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.
Trump bout to Hawk Tuah! on the American people and maybe the world.
Honestly, it’s kinda impressive that this scheme still works in 2025. How low can people go, I wonder.
Just means more rugs need to be pulled until idiots have no more money to waste.
Fresh idiots are being born every day, unfortunately
Calls on rugs!
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
can I short this?
You can short anything if you find a lender
Not that I’m aware of.
You used yo be able to do it on sketchy unregulated Chineseesque trading sites. Been a while since I used one and they go down semi regularly.
Honestly, I won’t forgive Biden for just smiling in response to Trump winning after not leaving 4 years sooner. Before anyone asks, I voted for Harris, so don’t shove that narrative down my throat.
The tankies are getting REAL close to just outright admitting they wanted Trump, so there’s that.
The defo do. Trump wants to hand Ukraine to Putin on a silver platter, the tankies have been salivating for that for years now
Best trash takes itself out is how I see it. Glad they make it so easy to spot with red merch.
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
This is money from foreign governments and corporations buying influence. It has nothing to do with “Americans”.
There are plenty of Americans that will buy this coin and lose money.
I’m sure there’s still a plenty of idiots buying these.
Yes, to the tune of 10s or maybe a couple 100s of millions of dollars. But now Saudi Arabia can come in and buy a billion worth of the coin as a direct donation to trump with zero oversight. This is open corruption on a scale we simply haven’t seen before.
Of all the things crypto would bring us, I would never have imagined it would create transparency and democratization in corruption. What a time to be alive!
No doubt. Just saying it’s gonna be a rag pull towards the idiots in addition to all the corruption.
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)
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.
Isn’t that a conflict of interest?
It’s not a crime if it’s the president, the scrotus said so
His whole political career has been a conflict of interest.
Who’s going to stop him?
They are only worth what
peopleidiots pay for it.It’s money laundering
Holy shit, inb4 he pumps and dumps and avoids jail cause of presidential immunity
Is that even illegal yet?
Nothing is illegal for a POTUS. He cannot be charged with any crime while in office, running for office, considering to run for office, and/or dreaming of being in office.
I’d love to be POTUS. Time to download some Nintendo games! /j
Pump and dump schemes? Yes, according to earlier incarcerations
For stocks, yes, but crypto is basically unregulated as far as I know.
And trump intends to keep it unregulated because of course he’s seen the quick buck he can make with that scam
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.
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.
Why would you be happy about their money going to even less deserving people?..
if you felicificly calculate it it works out
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.
Dear god, please let donald trump choke on a piece of potato and die. Amen 🙏
Really sucks that I, an atheist, acknowledge that I can do nothing more impactful than pray Trump dies soon.
Luigi disagrees.
Thomas Crooks tried and fucking failed 🤦♂️
Also, it’s a bummer that there’s no eternal punishment waiting for him.
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?
Time to start the next one
Now we wait til it gets so bad people stop going to work, in unity.
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.
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.
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!
Even worse, they are used for lot of criminal cases, like human trafficking, childporn, drugs, weapons and more.
Like 95% money laundering, drugs and tax avoidance scams, like 5% everything else.
Or in 6 months
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.
Hmmm that’s interesting. I wish I knew more about the crimes of all the presidents. I feel like if they were talked about more it would really bring down some of the power that people want to give to that office. Instead they make them out to be like gods after they are dead long enough
It’s funny (sad funny not hot haha funny) because we had a whole ass apology tour to the rest of the world because of getting caught having the Bush administration sign off on torture, up to and including lawyers and psychologists to support the theory that it was just “enhanced interrogation.”
Those are war crimes my dude. Bush should have been sent to the Hague. Honestly, what Bush, Cheney and Co. did was so much worse, devastating to the world, violent, and murderous than anything Trump has done yet. Honestly, you could argue that they ruined US reputation so bad internally and externally that they set the stage for Trump to take over. Trump won the year Jeb Bush was supposed to be coronated just like Hillary Clinton. They also are part of the current crises with immigration and rising right-wing sentiment in Europe since the war displaced so many. Bush deeply fucked up the planet and Europe and the Middle East especially.
In fact, Trump will do one thing previous Presidents haven’t done, he will make his own citizens suffer most of the pain instead of foreigners. That’s evidenced by how he considers many citizens to be foreigners already due to things like birthright citizenship. They’ve come out and said that explicitly. I guarantee he will be the first US President to cause more suffering to his own citizens than foreign citizens. He literally is gleeful at things like the Death Penalty, he wants to be the one pulling the switch. He’s really not all that different from Matt Berry’s character on Snuff Box who is a royal executioner who loves his job.
Anyway, we never did anything about actual well documented capital-W War Crimes, and instead have a “Hague Invasion Act” so if anyone from the US gets dragged to the Hague we’ll invade it to get them back. Like holy shit, I had my “Are we the baddies?” moment 24 fucking years ago.
I guarantee he will be the first US President to cause more suffering to his own citizens than foreign citizens.
It’s not beyond the realm of possibility that he could accidentally start a war somewhere in the world. Or make an existing one much worse than it already is.
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.
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.
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.
Very true.
I suppose I should have said “Fiat dollar trading volumes” although that’s an oversimplification. The question you’re really trying to answer is “How much actual demand is there for this invented commodity?”
The answer is, inevitably, not nearly enough. When 80% of the available supply of something is locked up in a vault somewhere, there’s absolutely no way that 80% could be liquidated without crashing whatever market exists.
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.
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.
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
Repugnantcans is trying wayyyyy too hard.
Repugnant cunts then?
Republicunts?
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.
I mean nothing stops you from creating a new cryptocurrency, so it was kinda inevitable.
$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.
