Summary
Argentine President Javier Milei faces impeachment calls and fraud accusations after promoting the $LIBRA cryptocurrency on social media.
His endorsement caused a price surge, but after he deleted the post, the coin crashed, wiping out investor funds.
Critics accuse him of a “rug pull” scheme, while the government denies wrongdoing and announced an anti-corruption probe.
Argentina’s main opposition coalition calls the incident an “unprecedented scandal” and preparing to seek his impeachment.
Yeah, I’ll throw my voice into the downvote chain and say you’re absolutely right. Saying crypto is tied to Moore’s law is hot garbage. I really, really don’t want to defend crypto here since 98% of its use now is for scamming people, but there are a lot of clever consensus algorithms now that escape scalability issues. Computational waste is still a problem across the board, but that trend is shrinking in some of the newer coins, not growing.
Like I said, I wouldn’t touch crypto with a ten-foot pole, but everything you said here is completely correct, right down to the co-optation of what started as a set of impressive enthusiast projects.