• Quick note - the problem with Youtube videos not embedding on the forum appears to have been fixed, thanks to ZiprHead. If you do still see problems let me know.

the trump administration and crypto fraud


congress passes stablecoin bill and the house passes several others. seems like some pretty hands off regulatory framework and a bill prohibiting the fed from issuing crypto reserves, leaving that entirely up to the stablecoins to act as the central banks of crypto. although i suppose it's nice that congresspeople can't profit from stablecoins, the president still can. oh what's that? he owns and exchange and is issuing his own stablecoin? wonder what other rotten loopholes are in this bill. i suppose preventing the fed from handling reserves and instead leaving it to stablecoins to regulate themselves is probably going to be enough. i'm particularly interested in how the auditing and compliance is going to look in practice as well.
 
It's called solidarity: at least this way, everyone loses their money.
Everyone who depends on a 401k that is
 
i mean, i'd be lying if i said i didn't have a problem with the crypto grift in general. so when i say i don't have a problem with this crypto grift, i do but i have a much bigger problem with them potentially tapping into my money when they're doing it. so now we got a bunch of rubes that seemingly don't have a problem with pedophile rings if they're getting rid of mexicans and stopping 5 trans kids from winning a high school track meet in exchange for siphoning off some of my retirement.

thank you, conservative voters. nice call on that one, you're doing great. black people can't be air traffic controllers anymore, they can't have medals of honor, thank you for your service. you dumb ◊◊◊◊◊.
 
econjared.substack.com

Crytpo: There's just no legit use case for it. But, man, are these bros lobbied up.

Our looonnnggg take on why private digital currencies and the blockchain are an accident going out to happen.
econjared.substack.com econjared.substack.com

excellent article about the dangers of crypto and stablecoins to the us economy.

Enter the GENIUS Act. The bill attempts to provide the regulatory imprimatur for stablecoins through two primary mechanisms. First, it allows big banks to create subsidiaries that can issue stablecoins, connecting large banks to the crypto trade. For stablecoin issuers under $10 billion in total tokens outstanding, the bill is a dream come true, as it allows them to engage in jurisdictional shopping and register with states like Wyoming (Sen. Loomis’ state) that have extremely limited regulation and oversight of crypto products.

Second, and more concerning to us, is the bill’s attempt to treat stablecoins like traditional bank deposits. That is, the bill permits stablecoins issued by a registered entity to be treated from a regulatory perspective just like a dollar is for payment and settlement purposes. Like Davies and Farrell, we fear this invokes run-risk, largely because while dollar deposits (under $250,000) are insured, “the Genius Act’s drafters…have no clear response to a critical question: Does the United States stand behind dollar-based stablecoins or not?” In other words, the minute an established bank with significant stablecoin holdings gets into any sort of trouble, stablecoin holders will want dollars, forcing the bank into a fire sale of the short-dated bills it holds to back the coins.

And this is a movie we’ve seen too many times. The next step is a government bail out with taxpayers left holding the bag. In this way, the GENIUS Act links the U.S. taxpayer to a highly volatile, non-sovereign currency. If that’s genius, we’d hate to see what the idiots are up to.
Click to expand...

and my favorite part

The GENIUS Act is morbidly innovative in the sense that it skips the first two steps of a Minsky cycle and jumps straight to the third—Ponzi finance. The bill sets the stage for an entire class of speculative assets that have precisely zero underlying cash flows to be integrated into the financial system. All for the purposes of satisfying an industry whose main contribution to most Americans has been scamming them.
Click to expand...
 
spectrumlocalnews.com

Trump family crypto empire expands with Crypto.com partnership

Trump's administration has pushed for crypto-friendly regulations and laws, while the Trump family aggressively expanded its crypto businesses.
spectrumlocalnews.com spectrumlocalnews.com

trump media to partner with crypto.com by buying $100m of a new token.

“Companies of all sizes and sectors are strategically planning for the future by establishing digital asset treasuries anchored by assets that have created a comprehensive value proposition and are poised for even greater utility,” Devin Nunes, the chairman and CEO of Trump Media, said in a statement.
Click to expand...

to simplify it for nunes, the basics behind it are they buy a bunch of this token, other people also buy it, funneling money to the top in a triangular shape. then at a later date they sell their stake in this token, take all the money, and everyone else is left with worthless tokens.

i am told this is not a scam. in fact its the future of digital finance. where tokens are created to do nothing and this somehow creates trillions in value, to the point where they offer rewards

Trump Media said it plans to introduce a “rewards system” on Truth Social that uses Crypto.com digital wallet infrastructure. CRO saw its price jump Tuesday morning by about 30% to 21 cents a token. It’s still far off from its all-time high of nearly 97 cents a token that it hit in 2021.
Click to expand...

article ends with a non-exhaustive list of their crypto related corruption
 
Another new Trump-backed crypto currency:

Trump's World Liberty token falls in first day of trading

Although it did fall on the first day of trading, this is still essentially creating money out of thin air. $7 billion in current valuation even after the drop.
The tokens initially traded above $0.30 in their Monday debut but later fell in price. They were down about 12% at $0.246 as of 1840 GMT, according to CoinGecko data.
That gave the token a total market capitalisation of just below $7 billion, making WLFI the 31st largest crypto token in circulation, CoinGecko data showed.
Several of the world's biggest cryptocurrency exchanges, including Binance, OKX and Bybit, are offering the tokens on their platforms.
Since World Liberty's launch last year, the Trump family has made around $500 million from the project, according to Reuters calculations based on the company's terms and conditions, transactions traced by crypto analysis firms, and publicly disclosed deals.
Click to expand...
Money for nothing and chicks for free.
 
wlf is an interesting one as well because it trades on the exchange they own, which generates a ton of fees.
 
P.J. Denyer said:
Don't all Trump's crypto currencies?
Click to expand...
i’m not sure where the other ones were listed. trump and melania coin were much more obvious scam coins, i don’t think they were actually too involved in it outside of “licensing” their names for example. wlf is all theirs though, as its tied to their exchange directly. but, end of the day, probably
 
You must log in or register to reply here.

Back
Top Bottom