Earlier quoted context omitted.
> stop spending money the government doesn't have That shows quite the misconception about what "money" actually is.
Isn't this kind of statement metaphorical? The literal thing that happens is your country starts spending a greater and greater proportion of revenue servicing its debt (and eventually defaults), but this is less snappy to say.
Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
251–260 of 383 posts
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#252Earlier quoted context omitted.
> Whatever the stupidity around this memecoin, it's hard to argue he isn't doing something to help the argentinian economy. Installed industrial capacity at its lowest, real cost in USD through the roof, large corporations that have been around for _decades_ shutting down because of a lack of demand, the shutdown of government programs for vaccine distribution and HIV immune therapy, the complete and absolute mismana…
Real cost in USD going up because they're releasing the artificial peg that most people can't access anyway? No one says it's going to be all sunshine and roses, but fixing inflation and housing/rental prices seems like a pretty solid start, as well as moving towards eliminating a currency peg.
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#253Earlier 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Is this article out of date then?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...
> For nearly 40 years, Argentina’s poverty level had consistently hovered above 25 percent. But since the far-right Milei took office on December 10, 2023, that figure has skyrocketed.
When he started, the poverty index was around 40%, not 25%. Then it peaked to almost 55%, but now they claim it has descended to around 40% again (It's probably down, but I'd wait a few months for confirmation.).
Also, from 2007 to 2015 the numbers were heavily cooked, so take that period with a grain of salt.
And in ~1990 we had an hyperinflation, that may skew the average in weird ways.
> But two months ago, their rent mushroomed from 90,000 Argentinian pesos to 150,000 — a leap from roughly $88 to $148. It was beyond their ability to afford.
We had a heavy rent control, so most apartments were out of the market and it was difficult to find one.
For some time it was ilegal to raise the rent and the inflation was 100% yoy. So a contract for two years used to say something like you have to pay an average of AR$75K, but only AR$50K during the first year and AR$100 during the second year. So no "rise", only a weird paying scheme.
Also, to renew it, you must pay the new market rate, but the inflation was 200% yoy instead of the predicted 100% yoy. So the new prize was AR$150K and AR$300K (with an average of AR$225K).
(IIRC there were some changes to allow increments that follow the inflation index, but only every 6 months. With an inflation rate of 250% yoy, that means that every 6 months your rent double overnight.)
So IMO it's not outdated, but the numbers are cherry picked and are difficult to understand if you never lived with a 200% yearly inflation.
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#254Earlier quoted context omitted.
I mean... at a certain point, with memecoins, it's just about the scale of said pull, not the presence. There have been concerns of a pump and dump scheme and analysts have viewed it as a "disaster." A forensic analysis commissioned by the The New York Times concluded that 813,294 wallets lost $2 billion by trading the coin while the president's company and partners profited about $100 million from trading fees. Acco…
The purpose of buying a coin like $TRUMP is not to make money. It is to help Trump. You expect to lose money because the entire goal is to transfer money to Trump. You and the New York Times seem to have misunderstood this important point.
1. Why didn’t any of the marketing materials say that?
2. Why launch $MELANIA?
3. Why didn’t people just trade around a couple bucks over and over to rack up fees, rather than investing as usual?
4. This is edging on partisan politics I guess, but: why donate to the billionaire president…? He doesn’t need a legal fund, he now has free housing, and he’s selling more direct merchandise (watches, NFTs, bibles, etc.) than ever. Just seems like a weird time to donate.
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#255Earlier 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…
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#256Just 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%…
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#257Just 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%…
> 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 a hasty generalization; while I agree on the fact that Milei was incompetent in promoting a memecoin as a financial instrument, that doesn't necessarily mean he is a bad economist all of the sudden, nor that the things he has done for Argen…
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#258Just 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…
... Not sure about that; it's not like it has had many success stories, and it somehow manages to chug along.
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#259> the company informed him about the Libra blockchain project and its aims to finance private ventures in the country. I can’t believe people are still falling for these claims. Every single time someone launches a coin with claims that purchasing it will help fund some special cause, there is no basis to the claim. If you want to fund or finance a cause, give your money to that cause. If you buy a meme coin, you’re…
The dying frog asks the scorpion why it stung despite knowing the consequence, to which the scorpion replies: "I am sorry, but I couldn't help myself. It's my character."
Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M
#260The 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…
If _everyone_ playing the game knew the rules, no-one would play. Like all fraudulent schemes, these are fundamentally dependent on getting in new marks.
These memecoins are essentially partially open Ponzi schemes; there are the organisers (occupying essentially the Charles Ponzi role), the naive marks (occupying the same role as the marks in a conventional Ponzi scheme), but in the middle you have the gamblers, the people who are _aware_ that it's a fraud, but also aware that if they get in at the right time they can take some money off the marks and the gamblers who misjudge their time of entry.
(To _some_ extent this dynamic exists in some conventional Ponzi and pyramid schemes; "this is obviously a fraud, but if I get in early I might be one of the winners" is a game that has been played before. Meme coins have really turned it up to 11 tho)