唐納德·特朗普（Donald Trump）創建了一種名為WLFI的加密貨幣，並以不到一美元的價格向公眾出售抽獎券

想像一下，處於巨大政治權力的人會創造一億抽獎券，並使其可供公開購買。

Imagine that someone in a position of great political power created a hundred billion raffle tickets and made them available for public purchase. If you buy the tickets, eventually you will receive a reward: a proportional quantity of magic beans—and eventually each magic bean will be exchangeable for one United States dollar. What’s more, if you buy the raffle tickets early, you can get them for less than a dollar, perhaps for as little as five cents apiece. Not only will the raffle tickets eventually gain you more traditional currency; you can also vote on company matters with your raffle tickets and help manage the magic-bean supply, and the more tickets you purchase, the more say you have. Oh, and the creator of the raffle will keep a bunch of the tickets for himself, and much of the revenue generated by the magic-bean economy will also go back to him.

想像一下，處於巨大政治權力的人會創造一億抽獎券，並使其可供公開購買。如果您購買門票，最終您將獲得獎勵：一定數量的魔豆 - 最終每個魔豆都可以換成一美元的美國美元。更重要的是，如果您提早購買抽獎券，則可以花費不到一美元的價格，也許只有5美分。抽獎券不僅最終會給您帶來更多傳統貨幣；您還可以通過抽獎券對公司的重要投票，並幫助您管理魔術般的供應，而購買的門票越多，您擁有的發言權就越多。哦，抽獎活動的創造者將為自己保留一堆門票，而魔術偏見經濟產生的大部分收入也將回到他身上。

This effectively describes the workings of a new cryptocurrency created by World Liberty Financial, a company affiliated with the Trump family, with President Donald Trump serving as its “Chief Crypto Advocate.” The cryptocurrency, a so-called governance token called WLFI, is the raffle ticket, and another cryptocurrency, a “stablecoin” called USD1, is the magic bean. World Liberty deals in the nascent industry of “decentralized finance,” in which cryptocurrency instruments allow users to circumvent the traditional, regulated banking ecosystem for moving, storing, and lending money. Stablecoins are cryptocurrencies that are pegged to a single currency value, such as one U.S. dollar, though they are not always so stable: Terra, a once successful stablecoin, lost its peg and suffered a collapse in 2022. Stablecoins fall nebulously within the bounds of the law, so long as they don’t appear to function as securities (as, for instance, stock in a publicly traded company does). A banner on the World Liberty website serves as a legal disclaimer: “World Liberty Financial does not consider the tokens to be securities.” Donald Trump et fils quietly assumed a controlling stake of World Liberty, in January, through a company called DT Marks Defi. Though fine print specifies that no member of the Trump family is an “officer, director or employee” of World Liberty, DT Marks Defi receives seventy-five per cent of its subsidiary company’s net revenue. (The remaining twenty-five per cent goes to Axiom Management Group, which is connected with two of World Liberty’s official leaders, Chase Herro and Zachary Folkman, a pair of self-described “crypto-punks,” whose other ventures include, in Folkman’s case, a company called Date Hotter Girls.)

這有效地描述了由特朗普家族隸屬的一家世界自由金融公司創造的新加密貨幣的運作，唐納德·特朗普總統擔任其“首席加密辯護人”。加密貨幣是一個稱為WLFI的所謂治理令牌，是抽獎券，另一種加密貨幣是一種稱為USD1的“ stablecoin”，是Magic Bean。世界自由在“分散財務”的新生行業中交易，在這種行業中，加密貨幣工具使用戶可以規避傳統的，受監管的銀行生態系統，以搬家，存儲和貸款。 Stablecoins是將固定在單一貨幣價值（例如一美元）掛鉤的加密貨幣，儘管它們並不總是那麼穩定：Terra是曾經成功的穩定穩定的Terra，失去了釘子，並遭受了2022年的倒塌。 Stablecoins在2022年倒塌了。在法律的範圍內，無論是在公共方面都無法像庫存一樣，在公共方面卻不得不努力（如庫存），從而在公共事務中起作用（如公共銷售）（如公共銷售所致（如公共）所做的那樣）。世界自由網站上的旗幟是法律免責聲明：“世界自由財務不認為代幣是證券。”唐納德·特朗普（Donald Trump）等人在一月份通過一家名為DT Marks Defi的公司安靜地承擔了世界自由的控制權。儘管精美的印刷表明，特朗普家族的任何成員都是世界自由的“官員，董事或僱員”，但DT Marks Defi獲得了其子公司淨收入的75％。 （剩餘的25％是Axiom Management Group，該小組與世界自由的兩個官方領導人Chase Herro和Zachary Folkman有關，這是一對自稱為“加密朋克”，其其他業務包括在Folkman的案例中，其中包括一個名為Date Hotter Girls的公司。）

Trump is a onetime crypto skeptic who announced, in a tweet in 2019, “I am not a fan of Bitcoin.” Yet in recent years, he has touted several varieties of magic beans, bringing a P.R. boost to an industry in which new ventures are often dead on arrival. In 2022, he released Trump Digital Trading Cards, a series of non-fungible tokens that has continued to produce new batches, including a January, 2024, “Mugshot” edition, featuring his glaring police photo. (Bulk buyers of the mug-shot N.F.T. received invitations to Mar-a-Lago.) Three days before his Inauguration, he launched a so-called meme coin, cryptocurrencies based on online notoriety that become de-facto pyramid schemes as early buyers sell off to later ones at higher prices. $TRUMP consists of a billion coins, eighty per cent of which were kept by Trump-related companies, and the remainder sold to the public. It reportedly made around three hundred and fifty million dollars in revenue from its sale and has a market capitalization of nearly three billion dollars; Trump’s business earns a fee for every $TRUMP transaction.

特朗普是一次曾經的加密懷疑論者，他在2019年的一條推文中宣布：“我不是比特幣的粉絲。”然而，近年來，他吹捧了幾種魔豆品種，從而使PR提升了一個行業，在該行業中，新企業常常在抵達時死亡。 2022年，他發布了特朗普數字交易卡，這是一系列不可殺死的代幣，繼續生產新批次，包括2024年1月的“ Mugshot”版本，其中包含他耀眼的警察照片。 （Mug-Shot NFT的批量購買者收到了Mar-A-Lago的邀請。）在就職典禮前三天，他推出了一個所謂的模因硬幣，基於在線臭名昭著的加密貨幣，隨著早期買家的早期購買者以更高的價格向後期的買家出售，以更高的價格出售，以較早的價格出售。特朗普$由十億硬幣組成，其中80％由與特朗普相關的公司保存，其餘的賣給了公眾。據報導，它的銷售收入約為三百五億美元，市值近30億美元；特朗普的業務每筆交易每筆交易都會收取費用。

The price of the meme coin is now down to less than a fifth of its all-time high, and the majority of its buyers have seen their purchases lose value. An official Melania Trump meme coin released soon after Trump’s has fared even worse. But $TRUMP was given a recent bump when Fight Fight Fight, a business associated with the Trump Organization and its crypto projects, ran a contest in which the two hundred and twenty largest holders of the meme coin won invitations to a gala dinner with Donald Trump, to be hosted at the Trump National Golf Club near Washington, D.C. (Black tie is optional.) The top twenty-five will get access to a more private reception with the President. The contest offers an explicit way to buy Trump’s attention, lending magic beans a new appeal as a lobbying tool. Many of the meme-coin investors are based abroad, and some have been unequivocal about their goal of influencing Trump’s agenda. (One Australian entrepreneur told the Times that he hopes to speak to the President about crypto policy; a Mexican buyer said that he would like Trump’s ear on tariffs.) On Tuesday, a small Chinese company that

現在，模因硬幣的價格下降到其歷史最高高的五分之一，大多數買家已經看到他們的購買損失價值。梅拉尼亞·特朗普（Melania Trump）官方的模因硬幣在特朗普（Trump）的情況變得更糟後不久發布。但是，特朗普在戰鬥戰鬥，與特朗普組織及其加密貨幣項目相關的一項競賽中，最近給特朗普帶來了顛簸，其中有一場競賽，其中2220大二十個最大的持有人贏得了與唐納德·特朗普（Donald Trump）舉行的晚宴的邀請，將在華盛頓附近的特朗普國家高爾夫俱樂部（Trump National Gold Trump）舉辦晚宴，與私人（Black Tie）訪問了私人的私人。比賽提供了一種明確的方式來吸引特朗普的注意力，借給魔豆作為遊說工具的新吸引力。許多模因投資者都在國外，有些投資者明確對影響特朗普的議程的目標是明確的。 （一位澳大利亞企業家告訴《泰晤士報》，他希望與總統談論加密政策；一位墨西哥買家說，他希望特朗普對關稅的耳朵。）週二，一家中國小公司，