  • vrighter@discuss.tchncs.de
    71·
    2 hours ago

    lol crypto is worth jack shit. I can just keep sending the same money to myself and it would cause the price to go up…

  • DarkFuture@lemmy.worldEnglish
    112·
    3 hours ago

    I hope everyone is acutely aware that you, me, WE are not in a class war.

    WE HAVE LOST A CLASS WAR.

    What happens now?

  • vga@sopuli.xyz
    4·
    2 hours ago

    Fuck, I just looked at this yesterday and thought why not put a few monies in. And then went to sleep without doing anything.

      • Mubelotix@jlai.lu
        2·
        3 hours ago

        That’s how they got the number but it’s a big mistake to use total supply. Also it’s not because the market cap is 12G that Trump received 12G. It’s probably much much lower. He must have made only 50 to 100M in fees, if any. And the price he sold the coins at was much much lower than today

  • ALoafOfBread@lemmy.ml
    57·
    9 hours ago

    Trump launches meme coin money laundering scheme, apparently makes launders more than $25 billion overnight

    Ftfy

    • TootSweet@lemmy.worldEnglish
      13·
      9 hours ago

      I doubt they can hear much of anything with their heads lodged that far up Trump’s ascending colon.

  • courval@lemmy.world
    318·
    3 hours ago

    The left has been in denial in regards to crypto. It needs to embrace decentralised crypto currencies such as ETH asap or perish. After all the current world/system we live in is ran by capital and without leftists are powerless. Either that or rivers of blood and no guarantees.

    • Don_alForno@feddit.org
      8·
      3 hours ago

      Crypto is not capital. Crypto is a poker table, where each player can only cash out what somebody else brought to the table. Buying those coins is placing a bet, not making an investment. No value is created in or by the system.

      If Trump wants to buy a hamberder with his 25 billion in monopoly money he needs to find a sucker to buy the monopoly money from him at the asking price. If that sucker want to buy a Banana with it, they need to find the next sucker. It’s a pyramid game, and the farther you get from the top the more likely you’ll end up the one without a next sucker below you.

      The reason libertarians and similar nutjobs clamor for governments going into crypto is that those governments with their virtually bottomless pockets would then become the ultimate suckers. They’d be boosting the prices for all former holders of that coin, who could then cash out big by selling to the governments. Something they currently can’t do in big volumes without tanking prices.