Just to clarify, here are some important differences compared to the Trump case:
1. Milei did not sell this as a memecoin at all, unlike Trump, he sold it as a "financial instrument to help finance small Argentinan enterprises".
2. Trump tweeted about $TRUMP BEFORE stepping into office, Milei is already the president of Argentina. This constitutes an obvious ethical violation, and possibly a legal one as well.
3. 80% of the marketshare was concentrated in just 10 accounts, these accounts made transactions at 0-1 seconds after the president's tweet. There was some clear insider training here.
Was Milei on this or was he just the victim of a scam? In either way he has pictures and met with the coin's creators 3-4 times as the record shows, so he cannot claim he knew nothing about this. I don't personally think he intended to be part of a scam, but it shows some clear incompetence and he cannot promote such things in his official account, scam or not.
I hope this helps people from outside Argentina get another view of Javier Milei, I've read way too many uninformed comments here on Hacker News and other sites about how he's a genius in economy and he's helping Argentina's economy, and that cannot be further from the truth sadly. If he made such a blunder in finance which supposedly is one of his specialties just imagine how incompetent he and most of the government right now is on other matters.
1. Milei did not sell this as a memecoin at all, unlike Trump, he sold it as a "financial instrument to help finance small Argentinan enterprises".
2. Trump tweeted about $TRUMP BEFORE stepping into office, Milei is already the president of Argentina. This constitutes an obvious ethical violation, and possibly a legal one as well.
3. 80% of the marketshare was concentrated in just 10 accounts, these accounts made transactions at 0-1 seconds after the president's tweet. There was some clear insider training here.
Was Milei on this or was he just the victim of a scam? In either way he has pictures and met with the coin's creators 3-4 times as the record shows, so he cannot claim he knew nothing about this. I don't personally think he intended to be part of a scam, but it shows some clear incompetence and he cannot promote such things in his official account, scam or not.
I hope this helps people from outside Argentina get another view of Javier Milei, I've read way too many uninformed comments here on Hacker News and other sites about how he's a genius in economy and he's helping Argentina's economy, and that cannot be further from the truth sadly. If he made such a blunder in finance which supposedly is one of his specialties just imagine how incompetent he and most of the government right now is on other matters.