i’ve been writing about crypto for a while now, but this new addition to the $TRUMP memecoin website fine print may be the most blatant “lol you suckers are our exit liquidity” i’ve seen so far
(CIC Digital is just a shell company Trump uses for the $TRUMP memecoin and some other projects; it’s wholly owned by Trump’s revocable trust)
![Screenshot of text: activities, leaderboard competitions, events, or other benefits offered through the Coin Club are independent of, and are not designed to influence the timing or execution of, any token disposition program that may be in effect. [begin highlight] The existence of a Coin Club promotion or event does not indicate that Fight Fight Fight LLC, CIC Digital LLC or their respective affiliates are not contemporaneously disposing of $TRUMP coins [end highlight] pursuant to a pre-announced plan, and you should not acquire or accumulate $TRUMP coins based on any expectation that promotional activity will increase or maintain the market price of $TRUMP coins. You](https://media.hachyderm.io/media_attachments/files/117/452/972/540/065/252/original/e370739e3d504667.png)
@molly0xfff@hachyderm.io
My old boss at the hedge fund gave speeches that moved markets, or at least specific stocks. The Wall Street Journal gave it a nickname [The Einhorn Effect] and once tracked the stock movements during one of his speeches in real time with an infographic
I'm not sure his disclaimers were less subtle:
"[Hedge fund] has an economic interest in the price movement of the securities discussed in this presentation, but [hedge fund's] economic interest is subject to change without notice"
@molly0xfff@hachyderm.io I try not to be too hard on Crypto investors who are just responding to immense pressure from scammers and what not.
But Trump Coin buyers? That's a bit more grace than I have in me.
@molly0xfff@hachyderm.io It saddens me that less and less can map these increasingly detrimental differentials, to curb historical destabilizations - just from Capitalism greed alone.
@molly0xfff@hachyderm.io I’m lost.
“pre-announced plan” sounds like stock options given to a CEO. Like Tim Apple selling Apple stock [though he’s obviously still doing his darnedest to pump the price up after]. That’s not necessarily horrible unless…
… they’re trying to legitimize a rug pull. Like if they’re marketing to drive the price up at the same time they know there’s a “pre-announced plan” to sell, you know, 85% of their holdings.
Is that the argument here? They’ve dressed up a rug pull in sheep’s clothing?
@ruffin@mas.to More or less. These events are designed to pump the price of the token -- attendance is based on the amount of tokens you hold, so the idea is that people who want to go to one of the "gala dinners" or the Super Bowl will buy more $TRUMP (thus pumping the price) to do so.
@molly0xfff@hachyderm.io The whole thing is a scheme for the rich (both foreign and domestic) to pay to play. They're the ones who are really propping up the value and every million they drop into it buys more than a million in corrupt dealing. The little suckers who think they're "investing in America" or whatever stupid line they tell themselves will be cleaned out the second the real cash stops flowing (ie, once Trump is out of office or the real players start seeing the writing on the wall).
@molly0xfff@hachyderm.io wasnt there something similar with the trump phone?
“The updated document states explicitly that paying a deposit 'does not constitute a completed purchase and does not create a binding legal contract.’”
My empathy with these buyers is limited.
And still, 36% support or are in favor of Trump.
@molly0xfff@hachyderm.io Trump is raking in BILLIONS as "president." And we're supposed to believe this is a real country.