Argentine President Milei’s Crypto Coin Scam

Interesting story brewing in Argentina that has a lesson for investors worldwide.

On Friday, Milei tweeted to his millions of followers touting a new crypto meme coin known as Libra. It immediately exploded to $4billion in value as cash poured in. Within hours the rug pull came and the coin crashed wiping out all investors. Except those that had already cashed out. Sweet.

Milei is scrambling for cover, I wonder what his take on the scam is? Hundreds of million I suppose. Without his complicity the scam isn’t as huge.

American crypto scammers are smarter, they keep the Ponzi scheme going for much longer to insulate themselves from legal problems. The Argentine stock market is cratering as the contagion is rarely limited to the scam but pulls everything down with it.

The lesson is clear: Don’t be greedy and don’t be dumb.

https://finance.yahoo.com/news/milei-stumbles-crypto-memecoin-scandal-030208220.html

18 comments

18 Comments

sceldorado

Feb 19

I am in the commercial real estate world. I too have seen the peaks and valleys and put heavy interest in the blue chip companies as leased investments.....Starbucks-typically the best locations. If you lose them, you can backfill with another retail user. Medical- Heartland/ Aspen/ Davita type users. The buildouts are so expensive that you can backfill those. Tractor Supply-Solid performers offering general products. Multi-family- Can be tricky. Have to be in the right location. Where? I love Cali, but starting to look into no tax or low tax states as well- Texas, Arizona, Nevada, Wyoming... but not to move there. Crypto- If Trump and Blackrock are going to push Bitcoin then there will be money to be made. I guess you just buy some and forget about it.

BigBallss

Feb 19

Replying to

I like the way you think.

sceldorado

Feb 18

Balls, are you a Crypto guy? You think Bitcoin will be a pump and dump?

BigBallss

Feb 20

Replying to

This looks so much different than say NY, Mexico City or even Paris. London during rush hour was freaking crazy.

Looking forward to Japan, I hope I’m not building up too much expectations.

Java

Feb 20

Replying to

Not a speck of graffiti and not a piece of trash on the floor. Also notice that you can’t even see any trash cans. They pick up the trash they put it in their pocket and when they get into a restroom, they put it in the trashcan there.

BigBallss

Feb 20

Replying to

They actually line up to get on the train, then wait and make room for the people getting off.

Compare it to the geniuses that are going to get visas to come here and work. I have no plans to go to India despite my fondness for nan, chicken tandoori, etc. I will have it right here in Orange County, thank you.