The Never-ending Grift
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h/t @wtg :
The crypto lobby has been pouring boatloads of cash into the latest presidential campaign of former president Donald Trump, who has entirely abandoned his once-hardline stance against digital currencies as the campaign money has rolled in.
Now, on the back of recent promises to make America the "crypto capital of the world," Trump is prepping to publicly roll out a wildly dubious and ethically fraught new crypto project started by none other than his sons Eric and Donald Trump, Jr.
The project is called World Liberty Financial (WLFI), and it centers on "stablecoins," or coins that creators claim are pegged to stable commodities or government currencies. In an X-formerly-Twitter thread posted last week, the WLFI team claimed their stablecoin would be pegged to the US dollar.
"For too long, the average American has been squeezed by the big banks and financial elites," Trump, a financial elite whose penthouse is caked in gold, said in a Thursday X-formerly-Twitter video promoting the forthcoming crypto venture. "It's time we take a stand — together."
But while stablecoins sound like they should be stable, they've historically been disastrous for investors and economies.
https://futurism.com/trump-crypto-crime-terrorism
And the WSJ:
@Axtremus said in The Never-ending Grift:
and it centers on "stablecoins," or coins that creators claim are pegged to stable commodities or government currencies. In an X-formerly-Twitter thread posted last week, the WLFI team claimed their stablecoin would be pegged to the US dollar.
Not understanding why this would be different or better than a US dollar or other currency?
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Well worth the USD$100. I think I will buy 5!!!
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I wonder how his advisors convince him that stuff like this is a good idea?
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@jon-nyc said in The Never-ending Grift:
Trump supporters must be so proud.
Presumably they're the ones buying the crap.
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100 grand for a watch? Presumably it's accurate enough to tell us whether indeed one is born every minute.
I was only joking
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100 grand for a watch? Presumably it's accurate enough to tell us whether indeed one is born every minute.
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Man jewelry. For the status conscious ape in all of us.
Education is extremely important.
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100 grand for a watch? Presumably it's accurate enough to tell us whether indeed one is born every minute.
@Doctor-Phibes said in The Never-ending Grift:
100 grand for a watch? Presumably it's accurate enough to tell us whether indeed one is born every minute.
LOL
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@Horace said in The Never-ending Grift:
Man jewelry. For the status conscious ape in all of us.
To be honest, it's more likely to trigger my inner Robespierre.
