[2014-05-30] Argentina gets home-grown Exchange, defies Central Bank

[aliceHortrex]

http://cointelegraph.com/news/111616/argentina_gets_home_grown_exchange_defies_central_bank

Amid warnings from its central bank, the Argentinean Bitcoin community is still expanding apace with the opening of Bitex.la, a pioneering local exchange for Bitcoin and Litecoin.

Billed as “the first Hispanic market for buying and selling Litecoin and Bitcoin in real-time,” Bitex.la is the brainchild of Argentine Nubis Bruno, and is currently active in several countries after securing a US$2 million investment from the group behind financial consultants Jenkins & Keane Ltd., based in London.

[bryant.coleman]

Well... if the Central Bank is hostile to them, I am not sure for how long they can survive. But at the same time, Argentina is not an anti-Bitcoin country. The ruling class is mostly indifferent to Bitcoin.

[LiteCoinGuy]

also Litecoin, nice 

[LiteCoinGuy]

http://www.coindesk.com/latin-america-bitcoin-exchange-bitex-la-2-million/

[bryant.coleman]

Of anyone is wondering why Bitcoin would become a huge success... here is the reason:

[_wayfarer_]

Of anyone is wondering why Bitcoin would become a huge success... here is the reason:

Haha, maybe in the future, but have you looked at a chart for bitcoin lately?

[bryant.coleman]

Haha, maybe in the future, but have you looked at a chart for bitcoin lately?

I was talking about inflation and the devaluation of currency. And Bitcoin is not affected by inflation. If we check the Bitcoin charts, all that we will get to see is deflation, instead of inflation.

[Trading]

I guess we'll see the future of bitcoin happening first in countries with several monetary problems, like high inflation and capital controls, because there the motivation to get bitcoin is something urgent.

Even the high interest rates don't compensate for the inflation.

[_wayfarer_]

Haha, maybe in the future, but have you looked at a chart for bitcoin lately?

I was talking about inflation and the devaluation of currency. And Bitcoin is not affected by inflation. If we check the Bitcoin charts, all that we will get to see is deflation, instead of inflation.

Yeah, I was talking more about the general volatility. However I would completely disagree that BTC is not affected by inflation. Any time your buying power decreases, you have inflation. Can any of us say that has never happened to our personal buying power? Of course, over the long-term BTC does deflate.

[bryant.coleman]

Yeah, I was talking more about the general volatility. However I would completely disagree that BTC is not affected by inflation. Any time your buying power decreases, you have inflation. Can any of us say that has never happened to our personal buying power? Of course, over the long-term BTC does deflate.

In the normal scenario, the purchase power of Bitcoin will increase proportional to its popularity. Right now, some 1 million people are using Bitcoins. The purchase power will increase by 100 times, if 100 million people use it.

[Spaceman_Spiff]

Haha, maybe in the future, but have you looked at a chart for bitcoin lately?

I was talking about inflation and the devaluation of currency. And Bitcoin is not affected by inflation. If we check the Bitcoin charts, all that we will get to see is deflation, instead of inflation.

Yeah, I was talking more about the general volatility. However I would completely disagree that BTC is not affected by inflation. Any time your buying power decreases, you have inflation. Can any of us say that has never happened to our personal buying power? Of course, over the long-term BTC does deflate.

Bitcoin adoption is a matter of speculation (and thus so is it's price inflation), however it's monetary inflation is not (roughly around 10% at the moment, but will only get better, getting close to 0%).  On the other hand, continuous monetary inflation of fiat currencies (and especially in situations like Argentina) is a given.
You make your own conclusions on what people will eventually choose, and what that will mean for price levels ....