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.
Only if you pre-define all possible recipients of untraceable money to be criminals.
How about donating to Tibetan or Uyghur activists in China? Womens’ rights activists in Saudi Arabia? LGBTQ+ organizations in Russia? What about Cannabis dispensaries in American states where Cannabis is legal but the Federal government is still trying to prosecute them? Or sending money back to your family in Venezuela?
This is a great example of the ridiculous polarization that current American politics are suffering from. I loathe Trump. He’s the worst president America has ever had, and it’s utterly baffling that he got reelected. But since he used cryptocurrency for something and I’m not anti-crypto, boom, I’m assumed to be an extreme Trump supporter.
Also, rule 1 of this community: be civil.
In terms of cash volume, what percentage of all crypto transactions do you think go to those worthy causes, compared to money laundering, drug payments and smuggling?
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I literally just listed a variety of situations where you’d need to do that.
And not a single one of them would be made easier with a curency you then have to find a sucker to pay you real currency for.
you have predefined crypto as useful when it’s actually not any more useful then valid currency