Damn, that was a long rug pull, I bet Trump’s mad he couldn’t dump more of his concoin before he crashed it.
Just like his DJT Media. Down 75% from initial opening.
Clueless gits can’t seem to figure out that all trump does is take from the little people and keep for himself. Over and over again.
If by investors you mean a mix of rubes + direct foreign government bribes to trump?
The rubes deserve zero sympathy.
This idea that it is about bribes relies on not having any clue how a memecoin works.
- Buy in immediately
- Creator with majority of supply inevitably dumps it on the market
- Now they have your money
No. I understand you think that’s how this works but it’s not. That’s simply not how crypto currency works in anyway. This is some nonsensical Hollywood imagining of them.
Care to explain how it works then, o wise memecoin expert?
When the coin is created it’s worth fractions of a cent. So the people who buy the coin aren’t paying a bribe; they are collaborating on the future rug pull.
The value of the coin rises as other people buying up the coin after that initial period as they try and get in ahead of the rug pull.
This is also all happening in public on a ledger than will forever been public. So it’s literally the stupidest place to do a bribe.
There are coins specifically designed to obfuscate sellers and buyers with quesrionable levels of success but these are not memecoins. They require sophisticated knowledge that is larger than the sum of the entire Trump administration’s collective knowledge basis by several magnitudes. This is only true because there is a tremendous amount of negative knowledge; what we used to call lies and other bullshit.
When the coin is created it’s worth fractions of a cent. So the people who buy the coin aren’t paying a bribe; they are collaborating on the future rug pull.
This is just semantics if the result is that the money gets to its destination. I’m assuming much of the trading for this happened on an AMM, which is like a two way vending machine. You put money in to get some memecoins, and that same money can be extracted by doing the reverse. The liquidity is normally controlled by the people who made the coin anyway. A perfectly functional method for paying a bribe.
This is also all happening in public on a ledger than will forever been public. So it’s literally the stupidest place to do a bribe.
I don’t know if there are actually people paying bribes this way, or if they consider it the best method, but it would make sense because a thin veneer of deniability would be more than enough in this case, and its public verifiable nature could help them get credit for it. How would anyone be getting in legal trouble for bribery because they bought this thing and “lost” money on it, it’s just not happening in the current political climate. Holding the worthless tokens in a wallet publicly associated with them would serve as a receipt they could point to, to demonstrate loyalty.
It really doesn’t matter if it’s cryptocurrency or a tulip, if its an speculative asset that is exactly how the wealth transfer happens.
People dump money into it -> asset price goes up -> Majority holder sells and takes the money -> asset price crashes.
The use-value of the thing doesn’t matter.
Did anyone actually treat this as an investment instead of a donation?
You mean bribery, not donation.
And where did all this money go…?
If only there existed people to investigate… and… report… on it…
I suppose good journalism can be slow, though.
Likely to the insiders. If you sell it right before the crash you get rich; right after the crash, you get poor.
I would not call people who bought this stuff “investors”. While I don’t really like investment bankers, this would even insult them.
On the other hand: good. Idiots got deprived of the means to do more stupid things.
