The TRUMP coin dinner contest is over. As for the fortunate 220, NFTs await and perhaps a celebratory zoom handshake. But below all the clickbait and the meme-inspired panic, something just doesn’t smell right. Think about an authentic reality television competition, where substantial cold cash – tens of thousands of dollars – is at stake. The prize? An opportunity to cozy up the corridors of power. And that’s where the “corruption canary” begins to chirp.

Is This Just Harmless Fun?

On the surface, it's genius. Trump knows how to play the brand Trump card, ride the crypto wave, and further endear himself to the MAGA base. The excitement of meeting a former president, layered with the unexpectedness of NFTs, is a powerful combo. Let's be real: this isn't about technological innovation; it's about gamified political engagement.

Hold your TRUMP tokens until the VIP dinner, and receive a unique NFT collectible. It’s a naked attempt to game the system to drive up the price. It's not investing; it's manufactured scarcity. To me, that's outrageous.

Link your crypto wallet, climb the leaderboard, earn additional leaderboard points just for holding the “Diamond Hand” NFT. It’s a loyalty program, yes, but it is a massive data-gathering operation. What happens with that data? Who has access to it? The anxiety of the unknown is palpable.

The Insider Trading Whisper

Here's where it gets darker. Remember the LIBRA promoter, Hayden Davis, alleging attendees of a previous Trump dinner got an insider trading opportunity to buy TRUMP early? That casts a long shadow on this whole NFT dinner. It may not be illegal, but it smells foul.

Let's play devil's advocate for a second. Now put yourself in the shoes of a billionaire trying to ingratiate yourself with Trump. So you purchase an enormous amount of TRUMP coin to secure that spot at that gala dinner. You receive exclusive face time, you receive advance notice of the “Next Era of TRUMP.” You've essentially paid for privileged information.

Is that corruption? Perhaps not by the strict interpretation of the law. And yet it absolutely is a perversion of the spirit of fair competitive markets. It builds a world where access and information are sinecures—things you can only have if you pay for them. It's an injustice to the everyday investor who doesn't have the resources to play this game.

Crypto's Faustian Bargain?

After all, crypto was admirable in its initial vision of decentralization, transparency, and democratizing finance. These types of schemes seem like a Faustian bargain. Are we really going to trade in all that crypto stands for to buy a little political influence?

This is enough of a red flag that the TRUMP coin’s recent spectacular gains (almost 50% in a month) should raise your hackles. Is that organic growth, or is that growth caused by manufactured buzz and the request to pay for insider access? And here, too, I suspect the answer is a combination of both.

Here's the connection you might not expect: this is like the early days of the stock market, before regulations and oversight. It had become a wild west where manipulation and insider trading were the name of the game. Our fate isn’t sealed to suffer the same outcomes with crypto.

  • The Problem: Mixing politics and crypto creates opportunities for abuse.
  • The Solution: Increased scrutiny and regulation of crypto projects with political ties.
  • The Call to Action: Demand transparency and accountability from those involved.

We need to ask tough questions. We need to be skeptical. We have to keep our minds open to the fact that the future promise of crypto extends far beyond just getting rich overnight. It’s about creating a fairer, more transparent financial system. And that requires vigilance, not blind faith.

The first-time “Diamond Hand” NFT could be a brilliant marketing ploy. The dinner would probably be an awesome photo op. The potential for corruption is real. If we’re not careful, that corruption canary will be the last thing left singing.

Don’t get carried away by the prospect of a big payday. Follow along to see what all this means for the future of crypto and the troubles it brings with it.