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

However there is and should be a legal difference between selling tobacco to unknowing customers, like in unlabeled soda or ice creams, against selling to cigarette buyers who are informed.

Similarly security laws are in place to protect legitimate investments, the courts do not want to be involved in inproductive speculative trades. You need to have some nuance between speculative casino games and genuine trading.

You can't treat both cases the same, if you do you do it at the expense of genuine commerce.

In this case, it crossed over to the criminal kind because it passed as an investment security, and was sold as such. So I do backtract in what I said in my original comment, I do see how THIS is a crime, but not other stuff like say, other typical pump.fun coins. Mostly because I learned a bit more about the case.

I know your type: you throw bold assertions left and right, without a single source to back up. When somebody ask for sources you reply "trust me bro". You back up your assertions with "I never met anyone from Belgrano" (I never met anyone from MIT or Harvard, yet I thing they are good Universities) or "there are no famous people from Belgrano"... well, turns out that Milei is very famous and from Belgrano, so your argument falls apart.

But the whole point (Miley is bad because his University is bad) is invalid. You can study at MIT and be mediocre. You can study at a mediocre University and be top notch. Heck, you can even almost fail at high school and be excellent at your work. Dan Luu, University of Wisconsin after nearly failing high school come to mind, or John Carmack (two semesters at University of Misouri before dropping out, after a sentence of one year in a juvenil home). Guess they are bad at their job, according to your standards. Talk about elitism...

You ask from us a full "believe me because I say so, ignore whatever data you might find that contradicts me, I won't explain why nor point you to alternative sources. Just everything that doesn't agree with me is tainted, manipulated, or wrong. And if you don't have a degree in one of the best 100th Universities in the world and I can't find your research, you are unworthy". Nah, I'm not debating in those terms.

PS. Just noticed this:

> [...]considered by all to be the most prestigious, along with the private universities of Instituto Di Tella and the ITBA[...]

Did you know that Milei got his second Master at Instituto Di Tella? Guess he is elite now, by your own standards!

There's no rational beyond blind faith here. Inflation will eventually stop, most likely, but thinking that “because of the sacrifice, things will go better in the end” is just magical thinking.

The economy doesn't give a shit about morality, and Germans are paying the price of this belief at this very moment: they put their moral take about debt (“Schuld”, which also means “guilt”) in their Constitution in 2009 and now they are stuck in a recession with no end in sight because the government cannot support their economy, and they also bullied the whole Europe into reducing their debt during the 2010s, which lead to catatonic growth level in the EU for a decade.

When economics policies are decided on a moral basis with religious-inspired arguments it leads to disaster (and it's true no matter what moral values are driving it: Mao starved his population for the exact same reason, even though the moral values that inspired his policies weren't the same).

Because there are denominated loans in dollars people who have those loans have to get dollars to avoid losing their houses etc., and therefore dollars have value.

Because there's very little in loans denominated in Bitcoin, bitcoin has no value.

Nobody really should. This is just to make the scam more obvious to Milei's shrinking supporters.

Milei and his closest circle are now stuck in a loop, trying to argue simultaneously that "$LIBRA and cryptocurrencies are just a gamble, a casino for very technical people", "this only affected a minority of crypto gamblers", and that "he wanted to spread the word about a project that could be good for Argentina".

Anyone with a gram of brain matter can tell these assertions are incompatible.

And yes, one of the co-creators of $LIBRA candidly said the way these things work, only insiders make money, and the rest loses. He claims he's upset by "insider trading" being considered a naughty thing, when it's "the way these things work".

Before anyone asks: I've watched all the interviews, with Milei, his economy minister Caputo, and this Davis guy. Not hearsay, they are literally saying all these things now.

It'll be hard to argue Milei is such a savvy guy now (he often makes a show of calling his opponents "econochantas" -- slang for "econo-fraudsters"). And now he's proven himself to be either a bumbling fool, a scammer, or both. A losing proposition for anyone trying to defend his actions.