唐纳德·特朗普（Donald Trump）创建了一种名为WLFI的加密货币，并以不到一美元的价格向公众出售抽奖券

想象一下，处于巨大政治权力的人会创造一亿抽奖券，并使其可供公开购买。

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.

想象一下，处于巨大政治权力的人会创造一亿抽奖券，并使其可供公开购买。如果您购买门票，最终您将获得奖励：一定数量的魔豆 - 最终每个魔豆都可以换成一美元的美国美元。更重要的是，如果您提早购买抽奖券，则可以花费不到一美元的价格，也许只有5美分。抽奖券不仅最终会给您带来更多传统货币；您还可以通过抽奖券对公司的重要投票，并帮助您管理魔术般的供应，而购买的门票越多，您拥有的发言权就越多。哦，抽奖活动的创造者将为自己保留一堆门票，而魔术偏见经济产生的大部分收入也将回到他身上。

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.)

这有效地描述了由特朗普家族隶属的一家世界自由金融公司创造的新加密货币的运作，唐纳德·特朗普总统担任其“首席加密辩护人”。加密货币是一个称为WLFI的所谓治理令牌，是抽奖券，另一种加密货币是一种称为USD1的“ stablecoin”，是Magic Bean。世界自由在“分散财务”的新生行业中交易，在这种行业中，加密货币工具使用户可以规避传统的，受监管的银行生态系统，以搬家，存储和贷款。 Stablecoins是将固定在单一货币价值（例如一美元）挂钩的加密货币，尽管它们并不总是那么稳定：Terra是曾经成功的稳定稳定的Terra，失去了钉子，并遭受了2022年的倒塌。Stablecoins在2022年倒塌了。在法律的范围内，无论是在公共方面都无法像库存一样，在公共方面却不得不努力（如库存），从而在公共事务中起作用（如公共销售）（如公共销售所致（如公共）所做的那样）。世界自由网站上的旗帜是法律免责声明：“世界自由财务不认为代币是证券。”唐纳德·特朗普（Donald Trump）等人在一月份通过一家名为DT Marks Defi的公司安静地承担了世界自由的控制权。尽管精美的印刷表明，特朗普家族的任何成员都是世界自由的“官员，董事或雇员”，但DT Marks Defi获得了其子公司净收入的75％。 （剩余的25％是Axiom Management Group，该小组与世界自由的两个官方领导人Chase Herro和Zachary Folkman有关，这是一对自称为“加密朋克”，其其他业务包括在Folkman的案例中，其中包括一个名为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.

特朗普是一次曾经的加密怀疑论者，他在2019年的一条推文中宣布：“我不是比特币的粉丝。”然而，近年来，他吹捧了几种魔豆品种，从而使PR提升了一个行业，在该行业中，新企业常常在抵达时死亡。 2022年，他发布了特朗普数字交易卡，这是一系列不可杀死的代币，继续生产新批次，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的批量购买者收到了Mar-A-Lago的邀请。）在就职典礼前三天，他推出了一个所谓的模因硬币，基于在线臭名昭著的加密货币，随着早期买家的早期购买者以更高的价格向后期的买家出售，以更高的价格出售，以较早的价格出售。特朗普$由十亿硬币组成，其中80％由与特朗普相关的公司保存，其余的卖给了公众。据报道，它的销售收入约为三百五亿美元，市值近30亿美元；特朗普的业务每笔交易每笔交易都会收取费用。

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

现在，模因硬币的价格下降到其历史最高高的五分之一，大多数买家已经看到他们的购买损失价值。梅拉尼亚·特朗普（Melania Trump）官方的模因硬币在特朗普（Trump）的情况变得更糟后不久发布。但是，特朗普在战斗战斗，与特朗普组织及其加密货币项目相关的一项竞赛中，最近给特朗普带来了颠簸，其中有一场竞赛，其中2220大二十个最大的持有人赢得了与唐纳德·特朗普（Donald Trump）举行的晚宴的邀请，将在华盛顿附近的特朗普国家高尔夫俱乐部（Trump National Gold Trump）举办晚宴，与私人（Black Tie）访问了私人的私人。比赛提供了一种明确的方式来吸引特朗普的注意力，借给魔豆作为游说工具的新吸引力。许多模因投资者都在国外，有些投资者明确对影响特朗普的议程的目标是明确的。 （一位澳大利亚企业家告诉《泰晤士报》，他希望与总统谈论加密政策；一位墨西哥买家说，他希望特朗普对关税的耳朵。）周二，一家中国小公司，