Trump Catch-All | $TRUMP - Trump goes full crypto, launches Meme Coin - Makes $25 Billion overnight

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“… But economists and even some longtime crypto investors said the new digital coin, known as a memecoin, might also emerge as a landmark moment in the speculative history of crypto trading and the potential dangers it poses to the financial system. Memecoins are a type of cryptocurrency tied to an online joke or a celebrity mascot.

… “If people want to gamble, I don’t really care,” said Lee Reiners, a former Federal Reserve economist who is now a lecturer for a center studying global economic markets at Duke University. “What I care about is when this crypto bubble bursts — and it will burst — it will end up impacting people across the economy even if they don’t have direct investment in crypto. And this new coin is making it worse.”

…Before the coin started trading, Forbes hadlisted Mr. Trump’s net worth as $6.7 billion, most of that coming from Trump Media and Technology Group, another speculative venture the Trump family helped start, which runs the money-losing social media platform Truth Social.

The Trump family late on Sunday moved to add a second new crypto token, this one called $Melania, with Mr. Trump and Melania, his wife, both promoting it on Truth Social, just as Mr. Trump was about to start a rally in Washington celebrating his inauguration.

…
That move then coincided with a dive in the value of Mr. Trump’s own token, dropping to as low as $41, before starting to rise again, as doubts appeared to emerge over just how valuable these new tokens would actually be. Mr. Trump did not appear to be deterred.

“Bitcoin has shattered one record after another,” Mr. Trump said at his rally, referring to another form of cryptocurrency. He added during his remarks that “these are all investments that are only being made because we won the election.” …”
 
I find all this talk about Trumpers promoting cryptocurrency hilarious. Growing up one of the things I frequently heard in our country Baptist Church was that the Anti-Christ would create his own global currency with his personal "mark" and that everyone would have to use it to buy the necessities of life, but if you did use it you would receive the Mark of the Beast and would go to hell. And yet here are conservative Christians falling over themselves to follow a guy who not only has many of the classic trademarks of the Anti-Christ, but is now promoting a new form of currency with his personal brand and endorsement. If a real Anti-Christ did appear these people would be suckers and easy marks for him, just as they've been for Dear Leader.
 
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“… New cryptocurrencies often shoot up in price, making traders billionaires on paper, only to collapse when the coins’ holders start selling.

That is especially true of memecoins, which are prone to rapid swings in price as their internet popularity fluctuates. Prices can also vary across platforms, making it difficult to pin down a coin’s actual value.

… Within a minute of the coin’s launch, a crypto trader had accumulated a $1 million position, according to an analysis of public transaction data by the crypto data firm Bubblemaps, which posted its findings on social media.

… The coin’s price surged, and the trader’s account soon sold off holdings worth $20 million. The analysis prompted speculation on social media about whether an insider with advance knowledge of the coin’s launch had been able to make quick profits. (Bubblemaps did not immediately respond to a request for comment.)

Conor Grogan, a director at Coinbase, one of the largest trading platforms in the United States, estimated in a social media post that as of Saturday, the Trump team had made $58 million in fees from all of the $Trump sales — even without selling its own reserve of tokens to the open marketplace.

It also appears that the Trump team may be transferring some of its tokens onto an overseas trading platform called Bybit, which is not allowed to execute trades in the United States,Mr. Grogan noted. Bybit has recently been the focus of enforcement actions by international cryptocurrency regulators.

The Trump coin’s launch immediately created new opportunities for executives, crypto traders and even major companies to curry favor with the Trump administration. …”
 
Mulberry Heel said:
I know we have people who keep saying that Trump 2.0 isn't going to be that bad, but stuff like this just increases my own feeling that this is all going to end in disaster for everyone, and maybe well before 2027 or 2028. We'll see.
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Mulberry Heel said:
I know we have people who keep saying that Trump 2.0 isn't going to be that bad, but stuff like this just increases my own feeling that this is all going to end in disaster for everyone, and maybe well before 2027 or 2028. We'll see.
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Crypto will crash the world economy. Trump will hasten that.
 
farce© said:
The $TRUMPCON and $MELANIAWHORE meme coins might just be the thing that demonstrates the truth about cryptocurrency.
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Meme coins are pretty much the opposite of the original intent of crypto (at least as I understood it). But maybe this will expose how dumb meme coins are and that could have a serious negative impact on “legitimate” cryptocurrencies like Bitcoin, just when more Americans are investing in crypto as part of their portfolios… which is why more than a few crypto evangelists are furious with this $Trump and $Melania stuff.
 
nycfan said:
Meme coins are pretty much the opposite of the original intent of crypto (at least as I understood it). But maybe this will expose how dumb meme coins are and that could have a serious negative impact on “legitimate” cryptocurrencies like Bitcoin, just when more Americans are investing in crypto as part of their portfolios… which is why more than a few crypto evangelists are furious with this $Trump and $Melania stuff.
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Can you describe the underlying value that makes Bitcoin “legitimate” vs meme coins or simply other cryptocurrencies? What determines legitimacy?
 
wmheel1287 said:
You didn't ask me but I see nothing legitimate in any of it.
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I just don't understand any of it. Particularly when you include the energy consumption involved in maintaining all the 1s and 0s. All of the utility originally promised with Bitcoin has been filled with venmo, PayPal, Apple pay etc. Other than nefarious purposes what is the actual use case of Bitcoin?
 
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