Trump / Musk (other than DOGE)

  • Thread starter Thread starter nycfan
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1moretimeagain said:
Boy, the SEC is going to take a close look at this. 😂😂😂
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The foxes are now running the henhouse in nearly every government agency - it's going to be the most wide-open grifting administration since at least Warren G. Harding and the days of Teapot Dome, and likely the most unabashedly corrupt administration of all time.
 
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?
 
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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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).
 
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.
 
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