It should be the digital currency for Trumpists: "Magacoin" is supposedly a new crypto currency analogous to Bitcoin - only that its only purpose is Donald Trump and his favorites in the next year's congressional elections. "Maga" stands for "Make America Great Again", Trump's campaign slogan. A total of 75 million "Magacoin" are said to have been produced. Cryptocurrencies are created through a process known as “mining”, in which computers perform cryptographic tasks. Their value arises from the exchange rate to the conventional currency. The first cryptocurrency was Bitcoin. A Bitcoin is currently worth around 28,800 euros.
"Magacoin" is not yet listed on any of the tracking platforms for crypto currencies and is not an officially traded crypto currency - an "Initial Coin Offering" (ICO) has not been announced.
Therefore, it can ultimately also be a publicity stunt in which donors receive a certificate from "Magacoins", but no real cryptocurrency is traded.
One thing is certain: “Magacoin” is supposed to help win election campaigns.
And the idea of their own currency feeds the hope for Trump enthusiasts that they could, as it were, make themselves independent of everything that happens outside of their own political bubble.
The majority is said to have received coins for free
Donald Trump had already talked about building his own social network months ago after he was banned from Twitter and other platforms. The attempt called Gettr failed miserably. It is unknown whether Trump supports the pseudo currency. He recently described Bitcoin as a possible "fraud". On the "Magacoin" website it is said that the supposed crypto currency was launched out of "frustration" over the 2020 election result. In the meantime, 75 million coins have been produced, because this number represents the "75 million voters who were disenfranchised on November 3, 2020". The right website "Big League Politics" described "Magacoin" as a payment option with which one could support Trump-loyal companies and politicians "without using a financial instrument,from which the globalists benefit ”.
More than a thousand Trump supporters, including politicians and media representatives, are said to have already ordered “Magacoin”. And it wasn't long before the alleged new crypto currency was already having problems. The addresses and personal information of hundreds of prospective customers were leaked through a data breach. As the newspaper "The Guardian" reported, the "Magacoin" website was hacked. The leak shows that the majority of the “Magacoins” are said to have gone to Marc Zelinka, a political advisor and Trump loyalist who describes himself as the inventor of the fan currency. Well-known right-wing personalities, such as radio talkers, are said to have received thousands of free coins, according to media reports. Those who register for “Magacoin” currently receive 100 coins for free - according to the “hacktivist” who shared his information with the “Guardian”,the majority of customers should only have these hundred coins at their disposal, i.e. have not paid anything.
Trump opponents have fun
Whether real cryptocurrency or election campaign gimmick: The purpose of the "Magacoins" is to finance the campaign.
Reilly O'Neal, a Trump enthusiast and political advisor, called several "Political Action Committees" (PAC) into being, which he wants to fund with "Magacoin".
O'Neal's "Tidewater Strategies" company has already supported Republican candidates who supported Trump in previous election campaigns - he was also involved in former Judge Roy Moore's failed Senate campaign for the 2017 by-election in Alabama.
The PACs are supposed to support Trump-loyal candidates in the upcoming congressional elections next year.
A total of 12 million "Magacoin" are now said to have flowed into the "Magacoin Victory Fund" alone - how much that would be in dollars is unclear. It remains to be seen whether the value of the “coins” can be increased dramatically in a similar way to that of a Bitcoin. Until then, opponents of Trump online will have a lot of fun with the idea. "Does anyone know if you can pay legal fees and fines for tax evasion and intrusion into federal property in Magacoin?" Asked a Reddit user.