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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

#191

Post by Empact »

EricDeb wrote: post #166
Xuban wrote: post #157

Earlier quoted context omitted.

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Is this article out of date then?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...

Difficult to confirm but various sources are reporting a steep drop in poverty from the 50s to the 30s over the past year. https://x.com/michaelaarouet/status/1891031131375423725?s=46 https://x.com/bowtiedmara/status/1883202966900900218?s=46

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

#192

Post by KingOfCoders »

Panzer04 wrote: post #135
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%…

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…

"However, some described Peronism as a Latin American form of fascism instead."

https://en.wikipedia.org/wiki/Peronism

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

#193

Post by southernplaces7 »

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%…

>and that cannot be further from the truth sadly.

Okay, so please cite a few more examples of how his economic policies are so terrible in so many ways, particularly compared to the literal decades of economic mismanagement under most of the country's previous governments, and their largess for the sake of garnering supporters.

>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.

Any leader can make a blunder on something or another, even one managing an otherwise complex but possibly successful economic plan. How about an explanation of how incompetent his government is on other matters instead of asking people to "imagine"?

Given the kinds of policies previous Argentine governments regularly enacted, i'd be willing to forgive something like this, and I'd mistrust the ideology behind your reasoning if you can know about the political history of the country while putting special emphasis on this particular apparent scam.

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

#194

Post by BobbyJo »

cwalv wrote: post #136
BobbyJo wrote: post #120

Earlier quoted context omitted.

Parent said "store of value" not "currency". Liquidity is probably sufficient for a currency (depending on the features of the liquidity), but it is not sufficient for a store of value.

Fair enough; store of value additionally requires restricted supply so that the value isn't debased. But in the context of this thread, that just strengthens the argument that 'Bitcoin is different'.

It also requires a value proposition that doesn't depend on the current zeitgeist, among other things. Society changes, and stores of value need to exist outside that change, lest they be left behind with the norms and dogmas.

This is where I personally think bitcoin fails.

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

#195

Post by probably_wrong »

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…

There are some good takes in both directions throughout this thread. Based on talks I had with friends and family living there:

Reasons for liking him: he's bringing inflation down, he has been keeping his promises towards retirees, and he's been reigning in some egregious examples of corruption that previous administrations ignored because it gave them political power.

Reasons for not liking him: he's strangling Universities, rent prices are out of control and not properly reflected in the inflation index, and after being first row during Trump's inauguration he decided to withdraw Argentina from the WHO.

A friend of mine who doesn't like him described his policies as "Ron Swanson from Parks & Rec". I think there's a lot to it.

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

#196

Post by wezen »

southernplaces7 wrote: post #193
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%…

>and that cannot be further from the truth sadly. Okay, so please cite a few more examples of how his economic policies are so terrible in so many ways, particularly compared to the literal decades of economic mismanagement under most of the country's previous governments, and their largess for the sake of garnering supporters. >If he made such a blunder in finance which supposedly is one of his specialties just imag…

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

#197

Post by [deleted] »

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%…

[deleted]

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

#198

Post by southernplaces7 »

TZubiri wrote: post #139
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.…

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…

>I don't get the crime part for the most part.

Neither do many of the people who say such a thing here. Instead they regurgitate classic HN talking points around crypto without really considering their logic.

Simple example: calling something like bitcoin a "ponzi scheme" when it's literally run by nobody in particular and has no specific fraudulent promotion being done by its administrators (since there are none) for the sake of personal gain through redirected funds.

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

#199

Post by southernplaces7 »

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.

Did you really put thought into saying this or are you just voicing absurdities for the sake of it?

Either you're saying that an all too human political leader/head of state should never once make any mistakes during their administration, or you're saying that they should double down on anything they claimed and never admit wrong-doing (Trump-style, essentially)

So which is it?

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

#200

Post by vixen99 »

wezen wrote: post #196
southernplaces7 wrote: post #193

Earlier quoted context omitted.

>and that cannot be further from the truth sadly. Okay, so please cite a few more examples of how his economic policies are so terrible in so many ways, particularly compared to the literal decades of economic mismanagement under most of the country's previous governments, and their largess for the sake of garnering supporters. >If he made such a blunder in finance which supposedly is one of his specialties just imag…

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