Buenos Aires: the Argentinian president, Javier Milei, faces a corruption survey on his promotion of a piece of memes, which is a very speculative form of cryptocurrency which increased in popularity after President Donald Trump and his Woman launched their own tokens.
The grass scandal in Argentina has been nicknamed locally as “cryptogate” and has links to a diverse distribution of characters, including a high -level American influencer, a cryptographic developer who uses the pseudonym “Meow” and an American 28 -year -old American 28 years old entrepreneur who said he had helped launch the first lady Melania Trume even Coin last month.
Here is an explanator on what happened and where things are:
First of all, what is exactly a piece of meme?
Currency is a type of cryptocurrency that are generally only blunders on internet memes, viral moments or celebrities that do not try to use new technology or solve new problems. They often have silly names, such as Dogecoin or Fartcoin.
Critics – including many cryptocurrency fans – say that it is nothing more than digital ponzi programs that exist to enrich the initiates to the detriment of retail investors. These more favorable documents say that the pieces even should not be so easily rejected and could be early indicators in the ways that the Internet could revolutionize financial and other transactions.
“New technologies often look like a toy but evolve in something much more powerful over time,” said Coinbase CEO, Brian Armstrong, in a recent article on social networks.
So what happened with the memes piece associated with Milei?
In short, a disaster.
Milei, the Libertarian President of Argentina, loving technology, in the fashion of chainsaw, posted on X about the $ Libra part of memes, just after its launch, declaring that it “encouraged economic growth by financing Small businesses and startups ”.
The price of the room climbed almost immediately, pushing the market value of the project beyond $ 4 billion.
A few hours after the launch, the first holders of the medal began to withdraw the project and its price collapsed.
The price trajectory of $ balance had the characteristics of a “carpet traction”, a non -rare phenomenon with coins. Carpet prints occur when the initiates throw their assets in newly launched rooms that rise in value, which reserves the price and causes losses for new investors.
Milei removed his initial position after the price collapsed and moved away from the project. Dozens of criminal complaints had been filed on Monday, a judge in Argentina had been selected to investigate fraud allegations and the main opposition party of Argentina called for its indictment.