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Written by Zhi Zhu 🕸️ on 2025-01-21 at 21:14

Two days before his inauguration, #DonaldTrump abruptly launched a new cryptocurrency, traded as “$TRUMP”...

[#]memecoins have no cash flow, no fundamental value. There’s no claim to a business’s future profits, nor even the pretense of a business model...

Rather, people buy memecoins such as $TRUMP solely because they think someone else might be willing to pay more for them someday. It’s basically a whizbang-sounding #Ponzi scheme."

https://archive.is/xkhPP

[#]Corruption #Politics #News #USA

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Written by Zhi Zhu 🕸️ on 2025-01-21 at 21:18

"The Trumps have been trying to get into #crypto for a while, and they saw an opportunity to cash in this weekend. Just as #Trump sold his #MAGA devotees Trump-branded Bibles & sneakers, he has now sold them a Trump memecoin. Of course, if someone pays $60 for a Trump-branded Bible, they may have overpaid, but at least they got a holy book in exchange; if you lose all your savings on Trump’s memecoin, you have nothing to show for it."

https://archive.is/xkhPP

[#]Ponzi #DonTheCon #USPol #US #News

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