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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

#231

Post by pjc50 »

CraigJPerry wrote: post #223
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%…

>> how he's a genius in economy and he's helping Argentina's economy If he doesn’t succeed, it’s hard to see how the Austrian school of economics can continue. With heavyweights such as George Selgin endorsing Milei’s performance to date, it’s going to require some very adept use of the reverse gear if things are subsequently judged not to have panned out as planned (which appears to be the typical outcome of other a…

> it’s hard to see how the Austrian school of economics can continue

It doesn't have to be based in reality. They can just roll out the same argument as "true communism has never been tried", but from the right.

Ultimately Argentina never recovered from the collapse in value of being a food exporter. They're never going to recover until they can sort out the good old balance of payments problem. Doing so is going to be unavoidably uncomfortable as imports get relatively really expensive.

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

#232

Post by maxbrt »

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".

I was at an (academic!) conference about Crypto recently with a friend. I am an outsider to the whole topic and wanted to "expand my horizon" and see if maybe my expectations of if it being mostly a scam were wrong.

In one of the first talks we went to, the panel speaker mentioned that Trump pumping-and-dumping his memecoin was a good thing, because that more or less justifies their own position in doing so, and that it would maybe lower their legal fees in the future. This was followed by a big laugh from the audience.

These people fully know what they are doing.

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

#233

Post by otherme123 »

Daishiman wrote: post #184
otherme123 wrote: post #160

Earlier quoted context omitted.

> 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 la…

> In the same link, economy is growing/expected at 4.5% this year. We have had these projections for every government since 2001 that have been sheer conjecture just like in 2017. This means nothing. > This is the fallacy of composition: "is he was wrong about this then it is wrong about absolutely everything he does" Is is obvious that you have never seen the man tweet or be interviewed about anything of substance.…

And yet, he just did the most impressive turn on a economy on the run towards a hyperinflation ever seen.

There are a lot of things I don't like about Milei: this memecoin event is bad, but so is his political friendship with open self declared fascists, him being a libertarian. He is a populist. But about macroeconomics he is doing, at least, good. Anyone who refuses to acknowledge that minimum is simply a hater that doesn't want an honest debate. You can even argue that he did good at macro but bad at micro, and there is a debate. But to call the man "sheer utter moron" in macroeconomics is just wrong.

You are just argueing with the fallacy ad personam: instead of explaining us what policies were moronic, you say "the guy is a moron" and pretend that is enough to have a debate? And then you resort to the fallacy of association: Milei went to this University. I say this University is bad. Then Milei is also bad. Even 20 years after leaving the University and working in innumerable places (among them senior economist at HSBC), or authoring many academic papers. Turns out that https://www.topuniversities.com places the University of Belgrano at 465 best in the world: not impressive, but still of the 132 listed Universities of Latin America Belgrano is ranked the 18th.

If it is third rate and blacklisted, what about the next 114 Universities in the rank?

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

#234

Post by mrbombastic »

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 know very little about Milei other than a few articles I have read but as someone who has been visiting Argentina on and off for the last 3 years, it does seem to me he has at least stabilized the currency much more than previous admins? I remember the bluerate for dollars being double the previous almost every time I returned and has now stabilized at around 1200 per dollar. I leave no comment on the rest of his policies but that rate of inflation seemed extremely unsustainable so this is no small feat. https://bluedollar.net/ I will admit to being uninformed so if something else is going on here I would like to understand.

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

#235

Post by Panzer04 »

andriesm wrote: post #224
littlestymaar wrote: post #210

Earlier quoted context omitted.

You're moving the goalpost. Here's the original quote: > stop spending money the government doesn't have Which has nothing to do with your response.

I interpret "government should stop spending money they don't have" metaphorically as standing in for "don't spend so much money (especially in economically unproductive ways) that it devalues money and misallocates resources so much that it slows down economic growth". I think simplistic statements "government should not spend money it doesn't have" or "government should stop spending so much money" are all just the…

Appreciate your defense of me - that is the point I was trying to make :)

I would go into more depth, but I find there are a lot of people that just fundamentally have different views on economics XD

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

#236

Post by ajot »

mrbombastic wrote: post #234
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 know very little about Milei other than a few articles I have read but as someone who has been visiting Argentina on and off for the last 3 years, it does seem to me he has at least stabilized the currency much more than previous admins? I remember the bluerate for dollars being double the previous almost every time I returned and has now stabilized at around 1200 per dollar. I leave no comment on the rest of his p…

Well, that's true, but I think it's based on the economic plan by Caputo.

Argentina is very presidentialist and personalist, so everyone thinks this is Milei's doing, but most of the economic measures are done by people from other political party (PRO), with plans that were in the working for at least 2 years for it's candidates. They have nothing to do with what Milei campaigned with.

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

#237

Post by karparov »

andriesm wrote: post #224
littlestymaar wrote: post #210

Earlier quoted context omitted.

You're moving the goalpost. Here's the original quote: > stop spending money the government doesn't have Which has nothing to do with your response.

I interpret "government should stop spending money they don't have" metaphorically as standing in for "don't spend so much money (especially in economically unproductive ways) that it devalues money and misallocates resources so much that it slows down economic growth". I think simplistic statements "government should not spend money it doesn't have" or "government should stop spending so much money" are all just the…

That's too much of a balanced take though than touted by lots of populists.

Germany put it recently into their constitution that new debt is strictly limited, literally called the "debt brake". That overlooks all the nuances you just explained and in the worst case can cripple the German economy. German politics is full of folks demanding the "black zero", meaning essentially no (new) state debt. It's the literal sense, not the metaphorical sense that you are describing. And people buy it, since that's how their household economy works too. They even have a metaphor for that ("schwäbische hausfrau").

It's terrible. The debt brake is just as bad for their economy as the "rent lid" that's very popular among the German left which is crippling their housing sector.

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

#238

Post by karparov »

littlestymaar wrote: post #227
andriesm wrote: post #224

Earlier quoted context omitted.

I interpret "government should stop spending money they don't have" metaphorically as standing in for "don't spend so much money (especially in economically unproductive ways) that it devalues money and misallocates resources so much that it slows down economic growth". I think simplistic statements "government should not spend money it doesn't have" or "government should stop spending so much money" are all just the…

> I think simplistic statements "government should not spend money it doesn't have" or "government should stop spending so much money" are all just the normal average person's way of trying to phrase this fundamental economic truth that anyone with a working brain can intuit. There Is Always a Well-Known Solution to Every Human Problem—Neat, Plausible, and Wrong > It's also obvious to anyone, that just like eating to…

Wouldn't an economic indicator for the "right level" be nice? Maintained by some economic research institute (without some obvious agenda)?

Or does that already exist, I just don't know it?

Maybe it's not just one-dimensional though, i.e., it could matter where exactly spending occurs.

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

#239

Post by argentinian »

probably_wrong wrote: post #195
xrd wrote: post #12

Earlier quoted context omitted.

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 Uni…

That rent prices are out of control is not true https://www.infobae.com/economia/2025/02/17/sin-ley-de-alqui...

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

#240

Post by kjksf »

lovich wrote: post #158
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.

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

It would be if it was true.

He apparently did clone his dogs but can you point to the source material (in this case Milei) about speaking with them telepathically?

This just sounds super made up.

I've listen to his interview with Lex F. and his WEF speech and he sounded like a principled free market advocate. Not a single thing he said was crazy so I wonder where did you get this factoid.

Milei has certainly been smeared as right-wing so I wouldn't be surprised with other smears as well.

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