OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
I’m
I’m sure the big bad Russians can buy stocks though fronted companies and bypass kyc
Again, I’m not the morality police but there is a reason we have the consumer protection bureau, FTC, etc. It’s because most people are inherently stupid and easily taken advantage of. And it’s those people that go broke and end up costing the taxpayers. My elderly mother’s friend got scammed out of $60K in what was perhaps one of the dumbest set-ups I had ever heard. Basically a Nigerian prince scenario (only out of the Philippines). Part of me wanted to tell her 73-year old friend she is a total moron. The other part of me realized she didn’t have a clue and is now applying for all sorts of government assistance. I view meme coins the same way.
What is being misrepresented by a memecoin? I agree they are useless for society and 99% are useless. But where is the crime?
There is only one reason to launch a Trump meme coin. It’s a scam and Trump friends and families got rich(er). Why do we have predatory lending laws? Let banks charge 80% interest. 90% interest? Why not? FWIW, as I am typing I’m asking myself why IGAF and should just join the meme coin revolution since I consider myself smarter and more nimble than the idiots left holding the bag. But then again I’m the kind of guy that if a cashier gives me too much change I will give it back.
It’s a grift. Grift does not equal crime. And I see no ethical dilemma in buying memecoins. I can show you much worse ethical dilemmas with a few of your stock purchases
At least we all agree it’s a grift.
Just so we are on the same page - a grift is a small scale swindle. We are talking about a meme coin that I think hit $10B before dropping due to the Melania coin launch? I’m also not a fan of swindling anyone in life. But trust me I’m not suggesting it makes you a bad person for being an opportunist. I just personally have a hard time making money knowing there is some poor sucker on the other end. Capitalism? May be.
Cool - so the POTUS can drop in his State of the Union that TRUMP coin will be accepted at every retailer this time next year regardless of the actual reality of forcing that to happen and benefit in a $10bn blow up in net worth as a result, but it’s just a cute little grift by our felonious new king. Just one of 1000+ things he can do now to make money on empty promises. The other billionaires are also sure to just sit idly by and not copy him and usher in a massive wealth transfer via predatory scams on the poor and gullible.
If such a hypothetical comes true it would be a different conversation. I’m working on the facts as they are happening now.
It went to 10b because people were buying it, rich and poor. It went back down because people reacted negatively to the Melania coin. Pretty free market. Do you know who lost the most by it tanking? Trump and whoever holds the remaining 80%.
You know we have markets set up already that favor the rich and block the poor from entering. Not sure how that system is any better.
Trump lost $0 because it doesn’t cost money to create the thing. Id be shocked if he didn’t have a bagman on the inside of the crypto industry fleecing retail, absolutely shocked given what funded his campaign and his nominees.
Anyone can get an e-trade, Robinhood, or a financial advisor if they wish and trade in a regulated market where trade value cannot be built on lies without repercussions. That system is available to all. The system that was created with the intention of fleecing everyone in it based on nothing but social media hype is the one that should have gasoline thrown on it and a match struck.
I was more referring to things that require accredited investors, income limits, etc. Those systems favor the rich and shut out the poor in the name of protection
Come on, you really think those systems are put in place to intentionally harm the poor and benefit the rich? FWIW, the poor aren’t the ones that are affected because they don’t live in the same investing world as accredited investors. If someone living around the poverty line is interested in the upcoming Klarna IPO there’s a bigger issue. At the same time, I remember years back I was shut-out of a few pre-IPOs because I didn’t have enough assets for my broker to give me a pre-IPO allocation which pissed me off. IMO, that’s rich getting richer but nobody was hurt. Trump coin is predatory as far as I’m concerned.
I’ve been poor before, I still know poor people including some in my immediate family. Poor people are not even remotely interested in what you’re referring to. A get rich quick scheme based on a dog or their favorite politician on the other hand gets them going easily though.
We aren’t talking about the same people. Someone making $150k per year with $500k in the bank should be able to make that decision and aren’t so they can be “protected.”
I tend to agree but not letting me buy pre-IPO shares of Uber because I didn’t meet the asset or net worth threshold is different than the POTUS dumping a Trump meme coin on poor suckers that are trying to get rich quick. Guys like you are obviously way more savvy because I see your investing posts on other threads which is why you got in at $4 and out at $70. But so many others are harmed and lost a fortune.
Just got an alert that Robinhood now can trade Trumpcoin.🤣 Oh boy!😆
Again, he hasn’t dumped anything. Whatever he holds is locked for 90 days. The market is dumping on each other. PvP they call it, player versus player. Plenty of time for this to play out before he can dump.
Got the same alert lol. If Vlad signed off, it must be legit 🙄
He personally isn’t dumping. It doesn’t mean his people aren’t dumping. Non of this is on the up and up.
I would be very surprised if that is the case, it would be too easy to eventually catch. The smarter play is what they are likely doing- let the coin pump organically then sell whatever of the 80% they still hold. Selling small portions of the 20% they released to the public would be beyond foolish.
Anyone who loses money investing in a shitcoin has no room to cry scam. You know what you’re getting into and if you don’t you’re a tremendous moron.
Look at all the morons who lose their shirt getting margin called on Robinhood for trading options. It’s the same mentality.
Look at all the morons who lose their shirt getting margin called on Robinhood for trading options. It’s the same mentality.
Totally agree but at some point it becomes predatory or even immoral to take advantage of a moron, and a lot of the morons are young adults that are either trying to get rich quick or don’t know any better. I’m a karma guy so I tend to be wary of these situations where I’m profiting based on another person’s ignorance or stupidity.
You keep bringing up morality. Didn’t you like investing in Snapchat? You should read up on what they’ve done to young people’s mental health.
T2K was SNAP (I think). I won’t buy Altria or liquor stocks. I do own a large position in META. But none of those are grifts.
And what would happen if he “got caught”? The general public has been flooded with so much crap about this guy they either don’t care or don’t believe it. Not to mention it’s been established now that he can do whatever he wants. I think they do this over and over again with this coin. Big “news” from Trump himself, pump, dump. Wait a period of time, do it again.
If they got caught the coin would tank, just like it tanked when they released the Melania one. There will be fatigue and people will stop buying and the fad will burn out.
I own SNAP. Up about 25% as of now. Mo money, less problems!
And now you’ve come to understand the power of a memecoin. I said before 99% are useless. It’s more like 99.95. Find that 0.05 and you’re good to go.
I’m saying that there’s still true believers of a coin based on a dog where the dev came out and said (paraphrasing) everyone buying it is out of their minds.
But Elon decided to adopt it as his mascot or something and here we are 4 years later. So the volume on a coin backed by the POTUS will provide endless opportunities to dump.
Agreed with all of that. People should believe in whatever they choose. If the same guy released multiple coins like you suggested Trump will, Doge would likely be at zero. A million dog coins have been launched by others and have gone nowhere. A few have loyal communities and quasi products and they’ve held up.
Even better idea (first comment on X):
All revenue from sale should go to the Bitcoin Strategic reserve, will be far more meaningful
Just remember that Trump loses zero if the coin goes to zero. If the POTUS knows a meme coin is worthless why launch it? At this point why not just send a Trump chain letter like the good old pyramid scheme days where I remember people asking me to send one dollar to ten people? Oh yeah, it’s because chain letters are illegal in the U.S. and deemed mail fraud and a lottery scheme. Should chain letter be legal at this point if people are dumb enough to send money?
The idea of what it is worth is debatable. It’s worth $36.55 a coin according to the free market.
Interesting take on the subject…
In all seriousness, do you think chain letters should be legal? Pyramid schemes? Curious where you draw the line because meme coins are really no different.
