[2019-09-02] Argentina capital controls, a strong case for bitcoin - page 3.

hugeblack

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Quote from: bbc.reporter on September 01, 2019, 08:55:16 PM

I reckon that there might be a stronger case for the Argentinian government to hold bitcoin in their reserves if they want to remove themselves of state intervention.

It’s horrible advice. The Argentine government should consider finding real solutions to the problem by encouraging production rather than looking for more loans.
The dependence of the national economy or reserve on a highly volatile currency makes the adoption of economic policies really unknown.
Even individuals who invest in BTC should not put all their capital in this currency. "Don't invest more than you can lose."

I agree with you that relying on the US dollar as a single reserve is not right

gentlemand

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Welt Am Draht

Quote from: cr1776 on September 02, 2019, 05:12:35 AM

And yet the people of Argentina keep electing the same old statist/progressive/fascist/socialists and wondering why the results aren't different.

There may be no alternatives, or those offering an alternative might be so off the wall they're not even worth considering.

That's how Bolsonaro got in. Everyone before was so shit I guess the electorate decided he was worth a try even if he came round and personally raped you.

It seems to be repeating everywhere now. In the UK we either have a bunch of right wing pricks who are clueless, or we have a bunch of commies stuck in the 70s who are even more clueless.

I don't understand where the competent people have gone. These days it's either psychopaths or the fractious and ineffective.

cr1776

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Argentina has been mismanaged for decades, they keep selling bonds and then defaulting. And yet the people of Argentina keep electing the same old statist/progressive/fascist/socialists and wondering why the results aren't different.

One wonders why more Argentines don't take money off shore or use bitcoin, because although the politicians keep saying "this time is different", it really isn't.

When the people vote for something for nothing and envy (envy isn't one of the seven deadly sins for no reason) they will keep getting nothing for something and always be much worse off than if they voted for freedom.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

It is a well known fact that the loans that are being granted to these third world countries, comes with a lot of strings attached and that the country giving the loans, gets their teeth into their prey, when they do this. They get the power to influence the economic policies of these countries to favor them.

They also add interest and levies to these loans to make it harder for these countries to pay back the loans and this helps them to have control over those countries. < https://www.imf.org >

Bitcoin cannot help these countries to get rid of the debt, but if they invest a small portion of their capital in Bitcoin and the price goes up, then they might take those profits to pay back some of the loans. Roll Eyes

bbc.reporter

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I reckon that there might be a stronger case for the Argentinian government to hold bitcoin in their reserves if they want to remove themselves of state intervention.

Some of you might not know this but if a powerful country like America or China loans US dollars to a 3rd world country, it is not because those powerful countries want to help. The 3rd world country borrowing the money has given America or China some control in its economy or policy making in exchange.

The IMF and the World Bank are also 2 institutions that make these kind of deals.

The government of Argentina has imposed capital controls on its citizens in a response to growing financial issues for the country. The South American country has limited dollar purchases to only $10k per month after $3 billion was drained out of their foreign currency reserves on Thursday and Friday alone. Is it time to switch to Bitcoin?

Argentina’s national currency, the peso, has been in free fall the past few weeks as the government attempts to pay off their short term debts. The peso is down over 25% in the last month alone. Interest rates spiked heavily as the Argentinian central bank tried to control their debt, making the decision Wednesday to delay payments on the $7 billion of debt this year.

The decision comes from President Mauricio, who ran on the promise to get rid of state intervention in the economy. He is now doubling back on his ideals by imposing currency controls. The current political landscape in Argentina is suggesting Mauricio and his party will lose power in the upcoming October election. This fact is scaring many investors in the country.

The opposition has been calling for currency controls, claiming that the government was in a “virtual default.” The reserves of the central bank fell nearly $12 billion due to political uncertainty

Read in full https://bitcoinist.com/argentina-imposes-capital-controls-strong-case-for-bitcoin-adoption/

Topic: [2019-09-02] Argentina capital controls, a strong case for bitcoin - page 3. (Read 551 times)