What is the difference between Milei and Trump?
Milei may need an Elon behind his back.
In this Sub, we discuss Money as a Language and its fragility based on perception, narrative, and signaling. Last Friday I got a real-life example of this volatility. I wanted to raise some questions and make some historical clarifications regarding the world of crypto scams.
Last Friday Argentina's President Javier Milei decided to speedrun what could be either the world's fastest political scandal or history's most presidential "oopsie."
The Milei Mayhem
On Friday, President Milei, Argentina's libertarian leader, promoted a cryptocurrency called $LIBRA. Within hours, the token skyrocketed from practically zero to nearly $5, only to crash spectacularly after Milei deleted his post generating 5 Billion USD of value losses. Now, he's facing impeachment calls and criminal charges, while eight insider wallets casually walked away with $107 million.
First I want to explain the crypto scams family tree.
Let's break down the three cousins of crypto catastrophe:
Rug Pulls: Think of it as the digital equivalent of selling someone a car and then stealing both the car and the money. Developers create a token, promise the moon, and then vanish with all the liquidity faster than your dad when he goes to buy cigarettes
.Pump and Dump: This is the social media influencer's favorite. Buy low, hype it up, watch others buy-in, then sell everything while screaming "HODL!" to your followers
.Pig Butchering: The dating app scam where someone pretends to be interested in you but is actually more interested in your stilling wallet.
Let's talk about money lost to crypto scams:
2020: $500 million
2021: $2.6 billion
2022: $1.2 billion
2023: $760 million
2024: $473 million
Where is Elon and Where is Trump?
Here's where things get interesting. While Milei faces potential impeachment for a single deleted tweet, we have to ask: why aren't we having the same conversation about other influential figures who regularly pump cryptocurrencies? cough Elon cough.
The Big Question
Is Milei responsible? Well, that's complicated. The prosecutors argue that posting about $LIBRA just three minutes after its launch suggests he knew more than he's letting on. But unlike traditional rug pulls, Milei didn't develop or control the token, he just promoted it, deleted the post, and said "My bad".
Whether Milei is guilty of fraud or just catastrophically bad judgment, this incident highlights a crucial point: in the crypto world, the line between a scam and a "legitimate investment opportunity" is about as clear as a mud puddle in a rainstorm. And when presidents start promoting meme coins, perhaps it's time to ask ourselves if we've collectively lost the plot.