Trump Family Crypto Project Quietly Sold as Holders Got Stuck
5 months ago by resipsaloquitur to c/leopardsatemyface
cross-posted from: https://reddthat.com/post/64846557
(Bloomberg) -- The pitch was straightforward: Invest in the cryptocurrency venture of Donald Trump and his family, back the industry’s most powerful ally at the peak of their influence, and share the spoils.
What is unfolding has no precedent in American financial life. A sitting president’s family holds financial stakes in a live token project — one setting governance rules, directing treasury sales, collecting proceeds — while the people who signed up find themselves with limited options to exit.
A coworker once asked me to explain penny stocks. I told him its not about the company but about if you can find someone to buy it from you for double what you paid. It is a literal "screw the next person in line" type of money making scheme.
That is basically what crypto looks to be.
its always the plebs holding the bag.
@lemmy.world
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@lemmy.world
Rules:
- The mods are fallible; if you've been banned or had a post/comment removed, please appeal.
- Off-topic posts will be removed. If you don't know what "Leopards ate my Face" is, try reading this post.
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- Posts should use high-quality sources (for a rough idea, check out this list), and posts should retain the title (if one exists) from works like news articles, videos, etc. You may (but need not) edit your post if the source changes the title. (If you're only using an excerpt from an article that's otherwise not about LAMF, you can use the quote in the title.) Other types of posts should have a title which accurately, relatively neutrally describes their contents.
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This is just what crypto is.
save