You are absolutely right. Doing a legit (for meme coin standards) launch for Trump was fine. It had a transparent vesting schedule and seemed professionally managed. That's all that was needed. Don't divide attention or inflows.
1. Is it grift? Probably. :)
Agree 100% with #2 - Congress being allow to own individual stock is 100% a conflict of interest. Need to come up with law/regulations around this - it's insane that this still continues to exist.
Until that happens (Congress adhering to the laws of the land), it's hard to take any of this too seriously. I'm sure the Trump family will make a ton of money via crypto over the next 4 years. No reason why I shouldn't join the party and benefit as well. :)
He didn't. The Trump coin has a very transparent distribution and vesting schedule. Now, the wife's coin seems more sketchy.
A chart alone does not make a rug pull. Even BTC looks like that from time to time. As of now, @TRUMP is at $50 (and $10B cap). Nothing wrong with that.
Who dumped on the market in that brief a period of time if not the ones who had the coins prior to the release on the open market?
Yea, it’s not a rug pull. I’ll say I don’t disagree with the rest of your comments and it’s crazy that this happened generally. But a memecoin going from $1 to $70 back down to $30 isn’t a rug pull. They released 20% of the tokens. The other 80 are locked for three months. If they sold off some part of that 80, that would be a rug pull. That hasn’t happened. In three months is when the rug pull can begin.
Me and everyone else who bought early. I bought at $4, sold at $70
Everyone in TRUMP late dumped to try to get into the wife's coin early. It was textbook FOMO by retail. As I said above, the vesting schedule for TRUMP is very clear and doesn't start for 3 months.
I gambled on it when I saw it pop up on X early Friday night. People were split on of it was real. So either 1- the incoming President of the US launched a memecoin on inauguration weekend or 2- he was hacked. I rolled the dice thinking either was going to be a positive outcome in terms of news coverage and hype.
Sounds like free market capitalism to me! :)
I’m not suggesting that everyone should prioritize morality over profit, but there are morons that bought at $70 and are now broke. The Trump Coin is worthless and meme coins are not stocks/investments. Nothing more than a bet - which you obviously won. I know it’s easy to say that stupid people deserve to lose money and regulation is not needed, but there is a reason why wearing a seatbelt and texting while driving are against the law.
If you’ve ever heard Trump speak on crypto he knows nothing other than number goes up and there is not really any laws. I thought he’d come in and give the crypto lobby free rein to do what it wants, but it’s now obvious he is now personally intending to insider trade his own coin and enrich himself. Every business titan in the world is now going to copy, the stock market will effectively be circumvented eventually with retail further enriching billionaires.
All correct except the insider trading part. There’s zero evidence of that as of now and trust me I’ve see plenty of people trying to scour the blockchain to find otherwise
He has a SCOTUS that has made him immune from prosecution and will have crypto bros in charge of the SEC in a few weeks, who will stop him?
A little over the top but not too much. There’s really nothing illegal. I’ve seen people propose something like an accredited investor test for crypto. Even that seems over the top. You don’t need to prove you understand football to throw a few thousand down on DraftKings on the Super Bowl.
Free market capitalism is our new commander in chief ripping off fools by launching a meme coin the weekend before his inauguration? Hard to get a read on you because I think you’ve mentioned you have a young daughter and came across as a family man that values education. I also have kids. My teenage son that dabbles in crypto is laughing about all the suckers that took the Trump Coin bait and I’m honestly not sure what I'm supposed to tell him. But trust me I’m not trying to be the morality police. I’m just shocked at what we are witnessing.
I mean, same could be set for committing a murder with that line of hypothetical thinking. I’m just saying he didn’t rug pull this and there hasn’t been insider trading. This was a perfect memecoin launch, all above board and transparent. If it wasn’t I’d be right there with you
He has yet to make a dollar off of this coin. The free market is free to send this to zero before he can sell. Funny there wasn’t this level of outrage when he launched a meme stock in the beloved stock market
Those part of the pump and dump will make money. Those on the outside trying to play catch up will lose money. This is a large scale webistics being pushed by the POTUS.
I totally hear you. I’ve been an opportunist my entire life. But this meme coin mania is different than DraftKings because, arguably, you are betting on real sports teams with real players with real stats with real rules. Andy Reid, Mahomes, Kelce, etc. we know they exist and presumably aren’t betting on their own games/performance. Meme coins are launched by ??? and regulated by ???
So you don’t think that every friend and family member of Trump didn’t buy at or before launch? Had no idea this was going to pop? This was just a BAU meme coin launch? He just made his family and friends a fortune at the expense of emptying the bank accounts of idiots.
Atleast the beloved stock market has rules. A bunch of Russians can buy a bunch of TRUMP now as a legal way to get the POTUS to do what they want.
Not trying to be a di**, but your son and his friends are using a VPN to bypass US laws and use Polymarket and likely other blocked crypto related sites. They’re skirting the very laws you’re clamoring for.
I’d take the side of people should be able to lose their money on whatever they want
If they did, it will come to light and the coin will get on a path toward zero. I believe we will find out one way or another
Or you don’t think he could have a proxy buying before launch and dumping at the top? You don’t think his new BFF Brian Armstrong couldn’t just tell him when the opportune moment would be for the proxy to dump on retail? It doesn’t take a ton of ingenuity to rip off retail when you’re on the inside and laws don’t apply to you. It’s funny how much the “trustless” crowd is so convinced Trump, the guy who asked the oil lobby for $1bn didn’t make money on this, and doesn’t plan to fleece everyone in the crypto space in the near future.
