I hope that you didn’t have your retirement or the kids’ college educations bet on the Let’s Go Brandon crypto coin striking it rich. If so, gather up what’s left of your marbles, not to mention your wits, and go find another investment because this one just went ker splat! Daily Beast:
At the end of last year, the coin, which carries the saying “Let’s Go, Brandon,” spiked in value after it received a boost from D-list TrumpWorld acolytes and found itself being promoted on the hood of NASCAR driver Brandon Brown’s race car. […]
A group of enterprising crypto enthusiasts seized on the viral moment by creating their own cryptocurrency and attempting to sponsor the driver’s racing team.
Those dreams vaporized in January, when NASCAR abruptly intervened, declaring that it would not allow the sponsorship deal to go through, despite prior approval from a company employee.
The coin’s demise followed in short order, even as LGB signed a “two-year, eight-figure” sponsorship agreement with the driver.
To some observers, the collapse was a foregone conclusion. “They tried to monetize on a viral outbreak. Did it surprise me when something without value shot up and immediately shot down upon release? No,” said David Silver, an attorney who has represented aggrieved crypto investors since 2014.
And though the crypto markets are riddled with scams, according to Tim Swanson—who blogs about crypto and works as head of market intelligence at the blockchain company Clearmatics—the danger to investors is always higher with niche “meme coins.” […]
As of several weeks ago, the team behind LGB was still urging their acolytes to remain patient and loyal. Tweeting from their stated location—“Merica”—they offered up a “Don’t Panic!” meme accompanied by some dubious counsel: “Sometimes you just need to have faith and [hold on for dear life].”
You can hold on if you want to. The smart money has already decided to bail and find a better investment.
Call me a curmudgeonly old fart, a dinosaur that refuses to change but I simply have never understood the whole Bitcoin movement. Why the hell would anyone put gobs of their money in it? As far as I know, unlike the Dollar, the Pound, the Frank, the Deutschmark and so many other government backed currencies nothing backs a crypto currency other than others using it. I can see where people trying to hide assets or engage in transactions for illegal stuff mind find it handy, but while there are supposed to be protections (so I gather) against whomever controls a cryptocurrency swooping in and wiping out everyone’s money I would never, ever trust it. Maybe I’m a Luddite. But I’ll stick with real, government backed forms of currency.
In simple terms, the crypto currency movement is just one more way to separate a fool from his money. I find it entirely apt the rubes supporting drumpf would put together a bullshit scam like this. Crypto was tailor-made for these times.
Just this week I asked some co-workers “who in the fuck would invest in anything being hawked by someone called Megan the Stallion” (commercials on broadcast T.V.) ? I mean, it would be like someone investing in some nonsense put forward by Bozo the Clown.
Do not disrespect Megan the stallion. Htown proud.
In fairness, Matt Damon, Alec Baldwin, Neil Patrick Harris, Spike Lee and Tom Brady have ALL done commercials for cryptocurrency. Damon’s commercial drew a lot of flak over its “Fortune favors the brave” tagline, suggesting that the viewer needed to get as much cryptocurrency as quickly as possible.
Picking on Megan Thee Stallion (two e’s in the name, incidentally) comes off as both a bit sexist and a bit racist.
Oh, for what it’s worth, I saw a piece on “Entertainment Tonight” the other night that included the very first Black female Bozo the Clown.
I’m with you. It’s basically scrip, like company money.