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- Dunning-Krugerrands
Things have been going so fast that I missed this gem. The President of Argentina is in big trouble because his shitcoin shit the bed:
Milei, the tech-loving, chainsaw-wielding, libertarian president of Argentina, posted on X about the meme coin $LIBRA on Friday, just after it had launched, stating he was “encouraging economic growth by funding small businesses and startups.”
The coin’s price soared almost immediately, pushing the market value for the project beyond $4 billion.
A few hours after launch, early holders of the coin started cashing out of the project and its price collapsed.
What is it with these goobers and their goddam chainsaws?
Anyway, in crypto parlance, this is called a rug pull which is why the valuations of “$4 billion” or whatever absurd number gets batted around are nuts. Millei “minted” (i.e., created using a small amount of computer resources) a ton of $LIBRA but only a fraction was sold before the rug pull. This one looks like a classic “pump and dump”, where $LIBRA was put on the market by Millei and his buds, and after the price went up, they sold off their holdings, thus crashing $LIBRA and giving everyone’s wallet Cancer. See, also, Hawk Tuah Girl’s shitcoin.
So what kind of asshole pushes out these memecoins? This kind:
Hayden Davis, a 28-year-old American crypto developer who said he’s an adviser to Milei and helped launch $LIBRA, has emerged as a central figure. Milei’s office said the government has no connection to Davis.
In an interview with independent crypto journalist Stephen Findeisen, Davis said that meme coins are essentially a rigged game that benefit a small group of people at the expense of retail investors.
“It is an insiders’ game. This is an unregulated casino,” Davis said.
Davis said the $LIBRA coin was not a rug pull but was supposed to be an experiment to show the power and utility of digital currency that’s consistent with Milei’s desire for Argentina to be a hub for innovation.
Davis also said he was involved in the launch of Melania Trump’s meme coin. Launched just before her husband took office, that meme coin’s price underwent a similar trajectory as $LIBRA — quickly soaring upon launch and then dropping. The first lady’s office declined to comment.
I’m sure we’re missing the smirk when he said it’s an “unregulated casino,” and LOL at the nonsense about “power and utility of digital currency,” because if this little episode showed anything, it was the opposite of that.
If we had a functioning regulatory system, this guy would be in jail. Instead, he’s going to advise some clown or other on another shitcoin that he’ll use to make a ton of money by fleecing “investors” a.k.a. “marks”.
(I believe riley37 on Bluesky is the originator of the post title.)
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