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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

#321

Post by Daishiman »

otherme123 wrote: post #290
xinayder wrote: post #248

Earlier quoted context omitted.

I don't see his feats as impressive when he was responsible for putting more than half of the population in poverty when he started. You can look at these numbers and say it's an improvement, but half of the population is still considered poor and the rate at which it's decreasing is not fast enough to consider Milei as a "genius".

That's not true! The poverty rate went from something like 40% to 55%. Now it's back again to 40%. Not good, but not horrific either.

And every economist worth their salt tells you that the number is based on an outdated basket of goods that underweights what has increased in price the most: household services and health care.

Health insurance prices have tripled and household services more than doubled. Basic foodstuffs are now more expensive than they are in developed countries; a pack of pasta is cheaper Costco than a local supermarket.

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

#322

Post by Daishiman »

argentinian wrote: post #219
Daishiman wrote: post #184

Earlier quoted context omitted.

> 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.…

Can you share some link proving that Universidad de Belgrano is a third rate university? I believe it has a good reputation in the country

We don’t really look at publishing metrics here to define what makes a good university; that is mostly determined here by the difficulty and completeness of the programs.

The University of Buenos Aires and a few other national public universities are considered by all to be the most prestigious, along with the private universities of Instituto Di Tella and the ITBA. Lesser national universities rank second along with specific degrees from some private unis. Then you have several tiers of private universities.

The UB looks good externally because it’s the school for rich kids who don’t have the chops for public uni, as such it invests its money in nice facilities and exchange programs, while its research shines by its absence and it’s really not harder than high school even for STEM degrees, due to its ridiculously low bar.

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

#323

Post by ttoinou »

littlestymaar wrote: post #210
ttoinou wrote: post #177

Earlier quoted context omitted.

The government spending more money makes money less scarce [0], at any scale (macro, micro etc). That's what we're talking about here. [0] Unless you believe in MMT

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 was answering to “ That shows quite the misconception about what "money" actually is.”

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

#324

Post by guax »

djtango wrote: post #295
mhmmmmmm wrote: post #282

Earlier quoted context omitted.

> 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

Though I agree that the damage will be limited I don't think it would be very concentrated on people paying attention. Considering notifications get pushed and heavy use of large group chats is common in south America does not take much for it to be promoted to laypeople by the more active followers of Javier. Older people particularly at risk given the excessive trust they give to people In position of power, knowledge of technology and readily available savings in USD on non savings accounts or investments.

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

#325

Post by Daishiman »

otherme123 wrote: post #233
Daishiman wrote: post #184

Earlier quoted context omitted.

> 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 macro economics he is doing, at least, good. Anyone who refuses to acknowledge that minimum is simply a hater th…

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

This is said by no one except Milei. No serious economist has claimed that we were going towards a hyperinflation. I have lived through hyperinflationary periods and that was not it.

It is _trivial_ to disable inflation if you’re willing to wreck an economy.

I’m sorry I have no intention to reply to this because you’re just making stuff up. Milei has not published a single academic paper and has been credibly accused by many of plagiarism. His h-index is 0. His doctorate is from a degree mill. University metrics are easy to game and about as useful as the Top 50 restaurants in the world. While you’re at it tell me where all those famous academics in UB are, because in years of perusing computer science academia in Argentina I literally never ran into one.

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

#326

Post by Daishiman »

Panzer04 wrote: post #211
Daishiman wrote: post #182

Earlier 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.

Where are you getting that they’re releasing the peg? No market instrument has priced that in and every time it gets raised the Minister of Economy moves the bar for when that will happen. They need a capital injection from the IMF that they will never get because Caputo asked for $45 billion loan for the IMF for the same purpose two presidencies ago and it changed nothing.

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

#327

Post by Daishiman »

zone411 wrote: post #216
Daishiman wrote: post #182

Earlier 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…

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…

I’m sorry but opinion polls I this country are worth the paper they’re written on. Menem’s political program wrecked the Argentinian economy the same way this program is doing and the man got reelected with some of the highest increases in poverty during that period.

The important thing is that outsiders are falsely believing that the problem with this country is high inflation instead of low economic productivity. The country has dealt with high inflation for a century and during that time has the highest standard of living of Latin America and a solid middle class.

What Milei is doing is literally regressing in the public infrastructure needed to develop industry while keeping structural costs artificially high. Mark my words: very little will have been accomplished inflation wise but industrial activity will drop permanently as factories that cannot handle high costs leave.

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

#328

Post by [deleted] »

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…

[deleted]

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

#329

Post by ttoinou »

simiones wrote: post #251
concordDance wrote: post #186

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.

So, do you know how that magic money should be spent ? And, if you know, do you know how to elect the right people that will spend it on the right things ? There's a high probability it will be spent on friends' big businesses / fraud and abuse

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

#330

Post by [deleted] »

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…

[deleted]
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