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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

#271

Post by rsynnott »

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 mean, honestly, I think Milei has a bit more plausible deniability here; he _could_ merely be extremely gullible/incompetent. Trump deliberately fleeced his supporters; it's very hard to read his shitcoin any other way.

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

#272

Post by Izikiel43 »

xinayder wrote: post #246
zone411 wrote: post #216

Earlier quoted context omitted.

You meant utilization not capacity. Your other points are similarly confused. Argentinians disagree. "The percentage of Argentines who say their standard of living is getting better (53%) has inched above the majority level for the first time since 2015." https://news.gallup.com/poll/654089/javier-milei-argentina-c... "Argentina's monthly inflation rate dropped to 2.2% in January, its lowest since mid-2020 after libe…

Dropped to 2.2% after a 120% inflation in the past years? Compared to before Milei, costs are completely high and people who could live with their (now considered low) income are barely surviving. You can say he's fixing it, but at the same time pretty much driving almost the whole population into poverty. And then the next president will have to deal with it and probably undo whatever Milei did. It's unsustainable.

Hey, how much was inflation in 2023 when Milei didn't rule?

> 211.4%

https://apnews.com/article/argentina-inflation-december-annu...

2024?

> 117%

https://www.batimes.com.ar/news/economy/indec-reveals-argent...

Has inflation been high over at least 2 years?

Yes.

Has it gone done by almost half?

Yes.

According to private economists/universities, poverty is around 37%, which is even lower than we he started to rule, we will have to wait for official statistics in March I believe.

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

#273

Post by xrd »

notahacker wrote: post #213
comp_throw7 wrote: post #151

Earlier quoted context omitted.

> 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. What does "don't get to" mean? Descriptively, this is false; normatively, this seems like a completely impossible standard to hold presidents to. You want them to literally never make any mistakes?

I think not endorsing specific crypto rugpulls as a solution to help small businesses [on the day they rugpull] in the first place isn't a particularly high normative standard to hold public officials to, especially not public officials who claim to be experts in economic revitalisation. Owning mistakes feels like "with hindsight, I probably shouldn't have pursued this tax policy", not "with hindsight I probably shou…

Thank you, exactly. Anyone who isn't holding crypto to a higher standard cannot pretend they are well versed in economics.

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

#274

Post by argentinian »

rsynnott wrote: post #263
argentinian wrote: post #242

Earlier quoted context omitted.

He worked for various years as senior economist in a bank, and a high position in an economy consulting firm. You are systematically commenting trying to harm his reputation in issues not linked to his disreputable act of promotion of the shitcoin.

> He worked for various years as senior economist in a bank Ah, it looks like you were in a coma between about 2006 and 2012. I have bad news. Sometimes (whisper it!) banks _employ incompetent people_. I would be reluctant to take "oh, well, he once worked for _HSBC_" as that much of an endorsement. Not to say that everyone who worked for HSBC was incompetent. But, er, clearly they were not all hypercompetent either,…

He is experienced. I didn't say he did or didn't do a good job there. My answer is a response to "he has no experience as an economist". It's not a response to what you are argumenting.

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

#275

Post by Izikiel43 »

rob74 wrote: post #163
quantified wrote: post #155

Earlier quoted context omitted.

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).

Yes, but you do need some kind of intelligence to last a year as a non peronist in Argentina and getting the economy to turn around and prevent a hyperinflation.

Either way, this event is bad, he is either negligent or criminal, and the opposition has been looking for a motive to impeach him since he took power, I can't believe he gave it to them.

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

#276

Post by xrd »

southernplaces7 wrote: post #199
xrd wrote: post #15

Earlier quoted context omitted.

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…

I'm saying crypto should be held to a higher level of scrutiny by everyone, and if you are the president of a country you should not involve yourself in crypto without thinking it through a bit.

You might disqualify yourself for running for office in the future if you want to continue to argue with me on this.

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

#277

Post by negamax »

JavierFlores09 wrote: post #146
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%…

> 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…

You mean a very active Twitter user who is all about cutting government inefficiency didn't know repercussions of his tweet? It was up for 5 hours. By then damage was done. People with large loses have sued and are getting their money back directly from the scammers. How crazy is this

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

#278

Post by the_af »

marcosdumay wrote: post #264
koolba wrote: post #250

Earlier quoted context omitted.

> 80% of the marketshare was concentrated in just 10 accounts, these accounts made transactions at 0-1 seconds after the president's tweet. There was some clear insider training here. Not ruling it out, but it’s just as possible that there are bots analyzing the X accounts of leaders and other notable people to jump in front of any such actions. Would simply be a matter of parsing for something that looks like a toke…

> but it’s just as possible that there are bots analyzing the X accounts of leaders and other notable people Nah. Leaders and other notable people don't go around talking about niche subjects for no reason at all. It's way more likely that whoever made the transaction caused Milei talking about the coin (by whatever means you want to imagine, usually notable people accept money to promote things, but as much as Milei…

> usually notable people accept money to promote things

Some businessmen and entrepreneurs (or shady kinds of guys calling themselves so, anyway) are already denouncing Milei (or his close representatives, like his sister Karina, nicknamed "the boss") demanded money in exchange for favors / photo ops / etc. These are guys who have photos with him, not random strangers.

I think there's little doubt Milei is dirty, for all his talk denouncing the "political caste".

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

#279

Post by the_af »

TZubiri wrote: post #140
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%…

Great take regarding 1 and 2. Regarding 3 it seems clear to me that he was not an insider, but he was scammed into spending his political capital and reputation. As a whole, it's classic cargo cult situation,imitating what a more powerful country is doing without understanding the nuances.

Milei's hardcore followers are now in an impossible situation:

- They can continue claiming their all-knowing leader is an "expert" in everything under the sun. But this means he was an insider! And therefore, he committed a crime.

Or,

- They can claim he was duped in the silliest way possible. I mean, $LIBRA had every possible red flag and anyone with half a brain could tell it was a meme coin. So, that must mean Milei is not as intelligent as his closest followers claim.

Also, he, the president of Argentina, claimed he promoted the meme coin because "he wasn't aware of the details". If he wasn't aware of the details, why did he promote it? Will he also promote random miracle cures? Or only if -- as some people are already claiming -- some money is passed under the table?

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

#280

Post by TZubiri »

levanten wrote: post #169
TZubiri wrote: post #145

I 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.

Note, it still remains disputed whether it is a scam, devs related are not admitting fraud yet. Although there was an admission of insider trading.

It's very likely they are denying to delay legal consequences or continue monetizing.

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