Argentina struggles with yet another financial crisis!

cluit

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Quote from: Menawi12 on November 09, 2018, 07:55:35 PM

Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

Argentina always suffering crisis on their economic system. I think its good to try a new system by creating their own cryptocurrency. Or maybe they should fix their monetary system and their politics policy

Argentina also hosts the new G20 summit and I do not think there will be any big improvements after that neither. It is just a very costly summit that would cost Argentina a lot of manhour and even money at some sorts to prepare for such a big deal with all the big leaders of the world coming together and making a lot of deals together and so forth.

That is a big deal and really one of the most important things in politics however Argentina is under crisis and having financial troubles whereas none of those countries in G20 will get together and say "maybe we can spare couple billion dollars each and give Argentina 50+ billion dollars with some loans as well in order to save them from this". No, they won't do that because first of all they only care about themselves and secondly these are politicians they don't do anything for free.

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Quote from: Akpuv on November 24, 2018, 03:48:36 PM

Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

Reading this post, I am not particularly convinced if this suggestion of a national cryptocurrency for Argentina can actually solve this their crisis.

That's what I think also as there is no point on creating a currency when one can use bitcoin which is already established as a world wide currency. People and government need to realize the real potential of the bitcoins and its positive effects on economy.

Akpuv

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

Reading this post, I am not particularly convinced if this suggestion of a national cryptocurrency for Argentina can actually solve this their crisis.

manfredmann

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If that is the case probably the decentralized nature of cryptocurrency will be more emphasized since it will be decentralized in their own country and probably no one could trade it if you are not into their place like living in different country. This token will serve well in their country and will use the purpose of cryptocurrency as peer to peer transaction.

zacad

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Yes, Argentina should have a lot of people buying cryptocurrencies and they will be hit again. Now the cryptocurrency market will disappear, and only Bitcoin will survive and be cheap in the future. The Argentine people have once again been hit hard.

marcelocoin

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I have compassion and respect for the Argentines, I hope, the use of the blockchain and the crypto-currency market will help countries like Argentina and Venezuela where they are in financial chaos.

Rhosadah

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the crisis in argentina caused a high increase in interest rates and drought hit the entire agricultural region making exports of agricultural commodities declining because of the contribution of Argentine foreign exchange to agriculture producing corn and soybeans,
but this makes the Argentine government work harder to stabilize the economy in their country.

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Quote from: MFahad on November 21, 2018, 12:05:15 PM

Own Concurrency will not help much as it will be another altcoin. If Argentina want to recover from crisis they need to make bitcoin legal in their country and make bitcoin the main payment system of the country. This way they will be less dependent on bitcoins and eventually they will recover financially.

I agree with what you said concerning the creation of own crypto currency to be the solution to the hyperinflation which Argentine is experiencing but their seems not to create an open room for crypto currency and I'm sure they will now if they indeed love their people.

MFahad

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Own Concurrency will not help much as it will be another altcoin. If Argentina want to recover from crisis they need to make bitcoin legal in their country and make bitcoin the main payment system of the country. This way they will be less dependent on bitcoins and eventually they will recover financially.

raven7886

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I think politics definitely has a responsibility in stuff like these but how can a whole nation fail at economy with some nations soar. Because of our borders and our nations we are letting some countries to go to waste in order to make our countries better, we are fine with other people having a very tough time as long as we are living a great life.

I do not think this nation states are working exactly like they should in a world that has seen civilization grow to a place where globalization is acceptable for companies but not for people. Corporations like Apple can sell iphones at Pakistan but a Pakistani person going to USA wouldn't be accepted with open arms.

If a company can go to a country and sell there and pay taxes there, than a person should be able to move anywhere they want and work there and pay taxes there without borders, that would make Argentina and all other failing countries much better because it would make everyone choose where they want to live and whole world could come together to help those who have needs since the top heavy countries will have a lot of people from those countries.

ganlianshifu1

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The political situation in Argentina is turbulent and economic policies are changing frequently!
Argentina, under the leadership of the government’s wrong fiscal policy and economic model, is already on the verge of economic collapse!
The government’s inability to make any adjustments to the capital market has led to the financial crisis.

fly99

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This must be bad news. Financial barriers exist in some European countries and may become the trigger for the global financial crisis. If the crisis sweeps East Asia, this is the same as the 1998 Asian crisis. This is a disaster for the financial civilization of mankind.

South Park

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Quote from: tadpole_bitfrog on November 09, 2018, 10:10:10 PM

Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

That's a sad news. I think Argentina is a country with no stable source of income and is one of the factors that affect the Crypto market. High inflation has occurred in many places and most recently Turkey. Creating an electronic currency is a good idea.

Argentina used to have one of the most solid and strongest economies of South America, but like always some politicians saw this as an opportunity to try to make a name for themselves and tried to manipulate the economy of Argentina and now we're seeing the awful results of their policies, a country that is constantly in a state of crisis and that it doesn't seem like it is improving soon.

airdropcoin

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There is no need to worry, and the world will soon be ushered in a financial crisis. A major technological change will inevitably affect the world. The birth of the blockchain has brought human civilization into a turning point. This is often the time when the economy is most prone to problems.

tadpole_bitfrog

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

That's a sad news. I think Argentina is a country with no stable source of income and is one of the factors that affect the Crypto market. High inflation has occurred in many places and most recently Turkey. Creating an electronic currency is a good idea.

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Quote from: vlad230 on September 06, 2018, 05:15:35 AM

I wonder what is causing this hyperinflation in Argentina. I know it was the same story back in 2016.

They are saying the video that political decisions are causing this but usually only happens for countries that are in a "direct" conflict with the US like Turkey or Iran and this usually happens once in a decade not every two years.

Argentina's financial crisis has also been felt in several countries, of course, caused by a variety of different problems, but all lead to world bank loans that fail to be paid on time, loan from the world can cause various countries to experience crisis, because the Malaysian example is official those who commit corruption, the effects that make the country owe a lot and fail to pay, Turkish infestations are too large in the infrastructure sector, making spending on Turkish money too expensive to exceed state revenues and many other countries.

Menawi12

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

Argentina always suffering crisis on their economic system. I think its good to try a new system by creating their own cryptocurrency. Or maybe they should fix their monetary system and their politics policy

South Park

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

Cryptocurrencies are already very big in Argentina, smart people have realized that they cannot trust the government, those that can just use dollars to try to protect themselves, but then the government decided to limit the flow of dollars and so they decided to begin to use cryptocurrencies because they know it is impossible for the government to regulate them.

audaciousbeing

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

It has not been proven that creating crypto currency is the solution to the problem of hyper inflation. Several countries have witnessed hyper-inflation in the past to the extent that in some countries citizens would carry bag full of currency to the market only to come back with a loaf of bread that is how bad it was but today they are doing well and crypto currency was not their solution. A country that believes that creating crypto currency would solve its economic problem without attending the root cause of the inflation, would only provide a short term solution that would come back to hunt them big time in the near future. An example is a country that is dependent on imports and the reason for the inflation is the continuous demand for foreign goods. No matter the amount of crypto established without encouraging local production and patronage, its purely going to be a waste of time.

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Quote from: Kemarit on September 07, 2018, 09:00:14 AM

Probably people behind the government is to blame for what's happening in Argentina. I read that IMF loaned them $50 Billion, but I'm sure that its not enough to at least hold their economy as hyperinflation trickles down to every person in the street. Crypto won't help them either, it just a tool to help Argentinians to fight this crisis, just like what Venezuelan did. 2 years ago, every one thought that the government can turn things around but they aren't up to the economic challenges, I just hope that they won't turn into another Venezuela. Cry

Whats up with all these countries having financial crisis all the time. First back in 08 there was spain and italy and greece. Now we see venezuela and turkey with this argantina, all countries are drying up and economically gets destroyed and ruined somehow. This is not some company or small business, this is a WHOLE country, how do they manage to really lead a whole country into financial crisis without seeing they are going that direction and prevent it.

I mean there could be bad market times everywhere but at least people at the top should see the crisis coming and do something to prevent it. Without corruption we could have fixed all of this and no one in the world would had these crisis, if the politicians and the bankers did not worked to get richer together while leaving the country in the ruins none of this would have happened.

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Quote from: BitcoinCommodor on September 14, 2018, 02:00:26 AM

Quote from: ganlianshifu1 on September 10, 2018, 08:27:09 AM

Argentina’s history has repeatedly fallen into a debt crisis, and the Argentine economic collapse seems to be slipping into a new economic crisis.
The failed countries, Argentina, and Venezuela have abundant resources, but the people are too lazy!

This cannot be ignored and a nation falling into a pit of financial crisis can be the one which do not produce its own goods and services and rely on others. In other words, your balance of payment will be negative if your exports are more than your imports.

There is a book called the house of Debt written by Dr. Atif Mian a US based economist who explains the problem and give solutions how to escape this crisis and how can the policies be formulated keeping the guidelines in mind.

of course if you experience something like that, government must reduce imports and increase exports. but sometimes a country is dependent on other countries, such as in Venezuela, where there are no commodities other than oil

houjinglong

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It may be too difficult to break through when the economy enters a vicious circle. Argentina is destined to be a recession. You can see Argentina in the World Cup, they have no ability to win, and the interests behind them force them to crush the people.

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The financial crisis is in almost every part of the world. I believe the governments across the globe can implement blockchain technology in the various sectors of the economy to curb the reoccurrence of these rampant financial crisis. It is about time, governments start investing in blockchain technology.

BitcoinCommodor

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Quote from: ganlianshifu1 on September 10, 2018, 08:27:09 AM

Argentina’s history has repeatedly fallen into a debt crisis, and the Argentine economic collapse seems to be slipping into a new economic crisis.
The failed countries, Argentina, and Venezuela have abundant resources, but the people are too lazy!

This cannot be ignored and a nation falling into a pit of financial crisis can be the one which do not produce its own goods and services and rely on others. In other words, your balance of payment will be negative if your exports are more than your imports.

There is a book called the house of Debt written by Dr. Atif Mian a US based economist who explains the problem and give solutions how to escape this crisis and how can the policies be formulated keeping the guidelines in mind.

wantjokull

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I respect your love for the crypto currencies but I dont think it is the best way to go around it. The number one reason for this is, crypto currencies will divert the national investment into international one as well as into the currency which is decentralised and works on the peer based system. This wont take them out of the crisis but may push towards it as they will be devaluing their own fiat currency by investing in another one and thus may get more troubling time upon them. This is not the way one follows the crypto, its entirely different world and its not any kind of back up.

Renai0925

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In case that they are in a financial crysis as hyperinflation, I don't think that having their own cryptocurrency to replace their current system will be of any help. They need to focus on their financial situation first as adopting crypto to help with their situation would be counter-intuitive as there would be lots of interconnected systems like the government and banks to update. And if it fails, crypto will be blamed which would further hurt our cause.

Crypto Girl

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Quote from: vlad230 on September 06, 2018, 05:15:35 AM

I wonder what is causing this hyperinflation in Argentina. I know it was the same story back in 2016.

They are saying the video that political decisions are causing this but usually only happens for countries that are in a "direct" conflict with the US like Turkey or Iran and this usually happens once in a decade not every two years.

More likely, Argentina had gone through bad luck since their local currency, peso is struggling from losing its value over dollars, before you can buy 1 dollar with your 17pesos but now you should have 22pesos. Plus natural calamity strike the country with drought affecting soy beans, which one of their leading export product, in which turn the whole nation, fall.

This is all natural occurrence in every country, though it's hard to recover I'm sure there's American government that will help them since they have maintained bilateral relations.

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Quote from: qumeijia on September 10, 2018, 08:40:06 AM

It is not only Argentina, there are many countries are suffering financial crisis such Venezuela and see for the next countries. It is caused of US create a policy and regulation in trading commodity. The president of United State delimits or bound the import commodity and rise the taxation of it. It is as the impact of trading war with China. Argentina and other countries should limit of consuming, and not to buy import things to make the stability of the economic.

Normally, with the whole trade war and external headwinds in most countries, such as US fed normalization, trade conflicts, tapering of ECB and so many other things are actually hitting on some countries that actually cannot be able to stand on their own. Usually, a lot of monetary policies when it comes to fiat on its own have always caused a whole lot of these things, and this was the reason why satoshi came up with this idea of having a decentralized entity in the first place.

Quote from: Thanasis on September 10, 2018, 08:54:09 AM

I don't think the cryptos are not yet ready to be an alternative when there is economic crisis occurs they might move towards gold or the USD which are considered as the standard value by most of us.

Asides that, creating a new crypto will really not be helpful in anyway and it is not like whatever will be created will end up decentralized anyway as it would only just be the digital version of fiat. Monetary, economic policies and so on, will still always find a way to jeopardize a lot of things as long as it is fiat related. Probably, if the country can get to allow the usage of crypto, find a way to regulate it, get to see a lot of people tending to utilize it to reduce the pressure on their currency and economy, probably that would help.

katrimans

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

You have quite a good plan, but I won’t really suggest that people go for Bitcoin due to it has a high volatility, I’d rather prefer to invest my money in Gold cause it is stable and retains its price for long without going down. And if you hold it for a long time the price/value will increase also.

Bitcoin can also increase, but there is are chances that it may not. Other ways can be by buying properties and stocks, including foreign currencies and alternative assets.

Thanasis

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

Why they need to create a new crypto since we already have 1800+ active cryptos in usage for now,is it not enough for the argentina people to adopt to the new system if they are willing to move to cryptos to save themselves from crisis.But I don't think the cryptos are not yet ready to be an alternative when there is economic crisis occurs they might move towards gold or the USD which are considered as the standard value by most of us.

qumeijia

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It is not only Argentina, there are many countries are suffering financial crisis such Venezuela and see for the next countries. It is caused of US create a policy and regulation in trading commodity. The president of United State delimits or bound the import commodity and rise the taxation of it. It is as the impact of trading war with China. Argentina and other countries should limit of consuming, and not to buy import things to make the stability of the economic.

ganlianshifu1

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Argentina’s history has repeatedly fallen into a debt crisis, and the Argentine economic collapse seems to be slipping into a new economic crisis.
The failed countries, Argentina, and Venezuela have abundant resources, but the people are too lazy!

Burogh

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

Venezuela already tried to release petro currency. Petro is cryptocurrency but the problem is internet connection on venezuela is not spread evently. Beside that, not many peoples knowing about petro. I am believe if internet infrastructure going better, government can releasing their own crypto and make their own become stronger

vlad230

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Quote from: Anarchist on September 06, 2018, 05:03:41 PM

Quote

the real problem is that the government has borrowed so much. They are borrowing, central government borrowing has gone from $63 [billion] to over $140 billion. And they really didn’t have to do it. And they’ve burned through their central bank reserves, as well, at a high rate.

Ok, so, it's just a matter of cutting down costs for the government sector. I've seen this before in other countries.

Usually if a socialist party ends up in power, they start increasing the wages of the people working for the government and they also increase social security spending.

I bet it's the same story in Argentina too and this is why they are borrowing too much money and don't start cutting down expenses.

magneto

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

I don't believe having a national crypto community is going to be the answer to all of their problems, obviously.

What matters is whether individuals do something to hedge against their country's depreciating fiat currency, which has seen some extraordinary hyperinflation in its past.

People need to start realising that they're still not safe with storing wealth in their Pesos, and they need to put some of their savings in alternative assets like bitcoin, or gold, so that when another crisis does come, they are able to have some leverage in terms of savings in independent assets. What's happening is Kenya in that regard is completely irrelevant to the situation in Argentina right now.

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Probably people behind the government is to blame for what's happening in Argentina. I read that IMF loaned them $50 Billion, but I'm sure that its not enough to at least hold their economy as hyperinflation trickles down to every person in the street. Crypto won't help them either, it just a tool to help Argentinians to fight this crisis, just like what Venezuelan did. 2 years ago, every one thought that the government can turn things around but they aren't up to the economic challenges, I just hope that they won't turn into another Venezuela. Cry

darkangel11

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Quote from: Rechargers on September 06, 2018, 09:55:55 PM

If Argentina does not immediately produce its financial finances, the crisis experienced by the country will expand, so that it needs a way out of the problem.

Financial finances are very important. They better produce some or it's going to be bad Cheesy

Quote from: timerland on September 06, 2018, 06:14:26 PM

Creating

Hyperinflation is the result of the government mismanaging the economy.

In that sense, the use of cryptocurrencies can only hedge against hyperinflation for the users themselves. Just like gold and silver, they do not 'stop' hyperinflation from occurring, but provides a store of value in which investors can hold their wealth in a proven store of value.

Any country could realistically fall into hyperinflation at any given time simply because of the fact that all fiat currencies are centrally controlled and can be debased. Argentina based on its track record can definitely be the next country to fall into this, and this is echoed by the article here. But it's definitely not just a one nation thing. It's a worldwide risk, which is why I think everyone should hold some BTC, precious metals, or both for the long run.

Going crypto won't help the country in any way. If the economy is in trouble it is so because the government is slowly going bankrupt. This means that it's not getting money from taxes, foreign trade, and so on. Cryptocurrency will allow people to trade and hold value, but it won't save the government. It has to save itself for instance by borrowing money from other countries and companies or selling land and resources at discount prices.

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Quote from: Gozie51 on September 06, 2018, 11:04:32 AM

Bad economic policies are usually responsible for sure inflation. The government of Argentina has not been proactive to tackle the issue of unemployment there plus that there foreign policies have not been too favourable to exportation, making the standard of living to be high.

Maybe they have not yet adopted the new market conditions. And in non-progressive thoughts, it is difficult to overcome. It is difficult to learn from other countries. It should be easy to get past those obstacles that are easily accessible.

Rechargers

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If Argentina does not immediately produce its financial finances, the crisis experienced by the country will expand, so that it needs a way out of the problem. can be archived when a country. Can be done in a country that will suffer.

the role of the government is needed to resolve this problem so as not to have a bad impact in the future.

Osayo

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

I came across the news of the current financial crisis in Argentina on Aljazeera today. But do you really think crypto solve the problem? I sincerely doubt. Maybe the government should think of some austerity measures. But maybe it hasn't come to that yet.

timerland

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

Creating

Hyperinflation is the result of the government mismanaging the economy.

In that sense, the use of cryptocurrencies can only hedge against hyperinflation for the users themselves. Just like gold and silver, they do not 'stop' hyperinflation from occurring, but provides a store of value in which investors can hold their wealth in a proven store of value.

Any country could realistically fall into hyperinflation at any given time simply because of the fact that all fiat currencies are centrally controlled and can be debased. Argentina based on its track record can definitely be the next country to fall into this, and this is echoed by the article here. But it's definitely not just a one nation thing. It's a worldwide risk, which is why I think everyone should hold some BTC, precious metals, or both for the long run.

sandraonas

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Quote from: Gozie51 on September 06, 2018, 11:04:32 AM

Bad economic policies are usually responsible for sure inflation. The government of Argentina has not been proactive to tackle the issue of unemployment there plus that there foreign policies have not been too favourable to exportation, making the standard of living to be high.

Failure of government to create an environment for economics activities to thrive will erode the value of current assets, let's hope the inflation rate doesn't go over the roof

pitiflin

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

No. Please no crypto for solving hyperinflation, it would only make things worse. If there's hyperinflation, introduce laws, and borrow loans to lower it down, not introduce a new form of currency. That's like falling for your own death. Each country has different scenarios, so if one country does something, doesn't mean another country should do the same. Crypto isn't meant to curb down hyperinflation, assholes will make it much worse. If you don't get why, you don't understand how crypto works. Don't forget that the world is in recession, that's so bad, one can only imagine. Yet no one wishes to talk about it.

sandraonas

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The government in most parts of the world is faced with real problems and they are adopting the old methods of printing more fiats without an underlying assets backup other than trust in government. It creates a bigger problem when that trust is questioned

BitHodler

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Quote from: davis196 on September 06, 2018, 07:18:04 AM

The government will have to cut it's costs and raise some taxes,in order to balance the budget.
The real problem is that it might create banking panic,which will lead to bankcrupcy and hyperinflaiton.

They already squeezed the most out of their economy in terms of taxation, so how far do you think they'll go through with that? People there are one or two steps away from a massive breakdown right now.

The government there needs to be more creative with finding a temporary solution to cover its wounds, otherwise we'll see even more capital flow out of the country, which is something they at all cost want to avoid.

If people for once stop waiting for the situation to turn bad in order to stand up, they will be able to comfortably avoid landing in a situation where they are no longer capable of avoiding a financial blow.

People (even in well functioning economies) should by default hedge a certain part net worth.

Anarchist

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Quote from: vlad230 on September 06, 2018, 05:15:35 AM

I wonder what is causing this hyperinflation in Argentina. I know it was the same story back in 2016.

They are saying the video that political decisions are causing this but usually only happens for countries that are in a "direct" conflict with the US like Turkey or Iran and this usually happens once in a decade not every two years.

https://www.youtube.com/watch?time_continue=80&v=ykvUAD11PUA

Quote

the real problem is that the government has borrowed so much. They are borrowing, central government borrowing has gone from $63 [billion] to over $140 billion. And they really didn’t have to do it. And they’ve burned through their central bank reserves, as well, at a high rate.

evergreendog

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These are the type of events that will make crypto rise again, governments around the world can't be trusted with currency. Decentralization is the only option to make currency fair for the people.

ronics

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bad economic regulations are always responsible for real inflation. The Argentine government has not been active in order to pay attention to the issue of lack of jobs there as foreign regulation is less interested in exporting, which makes the standard and new technology so high.

Gozie51

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Vave.com - Crypto Casino

Bad economic policies are usually responsible for sure inflation. The government of Argentina has not been proactive to tackle the issue of unemployment there plus that there foreign policies have not been too favourable to exportation, making the standard of living to be high.

Binugon

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Quote from: MrsBlockchain on September 06, 2018, 01:52:37 AM

Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

The weakening of the Argentinian currency has been the trigger for rising inflation, the drought that occurred in Argentina also triggered the crisis because the largest foreign exchange contribution came from agricultural exports.

davis196

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Quote from: Johnyz on September 06, 2018, 06:39:20 AM

Quote from: vlad230 on September 06, 2018, 05:15:35 AM

I wonder what is causing this hyperinflation in Argentina. I know it was the same story back in 2016.

They are saying the video that political decisions are causing this but usually only happens for countries that are in a "direct" conflict with the US like Turkey or Iran and this usually happens once in a decade not every two years.

Its very unfortunate for this country to experience again 2 years after the previous crisis. I think this kind of situation in a country will around soon around the world, currently here in my place the Inflation rate increase and make its new all time high after 9 years. Second world financial crisis might happen soon, maybe cryptocurrency can help that country and its people but I think its hard for them to adopt it since government are still not making decision about cryptocurrency.

There's no hyperinflation in Argentina,just a recent 15% drop of the national currency against the US dollar.
The government will have to cut it's costs and raise some taxes,in order to balance the budget.
The real problem is that it might create banking panic,which will lead to bankcrupcy and hyperinflaiton.

Johnyz

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Quote from: vlad230 on September 06, 2018, 05:15:35 AM

I wonder what is causing this hyperinflation in Argentina. I know it was the same story back in 2016.

They are saying the video that political decisions are causing this but usually only happens for countries that are in a "direct" conflict with the US like Turkey or Iran and this usually happens once in a decade not every two years.

Its very unfortunate for this country to experience again 2 years after the previous crisis. I think this kind of situation in a country will around soon around the world, currently here in my place the Inflation rate increase and make its new all time high after 9 years. Second world financial crisis might happen soon, maybe cryptocurrency can help that country and its people but I think its hard for them to adopt it since government are still not making decision about cryptocurrency.

tomahawk9

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Cats on Mars

Quote from: vlad230 on September 06, 2018, 05:15:35 AM

I wonder what is causing this hyperinflation in Argentina. I know it was the same story back in 2016.

They are saying the video that political decisions are causing this but usually only happens for countries that are in a "direct" conflict with the US like Turkey or Iran and this usually happens once in a decade not every two years.

Didn't watch the video, but perhaps they're saying "political" to refer to some of the economic reforms made by Argentina's president, Mauricio Macri.

About your first question, they're not going through hyperinflation. And there are some factors that could explain the recent financial crisis: their currency (Peso) is devaluing, it's been like this in 2018, investors aren't interested in an emerging market such as Argentina that's been having financial issues, this combined with the fact that they've had such a slow economical growth in the past year, and have almost 30% inflation, kinda explains why they're having such a crisis.

But it seems like the Central Bank of Argentina (BCRA) is negotiating a deal with the IMF so that they can provide funds (some people say it'll be around $30 billion, some others say $50 billion), that way the central bank can provide liquidity to stabilize the foreign exchange market.

Dimon8

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It is possible that next winter in such a situation as it turned out Turkey, Argentina, Venezuela, there may be half the world. Many take strange political and economic laws that are contrary to development.

vlad230

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I wonder what is causing this hyperinflation in Argentina. I know it was the same story back in 2016.

They are saying the video that political decisions are causing this but usually only happens for countries that are in a "direct" conflict with the US like Turkey or Iran and this usually happens once in a decade not every two years.

MrsBlockchain

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Argentina struggles with yet another financial crisis! Is it time for the Argentinians to create their own crypto community currency instead of repeating hyperinflation once again? In Nairobi Kenya, Bancor has started an initiative for the local citizens to trade tokenized community currencies peer-to-peer without counter party risks. While Argentina is suffering with Dejavu.
https://www.reddit.com/r/cryptocurrencynews/comments/9dfr3j/argentina_struggles_with_yet_another_financial/

Topic: Argentina struggles with yet another financial crisis! (Read 598 times)