[2019-05-21] Argentina: Bitcoin Bought at $20K Retained More Value Than the Peso

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Quote from: buwaytress on May 22, 2019, 05:18:33 AM

Quote from: gentlemand on May 21, 2019, 10:25:41 AM

And if they'd bought dollars they'd be even better off. How wonderful.

It's time Bitcoin fans stopped straw grasping at pathetic and twisted stats. It's really not an appetising look any more.

Nicely said. Came here hoping to say almost the same thing (my country's fiat has been doing really well against usd since the former regime got toppled by a shock election loss last year) but you laid out the point well.

Fiat has probably outperformed Bitcoin at keeping value overall so let's not get outselves into losing arguments. We going to start buying gold, oil and real estate really if we want to go down this route.

However, it is a bull market, bitcoin is also increasing in value against the dollar. I reckon if they hold for a few more months they can sell and have some profit against the Argentinian peso and the dollar. It is also easier for those people to send and receive online without the service of banks.

Also, fiat has never kept any of its value. A dollar years ago is less today.

BitHodler

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People need a stable currency day in day out. Bitcoin just isn't a viable option unless it's to store a large portion of your wealth (that you don't directly need) for a longer period of time.

I have read about how some local governments there have issued their own paper money, and it seems to do a pretty decent job for those holding it, but when you want to enter you still depend on the value of the national fiat currency.

If you also add that Bitcoin's fees have seen a significant spike, it once again becomes clear that this isn't a viable alternative as day to day currency. $1-$4 fees is what some people there earn in a whole day.

Slow death

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I like bitcoin, but there are things people should see that the solution is not just to buy bitcoin and that's it, all problems are solved ... the problem of argentina is a political problem where there is no good alternative to occupy the position of President. and if the Argentines want changes then they should choose people competent to occupy the position of president of their country. not enough to be buying bitcoin, should look at the real problem: "who is competent to take the position of president"

1Referee

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Quote from: gentlemand on May 21, 2019, 10:25:41 AM

And if they'd bought dollars they'd be even better off. How wonderful.

It's time Bitcoin fans stopped straw grasping at pathetic and twisted stats. It's really not an appetising look any more.

It's very subjective and time-frame specific. If we're talking about 2018 then sure, you're way better off hedging into the US dollar, but 2019 is completely different and we can't just discard that, else you're just cherry picking time-frames to fuel your own narrative.

The positive sentiment around Bitcoin this year is a big motivating factor to why people should buy into Bitcoin rather than the US dollar, and I'm certain that there is a lot of peer-to-peer trading going on in the background.

Look at Venezuela's volume boom this year, the growth in volume is insane this year; https://coin.dance/volume/localbitcoins/VES

buwaytress

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Quote from: gentlemand on May 21, 2019, 10:25:41 AM

And if they'd bought dollars they'd be even better off. How wonderful.

It's time Bitcoin fans stopped straw grasping at pathetic and twisted stats. It's really not an appetising look any more.

Nicely said. Came here hoping to say almost the same thing (my country's fiat has been doing really well against usd since the former regime got toppled by a shock election loss last year) but you laid out the point well.

Fiat has probably outperformed Bitcoin at keeping value overall so let's not get outselves into losing arguments. We going to start buying gold, oil and real estate really if we want to go down this route.

CryptoBry

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Quote from: Naida_BR on May 21, 2019, 12:02:22 PM

Quote from: Jgilpulg on May 21, 2019, 09:05:16 AM

Bitcoin’s value in relation to the Argentinian peso and Bitcoin’s trading volumes are reaching all-time highs.

https://bitcoinist.com/bitcoin-argentina-store-of-value-outperformed-peso/

I really cannot understand why Argentina's economy shrinks due to inflation. What is the reason for that? It is one of the richest countries in South America but still they struggle. For all these years and the many more to come Bitcoin will be a good choice over local fiat currencies.

I am not so familiar with the Argentinian economy and politics but it seems that the country's troubles are now in the mainstream media's radar alongside Venezuela. I see that one factor for this is that tendency to go for easy fix for perennial problems that affected the whole economy...those solutions can be popular and can be effective short-term but over some years the side effects will be haunting the country. The country has all the needed resources that can be utilized for recovery all they need are good leaders who have the vision and the political will to make things happen. Argentina should never allow to get into the low level of Venezuela as it can be a big disaster. And may all other Latin countries learned the many big lessons here. Right now, many people are abandoning their own national currency in favor of the dollar and bitcoin.

vit05

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In both Argentina and Brazil, it is easier to buy Bitcoin than to buy dollars for ordinary citizens. Usually dolar has several quotes that vary a lot and it is necessary to buy physically. That is, you need to go to a place with enough fiat and buy the desired amount of dollars.

Bitcoin shows to be a tremendous advance for countries with unstable economies.

Carlton Banks

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Quote from: gentlemand on May 21, 2019, 10:25:41 AM

And if they'd bought dollars they'd be even better off. How wonderful.

that's easy to say, what do you think the practical reality was? (remember reality, from whence you were attempting to pitch your pithy retort?)

I suspect that dollars have been in shorter supply compared to Bitcoin, as highly indentifiable pieces of paper such as 100 dollar bills probably don't make it across the Argentine borders in the same quantity that the smugglers always hoped.

this in fact only demonstrates an advantage of Bitcoin over paper cash under hyperinflation conditions: if you still have internet, Bitcoin is in greater supply. It might be 2nd choice, but that makes little difference if the various trolls under bridges "confiscate" the 1st choice (which in addition pushes up the dollar exchange rate anyway, making it less attractive even if you can get your hands on some)

Theb

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This news is more related to Argentina's economic crisis rather than the crypto industry itself, the article only made a desperate connection on how BTC can presumably helped the citizens avoid the inflation happening in the country which is really farfetch not unless they have provided evidence that Argentinians didn't do some preventive measures of their own in putting their cash on other investments. Content makers should stop doing this kind of trash since they are misleading people that BTC is some kind of solution for the macroeconomic problems we are facing, even if you have a few thousand of citizens banking in BTC a big inflation like this one won't be stop.

Naida_BR

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Quote from: Jgilpulg on May 21, 2019, 09:05:16 AM

Bitcoin’s value in relation to the Argentinian peso and Bitcoin’s trading volumes are reaching all-time highs.

https://bitcoinist.com/bitcoin-argentina-store-of-value-outperformed-peso/

I really cannot understand why Argentina's economy shrinks due to inflation. What is the reason for that?
It is one of the richest countries in South America but still they struggle. For all these years and the many more to come Bitcoin will be a good choice over local fiat currencies.

gentlemand

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And if they'd bought dollars they'd be even better off. How wonderful.

It's time Bitcoin fans stopped straw grasping at pathetic and twisted stats. It's really not an appetising look any more.

Jgilpulg

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Bitcoin’s value in relation to the Argentinian peso and Bitcoin’s trading volumes are reaching all-time highs.

https://bitcoinist.com/bitcoin-argentina-store-of-value-outperformed-peso/

Topic: [2019-05-21] Argentina: Bitcoin Bought at $20K Retained More Value Than the Peso (Read 182 times)