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Topic: Central Bank of Argentina hosts a live Bitcoin mining exhibit - page 2. (Read 353 times)

legendary
Activity: 3906
Merit: 6249
Decentralization Maximalist
I wonder whether it means Argentina's central bank have some positive views about Bitcoin.
Argentina's Central Bank has been cooperative at first (from 2013 to 2020 approximately), while they warned about crypto scams they did not act against local exchanges and service providers, and has even sent representatives to local Bitcoin meetings. But then they became more hostile for some years (2020-23). This may have been related to that during the pandemic a huge, cult-like shitcoin scam (Generación Zoe) had been discovered, but also due to growing inflationary pressure after the COVID-19 pandemic. Since the government change in late 2023 one could assume that they've adopted again a more favourable stance, although this has still not been reflected in measures. For example, there is still a ban for banks in place to acquire or facilitate the acquisition of crypto-assets. This ban came from the last government but has still not been lifted.

This art exhibition may be a message to the pro-Bitcoin public, something like "we're working on it". Wink

Milei's government is not explicitly pro-Bitcoin, although some other members of his government and many of his voters are. Milei's opinion however is that there should be competition between currencies and means of payment.
?
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This exhibition by the central bank of Argentina points to the fact that the bank wants to adopt to digital assets and we should actually see it as a good innovation for crypto into the globe.
The artist must have also seen the potentials of cryptocurrency especially Bitcoin and wants to embrace it.
This exhibition would actually inspire other banks to follow suit.
legendary
Activity: 2534
Merit: 1397
(....)
As far as I'm aware, this is the first time that a central bank anywhere in the world exhibits a display related to Bitcoin.

Quote from: Alberto Echegaray
“No central bank has ever handled operational mining equipment, and it’s good for both art enthusiasts and those interested in economic and digital systems to see it.”
Yes, because we all know that the main enemy of Bitcoin is these banks, we know that they hate Bitcoin but seeing this is changing my perspective. For sure this central bank of Argentina really knows the problem and knows the solution. This is big W for Bitcoin.
legendary
Activity: 3122
Merit: 1102
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It’s just right to let people know how popular Bitcoin is. This shows they’re open to digital assets, but of course, the central bank will still prioritize their own fiat. Whatever their purpose for that show, I think it’ll have a positive impact, especially for citizens, as it not only educates them about Bitcoin but also builds confidence in using it. This way, people will get more interested and start learning what Bitcoin really is, especially with mining rigs shown, so they won’t mistake Bitcoin as a Ponzi scheme like others have fallen into.

This is indeed a very good initiative from their government. You need to educate people for them to understand this technology and eradicate the negative notion thrown to this market. Because if they are seeing it first-hand, they will surely change their mind. Do remember, some are having this sentiment - "to see is to believe".
They should also see what mining is, or how mining works and how it can benefit to their society. Because not all people are well-versed on this technology, they need it to see to appreciate what's going on in this realm of market.
hero member
Activity: 2716
Merit: 904
It’s just right to let people know how popular Bitcoin is. This shows they’re open to digital assets, but of course, the central bank will still prioritize their own fiat. Whatever their purpose for that show, I think it’ll have a positive impact, especially for citizens, as it not only educates them about Bitcoin but also builds confidence in using it. This way, people will get more interested and start learning what Bitcoin really is, especially with mining rigs shown, so they won’t mistake Bitcoin as a Ponzi scheme like others have fallen into.
sr. member
Activity: 700
Merit: 470
Hope Jeremiah 17vs7
Surprisingly to many of us, a lot of individuals will definitely visit this exhibition, thereby, generating additional revenue from the fact that they're mining their bitcoin.

As for other central banks in the world that have strong national currencies and much more successful economies than Argentina, I don't see why they would go alone against what they stand for. Bitcoin "succeeds" best in countries that are in such bad shape that any alternative is better than doing nothing.
Indeed Bitcoin succeeds in such Nations and others doing better, the more the economy downhill the more Bitcoin has a more tendency to impact the economy positively. When these worse state economy governmental bodies are in support, in it is easier for it to improve their economy more efficiently.

hero member
Activity: 2366
Merit: 838
Didn't their president promise to close the central bank, did he do that? Considering the attitudes of the current president towards the economy and life in general, nothing surprises me personally, not even a single exhibition like this.

As for other central banks in the world that have strong national currencies and much more successful economies than Argentina, I don't see why they would go alone against what they stand for. Bitcoin "succeeds" best in countries that are in such bad shape that any alternative is better than doing nothing.
Months ago, we know that Javier Milei, is a pro-Bitcoin was elected as Argentina President.

Argentina elects pro-Bitcoin president Javier Milei. It's natural to see the President of Argentina tries to boost Bitcoin adoption in that nation, but there are conflicting news about progress there.

Javier Milei Launches Bitcoin Revolution in Argentina
Milei Is Not Moving Argentina Towards Bitcoin

We will have to wait for more progress in Argentina to see what Milei can do here for his citizens with better and more friendly regulation on Bitcoin industry.

Central banks is afraid of losing it's domination since people choose to use their money to buy cryptocurrency instead of save in banks.
It starts with governments that are fearful of losing control on their citizens. If they are governments for people, they will try to resolve fiat currency, central bank issue and open doors for Bitcoin to growth in their nations.
hero member
Activity: 742
Merit: 633
Thanks to Javier Milei, he's an Argentina's president that support Bitcoin, although he hasn't yet publicize if he bought Bitcoin unlike Nayib Bukele.

Central banks is afraid of losing it's domination since people choose to use their money to buy cryptocurrency instead of save in banks.

Didn't their president promise to close the central bank, did he do that?
Yeah, but we all know it was never been possible in the first place.
legendary
Activity: 3234
Merit: 5637
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Didn't their president promise to close the central bank, did he do that? Considering the attitudes of the current president towards the economy and life in general, nothing surprises me personally, not even a single exhibition like this.

As for other central banks in the world that have strong national currencies and much more successful economies than Argentina, I don't see why they would go alone against what they stand for. Bitcoin "succeeds" best in countries that are in such bad shape that any alternative is better than doing nothing.
hero member
Activity: 2366
Merit: 838
I certainly didn't expect central bank would do such thing. I wonder whether it means Argentina's central bank have some positive views about Bitcoin. And re-using out-of-circulation/rejected paper money is also clever idea.
I didn't expect it too.

In my opinion, if any government like Argentina, did not have their Bitcoin mining operation yet, it's very not logical to see its national central bank goes ahead and make Bitcoin mining exhibit like this one.

It is more reasonable and logical if the government adopted Bitcoin, did Bitcoin mining first, then central bank and other governmental agencies will follow on orders of government to do propaganda on Bitcoin. It's not the case of Argentina and its central bank, so it's big surprise.

As a government, it's smart to use available resources like electricity, paper money to invest in Bitcoin mining and get massive profit from it, like Bhutan.
legendary
Activity: 2870
Merit: 7490
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I certainly didn't expect central bank would do such thing. I wonder whether it means Argentina's central bank have some positive views about Bitcoin. And re-using out-of-circulation/rejected paper money is also clever idea.
hero member
Activity: 1008
Merit: 960
Alberto Echegaray created "Moneyballs", an art exhibition that showcases mining rigs next to balls made of shredded US Dollars and Argentinean Pesos.

https://cryptobriefing.com/crypto-art-exhibition-argentina/



As far as I'm aware, this is the first time that a central bank anywhere in the world exhibits a display related to Bitcoin.

Quote from: Alberto Echegaray
“No central bank has ever handled operational mining equipment, and it’s good for both art enthusiasts and those interested in economic and digital systems to see it.”

The money spheres, or "balls", have a diameter of 50 cm and are made of 10 thousand $100 bills, shredded. That's basically one million USD, out of circulation.

The US Treasury provided the out-of-circulation dollars, while local discarded pesos were sourced from BCRA’s own refuse

Quote
Echegaray’s installation features spheres that connect virtual assets to real-time valuation data, encouraging visitors to ponder the changing role of money.
His work also delves into deeper socio-economic questions, critiquing society’s dependence on the dollar and the evolution of economic systems.
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