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it really is astonishing how good the RoI on corruption in the US is. the crypto industry donated a few hundred million dollars to Trump and now they get to pu

it really is astonishing how good the RoI on corruption in the US is. the crypto industry donated a few hundred million dollars to Trump and now they get to pump and dump and steal from civilians at an unlimited scale, with the President himself encouraging it. it's just astonishingly good value if you have no morals at all.

deleted 2y ago
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techorange 2y ago
Do they want this though? R/cryptocurrency is not happy, and if you want crypto legitimacy; wasn’t part of the complaint of the crypto industry that the SEC was too slow to make rules?
- duxup 2y ago
  My thoughts: I suspect the folks who are interested in the cryptocurrency "ethos" as it was in the Bitcoin Whitepaper are not happy (although I think that ethos is exceptionally naive, I can at least respect it). I think they see the scams as real roadblocks to adoption and just a bad look / way to operate. I do suspect that the vast majority of the crypto currency "community" are now just motivated by greed and/or other immoral activity like bribery, fraud, crime etc. So yes I think some of the more thoughtful crypto community are disappointed .. but in reality much (in terms of dollars) of it really don't care.
- bananapub 2y ago
  cryptocurrency fans probably don't like it, since they are the ones going to be robbed and also have to listen to their friends complain about them encouraging them to be robbed, too. the cryptocurrency industry love it and paid for it because it allows them to do unlimited crime against others with no consequences. this isn't just a This Term Of Trump problem, either - letting these sociopaths get even richer now means they'll form a new layer of poison in the financial system for decades to come and have enormous influence regulation and politics.
  - desumeku 2y ago
    >unlimited crime against others with no consequences At present I will acknowledge one great obligation to it, that is the Chapter sixth—of money page 21st “When these denominations are admitted & employed in transactions to diminish the quantity of metal to which they answer by an alteration of the real coins, is to steal, a theft of greater magnitude & still more ruinous is the making of paper. It is greater because in this money there is absolutely no real value. It is more ruinous because by its gradual depreciation during all the time of its existence it produces the effect which would be produced by an infinity of successive deteriorations of the coin.” That is to say an infinity of successive felonious larcenies. If this is true as I believe it is we Americans are the most thievish people that ever existed, we have been stealing from each other for an hundred & fifty years. If anything like health remains to me, you shall hear more upon this subject from your friend & humble servant. -- John Adams
  - techorange 2y ago
    I’m not clear the distinction you’re making. Doesn’t coin base make more money is people think Crypto is real? Like rug pulls are relatively small potatoes for the big banks who could be making billions on fees if crypto is legitimized, I might even assume the opposite low level crypto fans or maybe better put “influencers” want to do unlimited crimes but the “industry” wants reasonable regulation.
ergocoder 2y ago
It's 2024. If you still buy Trump coin in hope of profits, you almost deserve it...
- mrguyorama 2y ago
  Being stupid isn't a crime, and shouldn't deserve punishment. Your intelligence is significantly influenced by things entirely out of your control, like your genetics and your childhood and schooling, so I've never understood this insistence that we allow people to take advantage of stupid people.
  - s1artibartfast 2y ago
    Is a reaction to the idea that protecting every stupid person means that everyone else is limited, and must also live life as a stupid person.
HamsterDan 2y ago
Describing this as "stealing" is an enormous stretch. At worst, it's fraud, but I don't even believe that. Most people know the risks when they buy these coins. To them, it's a gamble the same as the as the lottery or sports betting. They know it has a negative expected value but they do it anyways because they find it fun.
- danans 2y ago
  > To them, it's a gamble the same as the as the lottery or sports betting. They know it has a negative expected value but they do it anyways because they find it fun. Sports betting and lottery, while like gambling is legal in many states, is regulated. Also, memecoins are unlike casino gambling, where there is a tiny chance of an outsider winning. That's where some of the "entertainment" in gambling comes from. In the case of sports betting there are also factors of chance outside the game that the game depends on. Again the adrenaline of betting on the unknown. With memecoins, unless you are an insider, there is precisely 0 chance of winning. They are pure pump and dump schemes preying on the ignorant, or if the buyer is aware of how they work, they are no different from a bribery mechanism.
  - s1artibartfast 2y ago
    Of course there is a chance of winning. You just have to sell before the dump. It is similar to tons of gambling games in that respect.
    - danans 2y ago
      Here are some examples of retail memecoins buyers trying to do that: https://www.reddit.com/r/solana/comments/1gye9qf/cant_sell_meme_coin_cause_low_liquidity_is_there/ https://www.reddit.com/r/solana/comments/1gye9qf/cant_sell_m... https://www.reddit.com/r/CryptoCurrency/comments/17zrvoj/help_cant_sell_meme_coin/ https://www.reddit.com/r/CryptoCurrency/comments/17zrvoj/hel... https://www.reddit.com/r/solana/comments/1c3hxht/how_to_sell_a_lowcap_memecoin_as_a_whale/ https://www.reddit.com/r/solana/comments/1c3hxht/how_to_sell... If you are buying this stuff retail, you are probably already too late to sell and make a gain, because insiders are ever innovating on strategies like "single sided liquidity" to get their money out before retail buyers can, i.e: https://x.com/beaniemaxi/status/1891904092361879674 https://x.com/beaniemaxi/status/1891904092361879674 I suspect you were already aware of all that, though. Also, casino gambling games are regulated. Memecoins, like NFTs, are just a mechanism for exploitation of the uninformed and a channel for anonymous bribery of the powerful.
ForTheKidz 2y ago
Hell, that's just lobbying. Happens across virtually every sector of industry. Business as normal in America. What we're seeing now is something new and different: destruction of government as entertainment.

deleted 2y ago

[deleted]

techorange 2y ago

Do they want this though? R/cryptocurrency is not happy, and if you want crypto legitimacy; wasn’t part of the complaint of the crypto industry that the SEC was too slow to make rules?

duxup 2y ago
My thoughts: I suspect the folks who are interested in the cryptocurrency "ethos" as it was in the Bitcoin Whitepaper are not happy (although I think that ethos is exceptionally naive, I can at least respect it). I think they see the scams as real roadblocks to adoption and just a bad look / way to operate. I do suspect that the vast majority of the crypto currency "community" are now just motivated by greed and/or other immoral activity like bribery, fraud, crime etc. So yes I think some of the more thoughtful crypto community are disappointed .. but in reality much (in terms of dollars) of it really don't care.
bananapub 2y ago
cryptocurrency fans probably don't like it, since they are the ones going to be robbed and also have to listen to their friends complain about them encouraging them to be robbed, too. the cryptocurrency industry love it and paid for it because it allows them to do unlimited crime against others with no consequences. this isn't just a This Term Of Trump problem, either - letting these sociopaths get even richer now means they'll form a new layer of poison in the financial system for decades to come and have enormous influence regulation and politics.
- desumeku 2y ago
  >unlimited crime against others with no consequences At present I will acknowledge one great obligation to it, that is the Chapter sixth—of money page 21st “When these denominations are admitted & employed in transactions to diminish the quantity of metal to which they answer by an alteration of the real coins, is to steal, a theft of greater magnitude & still more ruinous is the making of paper. It is greater because in this money there is absolutely no real value. It is more ruinous because by its gradual depreciation during all the time of its existence it produces the effect which would be produced by an infinity of successive deteriorations of the coin.” That is to say an infinity of successive felonious larcenies. If this is true as I believe it is we Americans are the most thievish people that ever existed, we have been stealing from each other for an hundred & fifty years. If anything like health remains to me, you shall hear more upon this subject from your friend & humble servant. -- John Adams
- techorange 2y ago
  I’m not clear the distinction you’re making. Doesn’t coin base make more money is people think Crypto is real? Like rug pulls are relatively small potatoes for the big banks who could be making billions on fees if crypto is legitimized, I might even assume the opposite low level crypto fans or maybe better put “influencers” want to do unlimited crimes but the “industry” wants reasonable regulation.

ergocoder 2y ago

It's 2024. If you still buy Trump coin in hope of profits, you almost deserve it...

mrguyorama 2y ago
Being stupid isn't a crime, and shouldn't deserve punishment. Your intelligence is significantly influenced by things entirely out of your control, like your genetics and your childhood and schooling, so I've never understood this insistence that we allow people to take advantage of stupid people.
- s1artibartfast 2y ago
  Is a reaction to the idea that protecting every stupid person means that everyone else is limited, and must also live life as a stupid person.

HamsterDan 2y ago

Describing this as "stealing" is an enormous stretch. At worst, it's fraud, but I don't even believe that. Most people know the risks when they buy these coins. To them, it's a gamble the same as the as the lottery or sports betting. They know it has a negative expected value but they do it anyways because they find it fun.

danans 2y ago
> To them, it's a gamble the same as the as the lottery or sports betting. They know it has a negative expected value but they do it anyways because they find it fun. Sports betting and lottery, while like gambling is legal in many states, is regulated. Also, memecoins are unlike casino gambling, where there is a tiny chance of an outsider winning. That's where some of the "entertainment" in gambling comes from. In the case of sports betting there are also factors of chance outside the game that the game depends on. Again the adrenaline of betting on the unknown. With memecoins, unless you are an insider, there is precisely 0 chance of winning. They are pure pump and dump schemes preying on the ignorant, or if the buyer is aware of how they work, they are no different from a bribery mechanism.
- s1artibartfast 2y ago
  Of course there is a chance of winning. You just have to sell before the dump. It is similar to tons of gambling games in that respect.
  - danans 2y ago
    Here are some examples of retail memecoins buyers trying to do that: https://www.reddit.com/r/solana/comments/1gye9qf/cant_sell_meme_coin_cause_low_liquidity_is_there/ https://www.reddit.com/r/solana/comments/1gye9qf/cant_sell_m... https://www.reddit.com/r/CryptoCurrency/comments/17zrvoj/help_cant_sell_meme_coin/ https://www.reddit.com/r/CryptoCurrency/comments/17zrvoj/hel... https://www.reddit.com/r/solana/comments/1c3hxht/how_to_sell_a_lowcap_memecoin_as_a_whale/ https://www.reddit.com/r/solana/comments/1c3hxht/how_to_sell... If you are buying this stuff retail, you are probably already too late to sell and make a gain, because insiders are ever innovating on strategies like "single sided liquidity" to get their money out before retail buyers can, i.e: https://x.com/beaniemaxi/status/1891904092361879674 https://x.com/beaniemaxi/status/1891904092361879674 I suspect you were already aware of all that, though. Also, casino gambling games are regulated. Memecoins, like NFTs, are just a mechanism for exploitation of the uninformed and a channel for anonymous bribery of the powerful.

ForTheKidz 2y ago

Hell, that's just lobbying. Happens across virtually every sector of industry. Business as normal in America. What we're seeing now is something new and different: destruction of government as entertainment.