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

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331–340 of 383 posts

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

#331

Surely all cryptocurrencies are memecoins. There's very little debt in these things, so that it isn't a source of value, and there are many popular systems, from Bitcoin to Ethereum, so isn't any that can be said to be somehow special.

I mean, if you have 1 mil usd + of eth or bitcoin, you have a pretty decent pile of cash that is vaguely stable (not massively different to gold), and that government cannot touch or (if you do a good job) even know about.

From a personal perspective, that absolutely has value. From a public perspective, is the existence of that a good thing? Whole different kettle of fish (and then you're back on the whole "is end to end encryption bad" argument).

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

#332
post #84

Earlier quoted context omitted.

Bitcoin really is different. It's a commodity rather than a security, and proof of work consensus is essential for its use case.

Dollars ultimately have value because the United States government collects taxes in dollars. Who demands Bitcoin, except speculators? It's value is entirely propped up by it's cultural expectation - meme value - with no tether to a real source of demand for BTC.

It really isn't about taxes, and more about trust and collective faith. The USD isn't backed by cold economic calculation, it's... a big dream we all agree to keep dreaming. And that's mostly fine.

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

#333

Earlier quoted context omitted.

> 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…

Yeah, inflation worries have me concerned too. I am not sure what to do. I might look into one of the “total world” funds instead of just the US based ones like I usually do.

Beware the confusing naming! The big index is MSCI All World. Not to be confused with MSCI World, which is pretty much just the US, Europe and Japan.

(You may be _slightly_ late. After years of not doing anything much, European markets are up about 10% YTD, Chinese even more, vs S&P500 4%. There's always a bubble, somewhere...)

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

#334
I'm sorry but anyone buying this story is clearly either

A) A fool that hopes to rugpull someone in the future

B) A fool who hasn't made a 5 second google search to how all these coins operate

Either way I have yet to meet any "investor" that has made any money in these investments that couldn't have been made by just parking some cash in Bitcoin / Ether / DOGE if you really wanted to get a taste of cryto.

It's a shame that as I watch more and more of these articles and investigations line up it's clear that there is such a demand to lose money from the populace that they will really turn a blind eye to when political leaders / oligarchs / techbros do it in hopes of being able to cobble together a get rich quick scheme like this.

"It's a big club, and you ain’t in it. You and I are not in the big club. And by the way, it's the same big club they use to beat you over the head with all day long when they tell you what to believe"

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

#335
post #318

Earlier quoted context omitted.

No one said that arbitration isn't desirable, when there is a problem. It's like saying doctors and medicine are desirable once a medical condition arises. But sometimes, preventative medicine and eating right in the first place is better. An once of prevention is better than a pound of cure. Web3 can prevent a whole class of problems that normally would require after-the-fact arbitration to fix. It's better to just…

But you can implement transactions without any recourse trivially using existing technology today... > Web3 can prevent a whole class of problems that normally would require after-the-fact arbitration to fix. Such as? > This is the massive improvement over code that runs inside some server farm and can be switched up anytime. Massive theoretical improvement. No debate there. The question is about applicability, which…

Are you serious? There are so many problems it can prevent, because they are nearly impossible to occur now:

1) People can only act as themselves, they can't log into the database and corrupt all the data in a table, so there is no need to recover from massive systemic corruption (this is the big one)

2) Business rules of smart contracts are enforced, and you know that the state transitions happen exactly as they should (this is the reason that databases use stored procedures, for example)

I can list a few, but there are literally thousands:

1) In an auction, the highest bidder is the one who actually wins, it can't be hacked. You can have N winners, and once the N+1st arrives, it returns the money to the lowest bidder who can bid again. Bids increase at a predictable rate, everyone knows the deal upfront, etc.

As opposed to, say, this on the highest level: https://observer.com/2018/03/christies-sothebys-lawsuits-sho...

2) Salaries can be paid out to specific addresses, at a specific rate, and be approved by managers, with the history of all this preserved

3) Atomic swaps between tokens, escrow, each side knows the money is there and will be released if they do their part

4) Rules about staking reserves, guarantee the money is there for vendors to cash out, vendors must be whitelisted to cash out, etc. etc.

5) Large Communities can enforce their "constitution" and which roles invite which roles, at what rate, etc. Ah here, just look:

https://community.intercoin.app/t/intercoin-defi-communityco...

and so on and so forth

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

#336

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…

This would imply he got nothing out of it or even lost money and I highly doubt it because if he lost money he have have instantly sent out the police and justice department until he was made whole. The truth is this is plain corruption but instead of making millions he probably made a few $ 100ks over the span of a few hours.

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

#337

Earlier quoted context omitted.

Because he didn't. As he explains, it seems like all he did was do a retweet of what he thought might be a good thing (like he does a lot), not create the coin and not profited from it. According to his own words: > "A few hours ago I posted a tweet, as I have so many other times, supporting a supposed private enterprise with which I obviously have no connection whatsoever. I was not aware of the details of the proje…

I would think a head of state has a responsibility to check what he promotes.

I thought a military had a responsibility to run tribunals and then execute a head of state that uses their power for a promotion, greatly reducing the chance of getting this far into a fraudulent one. Bringing a promotions run to an end, leaving the impeached with whatever profits were already made is obviously not good enough for sorting out the problem.

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

#338

Earlier quoted context omitted.

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…

This is highly opinionated obviously because there are no hard metrics but I can more or less confirm this, the University of Belgrano is generally seen as fairly mediocre, even for private university standards.

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

#339

Coffeezilla has a really good interview about it https://youtu.be/EqizJTbxAEM

Listening to it now and it's so eye opening, these guys literally do NOT care about the project, all they care about is making money and using any advantages to get one up on the loser holding the bag.

-"Every one of these memecoins serves to make insiders money, what am i supposed to do NOT launch the project?"

-"This famous person lost $5 million so we made him whole and refunded to avoid any issues"

-"These coins are just a casino"

It's so funny that these guys are way more lucid and honest than most of the "investors"

Edit:

Oh man so this guy spends 40 minutes moaning how sniping and scams are rife in the Solana ecosystem but he himself sniped $MELANIA and claims "To not have made any money" which means nothing to me because I'm sure your bank account grew.

Also looked him up and he has 0 experience in development, LA Based, and was an "entrepreneur" for 7 years before becoming the CEO of a Bitcoin consulting company. This guy is the stereotypical rug pull con artist.

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

#340

Earlier quoted context omitted.

Yeah, this is the thing that made me realize that cryptocurrency is pretty much always a bad investment. Stocks aren't zero sum, at least in their idealized form; if I buy a share of some company, they can use that investment to create products or provide value in some form, and if the product is good then that gets reflected in the stock price increasing. It creates value, and the stock price follows. With cryptocur…

Being used as money creates value. So, to see if cryptocurrency is a pyramid or not, just look at how much is transacted compared to its total value... Or don't, because you already know the result. But it's not inconceivable for a cryptocurrency to create value. It's just that nobody did one that does it yet, and the culture around them makes it less and less likely as time passes.

I don't think cryptocurrency in its current state could realistically work as currency though, because it's deflationary in nature. For the same reason we don't use gold or silver as currency anymore.
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