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.
Fools always find their kind
All the wrong people got money.
QE was a method of upward distribution of wealth.
What is QE?
Quantative Easing
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.
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?
Circulating vs total supply?
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 🤣
America for sale. You hear that Republicans? You just got sold out.
I doubt they can hear much of anything with their heads lodged that far up Trump’s ascending colon.
Holy fuck, the grift is so blatant that I’m almost beginning to respect it.
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.
I’d like to add that trade volume is only a slightly better indicator, because wash trading is very easy in crypto. Wash trading happens when the coin’s owner and/or an accomplice buy and sell coins back and forth among themselves. It’s easy to do if you have control over a huge amount of coins, because you printed them yourself at the low low price of $0. This has two effects: the trade volume grows, which makes it look like there is public interest in the coin, and you can pump up the price at the same time.
Anything from Coffeezilla yet?
Edit: Yes
Hey guys! Sorry to interrupt you, Nick. Hello. Anywho! It’s getting kinda late, so I’m gonna go to bed. I’ll talk to you all tomorrow.
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.
Repugnant cunts then?
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
And he can prevent enforcement of any stock or security fraud proceedings against him.
There’s no rule saying a dog can’t play basketball
Do not bring air bud into this
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.
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?
Yeah. It’s been mentioned that a memecoin has value only if it’s for bribe payment.
Don’t forget scams
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.
I guarantee he will be the first US President to cause more suffering to his own citizens than foreign citizens.
It’s not beyond the realm of possibility that he could accidentally start a war somewhere in the world. Or make an existing one much worse than it already is.
“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.
