cross-posted from: https://reddthat.com/post/64846557
(Bloomberg) – The pitch was straightforward: Invest in the cryptocurrency venture of Donald Trump and his family, back the industry’s most powerful ally at the peak of their influence, and share the spoils.
What is unfolding has no precedent in American financial life. A sitting president’s family holds financial stakes in a live token project — one setting governance rules, directing treasury sales, collecting proceeds — while the people who signed up find themselves with limited options to exit.
This is just what crypto is.
A coworker once asked me to explain penny stocks. I told him its not about the company but about if you can find someone to buy it from you for double what you paid. It is a literal “screw the next person in line” type of money making scheme.
That is basically what crypto looks to be.
its always the plebs holding the bag.