More $Trump memecoin

 The way a meme coin typically works is:

1. Someone achieves some notoriety for something, or exploits some notoriety they already have. They seek to monetize this notoriety.
2. They use one of any number of meme coin generators and choose a blockchain.
3. They generate a pot of, say, ten million coins, and release, say, four million onto the block chain with a LOT of fanfare and a lot of, basically, b.s. about building a community, adding value, etc. They keep the other six million coins. The reputable thing to do is to "lock up" most or all of the six million coins for some period. If they simply sell into the initial wave of buyers and walk away, this is known as a "rug pull" and, while it's considered unseemly at best and results in a ton of howling and shedding of crocodile tears, this is often what happens. See &Hawk for a good example.
4. As the lockup period's end approaches, the originators have to create some additional fanfare to drive the price up or back up.
5. The originators sell into the market at the increased price.
6. End of story - a bunch of people have a bunch of worthless meme coins, less money, and a sad story to tell. The originators have a bunch of money and can move on to the next scam event.

In essence, this is the story of the $Trump con coin. There is a lockup period end coming, the price of the coins has declined, so the Trump organization needs some razzle dazzle around the coins. So, to boost demand, Trump will be hosting an "intimate private dinner," for the top "220 Special $Trump Meme Coin Holders" (as shown on a "leader board,") that is, in order to have dinner with the President, you must have or purchase sufficient $Trump coins to be in the top 220 holders. For the top 25, there is a reception and White House tour. Clearly. a great way for the Trump organization to boost the price into which they sell their locked up coins, and a great way for Trump sycophants supporters to bribe him throw cash his way. Note that the coin rose some 60% in "value" after the dinner was announced.

In very small print, we see "This Tour is being arranged by Fight Fight Fight LLC. President Trump is appearing at the dinner as a guest and not soliciting any funds for it." No, he needn't do so since the increase in value of the coins his organization holds will provide plenty of cash.

It's always been obvious that Trump is completely lacking in any moral compass or sense of right and wrong (at least where his own behavior is concerned, he's certainly willing to lash out at others). I wouldn't have thought, though, that he could continuously reach new depths of self-serving behavior.

As I quoted someone in my previous $Trump coin blog post, we voted for corruption, and Trump is delivering. As MAGAVoice constantly prattles on X, née Twitter, "Promises made, promises kept."

Pay to play

 

With some exceptions, I've mostly stayed away from politics. I do have a few "embarrassed to be a conservative" posts though, and it's time for another. While there are many aspects of Joe Biden's policies with which I disagreed, and several policies professed by Donald Trump with which I concur (though far from all), it's horrifying to me to see the "in your face" grift exemplified by the Trump meme coin ($Trump).

It's true that, to within epsilon, 100% of meme coins are worthless (other than in the sense of the "greater fool" exploit) and only benefit the initial promoters. And I've felt little sorrow for those who've lost money in, for example, the $Hawk coin promoted by the Hawk Tuah Girl. Yes, she and her team did the prototypical rug pull and buyers of the coin mostly just gave away their money to her and her team. But, what did they actually expect to happen? Come on...

But to see Trump, days away from swearing in as our 47th President, promote a meme coin where he is in control of the large majority (80%) of the coins and watch as his supporters purchase the coins is despicable. Trump and his supporters often speak of the machinations of the Deep State, wherein malign agents, embedded deep within the government, work in secret to undermine freedom and advance a New World Order agenda.

But Trump can't be bothered with working in the dark to promote himself and his personal enrichment, one might call Trump and his ilk the Shallow State. His self-aggrandizement and self-enrichment is out in front, for all to see.

And, not to be outdone, next came the $Melania coin from the First Lady. Both coins, initially and unsurprisingly, soared in value as the zealots rushed to funnel their money to their heroes. Prices have since fallen back somewhat, so some have already lost money. Now, it is true that you cannot take the number of coins held by the Trump group, multiply by the current posted value, and determine that Trump has made billions overnight through this obviously corrupt grift. Were he to dump all of his coins, the market would tank.

Nevertheless, he could sell them slowly into the market. My bet would be that, when some wild Trump event takes place, the value of the coins will rise and he'll make small sales into that market. But, as I type, the price of a Trump coin is $29.53. The total supply of coins is 1 billion, and Trump owns 80% of them. Keep in mind, they were created out of thin air, a few minutes of programming was all it took.

That's our President. As someone noted, we voted for corruption, and Trump is delivering.