Trump supporters lose $12bn as president’s cryptocurrency collapses
Trump supporters lose $12bn as president’s cryptocurrency collapses
Donald Trump ‘meme coin’ loses 80pc of value since his inauguration amid wider market crash
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Did the total amount of money spent on the coin add up to 12 billion dollars? If not, then they didn't 12 billion dollars.
Fucking speculation value is bullshit.
I'm guessing this was a roundabout laundering / buying power thing.
So while some of his fans lost money, I doubt they're rich enough to lose $12B.
What happened was $12B was intentionally moved from some people to another.
That's not how these numbers work. A $12b drop in market cap in no way suggests a real $12b was ever involved. I don't know the specific numbers to this coin, but say there's 12b coins sitting at $2 each and someone sells 100,000 coins. That looks like $200,000 until you sell the 35466th coin when you blow through all the $2 buy orders. Now you hit a wall where people didn't like $2 and only want to buy at $1.50. The seller ended up with $70,000 at $2 plus like $90,000 at $1.5 but the market cap just dropped $6,000,000,000.
Again, these aren't real numbers to apply to this coin, just an attempt to illustrate how funny reporting on market cap numbers really are. My example is definitely a little extreme.
So it's probably just some greedy pig boy that tried to pull out a couple mil suddenly, and the buy wall didn't hold. Weak ass rugpull, 14 year olds do better
Yeah, I get that, I still think it was some sort of grift / laundering though.
The big grift atm isnt the money laundering (which exists, and is known and the 3 letter agencies used to be active in tracking it down). The grift now is dumping us gov dollars into crypto directly and removing all barriers to money laundering and scamming of the public.
I've sold 15 yougurts this year, I value my dairy company at 300 billion dollars...
You have two cows. You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/equity swap with an associated general offer so that you get all four cows back, with a tax exemption for five cows. The milk rights of the six cows are transferred via an intermediary to a Cayman Island company secretly owned by your CFO who sells the rights to all seven cows back to your listed company. The annual report says the company owns eight cows, with an option on six more.
What could six cows cost? one egg?