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Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

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Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#151

Post by comp_throw7 »

xrd wrote: post #15
JumpCrisscross wrote: post #11

Earlier quoted context omitted.

> this is horribly embarassing He made a mistake and backtracked instead of instinctively doubling down. Count your blessings.

Sorry, when you are the president you don't get that leeway to make mistakes and then correct them by saying "sorry, my bad!" No way. If I'm just a blogger on Twitter, then sure. It is hard to tell whether the US president is more than an effective tweeter. That distinction is important to me.

> Sorry, when you are the president you don't get that leeway to make mistakes and then correct them by saying "sorry, my bad!" No way.

What does "don't get to" mean? Descriptively, this is false; normatively, this seems like a completely impossible standard to hold presidents to. You want them to literally never make any mistakes?

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#152

Post by TZubiri »

andyferris wrote: post #143
TZubiri wrote: post #139

Earlier quoted context omitted.

I don't get the crime part for the most part. If you know the rules of the game and you willingly participate, then how is it different from any casino? I don't buy into any of the people that claim they were scammed, they knew the rules and they tried to make money out of nothing. Other than perhaps trading unregulated securities, I don't see the actual fraud. To be clear it is distinct from pretending to be a secur…

Is there such a thing as truly "unregulated" here? What I mean is - pyramid schemes are illegal irrespective of the mechanism, so there's always _some_ basic regulation for these things. I feel pyramid schemes are just a special kind of pump-and-dump scheme, and I don't understand how these aren't being punished effectively and swiftly by the existing laws and enforcement agencies...

Unregulated means that it isn't presented to the regulating authorities, not only is it not submitted for approval to the SEC or the Argentina equivalent (CNV), but it wasn't even submitted for chartering as an LLC (SRL) or Corp (SA) in any Argentina Jurisdiction.

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#153

Post by quantified »

manquer wrote: post #124
droptablemain wrote: post #34

The Solana trenches are effectively a giant crime-riddled casino. Everyone who plays understands this -- you can make money but you're essentially gambling. I'm not saying this is OK, but it's the current state of things. When this $Libra token launched, everything else dumped as capital flowed into it, and then effectively got siphoned off by insiders. So even people that didn't chase "Argentina's coin" got screwed.…

> you can make money but you're essentially gambling. It is much worse than that, legitimate gambling is fine. In meme coins everyone knows they are scamming and and it is a pump and dump but just think that there would be some dumb "bag holder".

Sort of like a casino version of musical chairs, but the there's no music.

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#154

Post by lovich »

dysoco wrote: post #69

Just to clarify, here are some important differences compared to the Trump case: 1. Milei did not sell this as a memecoin at all, unlike Trump, he sold it as a "financial instrument to help finance small Argentinan enterprises". 2. Trump tweeted about $TRUMP BEFORE stepping into office, Milei is already the president of Argentina. This constitutes an obvious ethical violation, and possibly a legal one as well. 3. 80%…

>I hope this helps people from outside Argentina get another view of Javier Milei, I've read way too many uninformed comments here on Hacker News and other sites about how he's a genius in economy and he's helping Argentina's economy, and that cannot be further from the truth sadly. If he made such a blunder in finance which supposedly is one of his specialties just imagine how incompetent he and most of the government right now is on other matters.

If relying on multiple clones of his dead dog, that he also named after libertarian philosophers, to give him policy advice as President didnt tip anyone off, I dont think shilling a meme coin rug pull is going to change their minds

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#155

Post by quantified »

TZubiri wrote: post #145

I seem to be in the minority here, and I would definitely be framed as a supporter for saying this, but I'm a nuanced person. He is more of an idiot than a scammer, legally I think the term is negligence instead of fraud. Having recognized that he caused damage by negligence, additionally I think he was a victim too, he was scammed out of political capital and reputation. I don't think he was in on it, although defin…

That level of idiocy for sure begs impeachment. But he's not an idiot if he arose to the presidency, he's got a lot of savvy about how things work and who does what. Definitely worth inspecting inside and out.

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#156

Post by adastra22 »

tombert wrote: post #41
franciscop wrote: post #36

Earlier quoted context omitted.

Because he didn't. As he explains, it seems like all he did was do a retweet of what he thought might be a good thing (like he does a lot), not create the coin and not profited from it. According to his own words: > "A few hours ago I posted a tweet, as I have so many other times, supporting a supposed private enterprise with which I obviously have no connection whatsoever. I was not aware of the details of the proje…

Even if everything you said here is true, he's the president of the country. It is not unreasonable for the president of a nation to do the research of what they're endorsing before they endorse it, instead of backtracking immediately after backlash.

Retweet doesn't mean endorsement.

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#157

Post by Xuban »

lovich wrote: post #154
dysoco wrote: post #69

Just to clarify, here are some important differences compared to the Trump case: 1. Milei did not sell this as a memecoin at all, unlike Trump, he sold it as a "financial instrument to help finance small Argentinan enterprises". 2. Trump tweeted about $TRUMP BEFORE stepping into office, Milei is already the president of Argentina. This constitutes an obvious ethical violation, and possibly a legal one as well. 3. 80%…

>I hope this helps people from outside Argentina get another view of Javier Milei, I've read way too many uninformed comments here on Hacker News and other sites about how he's a genius in economy and he's helping Argentina's economy, and that cannot be further from the truth sadly. If he made such a blunder in finance which supposedly is one of his specialties just imagine how incompetent he and most of the governme…

I don't think this is the approach if you want people to side against Milei.

His economic results are crystal clear: inflation is way down, the economy is growing, percentage of poor people is down, the debt and the stock market are way up, salaries are up and so on.

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#158

Post by lovich »

Xuban wrote: post #157
lovich wrote: post #154

Earlier quoted context omitted.

>I hope this helps people from outside Argentina get another view of Javier Milei, I've read way too many uninformed comments here on Hacker News and other sites about how he's a genius in economy and he's helping Argentina's economy, and that cannot be further from the truth sadly. If he made such a blunder in finance which supposedly is one of his specialties just imagine how incompetent he and most of the governme…

I don't think this is the approach if you want people to side against Milei. His economic results are crystal clear: inflation is way down, the economy is growing, percentage of poor people is down, the debt and the stock market are way up, salaries are up and so on.

I have no desire if to influence if people side with or against Milei. If you want to follow him, by all means go for it.

I am however, still going to mock obviously bat shit insane ideas, and telepathically speaking with your cloned dogs for policy advice is absolutely bat shit insane

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#159

Post by adastra22 »

chubot wrote: post #149
throwcatowayne wrote: post #141

Earlier quoted context omitted.

> he is more intent on building his subscriber count than actually asking tough questions. It's quite a sad indicator of the state of knowledge in the world where Fridman is considered the more "intellectual" of pop podcasters when the most popular podcasts are crap like Rogan, Shawn Ryan, Candace Owens, and Call Her Daddy. Because Fridman will literally have a guest with platform A, like Netanyahu, and agree on 95%…

I don't actually see a problem with that ... He is uncritical, yes. But he doesn't deny being uncritical. It's a useful "service" to get people with diametrically opposite viewpoints to talk freely, and he does that well The interviewer doesn't need to impose their world view on the guest, or the audience -- it's OK to let the audience make up their own minds. Contradictions aren't inherently bad, either ... "consist…

It's a false dichotomy. Terry Gross does a great job of getting her subjects to talk freely, while still asking hard questions.

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#160

Post by otherme123 »

dysoco wrote: post #69

Just to clarify, here are some important differences compared to the Trump case: 1. Milei did not sell this as a memecoin at all, unlike Trump, he sold it as a "financial instrument to help finance small Argentinan enterprises". 2. Trump tweeted about $TRUMP BEFORE stepping into office, Milei is already the president of Argentina. This constitutes an obvious ethical violation, and possibly a legal one as well. 3. 80%…

> he's helping Argentina's economy, and that cannot be further from the truth sadly. If he made such a blunder in finance which supposedly is one of his specialties just imagine how incompetent he and most of the government right now is on other matters.

Oh, could he be a lot further from the truth! He could have done at least a couple of orders of magnitude worst with inflation (it was 300% and rising in its peak last year, expected to be 25% this year: https://www.reuters.com/world/americas/argentina-economy-see...). In the same link, economy is growing/expected at 4.5% this year. The government is at a surplus. The interest rate the state pays on its debt is 29% which looks incredibly high until you see this data: https://tradingeconomics.com/argentina/interest-rate . Yes, that was a 126% interest when Milei got there. In fact, it is a miracle that Argentina didn't default this year, as they had to do the biggest repay in three years (https://buenosairesherald.com/economics/argentina-pays-us4-3...).

> If he made such a blunder in finance which supposedly is one of his specialties just imagine how incompetent he and most of the government right now is on other matters.

This is the fallacy of composition: "is he was wrong about this then it is wrong about absolutely everything he does", which can't be further from the truth, and is behind some people falling in traps like the sunk cost fallacy ("I can't be wrong about this and cut loses, or people will think I'm wrong about everything"), or insufferable people that double down on their mistakes or enter a train of lies, and would do almost anything except accept they were wrong.

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