Trump Launches Meme Coin | Hacker News Reader

Trump Launches Meme Coin

axios.com

It’s pretty wild how the incoming president has a social media platform, is backed (financially and otherwise) by the richest person in the world with his own social media platform and it’s (currently) absolute crickets in a thread like this where the same incoming president is creating a meme coin.

Maybe folks are just apathetic, but for a technology based forum to have little to no discussion about a topic that not only touches the basis of the forum but also the potential affects toward the country where this forum is based is pretty confounding.

As another commenter pointed out, this is definitely an interesting (for lack of a better word or balking towards cordiality) timeline.

it’s been a circus and it will be a circus for the next four years. This is outrageous sure, but maybe not even the top five of outrageous things this week. Fatigue should be expected.

There are more than a million meme coins out there and you can have your own one in five minutes if you go to pump.fun. I guess it's to be expected that the current president, known for hawking bibles and trainers would try to get in on it.

The US President is about to rug pull the country and make billions. What a timeline to live in.

that seems too obvious. as we saw with DJT stock, which years after its reverse merger defied similar predictions of worthlessness, things that seem too obvious usually have some form of small print or do not replay as they did in the past. Most shit coins implode, but $Trump may be an exception.

> 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.

Truth is stranger than fiction. No need to write a dystopian novel about this!

The abuse of power is so wild here that I wouldn't be surprised if Trump pushed to include it in his plan for SBR (Strategic Bitcoin Reserve).

I wish someone more knowledgeable could explain how this is currently valued at $25 billion.

Is that legitimately $25 billion “on paper”, or is that like an initial “stated value”? I don’t even have the precise language for the question.

Regardless, I’m sure it’s a big grift almost certainly, but I don’t understand the valuation.

It is, obviously, a grift, and the ‘market cap’ is part of the standard meme coin grift. If you print a billion Schrutebucks at home and sell one to an idiot for a dollar, then, well, do you have a billion dollars?

This is _not_ really a valuation approach which would be accepted in traditional finance, but it’s standard in cryptononsense world.

it's really not. the instant some insider starts selling the price will crash instantly dropping the price for other buyers. theres probably some momentum calculation when that happens but its not 25B

80% of the pool is was allocated before the public was able to buy. In 3 months, about 30% of the coins will vest. I assume that 30% is held by Trump and his inner circle. Once they sell in 3 months the price will crater and people will panic.

I'm not more knowledgable, so I looked it up.

Trading is well underway, already up over 2000%.

With each Trump coin now worth almost 9 US pennies.

Just about a tenth of a dollar but not quite.

For recent quotes:

https://coinmarketcap.com/currencies/trump-coin/

Wrong sh*tcoin.

https://coinmarketcap.com/currencies/official-trump/

Thanks for that correction.

I must say, a much more disappointing performance :(

Like any tradeable product, valuation = supply * current price. 1B supply * 25 current price = 25 billion.

Important to note - it doesn't mean there is 25B of value created.

Re your note: I disagree. I think value is what people are willing to pay for.

So yes, for now, he created 25B of value. You can argue that this value is in part based on his reach, so it was already there. He is monetizing it now.

The quantity in circulation X market price = $7.5B. For reference, that’s close to the total market cap of all NFTs.

Damn would have doubled my money if I had bought three hours ago when my friend group was circulating this.

Noted grifter in grifting shocker.

Like, honestly, the only surprising thing is that it didn’t happen until now.

Reply on news.ycombinator.com