The TRUMP coin dinner contest is over. The dust is settling, and the top 220 are (presumably) polishing their shoes for a potential meet-and-greet with the former President. Art is being sold, NFTs are being given away, unrealistic promises of riches are being proclaimed, and the market—always the unpredictable and tempestuous animal—roars on. As Thabo, someone deeply invested in democratizing DeFi in Africa, I have to ask: are we witnessing genuine empowerment or a polished exploitation of hope?
Hope vs. Hype?
The allure is undeniable. An opportunity to have dinner with Donald Trump, the man you might say has succeeded him — love Trump or hate Trump, he holds the crowd’s attention. NFTs have incredible potential, sparking excitement for a “Next Era of TRUMP.” The Trump Rewards Points Program provides you with thrilling access and once-in-a-lifetime experiences. Let's peel back the layers. Who truly benefits from this spectacle?
Is it the average American, the single mother in Lagos who wants to take her $500 investment and make generational wealth out of it? Is it the people with the best connections or political acumen? Or are “private companies” supposedly buying TRUMP for political clout, as some claim in recent media articles?
This is where the unexpected connection comes in: remember those "get rich quick" schemes promising untold riches through pyramid schemes? This feels eerily similar. The biggest rewards are largely self-explanatory and extremely beneficial. Meanwhile, those further down are left holding a digital sack that’s full of empty promises at best.
Diamond Hands or Golden Cages?
The most egregious part is the “Diamond Hand” NFT incentive. Carry your tokens through the evening, and in return, we’ll reward you with a unique NFT – our digital badge of loyalty. It sounds innocuous, even fun. But consider the implications.
It's a clear attempt to manipulate the token's price. By making selling exceedingly difficult, the event organizers manufacture demand, setting token holders up for a potentially predatory pump-and-dump. And who gets left holding the bag when the music stops? Often it is the most vulnerable, the people who put their life savings to work to give their children a better life that are injured.
Let me put this in perspective. Now picture that same farmer, suddenly able to feed not just his family, but hundreds or thousands more on the continent. In addition, he’s listening to pitches for TRUMP coin, the allure of get-rich-quick schemes. He pours his scant life savings into a grand venture, expecting to finally escape the cycle of poverty. Then, of course, he’s given the orders to hold, hold, hold until after their big dinner. He loses all his chances to cash out with a profit because he’s holding on for a pipe dream inspired by mania. Is this empowerment? Or is it merely a gilded cage, restricting him to an edifice built to serve the interests of everyone but him?
| Feature | Potential Benefit | Potential Risk |
|---|---|---|
| Dinner Contest | Chance to network, gain exposure | Allegations of corruption, political influence |
| NFT Rewards | Collectible value, access to future opportunities | Uncertain value, potential for price manipulation |
| "Diamond Hand" NFT | Increased rewards points | Price manipulation, discourages selling |
This is where the anger kicks in. The unfairness of being able to profit off the backs of people who need help the most is enraging.
Echoes of the Past: Insider Trading?
Asserting that sharp insider trading underlay past Trump-related crypto enterprises only increases the queasiness with which to consider this initiative. Hayden Davis alleges that donors to a previous dinner got special access to purchase TRUMP before its official release. This allegation is exceptionally disturbing.
If accurate, it details a picture of a system stacked the deck from the outset. Meanwhile, the privileged few are able to profit from this advanced insider information. The rest of us are left to bet on a rigged race.
Here's the anxiety: What if history repeats itself? What if the "Next Era of TRUMP" is unveiled at the dinner, giving those in attendance a head start on the next big thing, leaving everyone else in the dark?
We need transparency. We need accountability. And most importantly, we have to encourage financial education. Consumers need to be aware of the dangers associated with meme coins. They need to be informed about the ability to price manipulation and the need to do their own research before investing their hard-earned dollars.
This isn't about being anti-Trump. It’s about protecting vulnerable communities from potential exploitation. We need to live up to the promise that DeFi and NFTs have shown. Let’s not make it possible for anybody to profit while causing harm to others. In order to make smart decisions, people need to be empowered with the knowledge and tools at their disposal. We can never afford to take advantage of their optimism about a brighter tomorrow.
