Trump Family Has Made over $1B in Profit on Crypto | Hacker News Reader

Trump Family Has Made over $1B in Profit on Crypto

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41 pointsOutOfHere15 comments

This very worrying.

You need your head of state to be neutral in matters of business.

This sort of corruption is badly damaging the reputation of the USA

It was known well in advance that those making big contributions to his reelection campaign, e.g. as did the oil and gas industry, also the cryptocurrency industry, will receive major favors as they have. Memecoins were just an extension of the approach in a post-victory setting. To my knowledge, it's all legal.

For the future, I wonder if it would be better or worse to eliminate almost all powers from the President's authority, giving him an elevated position mostly just in name, with most decisions being made by Congress. It has its pros and cons, but it's the safer choice.

So a parliamentary system? Pretty common in Europe.

I think the main pro is that you can't have these arguments of the president being hamstrung by congress.

There's a very common trend of a president campaigning on something and then never delivering as president.

I don't think we'd see much difference in terms of corruption though if Trump was elected by people or congress. The heads of agencies and etc were all confirmed by congress and those agencies are turning a blind eye.

OK but I was referring not to his election but to the significant post-election power that he has. If much of this power were to be stripped from his role, then yes he would be hamstrung, but any damage would also be limited.

Ok, but then he's appointed Prime Minister as well as elected to President and nothing changes?

Like the current congress could impeach him whenever they wanted. The fact that they don't (and voted for BBB) is enough proof to me that they'd vote him as prime minister.

Voting him as their leader is very different from him getting to make all the policy decisions, in contrast with Congress making those decisions.

This has been the case in the US for at least 50 years but it did get recently much worse. Previously, Obama was openly shilling for Boeing. Reagan arbitrarily deregulated things, creating the S&L crisis and wrecked many other things, and funded American-trained death squads by getting poor and brown people hooked on drugs. The duopoly "choices" offered thus far have been between John Birch Society Nazis and limousine liberals... both warmongering corporatists who won't do anything for ordinary people but are totally engrossed on winning more money and passing more laws for their masters.

Honestly, that's the least of the damage to the American reputation.

He's actively distancing the US from our traditional allies. Tariffs undercut our trade partners. We're threatening to invade NATO countries. Even after 2028, our partners are going to have a hard time believing our commitments.

Compared to that, mere grift hardly registers.

I'd rather have them make billions in crypto than fuck with supreme court judges tho.

When you have billions of dollars you can buy Supreme Court judges.

Not only has he made billions, but he routinely lies or declares things (over which he later changes his mind), allegedly just to move the stock market to favor his friends. His friends could make hundreds of millions of dollars each time he makes an economic announcement, whether his word is true or not.

There's plenty of both and the buyers of their coin are likely foreign governments buying influence.

"Fools and their money..." as the saying goes.

There is nothing foolish about it because those who buy a big chunk of the memecoin know they'll be getting special favors in exchange for the purchase. It's transactional, and it yields significant protections and returns for their businesses.

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