Ceci N'est Pas Une Cryptocurrency
Boston, MA, Nov. 23, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire) 2021 may go down as the year for meme trading: from the Wall Street Bets saga in January to runs on cryptocurrencies like DogeCoin and SHIB, it’s safe to say that this holiday season, there are sure to be some interesting conversations happening around the dinner table. Rounding off the end of this year and hoping to capitalize on the ongoing conversations about American inflation, jobs, and monetary policy is a new project recently launched on Binance Smart Chain (BSC) and trading exclusively on PancakeSwap that calls itself The FED Money Printer.
The idea for the coin itself was spun out of a simple joke: the idea that the Federal Reserve Banking system prints money, bu what if people were able to print money themselves? The mechanics are that of a simple reflection token: whenever an investor buys or sells, they pay a 15% tax, wherein 4% goes to liquidity to maintain stability and growth, 4% goes to a Treasury fund, and the remaining 7% is dispersed among stakeholders in the form of BUSD-a BSC currency pegged to the value of the USD. Simply put, the more people hold during periods of volatility, the more money they get back.
Art... that makes money
“The whole thing is almost like an art project,” explained the developer, Sobel. “We just wanted to capitalize on the larger conversations happening around America’s economic recovery efforts and see if we could inject ourselves in the middle of it through light-hearted political satire about monetary policy. We’re blown away by how overwhelmingly positive the response has been from people.”
However, not everybody seems to share their enthusiasm. “Yeah, our launch did rub some people the wrong way, some more conspiracy-minded people seemed to have had our humor go over their heads-- our Telegram channel even got raided by a group from 4chan at one point.”
Despite these setbacks, Sobel saw an opportunity to incorporate the crisis into the brand: “I took a page from [John Maynerd] Keynes, and decided to win over some of our opposition by offering a stimulus package of free shares to anybody who wanted them. It didn’t take long to bring many of them onboard.”
A Brighter Future
“At the end of the day it’s just fun,” stated Sobel plainly. “I want everybody to be able to go into the holidays being able to say they paid for their presents with the ‘money printer.’ It’s just plain wholesome.”
What follows from there, the developer was a bit more oblique: “well I have seen in the news that the Federal Reserve likes talking about minting a trillion dollar coin some day. We don’t do NFT’s right now, but that could be something worth looking into.”
Nick Gardner Copy Desk CryptoNews NE 781.383.5506 cryptonewsne.distributor(at)gmail.com
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