Trump Promotes Family's New Crypto Platform, 'The DeFiant Ones' (cnbc.com) 163
Former President Donald Trump is about to launch a crypto platform called "The DeFiant Ones," according to a post of his on Truth Social. "For too long, the average American has been squeezed by the big banks and financial elites," Trump wrote. "It's time we take a stand -- together." From a report: The post marks the first time the Republican nominee for president has used his personal platform to promote the as yet unactivated digital bank. Within minutes, his son Donald Trump Jr., shared the post with his 12 million X followers. Trump's post includes a link to a Telegram channel called "The DeFiant Ones," which had approximately 29,000 followers as of Thursday morning, and climbing. An Aug. 15 post describes the group chat as "the only official Telegram channel for the Trump DeFi project" which is building "the future of finance."
Two of Trump's sons, Eric Trump and and Donald Jr., have spent weeks teasing the forthcoming platform, which Eric recently described as "digital real estate." "It's equitable. It's collateral anyone can get access to and do so instantly," Eric told the New York Post earlier this month. "I don't know if people realize what a shake up that is for the world of banking and finance. I hope we can help change that." The Trump brothers have also promoted the project with posts declaring that "decentralized finance is the future" and asking people to "stay tuned for a big announcement."
The mention of digital real estate could be a reference to selling digitized versions of assets in the metaverse, a concept which peaked in popularity in 2021 during the last bull market cycle in crypto. Digitized real estate could also mean that the project would tokenize real-world assets. [...] Trump's eldest son recently said that the family wasn't launching a memecoin and instead, was working to develop a crypto platform that would rival the traditional banking system. "What we want to do is take on a lot of the banking world," he said Aug. 8. "I think there has been a lot of inequality in that only certain people can get financing [...] so this notion of decentralized finance is obviously very appealing to guys like me who have been debanked," Donald Trump Jr. said in the interview on Locals.
Two of Trump's sons, Eric Trump and and Donald Jr., have spent weeks teasing the forthcoming platform, which Eric recently described as "digital real estate." "It's equitable. It's collateral anyone can get access to and do so instantly," Eric told the New York Post earlier this month. "I don't know if people realize what a shake up that is for the world of banking and finance. I hope we can help change that." The Trump brothers have also promoted the project with posts declaring that "decentralized finance is the future" and asking people to "stay tuned for a big announcement."
The mention of digital real estate could be a reference to selling digitized versions of assets in the metaverse, a concept which peaked in popularity in 2021 during the last bull market cycle in crypto. Digitized real estate could also mean that the project would tokenize real-world assets. [...] Trump's eldest son recently said that the family wasn't launching a memecoin and instead, was working to develop a crypto platform that would rival the traditional banking system. "What we want to do is take on a lot of the banking world," he said Aug. 8. "I think there has been a lot of inequality in that only certain people can get financing [...] so this notion of decentralized finance is obviously very appealing to guys like me who have been debanked," Donald Trump Jr. said in the interview on Locals.
A con artist getting into crypto? (Score:5, Insightful)
A con artist getting into crypto? I'm shocked! Shocked! Well, not that shocked.
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A con artist getting into crypto? I'm shocked! Shocked! Well, not that shocked.
Crypto says a lot about the founders it keeps.
Re:A con artist getting into crypto? (Score:5, Funny)
A con artist getting into crypto? I'm shocked! Shocked! Well, not that shocked.
Not sure what would be worse in this situation, not understanding Crypto or not understanding Trump. ...
That said, I'm sure this will be as successful as his other business ventures
Re:A con artist getting into crypto? (Score:5, Insightful)
Re:A con artist getting into crypto? (Score:5, Insightful)
The problem is that they will expect the government to take care of them, after giving all their money to someone who wants to get rid of that government.
Re:A con artist getting into crypto? (Score:5, Insightful)
The trick here is to vote that person into government. Once you do that their logic is actually perfectly congruent.
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Re: A con artist getting into crypto? (Score:2)
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I agree about Trumps previous business prowess. However, Truth Social and now this mess are both very clever (didn't he do some NFTs at one point too?). You Americans are so polarised to the point of pseudo religious zeal that they've both got guaranteed customers. Trump supporters believe to their very core that they *must* invest/buy this crap. That Trump is an instrument of god, and that there can be no other way for them, for America or anything else.
Honestly, very few businesses have a customer base quite so motivated. Apple, Tesla, and all the others look on with envy.
Right...clever because it's at its lowest stock price so far [usatoday.com] this week? How does that happen when "Trump supporters believe to their very core that they *must* invest/buy this crap?"
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Re:A con artist getting into crypto? (Score:5, Funny)
The ones that end up insolvent, or the ones that end up in fraud investigations?
Between failed casinos, insolvent mortgage companies, and hotels with fraudulent valuations, theres a lot to choose from here!
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The ones that end up insolvent, or the ones that end up in fraud investigations?
With crypto, probably both. :-D
Re: A con artist getting into crypto? (Score:2)
But there is still the potential for a lot of people to get scammed.
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SCAMCEPTION
Also I wonder how this will play with campaign finance rules, especially foreign contributions? Could turn into a problem if Trump is unable to pardon himself or campagining doesn't fall under the new presidential immunity...
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A con artist getting into crypto? I'm shocked! Shocked! Well, not that shocked.
My first thought on this is it won't even actually be crypto. It'll just be an "exchange" on the front, then dump funds straight into his account on the back. Anybody trusting Donny to keep any amount of money safe is getting what they deserve, frankly. But it makes me sad that there's THIS much evidence of what a fraudster he is, and some people still look at him as if he's the new messiah.
Re:A con artist getting into crypto? (Score:4, Insightful)
A con artist getting into crypto? I'm shocked! Shocked! Well, not that shocked.
And it's even funnier because as President of the US (which he is hoping swings his way in the election this year) will basically make him the regulatory head of those big banks and HE claims to be one of those financial elites he's railing against. How ANYONE believes anything he says or falls for any of his schemes is beyond me and completely boggles my mind, especially with his track record.
WTF? (Score:5, Insightful)
This is what the presidency of the United States has potentially come to?
Even James Buchanan is rolling in his grave.
Re:WTF? (Score:5, Insightful)
No, this is the work of a grifter and con artist who just happens to be running for president. Oh and also a cult leader.
Re:WTF? (Score:4, Insightful)
No, this is the work of a grifter and con artist who just happens to be running for president. Oh and also a cult leader.
Well yes, the fact that the grifter and con artists is someone who a significant portion of the country wants to have for president is the troubling part.
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No, this is the work of a grifter and con artist who just happens to be running for president. Oh and also a cult leader.
Well yes, the fact that the grifter and con artists is someone who a significant portion of the country wants to have for president is the troubling part.
The only part of this that I can at least, I don't want to say understand, because I don't understand how it happened, but it at least has a certain logic to it? Some people really admire how he's able to be such a sleazy piece of shit and yet somehow keeps getting people to fall for his bullshit. There are a few around the office that hang on his every word, and I finally entertained a conversation with one a while back just to try to wrap my head around it. He literally knows the guy is a piece of shit, a
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There's a video floating around of TFG meeting Logan Paul where they swap hats. Someone, and I'm not saying it's Trump, can be heard mumbling "so this is what I'm reduced to". It could be either of them, or even the camera operator come to think of it.
Besides, he has already tried selling NFTs, and we're talking about a man who set up a charitable foundation as a tax dodge, took people's money then tried to take all the credit when he donated it somewhere. The man's a shitheel; it was fucking obvious before
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https://www.huffpost.com/entry... [huffpost.com]
Re:WTF? (Score:5, Insightful)
This is what the presidency of the United States has potentially come to?
It's come to an ex-president who needs to fund multiple court case defenses, simultaneously.
Re:WTF? (Score:5, Insightful)
This is what the presidency of the United States has potentially come to?
Many of Trump's supporters just assume that if Trump is seriously pissing off the Democrats, then he must be doing something right. Even when what he's doing happens to be running a crypto scam.
Remember when Hillary made that "basket of deplorables" remark and she took a lot of shit for it? Turns out she wasn't far off the mark.
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The same people also don't know the difference between defiance and spite or pettiness.
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This is what the presidency of the United States has potentially come to?
Many of Trump's supporters just assume that if Trump is seriously pissing off the Democrats, then he must be doing something right. Even when what he's doing happens to be running a crypto scam.
Remember when Hillary made that "basket of deplorables" remark and she took a lot of shit for it? Turns out she wasn't far off the mark.
Where's Betty White when you need her (RIP)... the world now owes Hillary an apology.
You're related to Donald Drumpf? (Score:2)
not fdic insured may lose value (Score:3)
not fdic insured may lose value
Its just too hilarious... (Score:3, Insightful)
Re:Its just too hilarious... (Score:5, Insightful)
> Trump understands f*** all about crypto...
What is there to understand? You convince your marks to buy zeros and ones from you, in exchange for real money. As they say, a sucker is born every minute. We have a lot of them. Why not just take their money?
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> Trump understands f*** all about crypto...
What is there to understand? You convince your marks to buy zeros and ones from you, in exchange for real money. As they say, a sucker is born every minute. We have a lot of them. Why not just take their money?
Only every minute? PT Barnum was a hell of an optimist.
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A new scam (Score:4, Interesting)
His previous scam (Truth Social) is coming to an end. As of today his shares are down to just under a Billion dollars -from the 6 Billion dollars it was worth 5 months ago. He still has one month left before he can sell his shares.
This is his next con.
Pump, dump, repeat.
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His previous scam (Truth Social) is coming to an end.
Only Trump could be unlucky enough in business that when he finally finds a genuine niche (in this case, a right-wing Twitter alternative), along comes someone richer who just buys out Twitter.
Re:A new scam (Score:4, Interesting)
(and yes I'm refering to both truth social AND twitter). all-right-wing-all-the-time social media just isn't a winning proposition.
Turns out that while people do seem to enjoy yelling at each other on the internet, most balanced normal people dont particularly want that to be their everything.
Re:A new scam (Score:5, Insightful)
Take that away and now the Truth social folks don't know what to do so they end up having some weird only dick waving contest. Which I guess isn't a surprise given how weird MAGAs are in real life.
But I don't know how you can possibly turn that into a business. Because no brand (other than fake crypto scams and fake penis pills) would advertise on such a platform.
But now it's starting to come together and I guess Trump's next endeavor will be fake penis pills. Maybe he'll even make nice with Stormy and pay her to promote them.
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other than fake crypto scams
I can assure you the crypto scams are very real.
You can't make any money off right wing Twitter (Score:4, Insightful)
The problem is there is a finite pool of suckers despite what you've been led to believe and there is a near infinite number of people trying to fleece those suckers. They only have so much money and it's not enough to sustain a large social media site. At least not with the amount of moderation you need to keep the Nazis from being too obvious about being Nazis.
In Trump's case these silly little businesses are designed so he can take them public and then foreign businesses who are hoping to curry favor with him in case he gets back in office can use that to launder money into his pocket. They're not actually meant to really make money
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I hesitate to say this, because I've known salesman who were stand up guys, but somebody who is gifted in sales can make a buck on anything. It doesn't mean they can identify a good business opportunity, or run a business. But they can sure bring the money in.
Why not? Fits the pattern. (Score:3)
You think they'd let such a scammy opportunity go to waste? Of course they were going to find their way there. And that's fine. I have no sympathy left in the tank. Anybody who puts money into this deserves to lose it. And I make no distinction between the willfully ignorant and the hapless.i don't know what has to happen to make critical thinking more valued, but it probably starts with widespread harsh lessons and misery.
Financial elite (Score:4, Insightful)
Says the man with a gold toilet and building in Manhattan with his name on it.
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Says the man with a gold toilet and building in Manhattan with his name on it.
One of the ways the wealthy accumulate more wealth is selling false hopes to the lower folks hoping to join the club. If it's not already a saying, it aught to be: You don't get by rich reading books about how to become wealthy, you get richer by writing books about how to become wealthy.
Re:Financial elite (Score:5, Funny)
The first million people to send me one dollar get a copy of my new e-book: "How to make a million dollars!"
Chapter 1. Get a million suckers to send you a dollar each.
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The bitter truth for Trump is although he plays in that same sandbox, and even built an empire, he's never ever been "one of them." No matter how hard he tried, he was always an outsider in those financial elite circles. And no matter what he says about it now, it has always really bothered him. That bothers him more than the fact that few financial institutions will lend him money anymore.
Re:Financial elite (Score:5, Insightful)
He didn't even build that empire; he inherited it. The Trump Organization was started in the 1920s by Donald's grandparents. Donald inherited the company in the 70s, after it had become a massive real estate empire; he was gracing magazine covers as the golden child, the next in line to take over the empire that his grandparents built and his father made great, but now that the books have been opened it's clear that Donald himself could have done better for himself and his empire by shutting down operations and putting all his parents' company's money into a generic stock portfolio or even the bond market.
The biggest lie that Donald Trump ever sold to the American people was that he was a successful businessman. The only thing he ever did that turned a real profit was his reality TV show where he spent the entire time pretending that he'd been a success the entire time.
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He didn't even build that empire; he inherited it. The Trump Organization was started in the 1920s by Donald's grandparents. Donald inherited the company in the 70s, after it had become a massive real estate empire; he was gracing magazine covers as the golden child, the next in line to take over the empire that his grandparents built and his father made great, but now that the books have been opened it's clear that Donald himself could have done better for himself and his empire by shutting down operations and putting all his parents' company's money into a generic stock portfolio or even the bond market.
The biggest lie that Donald Trump ever sold to the American people was that he was a successful businessman. The only thing he ever did that turned a real profit was his reality TV show where he spent the entire time pretending that he'd been a success the entire time.
It's the worlds best worst kept secret that Donald Trump was a terrible businessman. Multiple bankruptcies, lost money running a casino for crying out loud. This joke has been going on since at least 2015: Donald Trump is not a successful businessman, he just plays one on TV.
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You assume everyone's goal is to just increase net worth.
Say what you will, he has achieved his own version of success, even spectacularly in some ways.
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This has Vance written all over it.
decentralized how? (Score:3)
How is it decentralized if its run by the Trump family?
Re:decentralized how? (Score:5, Funny)
It will be highly decentralized once the entire Trump family flees to a wide variety of countries across the world with no income tax and no extradition treaty with the US.
Genius (Score:5, Insightful)
Honestly, this is kind of a genius move. Trump is a con artist, of course, and crypto's pretty much a fool's game to get into at this point, but Trump has a huge following of low-information people who also happen to be mostly older white people with at least some money, and they all take his word as gospel. He'll likely be able to scam them out of millions if he can pull this off (and he doesn't go to prison).
Circus Hucksters basically (Score:2)
America's First Crime Family's time is waning, like the seasons.
For some reason they've left the media spotlight and looks like losing is going to be pretttty painful,
Jail time. Ouch. For comparable business acumen see Winklevoss twins.
I doubt they can outrun this.
As far as Trump dumping shares of DJTMedia, as anyone who's ever heard of supply and demand will know... he'll never get out with much. Shares of DJTM are basically laundered political donations.
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DJShiTcoin had the worst turntable skills of anyone in the dance hall that night!
OK, funny part aside, you absolutely *KNOW* he's watched how Musk's playtime with Dogecoin went and is planning on doing the same. He and his family will "own" large numbers of his crypto coin, he'll pump it into the stratosphere if anyone's dumb enough to buy in, then sell all his family's shares, wait for the crash to settle, then repeat until nobody buys in anymore. Which, by rights, should be the first time around, but I've
Funding Secured! (Score:3)
Maybe musk will invest some dogcoin
Uh... (Score:2)
"For too long, the average American has been squeezed by the big banks and financial elites," Trump wrote.
Isn't Trump supposed to be one of the financial elites that has been squeezing you?
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Hahahahaha
The good news is... (Score:5, Insightful)
The good news is, this will draw his supporters' funds into yet another scam, which will then take their funds away from supporting his campaign.
The bad news is, when these people lose their shirts, they'll blame others but not Trump, and they'll keep acting badly.
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The good news is, this will draw his supporters' funds into yet another scam, which will then take their funds away from supporting his campaign.
The bad news is, when these people lose their shirts, they'll blame others but not Trump, and they'll keep acting badly.
When they lose their shirts, the money will effectively be piped directly into Trump's campaign / defense fund anyway. It's just another avenue to the same result.
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The good news is that now the people who throw money at fascists to remake America in their own hateful image now have less money to sponsor the campaign of potential winners with the same vision. I say, go for it Donald. All the money in the world won't save you from your fate if you lose this election, and more than half of your donors will be too financially drained and discouraged to continue giving money to other fascist politicians. Thus upping the odds for people who come to DC to enact legislation t
The guy and his family (Score:2)
November is another intelligence test for my country.
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I'm happy to see it (Score:2)
It's like inviting a a vampire into your house once you do shit's going to go down bad.
Re:I'm happy to see it (Score:5, Insightful)
Trump basically is the standard bearer for the Republican Party now. The entire 2024 GOP platform is full of Trumpian logic, with everything from making non-issues into issues (such as preventing the importation of Chinese vehicles, something Biden has already done), to gems like this:
... Our ranks include men and women from every Faith and Tradition, and we respect the Right of every American to follow his or her deeply held Beliefs. To protect Religious Liberty, Republicans support a new Federal Task Force on Fighting Anti-Christian Bias ...
Yep, you read that right, they're going to protect the rights of every faith by establishing a task force to fight anti-Christian bias. I don't think I can roll my eyes hard enough at that one.
The tragic part about this is, it works very well on people who take it at face value. I even had to argue with someone on here the other day who believed that there's nothing at all wrong with a political party promoting "the sanctity of marriage" (yep, that's in the GOP's platform too). Certainly, while marriage is absolutely important as a legally recognized institution, the word "sanctity" is inherently a religious term and it is the implied intermixing of religion with politics that is the issue.
Trump seems to have an innate ability to pepper his speeches with just the right amount of dog whistles. His supporters like what they hear when he talks about "bad hombres" crossing the border, putting the "Merry Christmas" back in Christmas, and going back to traditional American values, because they know exactly what a 78-year-old man means when he's saying those things. He means rolling back the clock to the "good ol' days", with all that entails.
To which I prefer to reply, as a certain famous song goes, "... weren't always good, and tomorrow's not as bad as it seems."
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Things are getting more bizarre (Score:3, Insightful)
I wonder how long the GOP will take to realize they are now a complete joke and do something about it?
We won't. (Score:2)
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You are with that bunch? My condolences.
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I wonder how long the GOP will take to realize they are now a complete joke and do something about it?
I wonder what they're going to do when he loses again and drags a lot of other Rs down with him.
He and his koolaid drinkers will of course never admit that he's a losing proposition. But what will the GOP do? Put him up again in 2028? How do you sideline a popular liability?
And his pet judges... what will they do when they realize he's a liability for the right-wing cause? Hustle him off to prison?
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But what will the GOP do? Put him up again in 2028? How do you sideline a popular liability?
Watching his "campaign speeches" lately, I'm pretty certain we are now seeing some accelerating cognitive decline. So in 2028, he might have to run the country from a memory care unit.
So his cult will just have to settle for him being oh so much prettier than Kamala Harris, and the single issue crowd size voters know that his crowd sizes are better than even Martin Luther King's crowd at the capital.
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I wonder how long the GOP will take to realize they are now a complete joke and do something about it?
I wonder what they're going to do when he loses again and drags a lot of other Rs down with him.
He and his koolaid drinkers will of course never admit that he's a losing proposition. But what will the GOP do? Put him up again in 2028? How do you sideline a popular liability?
And his pet judges... what will they do when they realize he's a liability for the right-wing cause? Hustle him off to prison?
I think the GOP proper is done until Trump dies. At that point, they can assign a duncecap with a bit of a filter between the hate-centers and the mouth, and get the real work done that Project 2025 has laid the plans for. Imagine somebody with Trump's following and an actual brain-stem. Scary, isn't it?
Alternatively, the cult will suck the GOP down into nothing and we'll have a new second party start up, with the GOP being clingers for a few election cycles. Whether they'll come back to prominence is up in
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I wonder how long the GOP will take to realize they are now a complete joke and do something about it?
We're 'doing something about it' for them: voting them all out of office wherever possible. Dismantle the entire Fascist Pig Party to the point they're irrelevant in U.S. politics. Perhaps one day, when all the actual fascists are long gone and cannot hurt anyone ever again, there'll be actual Republicans who have a conscience, respect the Constitution, and aren't out to install an authoritarian theocratic dictatorship, but that may not be in our lifetime. Meanwhile the path is clear: get rid of all of them
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It happens when the majority of elected Republicans view the personal risks of not opposing Trump to be greater than the risk of opposing Trump. At this point, we have not crossed that line. Trump has a very loyal 25-30% of the Republican base, and it is believed he can destroy any GOP candidate who dares openly oppose him with a primary challenge.
I would bet most GOP Congress persons are privately hoping Trump loses big in November and he goes away. Even a lot of Trumpy Republicans are probably thinking
DeFiat (Score:2)
There, corrected it for ya.
I no longer give a fuck. (Score:2)
Have to wonder (Score:2)
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Are the losers who invest in this going to blame the Democrats for this too? What happens when it fails? Is the former president going to be open and honest about his role in the money making scheme?
When Trump manages to screw over everyone on his crypto scam, he'll absolutely say it was infiltrated by the Demonrats under Kamaramala's direction. It *WILL* be believed. And more hatred will be born from nothing. It's sad how predictable it all is at this point.
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Utterly shocked (Score:2)
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He resisted the urge to name it something stupid like TrumpCoin
The most appropriate name would've been "TrumpCon".
Spelling. (Score:5, Funny)
It's spelled "debunked."
A fool and his money deserve to be parted. (Score:2)
This will be hilarious.
because we have to find new ways (Score:3)
summary crypto designed by morons (Score:2)
Only thing he defies is the US Constitution. (Score:2)
What a great idea!!! (Score:2)
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Makes perfect sense to me (Score:3)
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Donald Trump is a CONVICTED FELON.
Modding me down because you don't like my sig is cowardly.
I'm as anti-Trump as I can imagine a human being, but your sig is pretty dumb.
Being a convicted felon is hardly some difficult title for an enemy of the state to acquire.
After all, Eugene Debs was also a convicted felon.
To MAGA twats, Trump is their Eugene Debs. A man with political aspirations to undo the great ills of government, that was slapped down and locked up by the State.
Pointing that out is as stupid as pointing out to a social democrat in 1920 that Eugene Debs is a CONVICTED FELON
The stupidity is breathtaking (Score:2)
..of the potential buyers, that is.
digital real estate (Score:2)
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And Trump Steaks!
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So slashdot supports Kamala ? Don't you? (Score:2, Informative)
Hey, let me give you a chance to say something intelligent to support your viewpoint (this oughtta be good!).
8^|
Re:So slashdot supports Kamala ? (Score:5, Insightful)
If she accomplishes absolutely nothing we'll still be far better off than if we gave Trump another chance to screw things up.
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It's not just MAGA suckers that get ripped off.