Crypto Critics' Corner Donald Trump, Justin Sun, and the grifts we missed
Nov 14, 2024
Delve into the dubious world of Donald Trump's World Liberty Financial and uncover the tangled web of celebrity endorsements in crypto. Explore Justin Sun’s controversial moves and the shifting strategies between Bitcoin and AI. The hosts discuss the clashing political ideals in the crypto community and the challenges of merging regulatory bodies for better oversight. With insights on legal struggles and industry dynamics, this discussion offers a captivating critique of the crypto landscape.
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Trump's Crypto Grift
- Donald Trump launched World Liberty Financial, a crypto project forked from a recently hacked protocol.
- The project allocated more tokens to Trump than it sold to the public, highlighting its grift nature.
Executive Motives
- Crypto executives support Trump, not for his crypto knowledge, but for the regulatory environment they believe he'd create.
- They seek minimal oversight, allowing them free rein, regardless of the project's legitimacy.
Lobbying Goals
- Crypto lobbying aims not at passing legislation, but at maintaining a status quo of regulatory inaction.
- This strategy seeks to exploit the current paralyzed state of regulatory bodies.