Someone sold 1.9% of coin (seems fair) and entire thing busted?
There's not a lot of depth propping these things up.
Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
161–170 of 383 posts
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#162Just 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%…
Whatever the stupidity around this memecoin, it's hard to argue he isn't doing something to help the argentinian economy. It turns out it doesn't take much to appear to be an economic genius - just stop spending money the government doesn't have and get rid of onerous market regulations (eg. rent controls). I'm in support of social spending to support those in need, but it's clear Argentina was moving ever-further aw…
> stop spending money the government doesn't have
That shows quite the misconception about what "money" actually is.
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#163I 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.
You don't need to be a genius to become president as a populist - you just need to get rid of any kind of morals (if you still had some at the outset).
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#164Earlier quoted context omitted.
Whatever the stupidity around this memecoin, it's hard to argue he isn't doing something to help the argentinian economy. It turns out it doesn't take much to appear to be an economic genius - just stop spending money the government doesn't have and get rid of onerous market regulations (eg. rent controls). I'm in support of social spending to support those in need, but it's clear Argentina was moving ever-further aw…
> stop spending money the government doesn't have That shows quite the misconception about what "money" actually is.
Not everyone believes in Modern Monetary Theory
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#165Just 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%…
[flagged]
If you are driving the bus you should break and accelerate gently.
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#166Earlier 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.
Is this article out of date then? https://www.aljazeera.com/news/longform/2024/12/7/a-year-int...
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#167Earlier quoted context omitted.
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.
he didnt just retweet. even if he did, president of the country should be held to higher standards than your average influencer.
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#168Earlier quoted context omitted.
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.
Standard defence after sth retweeted blew up. And it doesn't work like that.
Also, it wasn't "just a retweet". He literally wrote that he supported it.
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#169I 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…
I dont know which scenario is worse for a president, an experienced economist like him not understanding what he was endorsing or being part of the scam.
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#170Crypto finally found a great use case then -- It's clearly scam artists and people exploiting their popularity to screw over regular people. There has been an implosion of those recently.
In the future we could use it to measure real popularity by the value of their coin. side note: I've been thinking there should be a HN store where we can buy ingame cosmetics from all these points we've gathered.