Trump Fucks His Base

[Jimmy Higgins]

Well, with more and more frauds coming out, probably need its own thread. Trump Coin is nothing but a con, and it has already paid off.

The curious trade came a little past 9 p.m. on Jan. 17 — a $1,096,109 bet less than two minutes after the soon-to-be president of the United States posted on his social media account that his family had issued a cryptocurrency called $Trump.

In those first minutes, a crypto wallet with a unique identification code beginning 6QSc2Cx secured a giant load of these new tokens — 5,971,750 of them — at the opening sale price of just 18 cents each, starting a surge in the $Trump price that would soon reach $75 per token.

This early trader, whose identity is not known, walked away with a two-day profit of as much as $109 million, according to an analysis performed for The New York Times.

This is beyond insider trading, because at least insider trading involves actual information. This is insider for a pump and dump.

As of the middle of this week, more than 810,000 wallets had lost money on the bet, according to an examination that the crypto forensics firm Chainalysis performed for The New York Times. The total losses are almost certainly much larger: The data does not include transactions that took place on a series of popular crypto marketplaces that started offering the coin only after its price had already surged.

Trump makes money on trading fees, and whomever was the early bird, made a fortune as well. Off the Trump supporters, who lost money.

At the request of The Times, crypto experts reconstructed some of the early trades made by buyers of Mr. Trump’s token, examining their profit taking and how, once the initial buyers started to dump their holdings, the price of $Trump then crashed, hurting other investors.

The analysis of crypto transaction records was executed by the forensic firms Nansen and Chainalysis as well as by Molly White, an independent crypto researcher who is often critical of the industry. The data was then reviewed by The Times.

This pattern of big, fast buyers entering and then selling out of their memecoin holdings is part of the reason that state regulators in New York recently warned consumers about these offerings, saying that “creators or their associates artificially inflate the price of the coins and then sell their own coins rapidly at an inflated price, reaping substantial profits while causing the price to crash.”

New York regulators called these maneuvers “pump-and-dump schemes” and said they can leave buyers who come in late with big losses.

We have at least one poster here who thinks Trump gives a damn about his. $TRUMP is proof posititve he'll take the last dollar off of anyone foolish enough to believe that.

 

[scombrid]

He has been refining this technique since the Taj Mahal scam. It’s just going to get easier with the total elimination of already weak financial law enforcement.

 

[ideologyhunter]

Over 800,000 investors have lost $ on the $trump coin. Which leads to the obvious question: What happens when Trump takes Viagra?
He grows taller.

 

[laughing dog]

This is simply more evidence that a fool and their money is soon parted.

I have no sympathy for these greedy MAGAs.

 

[scombrid]

Don't worry. Bondi is on the case.

 

[ideologyhunter]

Don't worry. Bondi is on the case. take.

FIFY

 

[bigfield]

This is simply more evidence that a fool and their money is soon parted.

Conservatives are saying the same thing.

They don't see this as "Trump fucks his base" - they see it as "Trump is fundraising" and "Only stupid people buy crypto, I don't care that he's taking their money."

 

[Politesse]

He's manufactured a huge water crisis in the Tulare Basin of California with an inexplicable and useless early release of the Spring reserves. Presumably so he can swoop in and declare himself a savior later for stealing the water involved and selling it to LA at considerable state taxpayer expense. The residents of the South Valley are screwed either way, with no way go keep their crops alive through the summer unless we luck out and get some enormous late Spring storms. Which we might yet, in a La Nina year. But, make no mistake: weather or no, he threw them under the bus without a thought or any plan to help deal with the consequences of this act of brazen water theft. Two of the most solidly red counties in the state, and they are the very first victims of his five man war against California. Stealing from the poor and rural to give to the rich and urban. Some "hero of the people", this guy...

 

[Elixir]

He's manufactured a huge water crisis in the Tulare Basin of California, presumably so he can swoop in and declare himself a savior later for stealing the water involved and selling it to LA at considerable taxpayer expense. The residents of the South Valley are screwed either wsy, he threw them under the bus without a thought. Two of the most solidly red counties in the state, and they are the very first victims of his war against California. Some "hero"...

Newsome didit.
Nuff said.

 

[Shadowy Man]

He's manufactured a huge water crisis in the Tulare Basin of California with an inexplicable and useless early release of the Spring reserves. Presumably so he can swoop in and declare himself a savior later for stealing the water involved and selling it to LA at considerable state taxpayer expense.

That presumption seems to lie on facts not in evidence: that Trump is smart enough to think of a plan like that. The man writes with a Sharpie for Christ's sake!! He thinks everything is "biggest/best in the world/history". He didn't know that McDonald's users didn't use their hands to take fries out of the boiling oil. And he's the mastermind behind this plan of yours? Color me unconvinced.

 

[Politesse]

In the case of the die-hard Trumpers, many of whom are secretly suburbanites who wouldn't know a cow from a crow, they might even believe it. When that same basin flooded and took a lot of their homes and fields last year, Newsom spent considerable political capital and millions of dollars non-metaphorically bailing them out. And they HATE him for it.

But I'm hoping this is raising some questions in the truly rural districts. Yeah, they listen to a lot of conservative radio down there, usually incredulously. But all of us who were raised in the country know the gist of the "Law of the River" like we know a selection the Bill of Rights or the Ten Commandments. At any rate, we know there isn't supposed to be water in the damn canals in January. And we know that water sold to LA doesn't grow a grape in Visalia.

 

[Politesse]

He's manufactured a huge water crisis in the Tulare Basin of California with an inexplicable and useless early release of the Spring reserves. Presumably so he can swoop in and declare himself a savior later for stealing the water involved and selling it to LA at considerable state taxpayer expense.

That presumption seems to lie on facts not in evidence: that Trump is smart enough to think of a plan like that. The man writes with a Sharpie for Christ's sake!! He thinks everything is "biggest/best in the world/history". He didn't know that McDonald's users didn't use their hands to take fries out of the boiling oil. And he's the mastermind behind this plan of yours? Color me unconvinced.

Oh, I didn't mean Trump personally. I'm not sure he understands much of what's going on around him at present.

 

[Swammerdami]

He's manufactured a huge water crisis in the Tulare Basin of California with an inexplicable and useless early release of the Spring reserves. Presumably so he can swoop in and declare himself a savior later for stealing the water involved and selling it to LA at considerable state taxpayer expense....

When I first read about this I was horrified. But reading nothing further about it, I assumed that sanity had prevailed and that the water had been shut off after a few hours. No?

How long did that water insanity last and how much (in percentage terms) of the relevant water was wasted? (I suppose I could Google for this myself but Google and I don't get along lately. Should I Bing for the answer instead?)

 

[Shadowy Man]

According to This article , more than 2 billion gallons.

However, that article nor any others I could find stated that amount as a fraction of the reservoirs’ capacity.

 

[bilby]

According to This article , more than 2 billion gallons.

However, that article nor any others I could find stated that amount as a fraction of the reservoirs’ capacity.

According to USACE, Lake Kaweah has a capacity of 185,630 acre.ft, and according to wikipedia, Lake Success has a capacity of 82,000 acre.ft.

267,630 acre.ft is ~87,208 million US gal; 2 billion gallons is therefore roughly 2/87 = 2.3% of the full capacity of those dams.

Of course, it would be a larger fraction of the actual contents of the dams, unless both were 100% full when the releases first started. According to USACE, Lake Kaweah is at 23% of capacity right now, and Lake Success at 22%, implying that about 8% of the stored water across the two storages has been lost as a result of Trump's instructions.

More than 2 billion gallons is more than 8% of the water that was there at the time, and more than 2% of the full capacity of the storage.

 

[Shadowy Man]

8% seems pretty substantial to me.

 

[Politesse]

He's manufactured a huge water crisis in the Tulare Basin of California with an inexplicable and useless early release of the Spring reserves. Presumably so he can swoop in and declare himself a savior later for stealing the water involved and selling it to LA at considerable state taxpayer expense....

When I first read about this I was horrified. But reading nothing further about it, I assumed that sanity had prevailed and that the water had been shut off after a few hours. No?

How long did that water insanity last and how much (in percentage terms) of the relevant water was wasted? (I suppose I could Google for this myself but Google and I don't get along lately. Should I Bing for the answer instead?)

Around 2 billion gallons' worth. You could visualize this as something like tenth or so of what was stored up, but there's no clear answer to the question of how much of the supply that constitutes, as it depends somewhat on how much rainfall/snowpack we can expect to get during the next two months or so. The reservoirs were not and are seldom full except for (sometimes, in better years) a few weeks before the Spring release; the whole water system has been severely over-extended for about three decades now. One of the reasons they hated Obama was because he did a few dam releases like this just to keep the river basins from drying out altogether and extinguishing all the indigenous fish species at a go. Or as they put it "stealing farm water to save the chub".

 

[Politesse]

8% seems pretty substantial to me.

When the reservoir is already half empty and the engineers are struggling to get the machines to work under the low capacity circumstances? It's normal for it to be a bit low this time of year though. The way it is supposed to work is that first the dams successfully prevent the late spring snowmelt from destroying the farmlands, oilfields, and lowlying neighborhoods below, then the stored water can be used to keep the crops alive through July - Sept. So the real problem here is (a) that the release was way out of sequence (b) that this may all result in a bunch of water that was supposed to feed South Valley crops filling Southern California swimming pools instead, or worse, just getting wasted.

 

[Swammerdami]

8% seems pretty substantial to me.

The effective percent is even higher since the bottommost X% of a reservoir's contents are never drained. This was truly horrible.

A. Have lawsuits been filed?

B. Has California taken steps to ensure its own police control the spigots in future?

C. How many hours did the vindictive wastage of water last? How was it finally stooped?

D. What do IIDB's own fascists -- Derec, RVonse, etc. -- think of this?

 

[Politesse]

A. I've not heard of any. No law was broken as far as I know. If property owners want to press suit for damages due to an irresponsibbls decision they could, buf if crops either fail or properties are flooded later in the Spring, it would be much easier to establish standing at that time. Right now, no one has any idea what the consequences will actually be for this whole fiasco. Right now the only tangible result has been a bunch of irrigation canals full at the wrong time of year. The Planada Suit, currently being litigated against the State of California for a set of disastrous floods in Merced County two years ago, would be a good example of what such a civil suit might look like.

B. The Army Corps of Engineers answers to the president, that much is not in doubt. I don't think anyone blames them directly for following the orders of their Commander in Chief. Nor is there much public appetite for state seizure of federal property, otherwise known as a "war". Common convention is that the state is always consulted before doing something like this in accordance with a master plan negotiated between various constituencies and local water boards, but common convention isn't law. The federal government still enjoys plenary rights over the water system, at the end of the day, and more or less direct responsibility for the infrastructure that they built and maintain. If you want to look into it, the history of federal water projects being used to exert colonial-esque control over rural American regions is pretty interesting, and the literature on it gets pretty spicy at times.

C. Three days, Friday to Sunday. No idea how exactly it was stopped. I presume someone mumbled something at the president about a "controlled release" before it had even started, as it was always going to be a three day release per the president's press announcememt. Then again, that same announcement also promised tge release of 5 billion gallons, nearly a quarter of the current reserve, so it may be that some hero chose to interpret their orders as though there were an invisible "whichever happens first" between those conditions.