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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

#51

Post by miunau »

EGreg wrote: post #44
XMPPwocky wrote: post #31

Earlier quoted context omitted.

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…

Which one of those five have actually happened in reality, and to what extent?

"The American Conservative further stated that a contingent of Yang's digital followers were only backing him for "a fresh platform for surreal and cynical humor" and that Yang had to denounce part of and distance himself from the movement, which largely stemmed from digital supporters of the Trump 2016 campaign.[85]"

https://en.wikipedia.org/wiki/Andrew_Yang_2020_presidential_...

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

#52

Post by hristov »

hermanubis wrote: post #24
topranks wrote: post #7

Earlier quoted context omitted.

Crypto adherents seem to have given up on any other narrative this time yeah. Scammers gonna scam. Suckers gonna lose (including the suckers who fancy themselves as scammers but don’t realise it’s a rigged game).

In the US you can’t grant coins any ownership or benefits that might vary in value. Meme coins are the only legal crypto so that’s all you get. It’s like Obama only legalizing giant pickup trucks.

Yes you can. Of course if your crypto is a security you have to treat it as a security, you have to register it file a prospectus, etc., but it is doable.

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

#53

Post by habinero »

EGreg wrote: post #44
XMPPwocky wrote: post #31

Earlier quoted context omitted.

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…

Ok, I'll bite. I read this and my first reactions are:

1. How?

2. Reward them with what?

3. Fans are already promoters.

4. Why is this a good thing?

5. This is just describing fandom, which already exists?

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

#54

Post by tptacek »

dashundchen wrote: post #30
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…

Insane timeline. Jimmy Carter had to sell his unprofitable peanut farm to avoid the appearance of conflict of interests, but the current president did a shitcoin pump and dump and his supporters eat it up and ask him for more.

Not quite. Carter put his farm into a blind trust during his administration; when he left office, he sold the farm because it was deeply unprofitable (and had been mismanaged by his chosen trustee).

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

#55

Post by timy2shoes »

tombert wrote: post #39
dashundchen wrote: post #30

Earlier quoted context omitted.

Insane timeline. Jimmy Carter had to sell his unprofitable peanut farm to avoid the appearance of conflict of interests, but the current president did a shitcoin pump and dump and his supporters eat it up and ask him for more.

[flagged]

A for-profit media company that foreign interests can pile money into for a quid pro quo, that’s somehow not legally a quid pro quo anymore.

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

#56

Post by impossiblefork »

lmm wrote: post #49
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.

Ordinary currencies have value due to the enormous debt in it.

If people fail to obtain units of the currency, they default on obligations that have much greater value than the value of the all the cash in the currency. Thus in an ordinary currency the incentive isn't to ignore it, or to sell, but to hoard it so that people can't obtain the money to pay their loans in order to create a crisis so that they can obtain a large fraction of the value of collateral.

This is prevented by central banks. If you try to execute this corner, you will drive up prices, so they will start printing money.

So Bitcoin and Ethereum, both remain memes. Fiat currencies have non-mem value due to the debt.

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

#57

Post by llamaimperative »

habinero wrote: post #53
EGreg wrote: post #44

Earlier quoted context omitted.

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…

Ok, I'll bite. I read this and my first reactions are: 1. How? 2. Reward them with what? 3. Fans are already promoters. 4. Why is this a good thing? 5. This is just describing fandom, which already exists?

Oh sorry, this way the creator of the underlying infrastructure can collect rent from all aforementioned re-implementations of existing services.

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

#58

Post by tombert »

idunnoman1222 wrote: post #45
tombert wrote: post #41

Earlier quoted context omitted.

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

Sure, it's better that he backpedaled than doubling down, but that doesn't mean that he cannot be criticized for the initial transgression.

If I drive drunk and then hit someone with my car, I'm not immediately forgiven just because I called 911 and offered to pay the hospital bill.

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

#59

Post by xrd »

throwaway314155 wrote: post #20
xrd wrote: post #12

Earlier quoted context omitted.

You are right, I assumed he was principled and dedicated to the good of the country above all else. Should I reconsider that? Like I said, I read positive things about him and thought was a sincere person. If you have something else I should read, I would be very interested to know what to add to my list. I've been following Argentina's struggles for a while given my time in Brazil and the parallels to hyperinflation…

[flagged]

I really appreciate your comment. I'm being totally sincere.

I did see the news reports about him with a chainsaw. He seemed like a nut when I saw that.

And I then watched the Lex Friedman interview and read the profile in the New Yorker.

I was surprised in that my initial glance at him was not positive but my opinions shifted.

Please give me other nuanced and intelligent discussions. I'm sorry I missed the ones you read.

I am a us citizen. I will say the fact that Milei seems very enthusiastic about Trump is very damaging to his brand for me.

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