3mo ago

Argentina president faces impeachment calls over crypto crash

www.bbc.com

Argentina president accused of fraud over crypto crash

Argentine President Javier Milei is facing impeachment calls - and legal action accusing him of fraud - over his promotion of cryptocurrency on social media.

BrainWorms @lemm.ee

DeadWorld @lemm.ee

3mo ago

Argentina president faces impeachment calls over crypto crash

www.bbc.com /news/articles/cp9x9j89evxo

World News @lemmy.world

MicroWave @lemmy.world

3mo ago

Argentina president accused of fraud over crypto crash

www.bbc.com /news/articles/cp9x9j89evxo

World News @quokk.au

misk @sopuli.xyz

3mo ago

Argentina president accused of fraud over crypto crash

www.bbc.com /news/articles/cp9x9j89evxo

22 comments

How many times can people fall for the same scam and not be blamed for taking the bait themselves? Shitcoins come in a flavor of the week, the originator hold a horde of them and shills it as the greatest thing ever, follows dump money in it, and the principal makes off with the gains. Trump co pulled the same gimmick to fleece their fans and nobody batted an eye
- I wouldn't say "nobody batted an eye". It is being talked about by a lot of the internet.
  The thing is, sunk cost fallacy. Suckers that were duped arn't screaming about it because their guy did it so they have to keep it to themselves or else those Demon Rats will be right.
  
  Fair enough, maybe more 'Trump scammed, flock got fleeced, nobody was shocked' is better fitting.
- Memecoins are like the new version of casino.
  Gonna get old eventually.... (I mean writing stories about casinos that politicians and famous people promoted and people lost money at)
- They're shit coins. Nobody is being scammed.
  They just overestimate their ability to time the market. But some do make money timing the dump.
  Your odds of winning are still better than the casino. But I'm not a gambling man.
  
  For some it's an eyes open ponzi scheme, then there are always the village idiots that think that surely this is the one that is going to replace the world currency.

Gee wonder where he got the idea from.
https://www.livemint.com/market/cryptocurrency/trump-meme-coin-investors-lose-2-billion-in-less-than-a-month-how-are-melania-bitcoin-performing-11739522934272.html
- Trump is very far from the first shitcoin

Wait, you can impeach someone over that?
furiously takes notes in American

Dude looks like an Austin Powers villain.
- That's such a good diss.
  Its in my kind of style of the "wish at home"

The problem with any currency in our current state is 2 fold:
The people that already have too many assets can simply buy a bunch of the currency and fuck with it. Roller coaster that shit.
A small group of dedicated individuals with a large sum of money together could perform a similar attack.
This is an extra specifically for crypto that I happened to notice while angrily trading btc, doge, and ethereum, they are heavily traded by algo's, you can crash them by repeatedly buying on a dip, then selling for a minor gain. The algo's see it as pattern trading and alter their trades to try and recoup losses, the price goes down. Most stocks are not currently as easily manipulated in this manner. Most stocks if you get a gain of a few cents, algo's will see it as a stock paying out, and will pile into it meaning after you sell for a profit the price keeps going up... Which stinks, but it's doing that because you made a profit, and likely the movement would be different if you hadn't made profit, if you took a loss, the algo's might see it as people are giving up and try to pile in shorts so the price further sinks... My point over all is; having a finite resource of any kind as currency is dangerous because a small group of people already have a majority of the current limited resources and there's nothing stopping them from simply buying up the new limited resources when it's available. As Argentina is finding out... Also young currencies have inherent liabilities to them like loop holes people can use to get gains or losses when gains or losses are not due.
- This isnt a crypto currency. Its a shitcoin.
  
  That's a distinction without a difference.

And jail time, right?
- ...Right?

Some people online have accused Milei of what is known as a "rug pull"
This fucking article. Its not a rug pull. Its a pump and dump.
You can't fucking rugpull a currency that's still tradable. A rug pull is when the site shuts down.
Tech literate reporters, where are you?

... the government's Anti-Corruption Office would investigate and determine whether anyone had acted improperly, including the president himself.
Boy, I'm glad we have government-funded experts to investigate .... Corruption in the government