ARGENTINA COULD BE THE 1ST COUNTRY USING BITCOIN AS OFFICIAL CURRENCY - page 4.

polynesia

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Quote from: JohnFromWIT on August 05, 2014, 11:59:40 AM

Seems very radical.
Everyone in Argentina would need access to it,
not be scared to death of it,
many would need training in it,
there would need to be special groups set up to help counteract the influx of scammers and con artists.

Would a country need it's people on side to change it's currency, or is it just a government decision?

You could have physical bitcoins/ satoshis circulated. This would solve the problem of access/ training.

JohnFromWIT

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Seems very radical.
Everyone in Argentina would need access to it,
not be scared to death of it,
many would need training in it,
there would need to be special groups set up to help counteract the influx of scammers and con artists.

Would a country need it's people on side to change it's currency, or is it just a government decision?

polynesia

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Quote from: ensurance982 on August 04, 2014, 11:42:45 AM

I really don't know if Bitcoin would be 'compatible' as a nation-wide currency. Especially countries that suffer from economic problems need to have the ability of pulling certain levers and knobs in order to influence the market or stabilize the economy. Since Bitcoin is decentralized and an inherently unregulated currency, this won't be possible. But the idea is bold!

Interest rates, reserve requirements for banks, etc are levers which will still be available to them.

vqp

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Quote from: ensurance982 on August 04, 2014, 11:42:45 AM

I really don't know if Bitcoin would be 'compatible' as a nation-wide currency. Especially countries that suffer from economic problems need to have the ability of pulling certain levers and knobs in order to influence the market or stabilize the economy. Since Bitcoin is decentralized and an inherently unregulated currency, this won't be possible. But the idea is bold!

Check Ecuador. They were using US Dollar for some years now, and they survived

hualehua

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I am looking for a dev!

maybe bitcoin will be very popular in 2 years.

doubleredrolex

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I Believe

Its too soon for BTC to become an official currency. 99.999999% of the people in Argentina are probably not capable if using BTC because of technology limits, personal age, location etc. BTC needs a lot of software app development to make transactions mindless and super super easy for even the oldest non-tech person. Its a couple years away from everyone being able to easily use it.

Harley997

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Bitcoin needs to be a more stable currency before ANY country will even think about adopting it

jbreher

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lose: unfind ... loose: untight

Quote from: Honeypot on August 04, 2014, 06:24:12 PM

...

I agree with your assessment of Argentina's integrity with respect to these loans.

I'd be interested in your analysis of the fact that the USA is refusing to return Germany's gold.

ffe

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Quote from: moriartybitcoin on August 04, 2014, 06:52:37 PM

The Argentine Peso is worthless and has been a joke for the last three decades. They default on their debt anytime the economy sneezes. Bitcoin would be quite a boon for the Argentines ...

But I won't loan them any! :-)

A boon for Argentines??? How could they adopt Bitcoin? For all practical purposes almost no one there owns any and no one could get their hands on any without selling most of their assets. They would be crazy to borrow in Bitcoin because it will be much more costly to pay back in the future.

No one would have the money to pay anyone else for any service or asset. The economy would be dead.

They'd be dirt poor for ever after.

jaberwock

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Quote from: polynesia on August 04, 2014, 09:55:12 PM

Quote from: Honeypot on August 04, 2014, 09:01:01 PM

Quote from: Mobius on August 04, 2014, 07:33:21 PM

Quote from: Honeypot on August 04, 2014, 01:48:04 PM

Because a nation would select a 'currency' for itself which it does not control, has no control, and has its security based off of machines outside of its boundaries.

Is this a joke?

The Euro is setup very similar to what you are describing. The European countries give up control of their currency to the ECB in exchange for having a more widely adopted and more stable currency.

If Argentina were to use bitcoin as their national currency it would be for the same reasons. I do however doubt that any country will do this anytime soon.

Semantics is how most people try to play that game. Are you really going to compare the geographically clustered union of nations on a continent with electronic currency that is completely outside of their sphere of influence?

Talk about naive.

There are countries which have effectively dollarized their economy as well.
If countries can adopt USD, why not BTC?

Bitcoin is not considered as currency by the mainstream economy, because they are not backed by a central bank, among other issues.

And pick a coin that can be destroyed by Gox or by the PBOC is just too stupid, even for the argentinian parameters.

DMeeks

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They wouldn't have gone from maybe the richest country of the 19th century to bankruptcy if they have as habit make good economic decisions.

So no way.

polynesia

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Quote from: Honeypot on August 04, 2014, 09:01:01 PM

Quote from: Mobius on August 04, 2014, 07:33:21 PM

Quote from: Honeypot on August 04, 2014, 01:48:04 PM

Because a nation would select a 'currency' for itself which it does not control, has no control, and has its security based off of machines outside of its boundaries.

Is this a joke?

The Euro is setup very similar to what you are describing. The European countries give up control of their currency to the ECB in exchange for having a more widely adopted and more stable currency.

If Argentina were to use bitcoin as their national currency it would be for the same reasons. I do however doubt that any country will do this anytime soon.

Semantics is how most people try to play that game. Are you really going to compare the geographically clustered union of nations on a continent with electronic currency that is completely outside of their sphere of influence?

Talk about naive.

There are countries which have effectively dollarized their economy as well.
If countries can adopt USD, why not BTC?

Honeypot

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Quote from: Mobius on August 04, 2014, 07:33:21 PM

Quote from: Honeypot on August 04, 2014, 01:48:04 PM

Because a nation would select a 'currency' for itself which it does not control, has no control, and has its security based off of machines outside of its boundaries.

Is this a joke?

The Euro is setup very similar to what you are describing. The European countries give up control of their currency to the ECB in exchange for having a more widely adopted and more stable currency.

If Argentina were to use bitcoin as their national currency it would be for the same reasons. I do however doubt that any country will do this anytime soon.

Semantics is how most people try to play that game. Are you really going to compare the geographically clustered union of nations on a continent with electronic currency that is completely outside of their sphere of influence?

Talk about naive.

beetcoin

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it's too much of a gamble, even for a country like argentina.. besides, i doubt their population doesn't have the capacity to use it as the country's main currency.

Mobius

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Quote from: Honeypot on August 04, 2014, 01:48:04 PM

Because a nation would select a 'currency' for itself which it does not control, has no control, and has its security based off of machines outside of its boundaries.

Is this a joke?

The Euro is setup very similar to what you are describing. The European countries give up control of their currency to the ECB in exchange for having a more widely adopted and more stable currency.

If Argentina were to use bitcoin as their national currency it would be for the same reasons. I do however doubt that any country will do this anytime soon.

moriartybitcoin

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★777Coin.com★ Fun BTC Casino!

The Argentine Peso is worthless and has been a joke for the last three decades. They default on their debt anytime the economy sneezes. Bitcoin would be quite a boon for the Argentines ...

But I won't loan them any! :-)

Honeypot

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Argentina is attempting to deflect its miserable financial decisions by blaming the very people they borrowed money from with full knowledge of the terms it agreed to. The terms which they broke again and again.

Not only did the loan 'restructuring' allowed them to steal half the loans they were obliged to pay back, but now they are scraping the bottom of the barrel for any excuses including nationalism to anti-US sentiment in order to deflect blame.

Imagine if some one borrowed money from you, you provided loan relief that essentially gave away half your investment to them for free, then they refused to pay back the rest.

That's called theft.

Fact is, Argentina borrowed money knowing full well it must be paid back with interest. The loan lenders did not demand anything more than what was initially agreed to on the contract, and even lost out through the generous loan restructuring agreement that gave away half the loan for free, which can either be called charity, or theft. Argentina decided they are not obliged to follow the mutual agreement.

They were mistaken.

Omikifuse

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you thinking about Argentina adopt a coin that can't be manipulated or confiscated?

No monetary inflation, and no way to take the saving from people?

Really, you know nothing about them

cr1776

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Quote from: jbreher on August 04, 2014, 01:02:59 PM

Quote from: ensurance982 on August 04, 2014, 11:42:45 AM

Especially countries that suffer from economic problems need to have the ability of pulling certain levers and knobs in order to influence the market or stabilize the economy.

Nonsense. The ability to manipulate the currency is exactly why Argentina is currently in this predicament.

QFT.

Manipulation of currency causes the problems Argentina is facing.

icey

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May the coin be with you..

Quote from: Honeypot on August 04, 2014, 01:48:04 PM

Because a nation would select a 'currency' for itself which it does not control, has no control, and has its security based off of machines outside of its boundaries.

Is this a joke?

Pretty much this. As much faith I have in Bitcoin, something like this will not happen in the near future at least. (Fingers crossed it does happen though of course)

Topic: ARGENTINA COULD BE THE 1ST COUNTRY USING BITCOIN AS OFFICIAL CURRENCY - page 4. (Read 7111 times)