Ancestors

Written by Molly White on 2025-01-20 at 14:42

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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Written by Molly White on 2025-01-20 at 14:43

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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Written by Molly White on 2025-01-20 at 14:43

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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Written by Molly White on 2025-01-20 at 14:44

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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Written by Molly White on 2025-01-20 at 14:45

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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Written by SueDiOh on 2025-01-20 at 15:19

@molly0xfff Donald can't make money from this while president; hence, Melania's coin.

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Toot

Written by tessarakt on 2025-01-20 at 15:26

@SueDiOh @molly0xfff Why? Would consideration for selling his own property be considered an emolument?

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Descendants

Written by SueDiOh on 2025-01-20 at 15:29

@tessarakt @molly0xfff If he profits from selling it to foreigners I believe it would.

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Written by Pete Alex Harris🦡🕸️🌲/∞🪐∫ on 2025-01-20 at 15:57

@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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Written by SueDiOh on 2025-01-20 at 16:06

@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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Written by Pete Alex Harris🦡🕸️🌲/∞🪐∫ on 2025-01-20 at 16:33

@SueDiOh

That's fair.

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Written by ⚯ Michel de Cryptadamus ⚯ on 2025-01-20 at 17:56

@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:

1. $377-500 million in TRUMP token sales

2. $68 million earned in trading fees on TRUMP

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