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Argentina president faces impeachment calls over crypto crash (www.bbc.com)

submitted 5 days ago by marioms@lemm.ee to c/nottheonion@lemmy.world

22 comments fedilink hide all child comments

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

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[–] ShellMonkey@lemmy.socdojo.com 77 points 5 days ago (3 children)

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

[–] thisbenzingring@lemmy.sdf.org 11 points 5 days ago (1 children)

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.

[–] ShellMonkey@lemmy.socdojo.com 7 points 5 days ago

Fair enough, maybe more 'Trump scammed, flock got fleeced, nobody was shocked' is better fitting.

[–] beeng@discuss.tchncs.de 5 points 5 days ago* (last edited 5 days ago)

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)

[–] jagged_circle -4 points 5 days ago* (last edited 5 days ago) (1 children)

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.

[–] ShellMonkey@lemmy.socdojo.com 2 points 5 days ago (1 children)

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.

[–] jagged_circle 1 points 4 days ago* (last edited 4 days ago)

No. That's for cryptocurrency.

Shitcoins are for gambling. Nobody expects memecoins to replace world currencies. Just like nobody expects to buy groceries with pubic hair or lottery ticket stubs or arcade tokens.

Shitcoins are for timing dumps.