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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

#11

Post by JumpCrisscross »

xrd wrote: post #8
xrd wrote: post #4

I was excited about Cabbage Patch Kids, but I missed $TRUMP. Where is the $PUTIN token?

In all honesty, I've read a bunch of positive articles about Millei, and watched the Friedman interview with him. He has multiple economics degrees and really seems to understand economics in a way that Trump does not, IMHO. And, so this is horribly embarassing that he does not understand the basics of cryptocurrencies and tokens and the scoundrels. Understanding economics is not the only point when you are running a…

> this is horribly embarassing

He made a mistake and backtracked instead of instinctively doubling down. Count your blessings.

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

#12

Post by xrd »

imiric wrote: post #10
xrd wrote: post #8

Earlier quoted context omitted.

In all honesty, I've read a bunch of positive articles about Millei, and watched the Friedman interview with him. He has multiple economics degrees and really seems to understand economics in a way that Trump does not, IMHO. And, so this is horribly embarassing that he does not understand the basics of cryptocurrencies and tokens and the scoundrels. Understanding economics is not the only point when you are running a…

You don't seem to be considering the possibility that he knew perfectly well what he was doing, and that this was intentional. Rug pulls are popular among celebrities.

You are right, I assumed he was principled and dedicated to the good of the country above all else. Should I reconsider that? Like I said, I read positive things about him and thought was a sincere person. If you have something else I should read, I would be very interested to know what to add to my list.

I've been following Argentina's struggles for a while given my time in Brazil and the parallels to hyperinflation so I was willing to consider his unorthodox approach, but perhaps it blinded me?

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

#13

Post by santoshalper »

BobbyJo wrote: post #6
TrackerFF wrote: post #5

Earlier quoted context omitted.

If Trump (or whoever) goes on social media to promote Bitcoin, it'll probably pump 5%-10%. And if it falls, it'll fall roughly back down to where it was. If he goes on to promote some unknown shitcoin, said coin could easily pump 1000%, and fall harder.

I don't get the point you're trying to make?

That legitimate stores of value are typically not that simple to manipulate.

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

#14

Post by santoshalper »

xrd wrote: post #8
xrd wrote: post #4

I was excited about Cabbage Patch Kids, but I missed $TRUMP. Where is the $PUTIN token?

In all honesty, I've read a bunch of positive articles about Millei, and watched the Friedman interview with him. He has multiple economics degrees and really seems to understand economics in a way that Trump does not, IMHO. And, so this is horribly embarassing that he does not understand the basics of cryptocurrencies and tokens and the scoundrels. Understanding economics is not the only point when you are running a…

Or, perhaps he was just lying.

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

#15

Post by xrd »

JumpCrisscross wrote: post #11
xrd wrote: post #8

Earlier quoted context omitted.

In all honesty, I've read a bunch of positive articles about Millei, and watched the Friedman interview with him. He has multiple economics degrees and really seems to understand economics in a way that Trump does not, IMHO. And, so this is horribly embarassing that he does not understand the basics of cryptocurrencies and tokens and the scoundrels. Understanding economics is not the only point when you are running a…

> 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.

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

#17

Post by tombert »

Christ, why is it just ok for politicians to outright create and promote Ponzi and Pump 'n Dump schemes?

It doesn't seem that long ago that this would have been a scandal but now with the moron in the Oval Office creating his own meme coins without even trying to hide his business interests, and now the president of Argentina is doing the same shit?

Is this really the world that we want? I mean, I guess the answer is "yes", but I don't have to like it.

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

#18

Post by raziel2701 »

How come Milei, a master economist, go on to promote something he later said he didn't understand? This is the quality of leaders coming into power all over the world. Bunch of incompetent people (in the most charitable read of the situation) or bunch of grifters (in the least charitable read).

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

#19

Post by UncleEntity »

TrackerFF wrote: post #5
impossiblefork wrote: post #3

Surely all cryptocurrencies are memecoins. There's very little debt in these things, so that it isn't a source of value, and there are many popular systems, from Bitcoin to Ethereum, so isn't any that can be said to be somehow special.

If Trump (or whoever) goes on social media to promote Bitcoin, it'll probably pump 5%-10%. And if it falls, it'll fall roughly back down to where it was. If he goes on to promote some unknown shitcoin, said coin could easily pump 1000%, and fall harder.

I don't even have a problem with some unwitting celebrity promoting this kind of stuff. They aren't subject matter experts and I imagine they have grifters targeting them all the time.

What I do take issue with is this keeps happening because there's a lot of money to be made off transaction fees so nobody looks too hard into how fraudulent any of these memecoins are before allowing them on the trading platforms.

Admittedly, I don't know how the trading system works so maybe the platforms taking a cut of the profits from the blatantly fraudulent activity are victims too? Crying all the way to the bank I suppose...

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

#20

Post by throwaway314155 »

xrd wrote: post #12
imiric wrote: post #10

Earlier quoted context omitted.

You don't seem to be considering the possibility that he knew perfectly well what he was doing, and that this was intentional. Rug pulls are popular among celebrities.

You are right, I assumed he was principled and dedicated to the good of the country above all else. Should I reconsider that? Like I said, I read positive things about him and thought was a sincere person. If you have something else I should read, I would be very interested to know what to add to my list. I've been following Argentina's struggles for a while given my time in Brazil and the parallels to hyperinflation…

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