[WickyNilliams]

I'm still reeling from the fact that the sitting president pumped some meme coin the day (iirc) he took office. And this largely passed by without any consequence, reckoning, or repercussions. It's just accepted now that even the highest office will scam their own supporters

[isubkhankulov]

The US government and private interests are clearly incentivized to keep the crypto industry subdued to a chaotic casino. Participants engage willingly. If crypto is legitimized, it threatens the US dollar, sanctions regime and the US’s ability to project power as the world leading reserve currency.

The president and any other shitcoin operator know this and are playing the game on the field.

Every country has the same challenge. Some ban crypto, which pushes it to the grey market in those jurisdictions.

Hopefully that helps explain why there weren’t and wont be any consequences.

[WickyNilliams]

That's a fair point. But I'm not talking about the legitimacy (or not) of crypto. More that the president was (is?) running a pump and dump scheme. It should be profoundly embarrassing to supporters and it should be political suicide for the scammer. But it barely registered.

[goodmythical]

I feel like you missed the suggestions that the move (the shiiling and scamming) may have surved or been subborinate to an ulterior motive.

By taking relatively low risk public position (from the guy making wildly innapropriate comments and taking wildly irresponsible actions seemingly daily) they are able to effectively spread FUD with regard to crypto. And that could have been motivated by a perceived threat by crypto against USD and/or fiat in general.

Like...this dude took food from genuinely starving people because there was some abuse in the system and had no plans whatever to restore the food to the starving.

Scamming people that are typically seen (by his constituency) as elitist tech-mongers and coin-bros? How's that supposed to negatively impact his ratings anyay? At worst it confirms pre-existing favor both for and against him.

People who hate him for the coin shilling already hated him and were not likely to ever be convinced in his favor, people who fanaticize him will see it as stated above and will also not change their opinions in anything but degree.

[WickyNilliams]

Yeah I don't buy the ulterior motive. He just wants to enrich himself. That's the primary motivator for ~everything he does. Running a scam on your supporters is perfectly viable if you think nothing of them, and they think everything of you

[squigz]

I feel like you're giving way too much credit here.

[the_pwner224]

It was extremely obviously not some intentional 500 IQ plot to keep crypto illegitimate...

[Yizahi]

> Some ban crypto, which pushes it to the grey market in those jurisdictions.

This is worded like it's something negative, but I honestly fail to see what exactly. Tokens will be pushed to grey market, and? They are already fully utilizing grey and black markets, half of the worlds drug, arm and sanctioned oil trade is done in these shittokens. Cutting out the legal bridges and exchanges would reduce total amount of legal liquidity and on/off ramps and not not change grey and black markets much, since criminals are already operating there.

Instead it would cut a lot of the "legal" schemes by which country elites are laundering bribes and evade taxes. At least part of the schemes.

[Yizahi]

Forget pumping. He set free a high profile white collar criminal, who in return deposited 2 billion real dollars into Trump shitcoin exchange. And NO ONE bat the eye, not a single congressman or regulator body. Check and balances, my ass. More like cheeks and obeisances.

[WickyNilliams]

Yeah the whole thing is absolutely scandalous. The president being anywhere near crypto is such a huge, blaring warning. Even more so if people are "investing" as a quid pro quo. But ~nobody cares. Scam economy