A tweet from Argentina's president Javier Milei promoted a memecoin called Libra, which he described as a "private project [that] will dedicated to encouraging the growth of the Argentine economy by funding small Argentine businesses and startups". The token quickly soared in price as traders poured in.However, within hours of the launch, insiders began selling off their holdings of the token. The token had been highly concentrated among insiders, with around 82% of the token held in a small cluster of apparently insider addresses. Those insiders cashed out around $107 million, crashing the token price by around 95%.After the crash, Milei deleted his tweet promoting the project. He later claimed he was "not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet)."
    • mountainriverEnglish
      10·
      10 months ago

      Economic Shock Doctrine works great for the oligarchs. Less well for everyone else. So it’s not strange that Milei wants to scam his supporters and hand oligarchs a direct way to show their gratitude.

    • Amoeba_GirlEnglish
      5·
      10 months ago

      That’s weird. I’ve heard you were a spambot.

      • Sebeck0401@feddit.nlBannedEnglish
        14·
        10 months ago

        If you have some other insightful video that argues against the one I posted please share. The video I posted represents the (quite shallow) depth of my knowledge on the subject of the economic and political situation in Argentina. 🤷

        Edit: found this explaining the crypto issue, interesting. https://youtu.be/KFHWFeHYhok

          • Sebeck0401@feddit.nlBannedEnglish
            12·
            10 months ago

            No idea what’s going on or what I did wrong. I browse by “all”. All I get is insults 🤷

            • froztbyteEnglish
              2·
              10 months ago

              we already have hilbert curves, you don’t need to go fill space just because it’s there