‘I Don’t Participate in Meme Coin Economy’: Vinny Lingham

Renowned Internet entrepreneur Vinny Lingham has taken to his account on the social media platform X (widely famous as Twitter in the past) to make a comment on the recent scandal with the meme coin LIBRA endorsed by Argentina’s president.

He shared his view in a short tweet that was down to just two sentences. Another big figure in the crypto space – Bitcoin advisor to El Salvador president Max Keiser – also weighed in on the situation, expressing criticism.

“Memecoin economy is like gambling”

Lingham shared a link to an interview with one of the creators of the LIBRA coin which drained retail investors of more than a hundred million dollars in a single day. The meme coin was endorsed by Javier Gerardo Milei in an X post which was later rapidly deleted from his page.

After soaring to almost $5 per coin, LIBRA gained market capitalization of approximately $4.5 billion and after that the collapse took place as several insider wallets which held more than 80% of the coin dumped their bags on the market at once, performing a classing rug pull.

In his tweet, after listening to the interview, Lingham stated that owning to crypto scams like LIBRA, he does not “participate in the memecoin economy.” He also likened meme coins to a casino, saying that “it’s like gambling except the house is also cheating…”

Scammers don’t bother making whitepapers: Max Keiser

Max Keiser also commented on this case, but rather indirectly. In his tweet, the former financial observer and currently the Bitcoin adviser to El Salvador’s president Nayib Bukele stated that these days scammers do not even bother making whitepapers which all respectful cryptocurrencies have.

In this, they follow the example of Satoshi Nakamoto and the Bitcoin whitepaper he wrote before launching BTC.