Bits + Bips: Could the LIBRA Scandal End the Memecoin Craze? - Ep. 786
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The reality of crypto over the last ten plus years, it's been speed running the lessons of history. Right? So crypto learned where rehypothecation was. It learned what fractional reserve banking was. It, it learned, what securities Leverage. What leverage? It learned what leverages. And now it's it's healthy in this post Gensler area to have a learning like this relatively quickly before you have a larger mishap.
Hi, everyone. Welcome to Bits and Bips, exploring how crypto and macro collide one basis point at a time. Today, we'll talk about Libra scandal. And for those unfamiliar with it, we'll try to explain what happened and how it unfolded, and we'll discuss what it means for the meme coin cycle, for Solana as a blockchain, and much more. But first, some quick intros. I'm your host, James Safer, TradFi archmaester, lord of Bloomberg's End, here with Joe McCann, lord commander of Asymmetric and master of Bonk. Hey,
guys. I'm finally back.
Also, Noel Acheson, high seer and keeper of the crypto is MacroNow newsletter. Hello,
everyone. And
Ram Alawaliya, maser of wealth, leader of Lumida. He should be joining us a little late, but we're gonna jump in here. So we're we're here to discuss the latest stories in the worlds of crypto and macro. Just remember that nothing we say here is investment advice. Please check unchainedcrypto.com/bipsbips for more disclosures.
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Alright, guys. So I'll I'll just give a little bit of TLDR, and then I guess I'll pass it off to to Joe and Noel to really dive in because they've they've gone in a little deeper than I have on this stuff. But on Friday, a new token was launched called Libra. It surged to billions of dollars in value, particularly after an endorsement from Argentina's President Javier Mele. He basically tweeted out on his Twitter handle that it was gonna help, Argentine companies and and things like that. At the center of the controversy is Kelsier Ventures' Hayden Davis, an adviser to the project, who admitte
Wow. That's my initial reaction. I mean, I actually didn't really participate. I didn't I think I actually bought a little bit and totally lost money on it, frankly, because a friend of mine had mentioned to me. I was like, oh, this looks like it's interesting. And I was like, wait a second. This is a rug. So there's something wrong here. But that is a a a true trench warrior story. Anybody that's been in the trenches knows what that's like. That happens all the time.
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