'Let's Go Brandon' Crypto Coin Turns Into Total Dumpster Fire

[Demovictory9]

The MAGA-themed coin with dreams of sponsoring a NASCAR team is now circling the drain.


The MAGA-themed “Let’s Go Brandon” Ethereum cryptocurrency has fallen on tough times.

So much so that the value of all 330 trillion coins totals just a few thousand dollars combined, according to the trading sites CoinMarketCap and Crypto, a far cry from the days of pro-Trump investors believing they could strike it rich in the ever-complex world of crypto.

That represents a 99.5 percent decline over the last 30 days, leaving a singular LGB coin effectively worthless.

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At the LGB coin’s peak in early January 2022, the coin had a liquidity pool worth north of $6.5 million. (One not familiar with crypto might think of a liquidity “pool” as just that, a large pool of liquid cash flow that the exchange can use if investors want out of their positions, even if there isn’t a buyer on the other side of the table.) That pot of money has since dried up, leaving a liquidity pool of less than $10,000.

On Twitter, the organizing group behind LGB pledged to “airdrop” investors a new and improved coin, ostensibly swapping out something worthless for something with an artificially designated value.

David Silver, the crypto lawyer, was skeptical. “The free market has already said this is a coin that has no value,” he said. “Simply rebranding and trying again is merely trying to take a second shot at convincing someone to give you value where no value exists.”

https://www.thedailybeast.com/lets-go-brandon-crypto-coin-turns-into-total-dumpster-fire

[Emile]

1. Vote Brandon 2024!

[Afrocat]

2. You don't say.

[Phoenix61]

3. Awesome! nt

[nattyice]

4. I hope a lot of MAGAts foolishly lost big time

[Delphinus]

7. Me too!

[Catherine Vincent]

5. Bunch of weirdos

I can't believe rethuglicans would go that far with all their LGB crap.

[Caliman73]

10. Whenever there is money to be made, someone will try.

When you have an audience whose primary investment in issues is "emotional", that is a market that is ripe for exploitation. I have no doubt that the "sharks" in this scheme, took early positions and got the hell out. The marks, who were investing in the idea of "owning the libs" based on a mid tier NASCAR driver, got taken to the cleaners. The sharks are greedy and the average joes are too dumb to realize that they are the ones getting owned.

[ashredux]

6. These folks are just plain old stupid

[Hav]

8. Someone should check the sell activities

Pump and dump isn't an uncommon tactic if grifters want to make some money with bitcoin. Seems like they want to go for round 2 now.

[ThoughtCriminal]

9. When you are running a con

There is nothing more valuable than a list of Trump worshippers.

[ZonkerHarris]

11. No shit. A true sucker list.

[Caliman73]

13. We are all vulnerable in one way or another, but you are right...

There is definitely an easier time to be had with people who are that emotionally activated. Stoke their fear or anger and they are likely to do what you want them to.

I am sure many of those same people are on lists for televangelists.

[jmowreader]

12. So...

…you’re saying someone invented an electronic lira.

I suspect one of the biggest problems here is that they mined 330 trillion of the fucking things. The person who invented Bitcoin set a hard limit of 21 million coins. They’re not there yet and might never be…the last 500 Bitcoin will probably require the horsepower of every computer that’s ever been made, including adding machines and abacuses, to produce. The theory is scarcity will drive up the price.

So…you have 330 trillion coins, enough to supply every human being on the planet with a thousand of them, and the only people who will even consider buying them are people who despise Joe Biden…and you wonder why you can buy 500 of them for one North Korean won.

All together now: “what the hell did you think was going to happen?”