Newsletter: No, Trump didn’t make $50 billion from his memecoin.
https://www.citationneeded.news/trump-memecoin-valuation/
[#]crypto #cryptocurrency #DonaldTrump #USpolitics #USpol
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Newspapers’ estimates of the $TRUMP token’s fully diluted value fluctuated wildly from somewhere around $20 billion to around $70 billion, depending on which paper you read and when they published.
This variance perhaps should have been a sign to these reporters that the numbers aren’t real.
[#]crypto #cryptocurrency #DonaldTrump #USpolitics #USpol
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This is not to downplay the extent to which Trump is grifting his devotees and crypto traders looking to make a buck on memecoin speculation. But it is important that we accurately report on his cons and don’t contribute to misleading crypto hype for the sake of large numbers.
[#]crypto #cryptocurrency #DonaldTrump #USpolitics #USpol
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To understand crypto “valuations”, take the example of MollyCoin. If I conjure a billion MOLLY tokens out of thin air and sell one for $1, I’ve just created a “billion dollar” cryptocurrency.
[#]crypto #cryptocurrency
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The Trump memecoin saga is a perfect example of how news outlets breathlessly reporting astronomical “fully diluted valuations” without proper context or skepticism helps to legitimize yet another crypto scheme.
[#]crypto #cryptocurrency #DonaldTrump #USpolitics #USpol
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@molly0xfff thanks for having an open RSS feed and a one time donation option.
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@molly0xfff Understanding and not using synthetic shock headlines,? Come on, that just wouldn't be mainstream US infotainment, I mean journalism.
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@molly0xfff Donald can't make money from this while president; hence, Melania's coin.
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@SueDiOh @molly0xfff Why? Would consideration for selling his own property be considered an emolument?
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@tessarakt @molly0xfff If he profits from selling it to foreigners I believe it would.
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@SueDiOh @tessarakt @molly0xfff
He didn't divest any of his assets for his first term, and now he has a Supreme Court who will say he doesn't have to, and a congress that won't impeach him for it anyway. What's legal or not is a consideration that only barely mattered yesterday, and definitely doesn't today.
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@petealexharris Just because he breaks the law doesn't mean there isn't a law. Donald is a #OneManCrimeWave and we must call it out. Silence is complicity.
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@SueDiOh
That's fair.
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@petealexharris @SueDiOh
If he profits from selling it to foreigners I believe it would.
he doesn't have to profit for it to be an emolument. selling a distressed asset to a saudi prince for less than you paid for it is still absolutely an emolument.
but the emoluments clause is dead letter law at this point. sure it's still there in the text but the judicial and legislative branches have made it crystal clear that it will never be enforced. even if it were enforced the only enforcement could be through impeachment which is a political not judicial process.
it's basically like the comstock act or other laws that are still technically on the books but (at least before today) any prosecution based on them would be tossed out by the courts. so it's kind of wrong to say it's still the law.
either way the on chain data puts trump's actual realized gains (not paper gains) at something like:
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@molly0xfff LOL now I understand how valuation works, great example!
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@molly0xfff the entire crypto system was created to pay for illegal activity on the dark web until rich ppl saw an opportunity to get richer....now it's just the next scam.
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@pg1958 @molly0xfff
As if this isn't a way to divert verifiable but untraceable bribe money to Trump.
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@molly0xfff shut up and take my $molly
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@molly0xfff the weird thing about it:
as soon as you can find someone who thinks, the Mollycoin might be worth 10% more next week, you're in business.
Hope and more so greed fuel the system
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@molly0xfff when I read the image posted the meaning is slightly different. In your example you sell a coin for $1 versus in the attached picture it says there is at least one buyer who wants to pay a $1 for your coin.
If you sell it and there are no future buyers does your valuation drop to zero?
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@molly0xfff This is also helpful to remember in the context of startup valuation or anything with low trading volume
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@molly0xfff i love how when it comes down to it its just the bit in the action movie where the baddie prints money with his own face on it. people are selling us M Bison bucks.
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@molly0xfff I can see why this stuff appeals to people who believe life can be like the movies and they personally can become rich overnight. The same kind of people who vote for those politicians who claim there are easy answers to difficult problems.
It's like a desperate need to believe in magic.
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@molly0xfff
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@molly0xfff Where to I trade $MOLLY ?
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@molly0xfff If you learn only one thing about cryptocurrency, it should be this.
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@molly0xfff could I like be an early investor in #MollyCoin?
I can see its potential and I believe the sky is the limit 🚀 😅
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@molly0xfff
My concern is that Putin could buy a chunk of TrumpCoin and threaten to sell it low if he doesn’t do what Putin wants.
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@taatm @molly0xfff if it makes you feel better the vast majority of TRUMP token trading is happening on Chinese crypto exchanges that are banned from doing business in the United States
(that probably didn't make you feel much better)
https://x.com/Cryptadamist/status/1881164244089205141
[#]trumpcoin #memecoin #trump #donaldtrump #uspol #uspolitics #corruption #grift
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@molly0xfff @timbray remember that time 37Signals sold 0.000001% of the company for $1, for a $100B valuation?
https://signalvnoise.com/posts/1941-press-release-37signals-valuation-tops-100-billion-after-bold-vc-investment (2009)
If I recall correctly, they got in trouble with the SEC about that 🤦
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@molly0xfff OK, I'm in. Now we just need to find 999,999,999 other buyers! 😡
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@AlgoCompSynth @molly0xfff fun game: beat Trump and create $Ivanka and $Don_Jr and $Barron and $Eric memecoins
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@otte_homan @molly0xfff Nah ... you could make more money selling toilet paper with his worst executive orders printed on the sheets.
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@molly0xfff I have a few molly in my toolbox myself. They're very useful! But they're not white, instead they're silver colored! Much more value!
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@molly0xfff
If you did that you could hang with the cool billionaire kids.
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@molly0xfff you sunavabitch I'm in
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@molly0xfff All valuations.
eg Musk doesn't have a bajillion dollars sitting in a big vault, he owns things that, based on their most recent resale price, are considered to be worth a bajillion dollars, despite the fact that if he actually tried to sell them in any quantity, supply/demand would kick in.
This is why some were theorizing that the whole X purchase fiasco was an attempt to hide him selling off Tesla stock.
Yes, this is a house of cards.
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@molly0xfff this is going to be a really interesting test of how much liquidity can be generated by state backing. Nobody has had a cryptocurrency before where the idea of funneling in tens of billions of real dollars is a potentially shrewd move - TikTok alone could support that – and I’m wondering when people will feel safe doing thar openly.
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