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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

#41

Post by tombert »

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…

Even if everything you said here is true, he's the president of the country. It is not unreasonable for the president of a nation to do the research of what they're endorsing before they endorse it, instead of backtracking immediately after backlash.

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

#42

Post by Daishiman »

JumpCrisscross wrote: post #11
xrd wrote: post #8

Earlier quoted context omitted.

In all honesty, I've read a bunch of positive articles about Millei, and watched the Friedman interview with him. He has multiple economics degrees and really seems to understand economics in a way that Trump does not, IMHO. And, so this is horribly embarassing that he does not understand the basics of cryptocurrencies and tokens and the scoundrels. Understanding economics is not the only point when you are running a…

> this is horribly embarassing He made a mistake and backtracked instead of instinctively doubling down. Count your blessings.

He met with the founder of this thing several times. They lowered the age allowable for trading to 13 years and up right around the time he met with these people. The con wouldn’t have worked without him spreading it. Multiple of his closest allies immediately replied that this was not a mistake.

The man as in an irredeemable narcissistic moron. We’ve had this conversation several times with the same conclusion over and over again. I get that not everyone is into Argentinian politics but by this point it’s well-established knowledge.

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

#43

Post by rqtwteye »

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…

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

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

#44

Post by EGreg »

XMPPwocky wrote: post #31
EGreg wrote: post #22

Earlier quoted context omitted.

I am a “crypto adherent” who champions decentralized networks and byzantine-fault-tolerant protocols, and I have been using strongly pushing for the original narrative of trustless smart contracts cutting out the middleman. I think there are many use cases for it. Before you knock it, look at the following: https://intercoin.app/investors.pdf https://intercoin.app/currencies.pdf Or if you want to see actual open sour…

I think your pitch would be significantly stronger if the resources you linked didn't largely revolve around "What if Snoop Dogg had his own currency?" I'm not ... completely unable to be persuaded that there are use cases for cryptocurrency. But "Ashton Kutcher should have Aston Kutchercoin, and develop some sort of referral-based pyramid-shaped scheme with it for his fans" is... what is that?

That's...

1) A way to fill unsold seats at venues, and always have sold-out events

2) A way to reward his members for spreading his message and bringing more people

3) A way to turn his audience into an army of promoters

4) A way to be independent of banks, and accept global payments

5) A way to have a global online movement that becomes bigger than Ashton Kutcher himself... having subcommunities be empowered to get together and form their own meetups, see it happen around the world, if they get large then Ashton and his crew can come and do a rock concert there

It's great for political campaigns and many movements as well. We did it for Yang's 2020 campaign for example, with "Yang Gangs", that was very early days in 2020

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

#45

Post by idunnoman1222 »

tombert wrote: post #41
franciscop wrote: post #36

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…

Even if everything you said here is true, he's the president of the country. It is not unreasonable for the president of a nation to do the research of what they're endorsing before they endorse it, instead of backtracking immediately after backlash.

It’s not unreasonable to backpedal even harder

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

#46

Post by EGreg »

digdugdirk wrote: post #33
EGreg wrote: post #22

Earlier quoted context omitted.

I am a “crypto adherent” who champions decentralized networks and byzantine-fault-tolerant protocols, and I have been using strongly pushing for the original narrative of trustless smart contracts cutting out the middleman. I think there are many use cases for it. Before you knock it, look at the following: https://intercoin.app/investors.pdf https://intercoin.app/currencies.pdf Or if you want to see actual open sour…

Question for you - what are the most energy efficient crypto protocols that could serve as the underlying network for a distributed system? And have there been any studies that look at the total energy consumption of a system of any reasonable size using various crypto protocols?

Well, once you move beyond proof-of-work, the energy use drops 99%. It's not about energy, it's about bottlenecks. Blockchain has bottlenecks, and if you have one blockchain for all the apps, it's going to be either inefficient or centralized.

Back in 2017, I designed a system to avoid global consensus:

https://intercoin.org/technology.pdf

If you want to see a visual presentation that explains why we need to go beyond blockchains, then check this out:

https://intercoin.org/intercloud.pdf

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

#47

Post by idunnoman1222 »

xrd wrote: post #8
xrd wrote: post #4

I was excited about Cabbage Patch Kids, but I missed $TRUMP. Where is the $PUTIN token?

In all honesty, I've read a bunch of positive articles about Millei, and watched the Friedman interview with him. He has multiple economics degrees and really seems to understand economics in a way that Trump does not, IMHO. And, so this is horribly embarassing that he does not understand the basics of cryptocurrencies and tokens and the scoundrels. Understanding economics is not the only point when you are running a…

Have you considered they didn’t teach meme coins at his university?

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

#48

Post by idunnoman1222 »

xrd wrote: post #15
JumpCrisscross wrote: post #11

Earlier quoted context omitted.

> this is horribly embarassing He made a mistake and backtracked instead of instinctively doubling down. Count your blessings.

Sorry, when you are the president you don't get that leeway to make mistakes and then correct them by saying "sorry, my bad!" No way. If I'm just a blogger on Twitter, then sure. It is hard to tell whether the US president is more than an effective tweeter. That distinction is important to me.

His approval rating says otherwise

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

#49

Post by lmm »

impossiblefork wrote: post #3

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.

The likes of Bitcoin or Ethereum aren't really "memes" in the modern sense, at least no more than any fiat currency is.

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

#50

Post by tombert »

idunnoman1222 wrote: post #47
xrd wrote: post #8

Earlier quoted context omitted.

In all honesty, I've read a bunch of positive articles about Millei, and watched the Friedman interview with him. He has multiple economics degrees and really seems to understand economics in a way that Trump does not, IMHO. And, so this is horribly embarassing that he does not understand the basics of cryptocurrencies and tokens and the scoundrels. Understanding economics is not the only point when you are running a…

Have you considered they didn’t teach meme coins at his university?

He has access to the same resources that everyone here does, probably more actually. Instead of retweeting the first "interesting" thing that pops up on his feed, hear me out on this, maybe he could have quickly Google'd/DuckDuckGo'd/Kagi'd/Yandex'd this before he retweeted it.

No, they don't teach "meme coins" at university, but I don't think that's really relevant.

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