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Buttcoin is the future of online butts. Buttcoin is a peer-to-peer butt. Peer-to-peer means that no central authority issues new butts or tracks butts.

A community for hurling ordure at cryptocurrency/blockchain dweebs of all sorts. We are only here for debate as long as it amuses us. Meme stocks are also on topic.

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Chainanalysis proves the TRUMP and MELANIA coins fleeced his MAGA supporters (universeodon.com)

submitted 8 hours ago by db0@lemmy.dbzer0.com to c/buttcoin@awful.systems

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📊 Chainalysis put out some data claiming that at least half of all TRUMP and MELANIA #memecoin “investors” never bought a token on Solana before and most of them hold less than $200 worth while 50 "whales" have made profits of more than $10 million each, strongly suggesting that the biggest suckers in the #TrumpCoin grift are the #MAGA voter base. Feels like #JustinSun made a deal with Trump to let him fleece the MAGA base and drain money back to #China.

Here’s the Chainalysis thread with the charts: x.com/chainalysis/status/18822

I have some issues with #Chainalysis and suspect the data is actually even more damning than they’re saying… but I don’t have access to the data and what they’re saying is already extremely damning. (Kind of expect them to be forced to retract it by the company ownership because of the bad PR).

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[–] UnderpantsWeevil@lemmy.world 13 points 8 hours ago

Lots of talk about how these coins fleeced the rubes. Significantly less about where all that money went and how Trump's finance-bro allies are becoming bolder than ever.

Don't forget the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024 or the BITCOIN Act of 2024 which will likely see the floor again in 2025.

This bill provides for the acquisition and storage of the cryptocurrency Bitcoin by the U.S. government.

The Department of the Treasury must purchase one million Bitcoins over a five-year period and hold the Bitcoins in trust for the United States. All Bitcoins acquired under this bill must be held for at least 20 years unless used to retire outstanding federal debt.

The bill directs Treasury to establish a Strategic Bitcoin Reserve for the secure storage of U.S. Bitcoins. The reserve must be a decentralized network of secure facilities across the United States. Existing U.S. Bitcoin holdings must be transferred to the reserve. States may voluntarily store Bitcoin holdings in the reserve in segregated accounts.

The bill also reduces the total amount of U.S. dollars Federal Reserve banks may hold in surplus and requires Federal Reserve banks to remit a certain amount of net earnings annually to the purchase of Bitcoins.

So much of the exit strategy for cryptocurrency brokers involves offloading them to the US Treasury and other public brokers / pension funds at these hyper-inflated values. Are we really that far away from $TRUMP and $MELANIA coins being bulk-purchased by the President's cabinet secretaries at the order of his cronies in the legislature?