How stupid do you have to be to buy into thin air for currency.. nothing backs it up

[Peacetrain]

Its monopoly money... wait, its not even that.. at least you get a piece of paper with monopoly money. And good old Trump invited 220 or so people who have made up money and are getting others to invest into the thin air for a dinner to brag about how they have swindled people while he is currently President of the United States
.

Stupid.

Dollars or pounds or lira what ever are valued are at least with the good faith of a country. What on earth is backing a Trump coin or any cryptocurrency for that matter.

[JohnSJ]

1. It is a con game pushed by Wall Street and trump. Absolute malfeasance

[no_hypocrisy]

2. It's amusing to consider all those gold spot ads on RW talk radio.

Almost as spacious as the bitcoin/cryptocurrency. You don't hear advertising for the latter.

[vapor2]

3. hahha.......All Losers!

[susanr516]

4. It's an easy way to launder money? n/t

[sop]

5. I've asked that same question many times.

Cryptocurrency has been explained to me in great detail, but I've never been able to understand it. And, frankly, I always suspected the people doing the explaining didn't understand it either. I think the whole point of crypto is to make it as inscrutable as possible.

[Blues Heron]

11. Bitcoin is the exact opposite of inscrutable- it's literally open source. It's just a protocol.

[sop]

12. "Inscrutable: impossible to understand or interpret."

What does "open source" or "protocol" have to do with someone not understanding cryptocurrency?

[Blues Heron]

13. It means its possible to understand it, that its not somehow hidden or obfuscated. Its not secret

[sop]

14. It's not "hidden," "obfuscated" or "secret," it's just inscrutable.

I have personally listened to "financial experts" try to explain cryptocurrency to intelligent audiences. It was obvious (to me and others present) they really had no idea what they were talking about. When probed further, and asked to clarify many details and concepts, their explanations became unintelligible, probably because they didn't know what they were talking about. But, then, that's just me.

“If you can't explain it to a six year old, you don't understand it yourself.” - Albert Einstein

[Blues Heron]

15. It's nothing for me, but then again I have a degree in comp sci!

[sop]

16. We're talking about understanding financial investments in cryptocurrency, not blockchain technology.

[kysrsoze]

6. I just read an article on this yesterday: 41% of those invited had LOST money on his bullshit crypto coin.

So this dinner is to thank 41% of them for giving their hard-earned money to them.

[Uncle Joe]

7. Any currency is only as good as the government backing it.

So what does *rump do?

He undermines and erodes the government; which in turn underwrites the dollar with "full faith credit" while pulling money in into his personal crypto ventures.

Thanks for the thread Peacetrain

[dweller]

8. Letters from an American

Last week, David Yaffe-Bellany and Eric Lipton of the New York Times called attention to the announcement by a struggling technology company with ties to China that it had secured funding to buy $300 million of Trump’s cryptocurrency $TRUMP. It appears the company is hoping to curry favor with the president.

Zach Everson of Forbes noted that the Trump family controls about 60% of World Liberty Financial, a decentralized financial platform that produces the USD1 stablecoin, a kind of cryptocurrency that fluctuates less than most cryptocurrencies because it’s pegged to the dollar. World Liberty Financial’s USD1 stablecoin began trading yesterday on KuCoin, an exchange headquartered in the Seychelles and banned in the United States after it admitted to violating laws against money laundering and agreed to pay a $300 million fine. A spokesperson for KuCoin told Everson that it had reached out about carrying USD1 after the coin “demonstrated strong demand in certain regions.”

The racism and the corruption are coming together tonight as the top 220 holders of the $TRUMP coin join the president at a private dinner. A Bloomberg analysis of the top 25 wallets shows that 19 are owned by individuals from outside the United States, and many of the winners are companies looking for access to the president. Many of them dumped their $TRUMP coins as soon as they made the cut for the dinner.

Citizens for Responsibility and Ethics in Washington reported today that 50 of the people attending Trump's dinner tonight hold crypto assets with names from the alt-right, including Pepe the Frog and swastikas, or that have names that are racist or antisemitic, including the n-word and “F*CK THE JEWS.”
https://heathercoxrichardson.substack.com/p/may-22-2025

bolding mine ,
✌🏻

[bif]

9. Just as stupid as online gambling

"Here are your cards"
"Huh! Looks like I beat you. You lost!"

[Blues Heron]

10. Bitcoin is open source - you can see for yourself if you trust it or not. Many do and there you have it.

They are willing to entrust real money into it.

[allegorical oracle]

17. What about meme coins? Guess the confusion arises because nothing back those up. They're

intrinsically worthless as a physical thing -- about the same as a baseball card, I've heard. It's not backed up like our currency with some notion of gold or some other precious metal. It's simply digital. And that's Zen.

Yet the fetid fathead is reaping millions on nothing but a piece of nondescript metal with a poorly-executed bas relief of Dear Leader's head.

[haele]

18. Some Bitcoin is supposedly pegged to the dollar...

But there's other forms of crypto -currency that's traded like stocks or commodities and wanders off to its own sphere of value, for the lack of a better term.
The problem comes from the block-chain factor, that honestly, I don't totally understand how it works, other than it's a algorithm that manages to enable people to spend a lot of computing energy to create and securely transfer a value of some sort without leaving a trail.
Again, that's the problem for most people, even those of use that regularly use scientific methods, there's not a lot of tangible in crypto-currency to represent a value
True, the same could be said somewhat about online banking or electronic currency transfers, but there is a tangible transfer - be it some form of work or an actual product - that is behind that electronic currency transfer. There's a trail, an electronic ledger.
I can see where my Venmo, Zelle or Credit Card transfer comes from or goes to. I can tell if someone got into my account and pulled money.
A Crypto Currency account? Well, it just gained or lost value because...? Was it the trade on the market or was it because a server farm went down?