At this point, if you’re not using personal access to political power to run billion-dollar crypto scams, you’re seriously missing out.Previously, it was the Trump dynasty cashing in, using the family name to rake in over $1 billion off the backs of gullible crypto bros. Now, it’s former president Joe Biden’s son Hunter, whose memecoin $LAPTOP is following the tell-tale signs of a cyrpto rug pull.If you’re not familiar with this side of the cryptoverse, here’s a quick breakdown. A memecoin is basically an extremely volatile financial vehicle designed to cash in on trending memes or other viral phenomena. Unlike other cryptocurrencies like Bitcoin, memecoins lack even the thinnest pretense of real world utility. Instead, they live or die on hype alone, with the vast majority of memecoins collapsing like a house of cards as soon as a few early investors begin selling off their holdings.This, of course, is exactly what happened with $LAPTOP. According to DeCrypt, the young Biden’s memecoin launched at 8 am on Wednesday morning, peaking at a price of $190.81 dollars just two minutes after opening to traders. Before 9 am rolled around, the value of the memecoin had plummeted to just $3.70, collapsing from a fully diluted value of $144 billion to $4.8 billion in a matter of minutes.As the Washington Post observed, roughly 80 percent of people who bought the crypto token ended up losing money.Biden, for his part, touted $LAPTOP as a way to reclaim his honor in the wake of the convoluted laptop controversy of 2020, where it was alleged that the younger Biden was appropriating his father’s political position in business dealings in Ukraine and China.“The symbol they used to try to end me is now a symbol of resilience, redemption, and recovery,” Biden posted on X-formerly-Twitter before the memecoin went public. “They turned laptop into a weapon. I turned it into a token.”It’s unclear exactly how much he made from the rugpull, or where exactly any of that money went. In his post, Biden alluded to a “mechanism” by which “20 percent of the coins will be airdropped to the community,” without elaborating on what that means.A further portion of the tokens could be sent to a charity in a spiteful dig at Trump, as Biden cryptically explained. “Thirty percent of the tokens are tied to a pre-programmed mechanism,” he tweeted. “We publicly say what has to happen in the world. If it happens, the corresponding tokens are permanently burned. If it does not, those tokens are sent to charity. Either way, they leave our hands and an additional 50 million tokens will go to charity no matter what.”“With $TRUMP, nearly one million wallets have collectively lost ~$3.8 [billion],” Biden continued. “With my token, 20 percent of the coins will be airdropped to the community, and I am even including people that lost money on the $TRUMP grift.”A follow-up post published on the blogging platform Medium clarifies that this “mechanism” is a kind of prediction-market line, where “30 percent of supply is tied to public, verifiable events criteria.”“When a prediction resolves YES, the tokens are burned. When it doesn’t, they go to charity,” Biden explained. Basically, there are dozens of these “events” baked into $LAPTOP that determine what happens to the tokens as time goes on. Some of them are relatively straightforward, like “will President Trump be impeached during his term?” while others only add to the labyrinthine scheme.“The first event, 5,000,000 tokens, was resolved yesterday when Beeple referenced $LAPTOP,” Biden wrote on his blog.Of course, the memecoin’s valuation matters a great deal: whether the five millions tokens are priced at a few cents or a few hundred dollars when the prediction resolves has drastic implications for the final payout. Now that the price of LAPTOP is in the gutter, the not-at-all-ironclad law of memecoins says that it’s extremely unlikely to shoot back up without a major cash injection.In all, it’s an extremely sketchy — not to mention gimmicky — setup for a guy who’s already worth $17 million.Maybe it’d be one thing if all of the proceeds were guaranteed to end up with a charity, but that whole mechanism looks to be a distant afterthought. Instead, Biden is focused on the more nebulous task of “help[ing] each other and our country to get back up” — though how a hundred-billion-dollar crypto scam is supposed to accomplish that remains to be seen.More on crypto scams: Trump Fans Confused by How Their Investments in His Crypto and Stock Are Now Worth a Tiny Fraction While He’s Getting RicherThe post Hunter Biden’s $LAPTOP Meme Coin Is Either a National Disgrace or the Funniest Thing He’s Ever Done, and We’re Not Entirely Sure Which appeared first on Futurism.