President-elect Trump launched his own cryptocurrency overnight and swiftly appeared to make more than $25 billion on paper for himself and his companies.
Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.
- It also speaks to the nature of the crypto industry that someone could have $25 billion worth of something that literally did not exist 24 hours previously.
So do cryptocurrencies. Maybe not for you, personally, but other people have legitimate uses for them.
Laundering money and buying drugs.
Such as grifting idiots with promises of fortune and glory.
You think that’s a legitimate use? That’s exactly what Trump is using it for here.
Ooof buddy. Ooof.
Name one (1) legitimate use case that is not better served in another way
Private online (or maybe even offline) payments with Monero. And even if it’s not monero, you don’t have to deal with the BS of banks, such as the transactions taking days to complete. And nothing is tied to your real identity, making you entirely anonymous.
Anonymous online payment is cool and all right up until you fill out your address so they can bring whatever you paid for to your house.
The reason that bank transactions take days to finalize is because of regulatory compliance. The actual money can be moved in seconds.
I don’t know if you can reasonably cite “bypassing regulatory compliance” as a “legitimate” use case for something.
You’re going to use that “is not better served in another way” clause to wiggle out of anything I might suggest, but okay.
The Ethereum Name System is a permissionless and fully decentralized version of the Domain Name System. Lacking central servers and control means it can’t suffer outages like DNS does.
Oh nice no more regular outages like checks notes visa that one time 7 years ago for 40 minutes
Sounds like an overly complicated and resource intensive way to have failover servers to me, and I’m usually pro-decentralization.
I don’t experience DNS interruptions when I’m running multiple failovers.
As predicted.
You’re going to use that “You’re going to use that “is not better served in another way” clause to wiggle out of anything I might suggest, but okay.” clause to wiggle out of anything they might suggest, but okay.
Bitcoin is the most secure banking method.
Though blockchain tech produces new problems that ultimately make it useless outside of a store of value.
Removed by mod
I don’t know what you said, but I support it.
Only if you pre-define all possible recipients of untraceable money to be criminals.
How about donating to Tibetan or Uyghur activists in China? Womens’ rights activists in Saudi Arabia? LGBTQ+ organizations in Russia? What about Cannabis dispensaries in American states where Cannabis is legal but the Federal government is still trying to prosecute them? Or sending money back to your family in Venezuela?
This is a great example of the ridiculous polarization that current American politics are suffering from. I loathe Trump. He’s the worst president America has ever had, and it’s utterly baffling that he got reelected. But since he used cryptocurrency for something and I’m not anti-crypto, boom, I’m assumed to be an extreme Trump supporter.
Also, rule 1 of this community: be civil.
Why do you need to use crypto to pay legitimate workers under the table?
Sounds like you have predefined crypto as useful when it’s actually not any more useful then valid currency
Also what would you prefer i say to shame you for having an crush on a con man? You want to suck him, you can lie to us, but don’t lie to yourself
I literally just listed a variety of situations where you’d need to do that.
And not a single one of them would be made easier with a curency you then have to find a sucker to pay you real currency for.
you have predefined crypto as useful when it’s actually not any more useful then valid currency