#crypto is crap

[tomorrowusa]

Crypto is crap and it's a useful tool for scammers. Why else would you think Trump has become so fond of it?

Everybody in the Trump crime family seems to have their own meme coin. They have made $3.1 billion while MAGA dupes have lost $7 billion on Trump crypto.

As head of his own cult, Trump knows his cult members are suckers for whatever he does. He doesn't give a shit about them personally but he does covet their wealth.

Trump and his family make money off of meme coins even if the price collapses. As Dan Alexander explained to Erin Brunett, the Trumps make money just by people trading their meme coins.

Also, Trump's pardons for crypto criminals were not just out of the kindness of his heart. With him, there's always a quid pro quo involved.

[tomorrowusa]

« Cryptocurrencies tend to flourish in two environments. The first is failed states, where no single authority maintains effective control, or where law and order have collapsed altogether. In stable countries, currencies are issued by a central bank and derive their value from the government’s guarantee that they will be accepted as legal tender. Failed states, by contrast, often lack both a functioning central bank and a government capable of enforcing such rules.

The other environment in which cryptocurrencies flourish are regimes under which corruption is shrugged off as a trivial matter. Members of Trump’s family, and of Middle East special envoy Steve Witkoff’s family, secured a $2 billion investment in their startup crypto firm World Liberty Financial from the United Arab Emirates while Witkoff and Trump agreed to allow sales of advanced AI chips to the UAE despite national security concerns.

One reason why such deals get made is tied to cryptocurrencies’ opacity. While ownership is recorded on a distributed ledger, or blockchain, the real identities behind the digital addresses usually remain hidden. This makes money laundering – and non-disclosure – much easier, because police and tax authorities, as well as government ethics watchdogs, cannot readily match transactions to individuals. »

— Economist Tim Congdon, Chair of the Institute of International Monetary Research in the UK. Writing at Project Syndicate. (archived)

The two environments he cites as being favorable for the flourishing of crypto sound like the ultimate outcomes of Trump's America: failed states and corruption-friendly régimes.

Crypto is essentially digital funny money. Nothing backs it up except the self-delusional feelings of the people who own it. And it's a golden opportunity for grift. So avoid it – no matter how glitzy and pervasive the pro-crypto propaganda gets.

If you want a more secure investment that's related to real money, buy Swiss Francs. One Swiss Franc was worth US$1.09 on the day Trump returned to office this year. As of Friday, the Franc was up to US$1.26. No investment is perfect, but I trust Swiss bankers a lot more than MAGA hucksters.

[tomorrowusa]

Crypto is crap. It's not backed up by anything and has no intrinsic value. It's an odd cross between a Ponzi scheme, a pigeon drop, and investment fraud. But like astrology, some people believe in it because they see other people believing in it. Monkey see, monkey do.

Donald Trump, at first, didn't like crypto, Then he saw the scam potential and jumped on the crypto bandwagon.

A convenience store chain called Circle K permits crypto machines owned by a company called Bitcoin Depot at its locations. Without a doubt, Circle K financially benefits from these machines in their stores. Circle K knows its customers are getting scammed bigtime but keeps the machine anyway.

It's an excellent idea NEVER to have anything to do with crypto. It's a favorite means of transactions for drug kingpins, international scammers, and money launderers. It says a lot that North Korea is big on crypto.

If you see a crypto machine, especially one owned by Bitcoin Depot, at a retailer, complain to the people working there and insist that they forward your complaint to store management. A follow-up complaint to the corporation which owns the store should be made.

For now, spread the word that retailers with crypto machines on their premises should be boycotted. You might also try to get local governments to ban such devices.