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August 06, 2013, 12:34:30 PM Last edit: August 06, 2013, 12:45:47 PM by n8rwJeTt8TrrLKPa55eU |
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Headline is incorrect and poorly researched. No one should travel down there with the expectation of making 60% instantly.
There are exchange controls in place in place in Argentina, which means that USD is only traded freely on a black market, and at a price 60% higher than the quoted government rate, which is used mostly for buying USD from you, not selling to you. Same story as in Cuba, Venezuela, old Soviet Union, etc., a two-tiered exchange market where what you get at regulated exchange bureaus and banks is just a fraction of the true value on the street. BTC sellers, obviously, use the black market rate. Headline could just as easily have claimed that swiss francs or euros trade at a 60% premium too. Basically all foreign currencies in Argentina trade at a 60% premium when comparing the bogus unobtainable "official" USD rate versus the free market USD rate.
Unfortunately the WSJ is not the only entity doing sloppy journalism these days. Coindesk is usually good but they dropped the ball perpetuating this myth. BTC prices in Argentina are effectively identical to anywhere else, no one there will buy your BTC for $160+, they will laugh at you like you're some kind of idiot.
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