Trump launches meme coin, apparently makes more than $25 billion overnight
Trump launches meme coin, apparently makes more than $25 billion overnight
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.
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.
And these "coins" are actually tokens. Not only are they not backed by any real assets (venture capital, real estate, etc), the damn things don't even exist in reality!
It's somehow even worse than NFTs
America will have a law about this probably by 2070, after many more generations of Americans lose money to those scams and the legislative finally has people who understand technology to write laws about this
Trump bout to Hawk Tuah! on the American people and maybe the world.
What a world we live in
The fact that fartcoins are 30 times as "valuable" as Trumps idiot-coins should be evidence enough.
Isnt this showing the exact opposite? Fart coin is less valuable?
To be fair the valuability of a coin is not that much related to its popularity, but to its difficulty of obtention through proof-of-work (of proof of stake)
Isn’t that a conflict of interest?
His whole political career has been a conflict of interest.
Who's going to stop him?
It's not a crime if it's the president, the scrotus said so
Meanwhile, back in reality:
The venture was co-ordinated by CIC Digital LLC - an affiliate of the Trump Organization - which has previously sold Trump-branded shoes and fragrances.
Meme coins are used to build popularity for a viral internet trend or movement, but they lack intrinsic value and are extremely volatile investments.
https://www.bbc.com/news/articles/c9vmym2jvy9o.amp
Just because you SAY something is "worth hundreds of billions" does not mean it is actually WORTH hundreds of billions.
Yes. Just seeing the words "market cap" should tell you something. It is a completely meaningless term when you are talking about crypto currency.
The price means somethings, the amount held means something. The entity that sold them can mean something. But market cap isn't it.
To be fair, "market cap" is also a bullshit metric for stocks. The market price only ever represents the price of the currently traded stocks. Just dump 20% of the stock of any large company on the market and see how well their "market cap" lasts.
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?
Now we wait til it gets so bad people stop going to work, in unity.
Time to start the next one
Holy shit, inb4 he pumps and dumps and avoids jail cause of presidential immunity
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.
Or in 6 months
Bitcoin is sitting at 105,000 each. Businesses have bought in, banks have bought in. A whole country buys them like clockwork for their citizens future.
Its a damn ponzi scheme where the last to hold the bag is the loser. Yet it is so big now, so entrenched, I dare say it may be too big (to be allowed) to fail.
Insane. And the worst part is, nobody actually uses them. Not in any significant way. It's just let's get rich!
In my mind this is just another way for shady actors to give him money with less paper trail. Is that not possible? I admit I don't actually know how people are buying or selling this.
Honestly if that's what's happening it seems like an actual 'good' use case for crypto. Good as in clever/useful not good as in, well, good.
let’s wait and see how the coin does at the end of his administration.
Pfft, I'm betting he'll rugpull in a month, tops, possibly before february even starts.
They are only worth what
peopleidiots pay for it.It’s money laundering
All the wrong people got money.
QE was a method of upward distribution of wealth.
What is QE?
Quantative Easing
Fools always find their kind
$25 billion, in paper. The value will be down to zero way before he manages to sell off even $1 billion from it. And thats a generous guess. Meme coins don't retain value.
Making ANY money this way is outrageous, but we sooner solve world peace and world hunger than Trump being able to sell this off for the current paper value.
Yeah I feel as though he won't get that amount of money either and making any money is also outrageous.
I feel like the biggest pressing issue here is that this is not meant to go to the moon and stay there. Instead I think the real motive is to make inflation. Look at it, it's not meant to gain that amount of value, it's meant to skew our perception of value. This way the current inflationary prices don't look out of place when, in reality, everything is over valued. I guess it is also meant to make some people more complacent to inflation by giving them hope of "there being a chance" even though it clearly details how screwed over most of them will end up in the end compared to the house/dealer. Gambling is and will always be a big problem that adds more pressure to an otherwise unhealthy economy.
I don't deny the possibility, but that sounds like a lot of foresight which I'm not ready to attribute to Trump or his team. Additionally I don't think they care about "the people". The voters served their purpose. They are meaningless to them now. They will continue to produce anger and outrage, and will extract as much money as possible while it's still possible.
I think it's a simple money grab. Just not a $25 billion one.
We should have seen that coming.
There is a lot more of this coming.
Trump intends to leverage his office to make his family wealthier.
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...
This isn't your everyday crypto scheme.
This is foreign bribes being laundered.
This right here is the right answer. Trump just created the ultimate bribing machine for himself.
That's not how markets work...
Having an ETF doesn't make you real. Being Bitcoin makes you real.
I wish there was a better metric at the moment, but there isn't.
Fuck, I just looked at this yesterday and thought why not put a few monies in. And then went to sleep without doing anything.
Not doing something to help Trump just to enrich yourself is the ethical option.
There's that, but then again if I would have had managed to exit before the crash (which apparently already somewhat happened) I would've been practically stealing money from some MAGAs. But probably only those MAGAs who least deserve to be stolen from. The actual demons know exactly when to exit and are only going to profit from this.
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.
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.
Unless the purpose of this venture is to get around laws that prevent bribes.
I suppose that's more streamlined method of bribery than buying property in his towers or booking his hotels.
Or buying ads on his wife's radio station as apparently was how you'd get in front of President Johnson.
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.
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.
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.
At this point, anything the billionaires want is legal. It is fucking absurd. The entirety of T****'s first term was insanity. This one will be catastrophic, and unfixable for generations. His supreme court, judges, corruption has made it inevitable.
I tried to logically deal with the firehose of lies and hatred, thought it was important and worth it. Not anymore. Not again. This country is too fucking dumb for me to care anymore, too easily manipulated. Not worth the pain. I did what I could, voted against it every time. "But the price of eggs!"
I'm just going to fuck off and try to enjoy myself while it burns. Someone wake me for the revolution, the oligarch bbq, or some legit riots at least.
I for one, hope to see the guillotine make a surprise return. It worked for the French.
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
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
I mean nothing stops you from creating a new cryptocurrency, so it was kinda inevitable.
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.
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.
In other words, in about a week we'll want to start shorting this asset. Trump will have absolutely no hesitation to hyperinflate it just printing more trump coins. This man doesn't do subtle or half measures, he goes big, and this is going to fail in a big way.
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.
Thats not a problem with cryptocurrency in general. Its only an issue with the subset of coins that premine, which is a scam.
This is so fucking stupid. Everything. I feel like we're living in a fucking clown show.
Think of it this way I can't bribe Trump but if I bought 20% of this shitcoin I might be able to get his ear.
The amazing real circus
Trump launches
meme coinmoney laundering scheme, apparentlymakeslaunders more than $25 billion overnightFtfy
Bingo, the CCP can't bribe Trump directly but they can buy a ton of crypto.
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.
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."
Staking is a system where rich people get money for owning money. Sounds like a scam
Pump and dump
This is going to be a historic pump and dump.
My dyslexia initially read that as "plump and dumb" which is also accurate.
Holy fuck, the grift is so blatant that I'm almost beginning to respect it.
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
It's like auctioning away the presidency
like
something that literally did not exist 24 hours previously.
And still doesn’t exist. It’s not a tangible thing.
This comment isn't a tangible thing but it exists.
"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.
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.
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.
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.
Old Man stock market looks up and chuckles "That's my boy...line go up."
He might rename USA to Trumpistan 🤣
Sucker born every minute, etc.
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?
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
Market cap makes zero sense in crypto currency.
That name is perfect. Gonna start calling it strumpet.
So... he stole the idea from hawk tuah
Was that premined?
Brady's thought bubble: no politician has ever given their supporters a way to monetize that support -- until now.
Did Brady read the article?