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A sitting US president launched two memecoins that wiped out $4.3B+

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Re: A sitting US president launched two memecoins that wiped out $4.3B+

#21
post #10

He mostly stole it from his idiotic voter base, so it's a net positive in my book.

That's what I thought as well at first, but I've come to think that is just the cover story. While some of his base likely did buy in, I expect that _most_ of the inflows were from individuals or groups looking to influence the administration (aka bribes).

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#22
post #10

He mostly stole it from his idiotic voter base, so it's a net positive in my book.

> He mostly stole it from his idiotic voter base, so it's a net positive in my book.

Some of it was done to receive bribes in exchange of favors from the govt. We all paid for that shit.

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#23
post #10

He mostly stole it from his idiotic voter base, so it's a net positive in my book.

> He mostly stole it from his idiotic voter base, so it's a net positive in my book.

Have some empathy. With your attitude, we'll have many more Trumps to come.

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#26
post #10

He mostly stole it from his idiotic voter base, so it's a net positive in my book.

> He mostly stole it from his idiotic voter base, so it's a net positive in my book. Have some empathy. With your attitude, we'll have many more Trumps to come.

I agree with your sentiment but I no longer think empathy is a good long term plan.

One of my favorite books is Excellent Cadavers. It's about two judges in Sicily who systematically rooted out the Mafia. And were both assassinated for their work.

The moral is: action is necessary. Trump is hoping we all stop at trying to find empathy for his team.

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#27
post #10

He mostly stole it from his idiotic voter base, so it's a net positive in my book.

That's what I thought as well at first, but I've come to think that is just the cover story. While some of his base likely did buy in, I expect that _most_ of the inflows were from individuals or groups looking to influence the administration (aka bribes).

Yet he didn't feel the need to hide the plane he received from the Saudis, or the gold bars he got from tech companies. Hell, he even bragged about those. Because there's no one able and willing to stop his naked corruption, he has zero reason to hide it. Shamelessness is his signature, after all. No, his coins were organically fed by people who believe his lies.

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#28
It's probably difficult to find out (but someone here could probably analyze the blockchain), but it would be interesting to know the mean and median stake of the investors who got wiped out.

If the mean is large, it's mostly an off-the-books bribery scheme. If the average stake is small, it's mostly a pump-and-dump con of regular people.

But it was probably just a gambling scheme with just one big bet, where as ever, the house always wins.

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#29
post #26

Earlier quoted context omitted.

> He mostly stole it from his idiotic voter base, so it's a net positive in my book. Have some empathy. With your attitude, we'll have many more Trumps to come.

I agree with your sentiment but I no longer think empathy is a good long term plan. One of my favorite books is Excellent Cadavers. It's about two judges in Sicily who systematically rooted out the Mafia. And were both assassinated for their work. The moral is: action is necessary. Trump is hoping we all stop at trying to find empathy for his team.

> Trump is hoping we all stop at trying to find empathy for his team.

I'm not talking about his team, I'm talking about the people who voted for him.

For instance, he wouldn't have even got off the ground if free trade hadn't decimated the US manufacturing sector. I won't fault anyone with a blue-collar job for voting for him, because the choice was him vs. some neoliberal. When the choices are bad, I understand making a desperate move.

And now we have even worse polarization, which fuels his type even more. More and deeper polarized "action" (like the snide remark I responded to upthread) is not the way to make things better.

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#30
post #26

Earlier quoted context omitted.

I agree with your sentiment but I no longer think empathy is a good long term plan. One of my favorite books is Excellent Cadavers. It's about two judges in Sicily who systematically rooted out the Mafia. And were both assassinated for their work. The moral is: action is necessary. Trump is hoping we all stop at trying to find empathy for his team.

> Trump is hoping we all stop at trying to find empathy for his team. I'm not talking about his team, I'm talking about the people who voted for him. For instance, he wouldn't have even got off the ground if free trade hadn't decimated the US manufacturing sector. I won't fault anyone with a blue-collar job for voting for him, because the choice was him vs. some neoliberal. When the choices are bad, I understand maki…

That's a good point. I totally agree.
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