Grifter in Chief

Daily Kos:

Grifter in chief: Trump's new way to exploit MAGA minions

Donald Trump’s list of grifts is seemingly endless, but his new stake in the cryptocurrency market might bring one of his biggest cash hauls yet.

Earlier this week, the first convicted felon to be elected U.S. president launched his own meme coin, $TRUMP, sending the value of his self-titled digital currency (briefly) skyrocketing.

For those who don’t quite understand the crypto market, meme coins or tokens rose to popularity in 2013 and have been used by celebrities and influencers alike to cash in on their brand and notoriety. 

But because of the lack of regulation around cryptocurrency, some high-profile hucksters have also managed a “rug pull” on the giddy fans who hoped that investing in their favorite celeb’s new coin would help them get rich.

A “rug pull” is a term used to describe when creators of a digital coin—which has a limited supply—sell most or all of their personal stake after their fans substantially increase the value. 

This tanks the value of the coin and sends fans’ investments tumbling....