President-elect Trump launched his own cryptocurrency overnight and swiftly appeared to make more than $25 billion on paper for himself and his companies.
Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.
- It also speaks to the nature of the crypto industry that someone could have $25 billion worth of something that literally did not exist 24 hours previously.
Trump previously sold Trump-branded steak. Is steak a “scammer’s paradise”?
Steak has a legitimate use.
Yeah, for cooking into shoe leather and slathering in catsup before spending the next few hours on the shitter tweeting nonsense words until you manage a single bunny style bowel movement.
So do cryptocurrencies. Maybe not for you, personally, but other people have legitimate uses for them.
Such as grifting idiots with promises of fortune and glory.
You think that’s a legitimate use? That’s exactly what Trump is using it for here.
Ooof buddy. Ooof.
Name one (1) legitimate use case that is not better served in another way
Private online (or maybe even offline) payments with Monero. And even if it’s not monero, you don’t have to deal with the BS of banks, such as the transactions taking days to complete. And nothing is tied to your real identity, making you entirely anonymous.
The reason that bank transactions take days to finalize is because of regulatory compliance. The actual money can be moved in seconds.
I don’t know if you can reasonably cite “bypassing regulatory compliance” as a “legitimate” use case for something.
I live in the UK. Here, and in most of the EU, electronic fund transfers clear in a few seconds. They reason they don’t in the US is because the banking oligopoly has retained an archaic clearing system. The regulatory compliance checks in the UK are still there, the US system is just slow. It still runs in batch mode on coal-powered mainframes.
Sorry, I should have clarified that I was referring primarily to international transfers, since that’s the preferred example of advocates.
Anonymous online payment is cool and all right up until you fill out your address so they can bring whatever you paid for to your house.
That’s fair, but I was talking about online payments for digital goods, such as VPSes, vpns, donations, etc.
Also, let’s say irl stores adopted cryptocurrency as a payment method. Your bank wouldn’t know what you’re buying and therefore wouldn’t be able to sell that information.
Companies selling digital goods still need to do taxes so they need to know where they are selling their product.
My bank is not allowed to sell my data by law.
You’re going to use that “is not better served in another way” clause to wiggle out of anything I might suggest, but okay.
The Ethereum Name System is a permissionless and fully decentralized version of the Domain Name System. Lacking central servers and control means it can’t suffer outages like DNS does.
Oh nice no more regular outages like checks notes visa that one time 7 years ago for 40 minutes
Sounds like an overly complicated and resource intensive way to have failover servers to me, and I’m usually pro-decentralization.
I don’t experience DNS interruptions when I’m running multiple failovers.
As predicted.
I’m relatively open to crypto, but ens is like one of the goofiest examples to pick in my opinion. I also believe they’re going to use that “better” clause to wiggle out of anything, but I also believe the example you used it very weak.
You’re going to use that “You’re going to use that “is not better served in another way” clause to wiggle out of anything I might suggest, but okay.” clause to wiggle out of anything they might suggest, but okay.
Bitcoin is the most secure banking method.
Though blockchain tech produces new problems that ultimately make it useless outside of a store of value.
Got any more straw for that man?
It’s more that your argument is logically flawed and the person responding is pointing that out.
For what it’s worth I do think crypto is scammer’s paradise, but your original comment does not provide any real justification for that except a single example. Nor is saying “jump of a bridge” really polite.
It didn’t exist 24 hours ago and is now valued at $24 billion and doesn’t actually do anything except “hold value.” You can’t live inside of it like a house, you can’t eat it, you can’t drink it. Why is it worth $24 billion other than “it’s a scam?”
I don’t really need a serious fucking argument because that alone should be enough.
Also, Carter had to sell his fucking peanut farm, but this is fine, I guess. Nothing to see here, move along. I just need better arguments, it’s not that this is open and shut corruption out in the open.
You’ve lost track of what’s being talked about. I was talking about steak.
I’m not saying Trump’s cryptocurrency isn’t a scam. It almost certainly is a scam. But you generalized from that to saying that “crypto is a scammer’s paradise” and then told people who didn’t agree with you to kill themselves. That’s where your logic is flawed (and also where it’s certainly a violation of this community’s “be civil” rule).
The fact that Trump has released a scam cryptocurrency doesn’t mean that all crypto is a scam, in the same way that Trump releasing an awful Trump-branded steak doesn’t make all steaks into some kind of weird grift.
Yeah, because you can still eat a steak dude. Even if it’s a shitty low-quality one.
I wasn’t aware of the “can I eat it?” Method of determining whether something is a scam or not.