Argentina invents new ways to rob citizens, prime market for bitcoin

ThiagoCMC

legendary

Activity: 1204

Merit: 1000

฿itcoin: Currency of Resistance!

....

Argentina is on the fast track of becoming the new Venezuela. It is a shame what they have done with that country.

That is why you don't know Brazil... There is nothing worse than this %$#%$#%#$...

joecooin

sr. member

Activity: 359

Merit: 250

Quote from: DublinBrian on October 23, 2012, 03:00:15 PM

Quote from: nobbynobbynoob on October 23, 2012, 02:14:55 PM

Tourists can exchange their foreign currency, including BTC, for pesos on the blue market (black market/real market).

Thats right. In fact, a tourist visiting Argentina would have 25% more spending money, if they bring their spending money in the form of bitcoins, and not electronic cards.

I will try to post this information on travel forums, which should promote bitcoin adoption.

Oh please feckin' do, will ya!?

Let us know the results or let us know where you started a discussion so we can join in!

Joe

joecooin

sr. member

Activity: 359

Merit: 250

Quote from: Sant001 on September 01, 2012, 12:07:10 AM

They've recently nationalized the oil companies, it's sad to see them go down this route.

They've recently re-socialised their wealth, it's great to see them going up this route

.

Joe

Spekulatius

legendary

Activity: 1022

Merit: 1000

Quote from: freequant on October 23, 2012, 12:32:20 PM

But who wants to buy pesos?

Black market currency exchanger. If you can turn around your holdings fast enough, even Rials become an option. The ARS' inflation rate is not too bad if you operate on a daily basis though.

DublinBrian

full member

Activity: 197

Merit: 100

Quote from: nobbynobbynoob on October 23, 2012, 02:14:55 PM

Tourists can exchange their foreign currency, including BTC, for pesos on the blue market (black market/real market).

Thats right. In fact, a tourist visiting Argentina would have 25% more spending money, if they bring their spending money in the form of bitcoins, and not electronic cards.

I will try to post this information on travel forums, which should promote bitcoin adoption.

nobbynobbynoob

hero member

Activity: 784

Merit: 1000

Annuit cœptis humanae libertas

Quote from: freequant on October 23, 2012, 12:32:20 PM

But who wants to buy pesos?
If everyone is only wanting to sell, then it can't work.
On the other hand, they can sell physical good for Bitcoins.

Tourists can exchange their foreign currency, including BTC, for pesos on the blue market (black market/real market).

conspirosphere.tk

legendary

Activity: 2352

Merit: 1064

Bitcoin is antisemitic

Quote from: freequant on October 23, 2012, 12:32:20 PM

But who wants to buy pesos?

That's just what is was wondering about.
It would make more sense to buy commodities and whatnot.

freequant

hero member

Activity: 770

Merit: 500

But who wants to buy pesos?
If everyone is only wanting to sell, then it can't work.
On the other hand, they can sell physical good for Bitcoins.

freequant

hero member

Activity: 770

Merit: 500

Quote from: Rygon on August 31, 2012, 06:47:18 PM

Purchases outside Argentina using peso-denominated cards soared 48 percent in June compared to the year before, obligating the central bank to send $289 million out of the country in just one month.

Is 289 M$ in a month supposed to be a big sum?
Sounds pretty casual for a central bank.

muqali

full member

Activity: 182

Merit: 100

Hope the Argentinians like not having medicines and certain foods. There are times in Caracas where you can't buy what you want cause it isn't there.

FuzzyBear

legendary

Activity: 1420

Merit: 1010

Great articles and go for the BTC Argentina!! be the first country to adopt it and watch all the others follow!!

Jay_Pal

legendary

Activity: 1493

Merit: 1003

Great articles.
Thank you both.

matonis

sr. member

Activity: 303

Merit: 250

Things are getting interesting in Argentina...

Bitcoin, Dollars, and a 25% Premium
http://thebluemarket.wordpress.com/2012/10/18/bitcoin-dollars-and-pot-banging-protests-in-argentina/

conspirosphere.tk

legendary

Activity: 2352

Merit: 1064

Bitcoin is antisemitic

I see huge opportunities for BTC biz in Argentina: they should just sell their goods/services for BTC as they are already doing for USD. And they have lots of marketable things, starting with prime land and real estate. I seem to remember that they are even a major producer of silver.

Argentina's New Currency Rules Have Backfired Horribly
http://www.businessinsider.com/argentinas-currency-rules-backfire-2012-9

The fun may start when Argentinians will notice that BTC are better than USD since they cannot be seized at the border nor wherever else, and they tend to increase in purchasing power.

edit: BTW, in the nearby Chile there is Simon Black of Sovereignman.com who is hiring and looking for more business ideas. See: http://www.sovereignman.com/expat/about-those-jobs-8912/

majamalu

legendary

Activity: 1652

Merit: 1000

Quote from: HostFat on September 27, 2012, 07:34:13 AM

Quote from: Littleshop on September 27, 2012, 07:28:59 AM

The only thing that would not be in their advantage is converting their nearly worthless local currency into BTC, they will need a ton of it to do that.

I don't think so.
They are out of the rest of economic world now.
They can't move money out/in of their country, they can't use world commond used services.
So they can chose their bitcoin value

It will works well while they'll trade internaly.

It doesn't work that way. Gold, for example, is more expensive (not cheaper) in Argentina due to restrictions.

HostFat

staff

Activity: 4214

Merit: 1203

I support freedom of choice

Quote from: Littleshop on September 27, 2012, 07:28:59 AM

The only thing that would not be in their advantage is converting their nearly worthless local currency into BTC, they will need a ton of it to do that.

I don't think so.
They are out of the rest of economic world now.
They can't move money out/in of their country, they can't use world commond used services.
So they can chose their bitcoin value

It will works well while they'll trade internaly.

Littleshop

legendary

Activity: 1386

Merit: 1003

Quote from: HostFat on September 27, 2012, 06:06:57 AM

I see a problem here. ( is it a real problem? )

Argentina users wont be able to mine because every time they'll get in contact with the rest of the world they will find the high mtgox price.
Do they need another crypto-currency just for them?

I'm not sure if this can be a real problem.
Example: bitmit.net
Can they simple sell items with argentina prices (lowest) only to other argentina users?
Is it simple as it seems?

Even on https://localbitcoins.com/ they can set a lowest prices available only to them self.

If they follow these rules, then they will be able to mine even bitcoin without any problem, they don't need another cryptocurrency only for them.

If they want to sell something worldwide then they will actually get more of the value of the item (if it is desirable) from a worldwide audience then from a local one if represented in BTC. Mining will be in their advantage as well. The only thing that would not be in their advantage is converting their nearly worthless local currency into BTC, they will need a ton of it to do that.

HostFat

staff

Activity: 4214

Merit: 1203

I support freedom of choice

I see a problem here. ( is it a real problem? )

Argentina users wont be able to mine because every time they'll get in contact with the rest of the world they will find the high mtgox price.
Do they need another crypto-currency just for them?

I'm not sure if this can be a real problem.
Example: bitmit.net
Can they simple sell items with argentina prices (lowest) only to other argentina users?
Is it simple as it seems?

Even on https://localbitcoins.com/ they can set a lowest prices available only to them self.

If they follow these rules, then they will be able to mine even bitcoin without any problem, they don't need another cryptocurrency only for them.

HostFat

staff

Activity: 4214

Merit: 1203

I support freedom of choice

http://www.latercera.com/noticia/negocios/2012/09/655-485015-9-amazon-ebay-y-payoneer-suspenden-operaciones-en-argentina-por-trabas-cambiarias.shtml
Grin

This is the right time to move!

Someone should make a service like this:
http://www.osalt.com
But instead open source alternatives, it will have Bitcoin alternatives, example:
eBay
- bitmit
paypal
- Bitpay
- mtgox

Users should be able to add common used services, and then possible alternatives.
It must be possible also to vote alternatives.

conspirosphere.tk

legendary

Activity: 2352

Merit: 1064

Bitcoin is antisemitic

Another shocker. I expect that much of this is an image of the next future of many formerly western "advanced economies":

A Street Level View Of Argentina's Economy, The Peso And ARGT
http://seekingalpha.com/article/873431-a-street-level-view-of-argentina-s-economy-the-peso-and-argt

Topic: Argentina invents new ways to rob citizens, prime market for bitcoin (Read 4337 times)