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

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291–300 of 383 posts

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

#291

Let's see it another way: there's absolutely no way that in the 2-3 hours the post was up a person not familiar with the gamblecoin ecosystem could purchase $LIBRA, let alone pour thousands of dollars in. The people who lost money are all professional memecoin gamblers, and the ones who pocketed in are obviously connected to the project leaders. Cyptobros want to have unlimited freedom to trade whatever they want wit…

>For all the outrage, I yet have to see a single person in Argentina produce a TXHASH that proves they put money on the project.

So, it's OK to participate and promote a memecoin rugpull if they're not from your own country?

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

#292
post #87

Earlier quoted context omitted.

It makes me wonder if I should pull my savings out of index funds and just keep cash in a savings account in the short term. Normally I'd buy treasury bills, but honestly considering that Elon has been fucking around with the treasury's code with no oversight, and considering that Trump's big strategy for eliminating national debt has been to "declare bankruptcy" (whatever that would even means in regards to an entir…

> and just keep cash in a savings account in the short term. Ah, but remember the tariffs stuff; you could be looking at _pretty dramatic inflation_ depending on how that works out (personally I suspect he will be ultimately unable to do that much for long; there is likely a level of market disruption at which he will be Liz Trussed, but who knows). All is risk. > I wonder if I should look into seeing if I can buy bo…

Liz Trussed: f*cking up the economy so badly and so quickly your own party ousts you. I love it!

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

#293

Earlier quoted context omitted.

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.

That depends to a great extent on how the money is actually spent. The USA spent huge amounts of money to get out of the Great Depression, much, much more than it was spending before, and it ended up in a much better economic position, despite a gigantic war soon after.

I thought the reason the US ended up with a good economy was because of the war, not despite of it[1]. The war massively ramped up the US's industrial output, and unlike many of the other allied powers there was no need to rebuild once the war ended.

[1] https://eh.net/encyclopedia/the-american-economy-during-worl...

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

#294

Earlier quoted context omitted.

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...

The article explains that this is the first time since 2020 that prices stopped increasing, which doesn't mean they are at a level where people can afford them - the article itself attributes the lower purchase power of the average family as one of the main drivers for why they stopped raising. The article also explains that maintenance (expensas) are 22% of the final rent price and those increased 170% from last year. "We stopped raising prices because we priced everyone out" is definitely what I'd call "out of control".

Anecdotally I also know three families who had to move back to their parent's house because they were priced out of the rental market. I won't say that all of this is Milei's fault (although I do have thoughts about his handling of the Rents law), but nonetheless the current situation is far from good.

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

#295

Let's see it another way: there's absolutely no way that in the 2-3 hours the post was up a person not familiar with the gamblecoin ecosystem could purchase $LIBRA, let alone pour thousands of dollars in. The people who lost money are all professional memecoin gamblers, and the ones who pocketed in are obviously connected to the project leaders. Cyptobros want to have unlimited freedom to trade whatever they want wit…

> This is not something you can just log in on Binance and buy with cash in a single click. You would've definitely been able to buy it with cash and a few clicks, for example using moonshot. (And I'm sure a couple other / similar platforms)

The point is the window to buy was 2-3 hours: you had to be ready to trade, and watching either charts or being on a discord or actively checking X and with cash in an account.

People lost money but I doubt there was much collateral damage

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

#297

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…

"Never attribute to stupidity that which is adequately explained by corruption" - Argentinian saying

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

#299

Earlier quoted context omitted.

> If you know the rules of the game and you willingly participate, then how is it different from any casino? 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 (occup…

Yet people play at casinos all the time. There's always people that are ok with gambling and losing on the long run. But there's people that recognize the zero sum, and bet that they are the ones having the advantage. It's not like people bought the coin thinking they were helping the country, only conmen trying to outcon the conner bought it. Although there definitely is an argument for tricking laypeople, I think i…

Cigarettes also exist and people smoke and get cancer from smoking all the time.

Does this mean cigarettes are a good thing? Why do they exist in society if they so clearly harm people?

There's a big industry around smoking that has managed to perpetuate itself in society despite the fact that it causes harm. This doesn't mean there's a good reason reason for it to exist; the reality of the situation is that you can entrench yourself in society and become very difficult to remove if you have enough power to do so. It might be that in 100 or 200 years the cigarette industry is finally gone.

Pretty much the same applies to Casinos. Yes, people play at them, and a lot of people that go to Casinos have a gambling addiction. For some, perhaps most, casinos provide a degree of entertainment that is not really a problem but ultimately Casinos are set up as a business that relies on people losing more money than they win. There's things like lotteries which seek to channel gambling addiction into social good.

And even in this scenario; Casinos are highly regulated. Which crypto ponzis are not. The existence of crypto gambling is simply a failure of regulation which is slow to adapt to new technologies. Yeah, crypto bros are in luck that there's an administration that goes as far as to encourage people to fall for these scams. It doesn't mean it's something that's going to last.

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

#300

Earlier quoted context omitted.

>> 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…

> If he doesn’t succeed, it’s hard to see how the Austrian school of economics can continue. ... Not sure about that; it's not like it has had many success stories, and it somehow manages to chug along.

I went through an Austrian School binge during the financial crisis. The Austrian school had some very prescient and relevant observations on price signalling and why orthodox communism would inevitably fail because of it. Basically when you mess with prices, things get out of whack because they're a very basic and powerful signal of all the inputs into any product or service.

But the school is also a spectrum. If you watch interviews with Hayek, he's quite pragmatic in some ways; he concedes that some social programs can be desirable, particularly around heathcare, but pushes that such programs should be as market oriented as possible. He's also fine with taxes on negative externalities, like pollution.

Von Mises, who many consider the father of the movement, was extremely rigid and uncompromising in his classical economics view and how government should be minimal (though being jewish and watching the nazis operate greatly influence this viewpoint). Add to the fact that much of the modern torch has been carried by American advocates who were heavily influenced by Murray Rothbard (who was a student of Mises and can best be described as anarcho-capitalist through and through) and the whole movement has took a nosedive off the crazy tree.

IMO the movement is now mostly made up of people who at best can no longer see the forest for the trees and at worst are bigoted or terrible people who can't stand that "the government" won't let them do terrible things. I've literally seen videos of Rothbard disciples advocate for debtors bondage/slavery, child labour, and even worse things.

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