A stablecoin launched by Donald Trump’s World Liberty Financial crypto venture is being used by an Abu Dhabi investment firm for its $2 billion investment in crypto exchange Binance, one of World Liberty’s co-founders said on Thursday.
It’s the latest in a series of Trump family crypto-related ventures, including a “meme coin” launched in January, that have drawn criticism from government ethics experts and political opponents over potential conflicts of interest.
Stable coin - https://en.m.wikipedia.org/wiki/Stablecoin Crypto that is pegged to a currency/asset supposedly backed by actual assets.
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this is called money laundering
Pretty sure this is called “high crimes and misdemeanors “,
Too bad our government is largely split between cowards sucking trump off and cowards who are just grateful they’re not the ones sucking him off.
This is Trump’s America now. It’s called keep your mouth shut and get back to work.
No, this is the people’s America. Trump can fuck himself.
No, it’s just bribery.
It can be both
Truly a shame no one knows or can find the definition of “emoluments.”
They tried and failed last time. That precedent was set.
I’m sure his cult is cheering this on. They love when he wins, even if they lose.
So this is stable coin now?
I look forward to its eventual reclassification as a “ficklecoin™.”
So this is how they move off fiat? I’m sure they’re on a Proof of Stake L1/L2, rather than a Proof of Work.
https://ca.finance.yahoo.com/news/wlfs-zach-witkoff-usd1-selected-093046749.html
Zach Witkoff announced that USD1 would be integrated into Tron, the blockchain of Hong Kong-based crypto entrepreneur Justin Sun.
Tron is apparently PoS, yes. Personally I have no idea what any of these mean and don’t care to learn, because 99% of them are scams.
PoW = Get a GPU, crunch some numbers, make some money.
PoS = The Rich Get Richer. The Poor Get Screwed.
There is the technical argument that PoS was more energy efficient than running data centres full of ASICs or sometimes GPUs solely to produce proof-of-work.
It’s still different flavours of Let’s Prentend We’re Finance Except Without Grownup Boring Rules, but if we can avoid burning gigawatts and puffing the cost of GPUs, there’s a case for it.
I mean it’s not really an argument, they objectively use far less energy. Something like 98%+ less than PoW. It basically eliminates the entire “it’s bad for the environment” argument.
If you think that crypto is the driving force behind poverty, then I have some bad news for you…
https://whatismoney.info/wp-content/uploads/2020/05/DollarDevaluationHistory.png
No, I was simplifying the two proof systems in crypto, not saying it’s the cause of long-term trends.
Educated people generally prefer scams that don’t destroy the planet.
