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?
this post was submitted on 18 Jan 2025
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Trump launches ~~meme coin~~ money laundering scheme, apparently ~~makes~~ launders more than $25 billion overnight
Ftfy
This is so fucking stupid. Everything. I feel like we're living in a fucking clown show.
The amazing real circus
Can't decide if I'm annoyed that this poorly-disguised influence scheme will go unpunished, or if thrilled that many very deserving people will be separated from their money.
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.
Thats not a problem with cryptocurrency in general. Its only an issue with the subset of coins that premine, which is a scam.
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.
~~Repugnantcans~~ The 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.
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
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.
"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.
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?
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.
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If you previously weren't convinced crypto is a scammers paradise, this should convince you.
EDIT: removed not nice comment.
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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.
something that literally did not exist 24 hours previously.
And still doesn’t exist. It’s not a tangible thing.
Pump and dump
My dyslexia initially read that as "plump and dumb" which is also accurate.
It's like auctioning away the presidency
~~like~~
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