Trump / Musk (other than DOGE) Omnibus Thread

  • Thread starter Thread starter nycfan
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nycfan said:
Bitcoin is decentralized (inasmuch is possible — ultimately, whoever maintains the software is still something of a centralized force), which was part of the original point — to prevent centralized currency control by a small group of people.

It’s basically a medium of exchange with value created by the limited availability and protections built into the system for mining and exchanging bitcoins securely, which relies on remaining decentralized enough so that no one gains control over BTC transactions (could favor one trade over another for political or other purposes).

I am not a crypto evangelist — it still strikes me as an anarchist bubble that is doomed to collapse most likely either due to the collapse of it’s decentralization or being overtaken by AI that can beat BTC encryption (and render it pretty much worthless as a result).
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The difference between a meme coin and bitcoin isn't centralization. It's basically price and market cap. Shitcoins are coins with little liquidity. Meme coins are shitcoins that have a theme to them, like DOGE coin adopted the DOGE meme (i.e. the misspelling of the word dog. I've heard you have to have been there).

But this isn't a distinction with any economic or financial significance at all.

Anyone could take over BTC, in theory, no differently than any other coin. The reason it's not possible is that too many people are invested in it.
 
farce© said:
Can you describe the underlying value that makes Bitcoin “legitimate” vs meme coins or simply other cryptocurrencies? What determines legitimacy?
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There is no underlying value in any of it. Most people "invest" in it on the Bigger Fool theory (i.e. someone will pay me even more for this stupid thing). The best theory of its value going around is that it's like baseball cards. Expensive, environment-destroying, landfill-clogging baseball cards.
 
JCTarheel82 said:
rugged = rug pull

He promoted this TikTok coin (which he owned the majority of) on social media and then dumped his coins, making $25 mil and leaving investors holding the bag.

And then he lied about it.
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Pretty sure he can still be prosecuted for it. I think the guy is based in NC. Maybe we should get our new AG on the case.
 
superrific said:
Pretty sure he can still be prosecuted for it. I think the guy is based in NC. Maybe we should get our new AG on the case.
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Yeah, dude is a scumbag. Attended Campbell University in NC and co-founded Students for Trump. He's been scamming and grifting since at least his college days when he and his roommate set up a fake law firm. Of course, once busted, he agreed to testify against his roommate to avoid prosecution. Also was arrested for pistol whipping his girlfriend a couple years ago, although the charges were eventually dropped. Lots of other scummy stuff along the way as well. Just a generally low character guy.
 
superrific said:
There is no underlying value in any of it. Most people "invest" in it on the Bigger Fool theory (i.e. someone will pay me even more for this stupid thing). The best theory of its value going around is that it's like baseball cards. Expensive, environment-destroying, landfill-clogging baseball cards.
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That has always been my position as well, but nycfan was differentiating meme coins from “legitimate” cryptocurrency like bitcoin. I know nycfan is not a crypto bro so I wanted to hear her basis for differentiation. I personally see no underlying value with any crypto. At least with tulip bulbs you got a flower.

ETA: the first person I ever heard extol the virtues of cryptocurrency and blockchain was a slimy car dealer in Cleveland. He then got involved in GOP politics and last year defeated Sherrod Brown for Ohio’s senate seat. His name is Bernie Moreno and he makes JD Vance look like an upstanding citizen.
 
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gtyellowjacket said:
Musk has said it will be zero compensation. No word on how to pay for incidentals like travel.

That's not really what you want. The only people that can afford to take that zero compensation job for months or years are people that are already independently wealthy or maybe people looking for something at the end of the project. I think all those rich folks hoping to work on this would hope for a leadership position shepherding a bunch of workers. But the workers aren't going to work for free so there's going to be a lot of chiefs and not many Indians.
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If I remember correctly, George Washington worked for no salary as Commander-in-Chief of the Continental Army during the American Revolution. He merely asked for “expenses.” He made a fortune.
 
farce© said:
That has always been my position as well, but nycfan was differentiating meme coins from “legitimate” cryptocurrency like bitcoin. I know nycfan is not a crypto bro so I wanted to hear her basis for differentiation. I personally see no underlying value with any crypto. At least with tulip bulbs you got a flower.
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I'm suddenly having a vision of nycfan being a crypto bro like the finance bro mom from the PNC Bank ads. :ROFLMAO:

This is way, way too funny to me.
 
JCTarheel82 said:
Lol

I love when the kid is like "Dad, is mommy a finance bro?"
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Yeah, they're funny ads. i will say that I think they play them primarily during sports so I've seen them too much at this point.

I also like the one where something goes right for the mom and she's like, "Let's do shots!" Her husband, "Shots?" FBM, "Of milk!" I'm not sure why that makes me laugh, but it does.
 
Ramrouser said:
I’m getting up early tomorrow am to drive home from the beach so I can watch the ceremony and soak in all the festivities. It’s, once again, Morning in America!

Wishing everyone a Happy MLK Day tomorrow - as well as Inauguration Day.
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And college football championship day 😃
 
superrific said:
There is no underlying value in any of it. Most people "invest" in it on the Bigger Fool theory (i.e. someone will pay me even more for this stupid thing). The best theory of its value going around is that it's like baseball cards. Expensive, environment-destroying, landfill-clogging baseball cards.
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the bigger fool theory is the american greed way and more prevalent now than ever. its built into every business so why is crypto any different? i bought an old farm and farmhouse last year and slowly upgrading it and have had several contractors out to get estimates. its sickening how everyone of them are raping people. heat pump was low on freon and hvac co wanted $75 a lb to replace it on top of labor. the shit costs them about $5 a lb.

america is all about taking advantage of the moment and crypto is no different. doesnt matter if its manual labor or floating currency somewhere out there in the universe you cant touch.
 
lawtig02 said:
I want to see what happens with churches. If undocumented people take refuge in churches to avoid the raids, will ICE or other law enforcement go in to get them?
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We have been quietly exploring that option for some of our students.
 
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