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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+

#31

Post by thrance »

palmotea wrote: post #23
thrance wrote: 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.

Empathy is deserved. I have none for the lunatics that defended the recent ICE murders or still try to deny Trump's pedophila. If these people finally realize how garbage their views are, maybe we could think about forgiveness and empathy. Until then, disenfranchisement is the most efficient strategy.

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

#33

Post by foxyv »

danans wrote: post #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…

It can be both. Use the "Contributions" from "Donors" to make it appear that the coin is going to the moon and then dump it once enough credulous victims buy into the scam. Reward the donors with their appropriate tit-for-tat and then pocket it all.

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

#34

Post by candiddevmike »

t1234s wrote: post #15

Isn't all memecoin just a pump and dump anyways? I always thought of it as an alternative to lottery tickets or slot machines.

I wish someone could help me understand why GenZ predominantly doesn't get this after they keep getting burned by get rich quick schemes. How did we raise a generation of rubes?

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

#35

Post by AnimalMuppet »

smt88 wrote: post #6
cushpush wrote: post #3

Being upset that meme coins underwent a boom and bust is like getting angry at fire for being hot.

It's very obvious that the anger is about POTUS using his office for rug-pulls, not that rug-pulls are happening in the first place

Por que no los dos?

I can be angry about memecoin rug-pulls as a general scam, and I can be angry that the sitting US president is running shady scams.

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

#36

Post by foxyv »

MBCook wrote: post #19

It was nice having laws while they lasted.

In the US, laws were only for the affluent, male, white class anyways. Richard Rothstein wrote a great book about it called "Color of Law: A Forgotten History of How Our Government Segregated America"

https://en.wikipedia.org/wiki/The_Color_of_Law

It's just that the middle class is no longer going to be the "In" group.

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

#37

Post by danans »

foxyv wrote: post #33
danans wrote: post #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…

It can be both. Use the "Contributions" from "Donors" to make it appear that the coin is going to the moon and then dump it once enough credulous victims buy into the scam. Reward the donors with their appropriate tit-for-tat and then pocket it all.

> It can be both. Use the "Contributions" from "Donors" to make it appear that the coin is going to the moon and then dump it once enough credulous victims buy into the scam.

Sure, and cynically, just like in traditional casino gambling, the wipe-out could be viewed as the price of "entertainment".

If there is no class action lawsuit, then we know that the people who got wiped out thought the price was worth whatever they got for it, whether favors or fun.

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

#39

Post by autoexec »

thrance wrote: post #27
dantillberg wrote: post #21

Earlier quoted context omitted.

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.

He doesn't have any shame, but some of the people bribing him may not want to be so public about that. His bribecoins gave them the ability to funnel money without having to worry about any fallout (legal or reputational).

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

#40

Post by chucksta »

candiddevmike wrote: post #34
t1234s wrote: post #15

Isn't all memecoin just a pump and dump anyways? I always thought of it as an alternative to lottery tickets or slot machines.

I wish someone could help me understand why GenZ predominantly doesn't get this after they keep getting burned by get rich quick schemes. How did we raise a generation of rubes?

I dont know, I thought no child was supposed to be left behind
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