NYTimes - How Bitcoin is Disrupting Argentina Economy

[litecoinz]

Very interesting and detailed read:

http://www.nytimes.com/2015/05/03/magazine/how-bitcoin-is-disrupting-argentinas-economy.html

[JackRipper]

Yeah. It's Bitcoin that's screwing up their economy.

[Trifixion713]

JPMorgan Chase, the nation’s largest bank, decided in early 2014 not to conduct business with Bitcoin companies. But it did form its own Bitcoin Working Group, which consists of about two dozen executives throughout the bank who have been meeting fortnightly or monthly to discuss how the technology could change their business.

F'ing parasites...

[ebliever]

Yeah. It's Bitcoin that's screwing up their economy.

I interpret their use of the word "disruption" to mean that Bitcoin is challenging the corrupt business-as-usual nature of the broken  Argentine economy, rather than as a pejorative. This is a pretty good article for bitcoin on the whole. We need more like it as bitcoin brokers in Greece and other crisis spots find their footing.

[ebliever]

"The day before, the owner of a small manufacturing company bought $20,000 worth of Bitcoin from Castiglione in order to get his money to the United States, where he needed to pay a vendor, a transaction far easier and less expensive than moving funds through Argentine banks."

Seems to me it is only a matter of time before success stories like this begin to multiply. As businesses realize the tremendous efficiency of bitcoin's transaction fees compared to fiat/banking charges, not to mention speed issues, bitcoin will take root more deeply in conventional businesses. From one-off instances like this they'll begin to find more uses for bitcoin in more and more of their transactions as well, as they master the learning curve with BTC.

[Cruxer]

Yeah. It's Bitcoin that's screwing up their economy.

When you don't know who to blame, anyone could be target, like bitcoin here

[ebliever]

It's actually a very positive article, guys. Don't judge by the wording of the title.

[countryfree]

BTC isn't disrupting anything, it's saving lives! Argentinians remember what life they had before BTC! It's getting better now. Maybe not for the government, but real people are taking advantage of BTC.

[galbros]

Great article thanks for posting it.  It shows how bitcoin can help liberate people from people, banks, governments, who want to capture their wealth.  In fact, that should have been the title of the article, Bitcoin LIBERATES Argentines.

[litecoinz]

Such negatively lol.  I know our industry has been through a lot lately but guys, this is POSITIVE news!!!  NyTimes is a major publication and the article is focused on how Bitcoin is helping legitimate entrepreneurs do business as opposed to most stories which focus on Silk Road and crime.

[TheButterZone]

$500 for BTC1.5 ($333/BTC)? When was that part of the article written?

[tokeweed]

Loved that article.  It really shows BTC as a tool for disruption. 

And check out this bit...

Transactions of this sort inevitably stir up fears of money laundering and terrorist financing. Banks currently serve as the front line in stopping illicit money transfers. If these regulated institutions are cut out of the business of moving money, the banks and government officials say, who will ensure that terrorists and organized crime are not using the network to move millions across borders?

I say fuck you.  Bank executives themselves launder money.  Read these articles.

http://www.theguardian.com/business/2012/jul/17/hsbc-executive-resigns-senate

http://www.abc.net.au/news/2015-03-18/commonwealth-bank-manager-arrested-after-bribery-investigation/6327714

[tokeweed]

More articles about bank executives laundering money.

http://www.foxnews.com/us/2015/04/21/feds-charge-ex-bank-president-others-with-laundering-money-for-drug-cartels-in/

http://blogs.wsj.com/riskandcompliance/2013/10/23/new-anti-money-laundering-bill-targets-bank-executives/

Shit.  Just google it.  There's too many of them.

[Kprawn]

The Subject of this post, does not justify the content.  ..... quote : " The number of Bitcoin users in Argentina is relatively small; it barely registers on most charts of global Bitcoin usage. "

BitPagos should stop concentrating on doing small quantities and go full out... it's good that Bitex is coming in there too.. competition is always a good thing.

I liked the part where they passed $250 000 worth of Bitcoins around, to show how easy it was. 

[EternalWingsofGod]

BTC isn't disrupting anything, it's saving lives! Argentinians remember what life they had before BTC! It's getting better now. Maybe not for the government, but real people are taking advantage of BTC.

Saw this in the press section as well, I'm glad there are innovations and usage of Bitcoin somewhere in the world to save costs and to show governments that overly excessive taxation can and does leads to evasion.
It will be interesting to see how Bitpay employees are treated seeing as their full name was used, Argentina may not be amused.

[smooth]

More articles about bank executives laundering money.

...

Shit.  Just google it.  There's too many of them.

Quite impressive I must say

https://www.google.com/search?q=bank+executives+laundering+money

13,500,000 results