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Wed Jan 19, 2022, 02:01 PM

Experts Raise Warnings about Steve Bannon's New Cryptocurrency

Source: Mother Jones

Last month, Steve Bannon, the former Trump campaign manager and White House strategist, announced his participation in a new venture: a cryptocurrency marketed to Joe Biden haters and Donald Trump devotees. He and Boris Epshteyn, another ex-Trump adviser, boasted that they had taken a “strategic ownership position” in a crypto coin called $FJB. That stands for Fuck Joe Biden.

On his podcast, Bannon began talking up the coin, of which they both had acquired significant amounts, as a “currency for the MAGA movement.” During one episode, Epshteyn hailed the $FJB coin as a tool to help Trump fanatics “let your feelings, your primal disapproval, your primal disgust with Biden be heard.” But $FJB buyers might want to beware. Not only does every purchase bolster the value of Bannon’s and Epshteyn’s holdings, crypto experts say the currency is designed in a way that affords its operators an usual amount of discretion in blocking owners of coins from selling their tokens—a power that could cause problems for investors.

[snip]

The code for $FJB allows the currency’s operators to manually lock an owner’s token balance, an unusual practice in a space that aims to avoid centralized authority. This would prevent an owner from selling coins, according to Simon de la Rouvier, who reviewed the code for Mother Jones. De la Rouvier is a digital artist and co-author of ERC-20, a coding standard used to program contracts on the Ethereum blockchain, which supports Ether, a cryptocurrency second only to Bitcoin in market capitalization.

De la Rouvier points out that this restriction doesn’t apply to the operators of $FJB. “They can transfer as much as they want, whenever,” he says. De la Rouvier outlines a possible scenario: If $FJB’s price started to drop, the coin’s operators could freeze some token holders from selling to prevent a further spiral, while the operators remain free to sell off their own coins. By the time locked investors regained access, their tokens could be worth much less.



Read more: https://www.motherjones.com/politics/2022/01/steve-bannon-boris-epshteyn-fjb-crypto/?fbclid=IwAR0LIVF8XP6mC3wbAaD1Fu9b_Msxe6DBm572KFyuyDjvGwClJ4z2R0zfIzI



There is much much more in the linked article. The bottom line is that Bannon has found a new grift and is ripping off 45's followers again.

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Reply Experts Raise Warnings about Steve Bannon's New Cryptocurrency (Original post)
groundloop Jan 2022 OP
bucolic_frolic Jan 2022 #1
GB_RN Jan 2022 #2
Initech Jan 2022 #10
GB_RN Jan 2022 #15
Initech Jan 2022 #19
GB_RN Jan 2022 #21
IronLionZion Jan 2022 #16
Initech Jan 2022 #18
dixiechiken1 Jan 2022 #27
smb Jan 2022 #32
Mawspam2 Jan 2022 #56
GB_RN Jan 2022 #57
DBoon Jan 2022 #58
reACTIONary Jan 2022 #60
Lonestarblue Jan 2022 #3
Rachel M at 6 pm Jan 2022 #4
groundloop Jan 2022 #12
intheflow Jan 2022 #5
SouthernDem4ever Jan 2022 #39
keithbvadu2 Jan 2022 #53
Midnight Writer Jan 2022 #6
smb Jan 2022 #33
Hieronymus Phact Jan 2022 #35
not fooled Jan 2022 #7
Bayard Jan 2022 #8
YP_Yooper Jan 2022 #13
calimary Jan 2022 #49
ZonkerHarris Jan 2022 #9
texasfiddler Jan 2022 #11
NCjack Jan 2022 #36
Botany Jan 2022 #62
Calista241 Jan 2022 #14
TheBlackAdder Jan 2022 #17
Maeve Jan 2022 #20
Dopers_Greed Jan 2022 #22
BlueIdaho Jan 2022 #23
FakeNoose Jan 2022 #24
TygrBright Jan 2022 #25
Eugene Jan 2022 #26
Missn-Hitch Jan 2022 #28
llashram Jan 2022 #29
brush Jan 2022 #30
Slammer Jan 2022 #31
smb Jan 2022 #34
AverageOldGuy Jan 2022 #37
calimary Jan 2022 #50
CanonRay Jan 2022 #38
MontanaMama Jan 2022 #40
relayerbob Jan 2022 #41
oasis Jan 2022 #42
BradBo Jan 2022 #43
ananda Jan 2022 #44
NBachers Jan 2022 #45
Snackshack Jan 2022 #46
paleotn Jan 2022 #47
oasis Jan 2022 #48
calimary Jan 2022 #51
muriel_volestrangler Jan 2022 #52
keithbvadu2 Jan 2022 #54
Paladin Jan 2022 #55
rockfordfile Jan 2022 #59
C Moon Jan 2022 #61
jmowreader Jan 2022 #63
prodigitalson Jan 2022 #64

Response to groundloop (Original post)

Wed Jan 19, 2022, 02:03 PM

1. Can't sell your shares? Autocratic Investing just screams free-dumb /nt

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:07 PM

2. So, We First Have The LGB Crypto

And now we have FBJ crypto, started by Bannon? What's with this shit? Can any asshole and his mother's dog start up a crypto currency? I've always been leery of crypto, but if this is the case, it confirms to me that cryptocurrencies are nothing but a fucking scam, and most likely a pyramid scheme.

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Response to GB_RN (Reply #2)

Wed Jan 19, 2022, 02:27 PM

10. I have too, it's the modern day equivalent of the gold rush.

And just like the real gold rush, the ones who were really getting rich were the ones selling the mining equipment.

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Response to Initech (Reply #10)

Wed Jan 19, 2022, 02:38 PM

15. Yep.

But these people think of themselves as "temporarily inconvenienced billionaires", rather than what they obviously are: Working stiffs, like the rest of us. I've literally had to tell a couple of these people line about there being two types of people in this world: "There are the truly rich, and those who aren't. If you have to check your wallet to see which one you are, well..."

But they still seem convinced that they're going to join the 1% just as soon as that Lotto ticket or whatever, comes along...any day now. 🤦‍♂️. All you can do is 🙄 and walk away.

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Response to GB_RN (Reply #15)

Wed Jan 19, 2022, 02:47 PM

19. And the blockchain bros aren't on our side either.

These are the people who won the crypto lottery and people who you wouldn't trust with 15 cents, let alone $15 million.

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Response to Initech (Reply #19)

Wed Jan 19, 2022, 02:54 PM

21. Nope.

I wouldn't trust those guys any more than I'd trust Fuckerberg with my private information!😂

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Response to Initech (Reply #10)

Wed Jan 19, 2022, 02:41 PM

16. Still might be a good play today

to invest in the technology used for mining cryptocurrency rather than the actual cryptocurrency

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Response to IronLionZion (Reply #16)

Wed Jan 19, 2022, 02:44 PM

18. Yeah NVIDIA and AMD would be great investments right now!

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Response to GB_RN (Reply #2)

Wed Jan 19, 2022, 03:17 PM

27. I'm with you...

It's not regulated and I don't trust it. AT ALL. This is just further confirmation that my skepticism is warranted.

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Response to GB_RN (Reply #2)

Wed Jan 19, 2022, 03:29 PM

32. Yep!

Yep, pretty much any mother's dog's asshole can start their own cryptocurrency.

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Response to GB_RN (Reply #2)

Wed Jan 19, 2022, 06:23 PM

56. As of today, there are 8000+ cryptocurrencies.

Yes, any one can create a crypto coin. It may be completely ill-liquid, but who cares? They are all a grift.

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Response to Mawspam2 (Reply #56)

Wed Jan 19, 2022, 06:32 PM

57. That Was Kinda Where I Was Going With My Question

Being that they were all more or less some kind of scam. Anything Batshit Bannon is involved in is definitely a scam, though. No two ways about it.

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Response to GB_RN (Reply #2)

Wed Jan 19, 2022, 06:56 PM

58. It's like starting a bank pre-Lincoln presidency

after Andrew Jackson ended the original banking system:

https://www.factmonster.com/math/money/brief-history-us-banking

When the second Bank of the United States went out of business in 1832, state governments took over the job of supervising banks. This supervision often proved inadequate. In those days banks made loans by issuing their own currency. These bank notes were supposed to be convertible, on demand, to cash?hat is, to gold or silver. It was the job of the bank examiner to visit the bank and certify that it had enough cash on hand to redeem its outstanding currency. Because this was not always done, many bank note holders found themselves stuck with worthless paper. It was sometimes difficult or impossible to detect which notes were sound and which were not, because of their staggering variety.

By 1860 more than 10,000 different bank notes circulated throughout the country. Commerce suffered as a result. Counterfeiting was epidemic. Hundreds of banks failed. Throughout the country there was an insistent demand for a uniform national currency acceptable anywhere without risk.


In other words, a libertarian paradise.

Cryptocurrencies are trying to recreate this original Eden-like state.

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Response to GB_RN (Reply #2)

Wed Jan 19, 2022, 08:50 PM

60. Yes, any asshole can....

... there is a site that can be used to set one up and start operations in about five minutes. I read an article by someone who did it just to show what a scam it is.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:07 PM

3. You really have to be clueless to invest any money with anyone in Trump's crowd.

They are all crooks and liars.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:16 PM

4. I don't understand why Mother Jones would want to warn the Biden haters about the danger of $FJB

The more division among them, the better.

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Response to Rachel M at 6 pm (Reply #4)

Wed Jan 19, 2022, 02:34 PM

12. I seriously doubt if any of those folks would ever read Mother Jones......

Their articles are more than two paragraphs.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:18 PM

5. Bannon, et al, creating new Confederate currency.

That's what the headline should read. Who the fuck cares about how MAGAbots' investments fare? It's a given Bannon is looking to fleece the sheeple to line his own pockets, and they'll willingly get screwed on multiple levels.

But creating a currency targeted to secessionists? That's the story I want to read.

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Response to intheflow (Reply #5)

Wed Jan 19, 2022, 04:03 PM

39. economic sedition

sounds like a jailable offense to me.

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Response to intheflow (Reply #5)

Wed Jan 19, 2022, 05:27 PM

53. Scarlett O'Hara's father had plenty of money... in Confederate bonds.

Scarlett O'Hara's father had plenty of money... in Confederate bonds.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:18 PM

6. Epshteyn is pronounced ep-shteen, not ep-steen. Most people don't know that.

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Response to Midnight Writer (Reply #6)

Wed Jan 19, 2022, 03:30 PM

33. "That's FRONK-en-steen!" nt

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Response to smb (Reply #33)

Wed Jan 19, 2022, 03:40 PM

35. Suggestion box:

This board really needs a way to quietly Like something.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:21 PM

7. Separating maggots from their money?

No problem here.

As pointed out above, how dumb do you have to be to buy sketchy investments from congealed ectoplasm entity Bannon?

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:22 PM

8. I have no problem with him fleecing MAGAts

Less money for them to put toward sedition, and maybe it will finally dawn on them after all their money is gone, that they are being ripped off.

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Response to Bayard (Reply #8)

Wed Jan 19, 2022, 02:35 PM

13. Hell, I'd do it too

 

but if you can't sell?!??

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Response to Bayard (Reply #8)

Wed Jan 19, 2022, 04:43 PM

49. Neither do I, except for how it inevitably lines his pockets.

I don’t want anything for Steve Bannon except a nice long prison sentence. And take away his ability to communicate.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:24 PM

9. Trumphumpers are such suckers.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:31 PM

11. MAGA-SUCKERS!

I guess they have forgotten what Bannon was pardoned for? Or they just don’t care?

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Response to texasfiddler (Reply #11)

Wed Jan 19, 2022, 03:49 PM

36. There are 3 MAGA-suckers born every minute.

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Response to texasfiddler (Reply #11)

Thu Jan 20, 2022, 08:00 AM

62. Sending a crook like Steve Bannon real money to invest into phony currency that will work out ...

... just like all those idiots who invested into Bannon's "build the wall fund" which he used to
buy his way onto this which is owned by a Chinese billionaire crook:




Christ he was already arrested on fraud charges and would be in prison if it wasn't for TFG's pardon.

https://nypost.com/2020/08/20/steve-bannon-was-arrested-on-chinese-billionaires-28m-yacht/ NY Post I know

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:35 PM

14. Anyone who buys any of this is just flat out one of the crazies.

I mean, unless you just feel like giving your money to Steve Bannon. But if you actually want to make an investment or expect any kind of return, you're crazy to consider this.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:43 PM

17. Buy it first few minutes and dump it later in the day to fleece MAGAts out of some cash.

.

Gotta do the dump before Trump & Bannon's flunkies profiteer from the rubes.

.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:49 PM

20. So. Shocked. So. Very..

Who am I kidding....it was always going to be a summer's game.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 02:54 PM

22. He's trying to follow in the steps of that DWAC stock

Basically a pump and dump to enrich himself.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 03:02 PM

23. The fact that Bannon can easily manipulate this "coin"

Proves it doesn’t pass the test to be called a “currency.”

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Response to groundloop (Original post)

Wed Jan 19, 2022, 03:07 PM

24. All Bannon wants is your credit card number

You didn't think you were gonna get those bitcoins for FREE, did you?



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Response to groundloop (Original post)

Wed Jan 19, 2022, 03:07 PM

25. Gee, ya THINK? A scam artist offers something as scammy as cryptocurrency?

What could POSSIBLY go wrong?

LOL...

amusedly,
Bright

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Response to groundloop (Original post)

Wed Jan 19, 2022, 03:07 PM

26. Bannon parting gullible MAGA faithful from their money -- *again*.

grifters gonna grift

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Response to groundloop (Original post)

Wed Jan 19, 2022, 03:17 PM

28. Good for them. I am always looking for business strategies to take their money too.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 03:26 PM

29. all of the trump inner circle

are con artists and grifters. May those who participate in such a venture lose their shirts. And I mean torn to shreds with bleeding claw marks...sorry for the anger. I am so sick of these clowns and how gullible RW Americans are to be deceived by these crooks. It's almost like they want to be cheated...

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Response to groundloop (Original post)

Wed Jan 19, 2022, 03:27 PM

30. Crypto currencies are a crap shoot as it is so anyone who trusts...

Last edited Wed Jan 19, 2022, 04:02 PM - Edit history (1)

that crook Bannon is behind is just throwing their money away.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 03:28 PM

31. bannon

They'll probably end up telling you that the freeze option is to protect their investors from liberal pump-and-dump schemes.

And honestly, introducing any partisan currency opens up the possibility of the other side doing pump-and-dump schemes.

But Bannon's history of scamming his own supporters make it extremely likely that sooner or later the "protection mechanisms" will be used for his personal financial benefit at the expense of everyone else whether the currency is outrageously successful or outrageously scammerific.

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Response to Slammer (Reply #31)

Wed Jan 19, 2022, 03:35 PM

34. Those Liberals Can't Pull Pump-and-Dump Schemes With This Currency!

Only we can pull pump-and-dump schemes with this currency!

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Response to groundloop (Original post)

Wed Jan 19, 2022, 03:51 PM

37. " . . . Bannon . . . is ripping off Trump followers . . . "

And that's a GOOD THING!!! KEEP IT UP, STEVE, KEEP IT UP!!!

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Response to AverageOldGuy (Reply #37)

Wed Jan 19, 2022, 04:46 PM

50. Well, when you put it THAT way...

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Response to groundloop (Original post)

Wed Jan 19, 2022, 03:59 PM

38. Grifters know their marks

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Response to groundloop (Original post)

Wed Jan 19, 2022, 04:07 PM

40. Bannon was quite successful in grifting millions

from tRump rubes for the fake border wall. I imagine he will be successful in this venture too. We're talking about the lowest common denominator when it comes to the idiots who buy into this crap.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 04:12 PM

41. I think all GQPpers ought to invest everything they own into it immediately

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Response to groundloop (Original post)

Wed Jan 19, 2022, 04:17 PM

42. MAGidiots and their money will soon be parted.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 04:24 PM

43. That sounds like a Ponzi scheme. If he make one dime off that I bet it's illegal on a federal level.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 04:27 PM

44. IOW, a big grift to avoid at all costs.

I hope trumpers buy a lot and go bankrupt.

Am I evii ???

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Response to groundloop (Original post)

Wed Jan 19, 2022, 04:33 PM

45. And once it collapses, it'll be all Joe Biden's fault.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 04:35 PM

46. How do these

People continue to have the ability to keep doing all they can to hurt the country.

As surprised as I am that the GOP has gone as far as it has to follow DT down, even staying silent and basically giving DT cover…a man who openly admitted he lied about the danger of COVID to “play it down” which has resulted in over 850,000 dead Americans then put all of their lives in danger with his attempted Coup… I am equally surprised at how they have been allowed to continue to do as they please for a year now to do all they can to damage Dems, President Biden the Country and its Citizens.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 04:39 PM

47. Cryptocurrency is bullshit to begin with so, so what?

As soon as crypto starts to seriously impact nation state's ability to manage their own currencies, central banks will squash it and nation states will outlaw it. That should have been done years ago.

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Response to paleotn (Reply #47)

Wed Jan 19, 2022, 04:40 PM

48. Exactamundo!

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Response to paleotn (Reply #47)

Wed Jan 19, 2022, 04:49 PM

51. I'm no expert on it but I do recognize a bad smell when I sense it.

Then again, it’s a safe assumption that if that asshole is pushing it, it’s DEFINITELY suspect. DEEPLY suspect.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 04:52 PM

52. Anyone Who Has Heard of Him Raise Warnings about Steve Bannon's New Cryptocurrency

I mean, the man conned the true Trump supporters over a Mexican wall. I'd be astounded if he's ever involved in an honest business adventure again (no-one sensible would partner with him, after all - his fellow con-artists still face charges, after he skipped free).

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Response to groundloop (Original post)

Wed Jan 19, 2022, 05:33 PM

54. Glenn Beck selling gold... coins that were way over-priced.

Many elderly right wingers trusted him and 'invested'.

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Response to groundloop (Original post)

Wed Jan 19, 2022, 05:43 PM

55. As if I'd trust ANYTHING associated with Bannon. (nt)

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Response to groundloop (Original post)

Wed Jan 19, 2022, 08:13 PM

59. crypto is a danger to American democracy and jobs. No surprise Boris Epshteyn anti-American pos

No surprise Boris Epshteyn anti-American pos. He's the pos that gave anti-American speeches on Sinclair.

It's because of crypto that graphics cards are over priced and have practically zero availability. It's because of crypto we have a computer chip shortage. Using something like graphics cards for that crap instead for its intended purpose is a form of corruption.

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Response to groundloop (Original post)

Thu Jan 20, 2022, 12:46 AM

61. Is it called Creepto?

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Response to groundloop (Original post)

Thu Jan 20, 2022, 01:21 PM

63. Let me guess

Next time Trump decides to overthrow the government, he’ll pay his minions in Bannoncoin instead of Bitcoin.

A couple of people I work with are “investing” in Bitcoin. They asked me if I invest in it.
“No.”
“Why not?”
“Two reasons: it’s not stable, and the only thing you can do with it is fund criminal activity.”

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Response to groundloop (Original post)

Tue Jan 25, 2022, 06:13 PM

64. I hope he gets lots of investors nt

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