Let me explain MemeCoins to you
I saw Coffeezilla's interview on my feed last night but I was too tired and I wanted to pay close attention to the interview. That being said, I can't believe my own ears, the admissions being made. It's worse than I thought.
The game in town
I realize I sound like someone who opposes progress when I say this, but I can't help myself. The "business" of memecoins, the way to make money was and will always be to rug pull.
You could say that us crypto peeps have perfected the rug pull and we've done so by incorporating all the different lessons and technologies we've learnt every single cycle.
I have no idea how Coffeezilla was able to get in touch with one of the guys who launched $LIBRA, and why this person feels compelled to share as much as he does, but the whole thing is truly eye opening.
But wait, there's more
https://x.com/bubblemaps/status/1891376929107763558
Diligent observers have pointed out the undeniable connection between $LIBRA and $MELANIA, and this revelation is not one we can discard as coincidence.
As of me writing this short blog $MELANIA is down 90% of it's ATH, but it's still "alive" if you will. There are still some people holding the bag in hopes that ___________ of course.
A similar thing is the case with $LIBRA, and Coffeezilla's guest points out all this is by design, this is the desired outcome of such a business venture.
Insider Trading
Coffeezilla tried a few times to explain why this whole thing is unethical but failed to get his point across. A bit frustrating if you ask me, but I suspect that in order to get into this business you truly have to embody completely different set of moral values, and those can't be simply explained.
At any rate, what I've confirmed today is this:
- Memecoins are stupid
- Memecoins are rug pulls
- Anyone in power who does Memecoins is either dumb or a crook
- Memecoin have no real use case.
❤️
There are a couple of memecoins that's aren't rugpulls.
This is what prompted all the rug pulling.
It's not hard to setup a memecoin that's obviously a fair launch.
But none of these degenerates care about fair launches.
This is not a supply problem it's a demand problem.
And once again this interview confirms that Milei will make no money off this launch.
Which literally everyone reporting on this story just assumes otherwise with zero evidence.
Edicted bro, Ima blow your mind right now, you ready? Your dad is Argentinian. This is the only logical conclusion I can make at this point. His name is probably Mariano as well.
On the other hand, I gotta ask you my good friend. Have you looked up Milei's past crypto ventures? It's not his first dip of the toes. Which means he should have known better. In other words, even if he pocketed nothing (which seems to be true), he should have vetted the LIBRA team before posting a single thing about the project.
What say ye?
I would say this question is completely disconnected to what we were just talking about.
And also no, why would anyone ever vet a team?
You can vet a team and still be wrong in trusting them.
That is a centralized tactic.
It's the code and the distribution that need to be vetted.
I would argue that the distribution needs to be so rock solid that it would be almost impossible for someone in that type of leadership roll to give it the green light. Or rather not really impossible at all, but a distribution so good that we've never even seen such a thing before (like every single citizen of the country getting an airdrop).
It is shocking to me how easy it would be to make something great and people just... don't.
But to reiterate: this is a demand problem not a supply problem.
The people who supply the demand are not the problem.
The junkies are going to get their fix; I guarantee it.
Ok, I'll be as clear as I can with my "beef" with Milei. Politically him and I align quite a bit. Argentina had been taken by a mafia disguised as a party that cared about social issues, and destroyed the country from the inside.
Being someone with deep connections to Argentina, friends and family, when Milei won I found it to be a necessity to extirpate the cist called Peronism first and then Kirchnerism.
With that out of the way, because it's important I put forth my bias. I had placed the bar pretty high for Milei. Meaning that he would actually be a responsible leader and not partake of the acts of corruption that had been destroying the country.
Has he done good things? Of course he has. The pendulum had swung so far in one direction that there was not one trip to Argentina that I made that didn't not have people in the streets protesting with their tatas in the air or dancing a song about all men being rapists.
But, Milei started to show his ugly side. Nepotism front right and center in the Argentinian government at the moment(Easy to verify). And, even worse, he attempted to default Brazil and not pay it's debt for natural gas (all cars run on gas, not just gasoline there, fun fact).
In other words. I thought him to be a moral man, and he's showing me that him and I don't share the same values after all.
Beyond that, and possibly why I don't let this mistake just pass:
He was key in the promotion of a Ponzi back in 2021. Yes, he apologized, yes he claims he lost funds too, but hey apparently he didn't learn a lesson and that is the most charitable conclusion I can reach.
BUT!
If I am to give him a pass here and assume he's 100% not responsible for anything that just happened, I would have to accept most of the following things:
And, I think I could make the list even longer.
See the big difference here is that you are "meeting your heroes" and I'm just over here like "haha politicians at it again". I do not have skin in the game as an anarchist. Almost all the great champions of the people have ended up dead; as in killed or died under mysterious circumstances. There's a very good reason for why that's a thing.
You are politically black pilled... you know, it might the healthiest way to be
It's literally the only reason why I ever injected myself into crypto.
This is clearly the only path available to automate governance.
Rules without Rulers.
There is some evidence that Milei intended to enable the rugpull, because it's unlikely he could have been unaware of how his tweets promoting and then withdrawing his support would affect token price. It's facile to use mechanisms that aren't linked to identity to undertake financial shenanigans for people as informed and empowered as Milei, and this makes gut checks and bias useful where deception is a tool of the larcenous.
You have discussed how income taxes are easily dodged by the borrowing against equity available to the wealthy and impossible to the rest, so you cannot be unaware that offshore trusts and similar mechanisms can be used to profit insiders from the information they are barred by law from taking advantage of in their name. Burying beneficial interest in a bewildering branching chain of obfuscations is a time honored tradition, and Milei is unlikely to be incompetent to do so. Whether he has the moral rectitude to refrain is the question, and that is shown by the assumptions he is attempting to swat away to be considered unlikely by the wisdom of the crowd.
Of course, proving it is another matter.
I'm going to double down here and point out that I don't care if he pump and dumped the token and make millions of dollars. Crypto degenerates need to hit rock bottom. Better sooner than later.
This is why I don't need to be careful about being right or wrong here.
It doesn't matter.
I put zero stock into politicians.
I put zero stock into degenerate gamblers.
This is a a whole separate point, and I'll grant you every bit of it. I'm making a political judgment, not a financial one. (does that make sense)
If your political judgment is that such and such politician is an asshole I'm going to agree with you every time. What I don't agree with is being shocked or even disappointed by it.
Both the only rational choices.
Edicted posted recently that crypto emulates biological evolution, and the present exuberant issuance of memecoins does indeed resemble the Cambrian explosion of eukaryotic life that produced a diversity of forms from which those competent of persistence resulted through application of evolutionary forces.
Rather, like biological evolution, the absence of moral values that epitomize civil society. It is, IMO, the advantage of beneficence availed by morality that has so prospered Western civilization, and the tragedy of late imposition of malevolence that is deliberate destruction of that advantage intended to prosper global centralization.
Because of the laws of physics humanity is not immune to evolutionary forces, and this underlies my expectation of the inevitability of correction of amoral, or rather immoral, economic practices, whether the issuance of memecoins to rugpull the naive, or imposition of insuperable benefits on unproductive and incompatible immigrants that financially drain productive civilian populations. Biology reveals that cyclic boom and bust population dynamics continually test evolutionary forces applied to species, and policy is subject to the same forces.
The challenge before civil society is to apply just law to the malevolent parties seeking to profit from their malice. The example of history shows that, just like population spikes of rabbits and bobcats, from time to time such malevolence is corrected by mobs with pitchforks and torches when corruption has disabled just courts.
Because it's about time again, dust off the torches and sharpen the tines of the pitchforks in preparation for playing the role evolution has assigned us.
Thanks!