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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

#91

Post by protocolture »

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.

I have heard every reasoning for regular currency to have more value over cryptos since 16/17 when I started paying attention.

Gold Standard, Government Protection, Debt, Government credit instruments.

But everything I read about currency tells me that its largely always just agreed upon make believe. The case with the Real absolutely confirmed that for me.

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

#92

Post by mvdtnz »

EGreg wrote: post #74
mvdtnz wrote: post #71

Earlier quoted context omitted.

But people can already pay for unsold seats... with money. The same way the sold seats were paid for.

And how are they going to earn this money for actions that help the community? It's much better when you can issue your own money supply

Same way people have earned money for millennia I suppose. If it has value it will be paid for.

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

#93

Post by 7speter »

protocolture wrote: post #91
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.

I have heard every reasoning for regular currency to have more value over cryptos since 16/17 when I started paying attention. Gold Standard, Government Protection, Debt, Government credit instruments. But everything I read about currency tells me that its largely always just agreed upon make believe. The case with the Real absolutely confirmed that for me.

Neither the rule of law nor following through on contracts and other obligations are imaginary

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

#96

Post by Daishiman »

xrd wrote: post #65
Daishiman wrote: post #38

Earlier quoted context omitted.

You got conned. Anyone who watches his actual interviews first hand can see that he’s mentally unstable, holds a degree from a third-rate university, and is more concerned with his own narcissistic tendencies than actually governing.

I do have to admit more and more Friedman seems like he is more intent on building his subscriber count than actually asking tough questions. I can't say I feel like his fact checking is worth anything if it ever was. I should have known better.

Friedman is, like many people in this age of podcasters and influencers, another fool who's not only out of his depth in most interviews, but too self-centered to do anything to change it.

His political analysis when interviewing people in that area is laughable. When interviewing chess players it's clear even to me, a mediocre player who barely reaches 1500 in lichess, that he's totally out of his depth and wasting precious time asking generic questions.

Unfortunately the only good interviewer of this generation is the chiken wing guy.

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

#97

Post by cwalv »

aoeusnth1 wrote: post #90
cwalv wrote: 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.

Dollars are the currency Bitcoin is most commonly compared against, and for people who have easy access to USD it can be very hard to see how btc has utility. But if you compare to other things (e.g. commodities with a monetary premium, or fiat from a small country), it's much easier to comprehend.

It is work to 'get' it tho. All the info is available; I can't make it easier to understand than many others out there already have.

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

#98

Post by JumpCrisscross »

courseofaction wrote: post #95

Has the media or world at large even noticed the $TRUMP scam? I've only heard of it through Voidzilla, is that reflective of my bubble or is 'flood the zone' working?

Not comparable, politically or financially

Politically, Trump’s party controls the government and Trump is incredibly popular with his party. Financially, there hasn’t been a rug pull.

The comparable situation would be Trumpcoin gets wiped out in 2026 amidst the Democrats taking back the House.

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

#99

Post by bbor »

That's hilarious/interesting/terrifying, but my naive outsider understanding is that "risks impeachment" is just something opposition lawmaker Leandro Santoro said once, not, like, an impending problem. Anyone know anything more specific/to the contrary?

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

#100

Post by bbor »

JumpCrisscross wrote: post #98
courseofaction wrote: post #95

Has the media or world at large even noticed the $TRUMP scam? I've only heard of it through Voidzilla, is that reflective of my bubble or is 'flood the zone' working?

Not comparable, politically or financially Politically, Trump’s party controls the government and Trump is incredibly popular with his party. Financially, there hasn’t been a rug pull. The comparable situation would be Trumpcoin gets wiped out in 2026 amidst the Democrats taking back the House.

I mean... at a certain point, with memecoins, it's just about the scale of said pull, not the presence.

  There have been concerns of a pump and dump scheme and analysts have viewed it as a "disaster." A forensic analysis commissioned by the The New York Times concluded that 813,294 wallets lost $2 billion by trading the coin while the president's company and partners profited about $100 million from trading fees. According to Fortune, "Less than three weeks after its release, President Donald Trump’s memecoin has produced more losers than winners. For every dollar in trading fees the Trump crypto creators raked in, investors lost $20."
- https://en.wikipedia.org/wiki/%24Trump

I hope we can all agree, crypto-fans or no, that moon coins are at best a very risky, unregulated gambling prospect!

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