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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

#351

Post by the_af »

dudefeliciano wrote: post #302
Izikiel43 wrote: post #270

Earlier quoted context omitted.

With (a previous to this event) 56% approval rating, > Those waiting in line at the soup kitchens probably see it differently... At least half those guys also approve of him. Thanks to his government's policies of reducing inflation and removing middlemen out of social assistance, those people can afford to sustain themselves, and poverty has gone back down to around 37% according to several private economists/univer…

I keep seeing these numbers being thrown around about inflation improving and poverty decreasing in argentina, but then i also read articles about the increasing poverty rates and diminishing of social welfare for the poorest segments of society. I don't live there so I can't say first hand, but this latest move by milei surely made my opinion on him settle on the "not a good guy for the people"

I live in Argentina and you're right.

Milei is not good for the people, and the inflation numbers are highly misleading because the cost in dollars is very high in Argentina right now. Plenty of people losing their jobs, factories closing (some with decades of existence in Argentina), plenty of people begging on the streets.

A lot of people who support him do so out of antiperonist feelings (which has a very strong tradition in Argentina), even as he makes their lives harder or they have to close their businesses due to Milei-induced crises.

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

#352

Post by brigandish »

Daishiman wrote: post #325
otherme123 wrote: post #233

Earlier quoted context omitted.

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 becaus…

Research Gate lists several publications and two citations:

https://www.researchgate.net/scientific-contributions/Javier...

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

#353

Post by gus_massa »

guax wrote: post #324
djtango wrote: post #295

Earlier quoted context omitted.

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, knowle…

> 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.

Older people have seen one hyperinflation, a few high inflation periods, sudden jumps in prices, perhaps two or three bank runs followed by confiscation of the deposits exchanged for long term bonds, and I may be missing a few "interesting" events. They don't trust anybody anymore.

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

#354

Post by mrbungie »

simiones wrote: post #313
AlexandrB wrote: post #293

Earlier quoted context omitted.

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...

A war doesn't directly improve the economy. It's spending on industry that was justified by the war (plus national fervor) that helped with this. But building ships and planes and tanks is not fundamentally useful for civilian industry. If the same level of investment had been directed to civilian industries instead of military, the economy would probably have been even higher. I do agree that the relative value of t…

I really doubt the technology would've advanced as fast without such an adversarial setting. Economic warfare is child's play vs total war.

All that knowledge and redirected output ended up being extremely profitable once it could be used for civilians instead of the military when the war ended.

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

#355

Post by toss1 »

the_af wrote: post #349
toss1 wrote: post #304

Earlier quoted context omitted.

>>smart people do stupid things all the time That may explain it but it does NOT excuse it or the consequences. Smart people are also supposed to consider the consequences of their actions a bit more deeply than dumb people, and leaders are supposed to surround themselves with even smarter and more broadly experienced advisers to alert them to potential stupid actions and so moderate their actions to avoid harming ot…

> Milei should face whatever consequences apply in his country to any person loudly promoting a fraud with a large platform. But he probably will not, Such a lack of consequences should be recognized as a wrong, not merely dismissed with a shrug. It will probably be dismissed. The judiciary in Argentina is largely at the beck and call of Milei's political godfather, former president Mauricio Macri, who uses them to p…

Sadly, I don't think you are wrong either.

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

#356

Post by meiraleal »

Izikiel43 wrote: post #272
xinayder wrote: post #246

Earlier quoted context omitted.

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…

[dead]

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

#358

Post by lavezzi »

dysoco wrote: post #80
wmf wrote: post #78

Earlier quoted context omitted.

he sold it as a "financial instrument to help finance small Argentinan enterprises" Is there any evidence that LIBRA can do that? If not it's even more scammy.

Obviously it's just a memecoin, but that's what Milei's tweet said, he never mentioned "meme" in his tweet unlike Trump.

> Obviously it's just a memecoin, but that's what Milei's tweet said, he never mentioned "meme" in his tweet unlike Trump.

Who gives a shit? Let's stop pretending that utilising the word 'meme' in any sort of associative context is some airtight legal defense against this being a lowest common denominator scam. These are both absolutely illegal and disgusting acts that aim to rob people of their money, using the word meme does not absolve Trump from anything.

https://youtu.be/EqizJTbxAEM?t=3241

One of the co-creators of Libra coin reveals that insiders were able to buy into $TRUMP at $500m at a "special access" private dinner in DC, before it went public. He also reveals he was involved in Melania coin too.

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

#359

Post by lavezzi »

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.

> Great take regarding 1 and 2.

lmao, where is the great take?

Regardless of whether this was marketed as as memecoin or a "financial instrument to help finance small Argentinan enterprises" they are fundamentally the same thing - a fucking scam. This is equivocal to the amount of effort you would put in to polishing a turd - it doesn't matter as the end result is exactly the same.

What makes it worse is that you'd expect that the Incumbent President of the free world to be held to a higher standard. Not only that, but one of the co-creators of Libra coin has revealed that insiders were able to buy into $TRUMP at $500m at a "special access" private dinner in DC, before it went public. He also reveals he was involved in Melania coin too.

https://youtu.be/EqizJTbxAEM?t=3241

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

#360

Post by lavezzi »

franciscop wrote: post #36
tombert wrote: post #17

Christ, why is it just ok for politicians to outright create and promote Ponzi and Pump 'n Dump schemes? It doesn't seem that long ago that this would have been a scandal but now with the moron in the Oval Office creating his own meme coins without even trying to hide his business interests, and now the president of Argentina is doing the same shit? Is this really the world that we want? I mean, I guess the answer is…

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…

> Because he didn't.

Really not sure why you say that with such authority.

https://youtu.be/EqizJTbxAEM?t=3891

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