Newsletter: No, Trump didn’t make $50 billion from his memecoin.
citationneeded.news/trump-meme…
#crypto #cryptocurrency #DonaldTrump #USpolitics #USpol
No, Trump didn’t make $50 billion from his memecoin
Journalists’ flawed math and ignorance of crypto markets turn tokens into fake fortunesMolly White (Citation Needed)
Molly White
in reply to Molly White • • •Newspapers’ estimates of the $TRUMP token’s fully diluted value fluctuated wildly from somewhere around $20 billion to around $70 billion, depending on which paper you read and when they published.
This variance perhaps should have been a sign to these reporters that the numbers aren’t real.
#crypto #cryptocurrency #DonaldTrump #USpolitics #USpol
Molly White
in reply to Molly White • • •This is not to downplay the extent to which Trump is grifting his devotees and crypto traders looking to make a buck on memecoin speculation. But it is important that we accurately report on his cons and don’t contribute to misleading crypto hype for the sake of large numbers.
#crypto #cryptocurrency #DonaldTrump #USpolitics #USpol
Molly White
in reply to Molly White • • •To understand crypto “valuations”, take the example of MollyCoin. If I conjure a billion MOLLY tokens out of thin air and sell one for $1, I’ve just created a “billion dollar” cryptocurrency.
#crypto #cryptocurrency
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