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Trump's latest scam: a shitcoin

Axulus

Axulus

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Hallandale, FL
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Right leaning skeptic
Trump announced his Trump shitcoin just a couple days ago and it has exploded in value to over $50 billion market cap.

coinmarketcap.com

OFFICIAL TRUMP price today, TRUMP to USD live price, marketcap and chart | CoinMarketCap

The live OFFICIAL TRUMP price today is $8.54 USD with a 24-hour trading volume of $302,811,665.26 USD. We update our TRUMP to USD price in real-time.
coinmarketcap.com coinmarketcap.com

Trump and his buddies kept 80% of the supply for themselves (for no legitimate reason other than to maximize their own profit), which pretty much guarantees a rug pull at some point. This really is the biggest scam of all time, even bigger than DJT stock. Even bigger than Enron which had a peak market cap of $70 billion (this shitcoin exceeded this level at certain times in the past 24 hours). And of course Trump plans to install someone at the SEC that will not crack down on these type of scams, it is a big reason the crypto industry supports him.

It is also a great way to facilitate legal bribery.

I'm really starting to warm up to the idea of some sort of restrictions on voting. If people are this dumb to elect a guy like this they ought not be able to vote. Democracy is unworkable when such a large portion of the population is this stupid.

Coffeezilla has a good video discussing the details.

 
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When I first heard of this, I thought "I can't wait til Coffeezilla's video after the whole thing comes crashing down."

Turns out he already was working on the above video for his second channel, but I'm sure there will be a deep dive on the main channel in the near future.

I only know enough about blockchain, tokens, and meme coins to know not to throw real money at these "investments." Yet it looks like there are enough people unencumbered by thought processes to push this into the billions...at least on paper and entirely temporarily.

It'll also be interesting to see how this affects crypto markets when it does crash and burn. When the FTX fiasco exploded, the news was replete with stories asking "is crypto a scam?" This is not just some random nerdy guy and his nerd friends. This is the (as of tomorrow) President of the United States generating billions of fake money and using it to line his pockets.
 
To all Trumpies: This is your moment. Your chance to be part of history. Your invitation to join Donald Trump in the exclusive world of high stakes players, movers, and shakers.
But you must act -- NOW. Mortgage the house. Sell the second car. Leave $35 in the bank, but secure the rest and get these meme coins now, before they burst into an unimagined era of treasure and prosperity. Do you have savings bonds for your kiddies? Cash them out. Do your parents have retirement accounts? Get them to pool those funds with yours, and create a united front of your family's wealth, security, and future well-being, and line yourselves up with The Man From Mara-Lago.
Do you like champagne? You'll be drinking a lot of it when your investment goes up by a factor of 300, or perhaps ten billion.
Have you taken French lessons? You'll need them when you buy your second house on the French Riviera.
Here's Roseanne: "You're a dingleberry if you don't buy this shit now, right now, just do it, goddammit!!"
Here's Lindsey Graham: "Please, I am begging you, spend fifty dollars, one hundred dollars, one thousand dollars, whatever you can, we must help Donald Trump as we help ourselves!"
Here's Elon Musk: "Wheeeee!!! Wheeeeee!!! Wheeeeeeeeeee!!!"
Roseanne and Lindsey Graham were compensated for their participation. Elon Musk is Elon fucking Musk.
What could go wrong? Answer? Nothing. This is your chance to join the ranks of the elite, the entitled, the owners of this beautiful land. But you must grab it with gusto, NOW, just the same as Donald Trump grabs the American flag, and, with thrusting loins, well anyway just grab it.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
 
Trump is a miracle worker, further proof he is the messiah, er antichrist. He can make coins of shit come out of his butt along with all the other things he has given us from there 🤣
 
Hmmm. Silence from the Trump defenders.
 
Cryptocurrencies appear to create an effective loophole in the laws against Ponzi schemes, and similar "Pump-and-Dump" frauds.

They don't differ much in their mechanism, but by not paying dividends, and by being "shares" in a system that isn't a company, crypto schemes appear to avoid being technically illegal.

They are not so much shares in a company that doesn't exist (or that is insolvent), as they are "shares" in something even less tenuous.

Either way, the people who start the scheme, and those who get in and then back out early enough, are robbing those who arrive late or stay in too long.

It's a new twist on an old fraud, and the idea that the President would look at this and say "I want to get in on that!", rather than wanting to protect the people by stamping out this kind of scam, is a perfect example of his contempt for his office, and for the people that elected him to it.
 
Last night, the incoming first lady launched her own meme coin (well, she had an assistant launch it) called $Melania.

She inadvertently gave herself a derogatory Trumpian nickname.

I'm going to be calling her "Smellania" for the next 4 years.
 
bilby said:
Cryptocurrencies appear to create an effective loophole in the laws against Ponzi schemes, and similar "Pump-and-Dump" frauds.

They don't differ much in their mechanism, but by not paying dividends, and by being "shares" in a system that isn't a company, crypto schemes appear to avoid being technically illegal.

They are not so much shares in a company that doesn't exist (or that is insolvent), as they are "shares" in something even less tenuous.

Either way, the people who start the scheme, and those who get in and then back out early enough, are robbing those who arrive late or stay in too long.

It's a new twist on an old fraud, and the idea that the President would look at this and say "I want to get in on that!", rather than wanting to protect the people by stamping out this kind of scam, is a perfect example of his contempt for his office, and for the people that elected him to it.
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Somebody knowledgeable once pointed out

There's a sucker born every minute.

Apparently, one of the things Justin Trudeau did to earn the ire of wealthy conservatives was clamp down on cyber currency and the resulting scams.
Tom
 
bilby said:
Cryptocurrencies appear to create an effective loophole in the laws against Ponzi schemes, and similar "Pump-and-Dump" frauds.

They don't differ much in their mechanism, but by not paying dividends, and by being "shares" in a system that isn't a company, crypto schemes appear to avoid being technically illegal.

They are not so much shares in a company that doesn't exist (or that is insolvent), as they are "shares" in something even less tenuous.
Click to expand...
I think it is investing exclusively on the feeling of adoration. Crypto is absurd in its own right. It isn't actually anything by an algorithm. But this stuff is crazy. Makes the future look like a potential satire.

Trump: Your Honor, you can't try me for these crimes, because I'm too big to fail. If I'm convicted, my coin will drop in value, hurting Americans across America.

The other issue is the market value. Generally companies that IPO have to set their share price at a reasonable value. With these meme coins, they are literally invented money. Trump coin has a market cap of over $54 billion. How?! You want to talk about inflation? With Trump holding onto 80% of the coin stock, which can quintuple (?!), the value of the coin isn't really the market value.

It is simply unbelievable that this is allowed. And even more unbelievable that people would buy into it.
 
Because of Trump's incessant grifting I could have sworn he's already done this before. Then it was explained to me that was NFTs, a distinction without a meaningful difference IMO.
 
I had put the following in the thread about Trump being president. The article goes into a lot of detail, in addition to my quotes. I did not see this thread earlier today or I would have added it here.

I read an article I'm going to gift which I found very disturbing. Please read and give some reasonable input.

https://www.nytimes.com/2025/01/18/...e_code=1.qk4.un8i.5o9sDNOkIqrC&smid=url-share

The president-elect and his family have a direct and potentially lucrative stake in the sale of a cryptocurrency product that surged in value in the hours after going on sale, days before his inauguration.
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President-elect Donald J. Trump and his family on Friday started selling a cryptocurrency token featuring an image of Mr. Trump drawn from the July assassination attempt, a potentially lucrative new business that ethics experts assailed as a blatant effort to cash in on the office he is about to occupy again.

Disclosed just days before his second inauguration, the venture is the latest in a series of moves by Mr. Trump that blur the line between his government role and the continued effort by his family to profit from his power and global fame. It is yet another sign that the Trump family will be much less hesitant in this second term to bend or breach traditional ethical boundaries.

Mr. Trump himself announced the launch of his new business on Friday night on his social media platform, in between announcements about filling key federal government posts. He is calling the token $Trump, selling it with the slogan, “Join the Trump Community. This is History in the Making!”

The venture was organized by CIC Digital LLC, an affiliate of the Trump Organization, which already has been selling an array of other kinds of merchandise like Trump-branded sneakers, fragrances and even digital trading cards.

But this newest venture brings Mr. Trump and his family directly into the world of selling cryptocurrency, which is regulated by the Securities and Exchange Commission. Mr. Trump recently disclosed he intended to name a cryptocurrency advocate as S.E.C. chairman.

A disclosure on the website selling the tokens says that CIC Digital and its affiliates own 80 percent of the supply of the new Trump tokens that will be released gradually over the coming three years and that they will be paid “trading revenue” as the tokens are sold.

The move by Mr. Trump and his family was immediately condemned by ethics lawyers who said they could not recall a more explicit profiteering effort by an incoming president.
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Really, though, is it that bad?? I googled a bit, and we're forgetting that George Washington promoted Faerie Farthings in 1789 -- and back then, crytpto was so crypto that you paid Washington, and he actually whispered in your ear a description of the coin. There was very little public criticism, and Washington even had broadsides printed up:

Ye Faerie Farthing, ye exclufive specie of ye cultured gentleman, may be poffeffed by a nominal gratuity to Geo. W., on Broadway St., at ye sign of Ye Braff Bantam Tavern, prop., Jno. Dowell.

A year before Washington's death, he was selling the short-lived George's Wondrous Guinea and the less successful Magickal Chimaera Shilling. So really, Trump is operating in the tradition of American Presidential Entrpeneurism.
 
Jimmy Higgins said:
bilby said:
Cryptocurrencies appear to create an effective loophole in the laws against Ponzi schemes, and similar "Pump-and-Dump" frauds.

They don't differ much in their mechanism, but by not paying dividends, and by being "shares" in a system that isn't a company, crypto schemes appear to avoid being technically illegal.

They are not so much shares in a company that doesn't exist (or that is insolvent), as they are "shares" in something even less tenuous.
Click to expand...
I think it is investing exclusively on the feeling of adoration. Crypto is absurd in its own right. It isn't actually anything by an algorithm. But this stuff is crazy. Makes the future look like a potential satire.
Click to expand...
The thing is crypto was invented as a means of providing anonymous online transactions. The CPU power required has grown too clumbersome to make it work well but it's not insane. Where it went off the rails into scam territory is from the idea of it as investment.
 
So, I'm
Loren Pechtel said:
Jimmy Higgins said:
bilby said:
Cryptocurrencies appear to create an effective loophole in the laws against Ponzi schemes, and similar "Pump-and-Dump" frauds.

They don't differ much in their mechanism, but by not paying dividends, and by being "shares" in a system that isn't a company, crypto schemes appear to avoid being technically illegal.

They are not so much shares in a company that doesn't exist (or that is insolvent), as they are "shares" in something even less tenuous.
Click to expand...
I think it is investing exclusively on the feeling of adoration. Crypto is absurd in its own right. It isn't actually anything by an algorithm. But this stuff is crazy. Makes the future look like a potential satire.
Click to expand...
The thing is crypto was invented as a means of providing anonymous online transactions. The CPU power required has grown too clumbersome to make it work well but it's not insane. Where it went off the rails into scam territory is from the idea of it as investment.
Click to expand...
I mean, that's how many are mined, and ostensibly someone gets some share of overhead for processing the transaction (which leads to its own issues), but how that's determined sometimes comes down to who already has stake rather than who wins some mathematical guessing game.

It's unclear how this shitcoin even operates, if it is open-ledger, if it is stakeholder selection (ease of process is determined by holdings, I think?), then only established and vested players have power in the system.

It could be really bad if they try replacing or competing with the dollar with this... And I could totally see that happening.
 
I think it might work somewhat for a while if traded for dollars. But that may be all it can ever buy. It’s just an NFT worth nothing.
It’s going to take some major partners e.g. McDonalds to accept shitcoin for food. Maybe you could buy a car if Ford decided to accept it. It would be a heavy lift to make it anything like a credit card, as far as usability.
 
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