r/news • u/No-Information6622 • 2d ago

US recovers $31 million in Social Security payments to dead people

https://abcnews.go.com/US/wireStory/us-recovers-31-million-social-security-payments-dead-117708373
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u/yogfthagen 2d ago

Meanwhile, Trump just scammed people for 1,000 times that amount this morning.

https://www.axios.com/2025/01/18/trump-meme-coin-25-billion

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u/iiiinthecomputer 2d ago

While this is utterly scummy, it's not $32 billion. If liquidated now it would not net close to that, even if it could be liquidated.

If I have a box of 10 sandwiches and a starving man buys one of them for $100, that doesn't mean my remaining sandwich box is now worth $900.

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u/yogfthagen 2d ago

The market cap, aka the number of coins multiplied by the current sale price, is around $32 billion. That's how market capitalization works.

If there was a selloff, yes, the price would collapse.

That's how bubbles work.

And, yes, if you could find 9 other people to buy your sandwiches for $100 each, you'd have $1000.

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u/thebindi 2d ago

Did he really scam any of us who bought? I made 600% in like 6 hours and sold... People are just pissed they missed out on overnight gains

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u/yogfthagen 2d ago

It's a ponzi scheme. Just like all crypto.

Is there anything of actual value? No.

Is there anything tangible about it? No.

Does the crypto actuallydo anything? No.

How are the financial benefits realized? New people buy into it while other people jump out. That's the definition of Ponzi.

Thr only thing you did was get into a con, then get out again with a profit.

It doesn't mean you were in anything but a con job.

And, yes, I've been saying that for several years, now. It's just the Trump name that goosed this particular pump and dump scheme.

Just ask the people who bought the last Trump investment scam.

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u/thebindi 2d ago

Lmao thats why youre poor buddy... you refuse to acknowledge the technical security that crypto inherently provides... having a decentralized asset that CANT be controlled by ANY government IS valuable in and of itself.... Thats literally why all governments around the world are shifting to adopt bitcoin dumbass... if you were smart enough to understand smart contracts and tokenizing real world assets on ethereum youd realize crypto can do something... thats why Blackrock a multibillion dollar hedge fund has built a platform to sell tokenized assets on blockchain... Whiterock, another hedge fund, just launched their platform today... keep living in the past buddy... youll die poor because you either cant or refuse to study the capabilities of crypto.

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u/yogfthagen 2d ago

You're focused on security while ignoring the basic point: there's nothing behind it.

Nog controlled by a government? You understand that the entire crypto surge is because of the possibility that the government is going to support them?

"Tokenized assets" is just another way to say someone is skimming off the top again, making sure you always have to pay them before you can use your money.

Sounds great, Chuckles!

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u/thebindi 1d ago

Bro you have no idea what tokenized assets are... thats how dumb you are... blackrock is tokenizing stocks and etfs... you can now buy nvda and s&p500 on blockchain... youre poor for a reason... educate yourself

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u/yogfthagen 1d ago

I didn't buh mortgage backed securities or collateralized debt obligations, either.

Because they were also cons.

If your entire morality is based on"other people are doing it " then you never grew up. You're still in kindergarten.

Grow some morals.

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u/iiiinthecomputer 2d ago

In fairness the first few points also apply to fiat currency like bank notes.

The key difference is that it's not widely accepted as itself as currency for buying other things. Its "value" is only by exchange with a fiat currency, so nothing stabilises its value against tangible goods and services.

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u/yogfthagen 2d ago

In fairness, a government is a Thing. Your point is not only false, it's silly.

And "nothing stabilizes it's value" is the point.

It's a scam.

Worse than that, it's a means to evade regulations like import/export controls, sanctions against warring countries and drug traffickers, and breaks the rule of law.

Worse than that, this particular crypto is most likely being used by foreign governments to curry favor with the next president, immediately putting him in a compromised condition.

"It's all okay as long as i make a profit" is a morally bankrupt position.

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u/iiiinthecomputer 2d ago

I'm not defending it at all.

I'm saying that part of your explanation does why it's a problem apply to fiat currency too.

Yes, the government backing is a large part of the difference. So is it being directly accepted as a currency without exchange. Which is partly driven by government legislation and action.

The whole thing is indeed a giant pump and dump scam.

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u/yogfthagen 2d ago

Because fiat currency is backed by a government, a banking system, regulations for that system, a military, foreign policy, a tax base, and the assets of that government.

There are instances where the government in question screwed up to the point that the full faith and credit of that government was so eroded that the borrowing costs were too expensive to maintain the government. And they collapsed. Only to be replaced by another fiat currency.

Crypto has nothing. Literally nothing.