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?
Topic: ARGENTINA COULD BE THE 1ST COUNTRY USING BITCOIN AS OFFICIAL CURRENCY - page 5. (Read 7147 times)
August 04, 2014, 12:48:04 PM
August 04, 2014, 12:03:57 PM
Down 50% from a relatively absurd plateau peak.
FTFY.
August 04, 2014, 12:02:59 PM
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.
August 04, 2014, 11:10:37 AM
Why would anyone sell bitcoin to buy pesos??
I read news saying the bank account of the only BTC exchange in there is closed without reasons. The people there may be scare that there is no exchange to change BTC to fiat. Holding BTC seems holding nothing. 
August 04, 2014, 10:42:45 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!
August 04, 2014, 09:53:47 AM
Any country could be the first one to officially adopt bit coin. Until someone actually does though any such article is hyperbole. We don't need that to push bit coin forward. We only need to make our case in a well reasoned manner and let things unfold.
August 04, 2014, 09:37:28 AM
I think it is more likely that the government would create their own alt coin than adopt bitcoin
August 04, 2014, 09:23:39 AM
What this case has shown is that New York and the United States deserves to be weakened as a financial center as it is not to be trusted.
Bitcoin as a transaction medium gets around the anti-democratic blockade that is designed to enslave this people.
This is the core issue and why bitcoin is such an ideal platform without the slavery imposed by the US jurisdictional control over NY banks.
Bitcoin as a transaction medium gets around the anti-democratic blockade that is designed to enslave this people.
This is the core issue and why bitcoin is such an ideal platform without the slavery imposed by the US jurisdictional control over NY banks.
I don't think "slavery" means what you think it means.
Argentina was never forced to do any of this. They voluntarily agreed to borrow money and then failed to repay it.
August 04, 2014, 09:20:47 AM
The article does not properly focus on the way the US supreme Court has chosen to let financial interests go before democracy for the Argentinian people.
The article doesn't properly focus on the fact that the Argentinian government borrowed money, agreed to pay it back at a certain rate, and then failed to do so. At the same time also agreeing to let U.S. Courts decide the issue.
The issue is simple: Argentina has been ruled by authoritarian deadbeats for a very long time who are more interested in raping the Argentinian people and maintaining their own power than doing what is right for Argentina and her people. They are more than willing to agree to one thing and then try to change the rules later and then complain about it being "evil financial interests" or some other scapegoat in order to distract the people from the fact that they are doing things only for their own power.
The Argentinian government can not be trusted to do what they agree to do. Anyone who loans money to them is extremely stupid because they have shown repeatedly that they want to take someone else's money and never repay it.
August 04, 2014, 07:09:06 AM
What this case has shown is that New York and the United States deserves to be weakened as a financial center as it is not to be trusted.
Bitcoin as a transaction medium gets around the anti-democratic blockade that is designed to enslave this people.
This is the core issue and why bitcoin is such an ideal platform without the slavery imposed by the US jurisdictional control over NY banks.
Bitcoin as a transaction medium gets around the anti-democratic blockade that is designed to enslave this people.
This is the core issue and why bitcoin is such an ideal platform without the slavery imposed by the US jurisdictional control over NY banks.
August 04, 2014, 07:07:56 AM
No people of the world can be held responsible for paying back public debt because doing so is equivalent to slavery. Only if the people want should it pay and this will be reflected in the market interest rate for the country.
August 04, 2014, 07:06:20 AM
The article does not properly focus on the way the US supreme Court has chosen to let financial interests go before democracy for the Argentinian people.
August 04, 2014, 06:44:15 AM
Why would anyone sell bitcoin to buy pesos??
August 04, 2014, 06:23:48 AM
Agreed, but with Bitcoin's track record this year (-50%) it's looking even worse than the Argentine peso (25% annual inflation, although I guess it could go higher now). With those figures Argentines looking for a more stable store of value are far more likely to put their money in dollars, euros or gold than in Bitcoin, and understandably so.
Not only this but who is going to sell Bitcoins for Peso's which are almost certainly going to continue to lose value in the short term? Investors are already going to lock in a loss just to get their assets into currency someone would trade bitcoins for. Once they've got their holdings into a more stable currency why add additional risk in trading again for bitcoins?
People in this sub keep bringing that up, but that's not really an issue. Plenty of people sell BTC for pesos, including myself. Sure, pesos are worth less every day, but you underestimate how much people in Argentina need them for their day to day life. I need pesos to pay for my rent, I need pesos to buy my groceries, I need pesos to pay my taxes, etc. Whenever I get the chance I spend bitcoins, but we're far from being able to pay for everything with them. Until then, pesos are a necessary evil.
August 04, 2014, 06:18:49 AM
Agreed, but with Bitcoin's track record this year (-50%) it's looking even worse than the Argentine peso (25% annual inflation, although I guess it could go higher now). With those figures Argentines looking for a more stable store of value are far more likely to put their money in dollars, euros or gold than in Bitcoin, and understandably so.
Not only this but who is going to sell Bitcoins for Peso's which are almost certainly going to continue to lose value in the short term? Investors are already going to lock in a loss just to get their assets into currency someone would trade bitcoins for. Once they've got their holdings into a more stable currency why add additional risk in trading again for bitcoins?
August 04, 2014, 06:09:39 AM
Agreed, but with Bitcoin's track record this year (-50%) it's looking even worse than the Argentine peso (25% annual inflation, although I guess it could go higher now). With those figures Argentines looking for a more stable store of value are far more likely to put their money in dollars, euros or gold than in Bitcoin, and understandably so.
Down 50% from a relatively absurd plateau. Even after the crash at around $350 a btc that's up from around $97 a coin this time last year (August 2013). Considering we're now at what seems to be a relatively stable 600. If you bought when bitcoin peaked there's a good chance you'd have the same issue with any commodity or currency, not to be rude.
August 04, 2014, 05:59:09 AM
Too awesome to be the truth
August 04, 2014, 05:55:00 AM
The less technologically apt are also the most likely to get their bitcoins lost or stolen. Encouraging them to buy bitcoins at this stage is a great way of worsening Bitcoin's reputation.
Also, Bitcoin's volatility is not very attractive to people trying to flee an unstable currency like the Argentine peso, and yet another reason to give Bitcoin a bad name if the price tanks.
Bitcoin has to be adopted at its own pace by people who understand the risks involved. By forcing it on others you're only doing it harm in the long run.
Also, Bitcoin's volatility is not very attractive to people trying to flee an unstable currency like the Argentine peso, and yet another reason to give Bitcoin a bad name if the price tanks.
Bitcoin has to be adopted at its own pace by people who understand the risks involved. By forcing it on others you're only doing it harm in the long run.
Do you understand the current issue of hyperinflation in Argentina though? Bitcoin might not be THE solution, but only time will tell. All I know is if I was losing value on my currency every day I'd be looking for an alternative store of value (I mean to also imply commodities)
Agreed, but with Bitcoin's track record this year (-50%) it's looking even worse than the Argentine peso (25% annual inflation, although I guess it could go higher now). With those figures Argentines looking for a more stable store of value are far more likely to put their money in dollars, euros or gold than in Bitcoin, and understandably so.
August 04, 2014, 05:52:51 AM
The less technologically apt are also the most likely to get their bitcoins lost or stolen. Encouraging them to buy bitcoins at this stage is a great way of worsening Bitcoin's reputation.
Also, Bitcoin's volatility is not very attractive to people trying to flee an unstable currency like the Argentine peso, and yet another reason to give Bitcoin a bad name if the price tanks.
Bitcoin has to be adopted at its own pace by people who understand the risks involved. By forcing it on others you're only doing it harm in the long run.
Also, Bitcoin's volatility is not very attractive to people trying to flee an unstable currency like the Argentine peso, and yet another reason to give Bitcoin a bad name if the price tanks.
Bitcoin has to be adopted at its own pace by people who understand the risks involved. By forcing it on others you're only doing it harm in the long run.
Do you understand the current issue of hyperinflation in Argentina though? Bitcoin might not be THE solution, but only time will tell. All I know is if I was losing value on my currency every day I'd be looking for an alternative store of value (I mean to also imply commodities)
August 04, 2014, 05:44:52 AM
By forcing it on others you're only doing it harm in the long run.
Since when is offering people info on the benefits/risks of Bitcoin considered forcing
Yeah, "forcing" was a bad word choice, sorry about that, but then again the Bitcoin community at large tends to be rather pushy, which is usually not very appreciated.
Bitcoin is not completely unknown in Argentina, and in fact has a rather large users community (compared to other countries in the region at least), some of which are very active in promoting its use. I've seen some go a bit too aggressively about it though, like giving out waiters' tips in Bitcoin paper wallets, or talking in general about it rather disingenuously, overstating its benefits and ignoring its risks. Because of that attitude people in argentina forums, as an example, are immediately dismissive of anything Bitcoin-related.
I like the idea of more widespread educational material, but I'm a bit wary of any kind of "in your face" promotional campaign.
I think people who tip waiters (who don't know about bitcoin) in bitcoin are assholes. I also know that way too many bitcoiners gloss over the risks. What I think is beneficial is moving in the direction of making Bitcoin more user friendly via third party apps, easy to use wallets, things like Trezor; as well as easy-to-read, readily available educational materials to those who are curious/want to learn.
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