That's the thing, it's not about any of the potential lawsuits being successful, that's what I mean by "legal" — essentially the system — being the biggest winner of all the crazies that will unfold.
People will get mad about a lot of things and will try to take a chance at lawsuits but it won't amount to much because the 47th US president basically just made outright grift not persecutable.
Right... yeah I'm just not convinced they can even get as far as starting the suit in the first place... but I see your point. I have yet to see a single meme coin be legally pursued even under the old administration. Have you?
Even outright 'scams' that rug haven't been pursued.
But they aren't scams because they aren't promising anything.
If I tell people to give me their money and they do... that's not a scam.
I think it's a lot more complex than that. Whilst there's not been any memecoin lawsuits that I'm aware of, I expect that there will be, at some point.
Bottomline, a scam = a dishonest scheme to make money off others, and that's exactly what launching a memecoin that you definitely plan on rugging on the idea of "community" or whatsoever as an influencial figure is.
There's going to be slip ups at some point, especially in the marketing and continued subtle promotion of these coins.
They may not be securities or investment contracts fundamentally, but depending on what each memecoin represents and who is behind it's launch, it can be perceived as a scheme to rob others.
There's an expectation of profit off the labors of others(essentially the team behind the launch) from buyers. That's really all anyone looks to buying any of this shit.
But certainly, legally, at least right now, all what's been said above may not hold any weight, but it's still an embarrassment that this is all happening and it all can't be bulletproof, is all am saying.
Time will tell I guess.
Is Trumpster Fire a term that people use?
I can't argue with the fact that this is embarrassing and unethical behavior (as if Trump could get any more embarrassing or unethical) but what I find more interesting than all that is that many people in crypto seem to not understand what they signed up for.
Everyone signed up for anarchy... and they don't like it. Everyone signed up for no rules and an infinite number of self-regulating digital communities. Something goes wrong and they tuck tail and demand the "authority" handle it. There is no authority. We are entering a new paradigm where people need to take responsibility and figure their own shit out.
Oh, you got scammed? Ah well... fuck you. Own up to your own fuckup and learn from it. Stop trying to put someone else in charge to fix your problem. It's not going to fly in this lawless jungle we've built. And yes that's harsh and will be a hard lesson for many but it's better than what we had going before.
It looks like Trump is bringing true anarchy to crypto, at least for a short time... which is pretty insane I would actually not have guessed it. The real question is what people are going to do with this freedom. A lot of people are going to scam but at least one person will build something truly legitimate that totally would not have been allowed under the last administration. Will it be worth it? I mean it already has been worth it because the SEC hasn't protected a single person or gotten anyone's money back. Crypto enforcement has been less than worthless since the beginning.
Oh yes, was going to point this out but didn't want my reply longer than it already was or seem like I was touching on too many things at once.
Right after publishing this post, all I could think of was how Trump has literally given a greenlight to the ecosystem to do all sort of crazy stuff because the system will have to persecute the President first before anyone else.
Interestingly, it's quite hilarious actually, people are so stupid it's unimaginable and all that is happening just shows why the current system has had us trapped for centuries, we essentially run back to them — "our abusive daddies and moms" — when shit we do elsewhere pricks us.
All whilst claiming we don't need them. The delusion is laughable, almost like they can't fully grasp that "decentralized governance" is essentially a new sort-of legal system and anything it cannot influence, well, we can't do anything about.
Maybe someday, they will have their moment of realization, but for now, judging by the known nature of people and their enslaved mind, they are definitely going to be attempts at lawsuits, maybe more when Trump is out, but there will be.
And something tells me that how all of those plays out will have a great impact on how this ecosystem evolves in the next decade.
Yep sounds like a good theory.
All that's left to do is pay attention and reflect back on this.