The Donald Trump 2.0 Grift Is Already On
The official Trump meme is here! Donald Trump’s popularity of cryptocurrencies and dogecoins as dog mascots has been criticised by a social media commentator
Preston Byrne, a cryptocurrency lawyer, said Trump’s involvement in cryptocurrency raises legal questions and could have a negative impact if it is not successful.
“Trump himself will also have to contend with the fact that his political fortunes will be tied to an asset that the market, and not the man, controls,” Byrne wrote in a post on Sunday. “If $TRUMP crashes it might affect his own political clout in DC.”
A GOP controlled congress can help boost the number of cryptocurrencies. Republican Arkansas Rep. French Hill, chair of the House Financial Services Committee, has pushed for measures to help develop crypto. Carol Alexander, a digital assets expert, called it a “step in the wrong direction” when she doubted congressional warmth toward cryptocurrencies.
Paul will be leading the SEC after being chosen by Trump. The SEC’s actions against the domestic cryptocurrencies industry have been questioned by Atkins and he supports cryptocurrencies. David Sacks, a venture capitalist, has also been appointed by Trump as the country’s first crypto and artificial intelligence czar.
By virtue of the large amounts of the TRUMP coin held back by Trump-affiliated entities the incoming US president was suddenly linked to a large amount of the coins with a value of over $50 billion. The memecoin accounts for almost 90 percent of Trump’s net worth, Axios calculated.
My newest official Trump meme is here! Trump wrote in a post that it was time to celebrate everything we stood for and have fun.
The meme coin is a type of digital currency that is inspired by internet trends. One of the most well known is dogecoin, which was created as a joke and features a dog as its mascot. It became very popular in the years 2013 and 2021.
The Trump Era: Grifting, Cash Grabs, and Religion in Trump and the Galactic Nuts and Bolts: The Case of the Inauguration Day Edition Bible
Grifting and cash grabs in Trumpworld are nothing new. Trump and his supporters have embraced a lot of schemes since he came to power. Many figures have made entire careers out of grifting on topics such as stolen elections or conspiracy theories, because of the Trump support.
Tens of thousands of people who received tickets to the event were unable to use them because the inauguration was moved indoors due to cold weather. People have attempted to cash in on those tickets, with dozens of listings on eBay offering the unused tickets for up to $200 each. The tickets were distributed free by members of the House of Representatives and feature a hologram and the signature of the representative whose office issued them. Many of the listings have been sold, with some sellers offering multiple tickets.
The “Inauguration Day Edition bible” appeared to sell out as Trump took office, even though it was on sale on the website for only $70 for a week.
As President Donald Trump was sworn into office as the 47th President of the United States on Monday, grifters and opportunists were already seeking to cash in on the new Trump era—including the president himself.
Religion has also been on the table. Lee Greenwood, a country singer, said on Sunday that Trump could use a special edition of the “God Bless The USA” bible for his swearing in—the same bible the singer has been selling with Trump since last March.
Buying TRUMP Coins from Trump-affiliated Organizations: The Rise and Fall of Cryptocurrencies in the U.S.
The new president has been applauded for his ability to use his fame into wealth by some. Some people think that the ethical issues at work are related to the fact that Trump has to pay for it.
“Memecoins is absolutely a PvP [Player vs Player] game,” said Azeem Khan, cofounder of the Morph blockchain and venture partner at crypto VC firm Foresight Ventures, in an interview with WIRED late last year. “For someone to win, someone has to lose.”
In this case, Trump’s own supporters stand to potentially bear the cost. Christopher Beiksen, a researcher at the firm, said it was blatantly unethical. A bunch of your supporters will lose money, and that money ends up in your pocket. When you are in charge of the United States.
The remaining 80 percent of TRUMP coins not yet released into circulation belong to two Trump-affiliated organizations: CIC Digital LLC—which has previously flogged Trump-branded sneakers, NFTs and other merchandise—and Fight Fight Fight LLC, which was incorporated in early January. These organizations will receive the coins incrementally over a three-year period, the website states, generating revenue “derived from trading activities”—a euphemism for selling off the coins.
Increasing the number of coins in circulation and making large individual sales puts downward pressure on price, increasing supply without changing demand. As the Trump organizations enrich themselves through the sale of tokens, other investors—at least some of whom are presumably diehard Trump supporters—may therefore suffer a fall in the value of their coins.