Argentina, the next Cyprus ?

[BitCoinDream]

Argentina's economy is standing on the verge of collapse. Cristina Fernandez de Kirchner, the president of Argentina, has rejected to repay 1.5 billion USD debt to USA.

http://www.foxnews.com/politics/2014/06/17/argentina-president-defies-us-court-orders-on-repayment-debts/

Can Bitcoin be the Messiah for the Argentines ?

[Swordsoffreedom]

There is another topic on this
But more than one on the topic doesn't hurt so yes I think it could be a possibility
Countries that are weak in the international financial system may look to diversify their holdings to a basket not controlled by a central banking system or subject to heavy rules in order to get more money for their economy at the cost of their citizens needs (World Bank)
So there is room for Bitcoin here

[Globetrotters]

Just published an article which roughly covers this.  While bitcoin isn't the Messiah (still too small/too unknown) poor economic circumstances within the country means, without a doubt, that the risk of adopting bitcoin is much lower than it would be in a stable economy.

Here's the article via medium.
https://medium.com/@JamesHDowner/loosing-trust-in-your-currency-935b1c4e8b72

[TrailingComet]

Bitcoin is rapidly growing within Argentina as things stand
Non repayment of govy debt will accelerate adoption once the new dose of fx pain kicks in

[beetcoin]

Bitcoin is rapidly growing within Argentina as things stand
Non repayment of govy debt will accelerate adoption once the new dose of fx pain kicks in

could this possibly be the reason for today's jump in price? it went up $20, at least so far.

[TaunSew]

Bitcoin is rapidly growing within Argentina as things stand
Non repayment of govy debt will accelerate adoption once the new dose of fx pain kicks in

could this possibly be the reason for today's jump in price? it went up $20, at least so far.

Possibly but ironically likely has nothing to do with actual Argentines.  It's probably people in China or the States wanking at this news and buying in anticipation that Bitcoin will go up from Argentines buying.  Which isn't the case because Bitcoin requires educating future users and that is something it has struggled in doing so far.  Beyond the get quick rich types, nobody is really buying into Bitcoin.  Bitcoin would do wonders as remittance in Africa (Western Union charges up to 20% by the end) and yet there's nobody educating Africans on the utility of using Bitcoin.

[Swordsoffreedom]

Bitcoin is rapidly growing within Argentina as things stand
Non repayment of govy debt will accelerate adoption once the new dose of fx pain kicks in

could this possibly be the reason for today's jump in price? it went up $20, at least so far.

The Silk Road auction was probably factored in and the price is going back to its regular rhythm
Although one could easily make a bet on the price dropping near to the 26th again when the actual auction occurs for those Bitcoins.
Anyways I hope that Argentina starts using Bitcoin in significant scale they need a new solution to their monetary problems and a few good entrepreneurs to build it.

[bryant.coleman]

Wonderful! Every country should follow this. US and its lapdogs such as the IMF have been trying to invade countries and use economical means to enslave the population for too long. Time has come to end this. 

[BitCoinDream]

One of the biggest problem now Argentines will face converting their asset to BTC is no one will want their currency as an exchange. Moreover, AFAIK, Bitcoin is banned in Argentina, so there is no local exchange as such.

[bryant.coleman]

One of the biggest problem now Argentines will face converting their asset to BTC is no one will want their currency as an exchange. Moreover, AFAIK, Bitcoin is banned in Argentina, so there is no local exchange as such.

Why they need a local exchange, when global exchanges such as Bistamp are able to make fiat withdrawals to that country? Anyway we have Localbitcoins, which is specific to certain nations.

[niothor]

Argentina's economy is standing on the verge of collapse. Cristina Fernandez de Kirchner, the president of Argentina, has rejected to repay 1.5 billion USD debt to USA.

http://www.foxnews.com/politics/2014/06/17/argentina-president-defies-us-court-orders-on-repayment-debts/

Can Bitcoin be the Messiah for the Argentines ?

NO!

Simple as that.
Bitcoin will not create jobs , it won't increase productivity , won't raise wages.

Don't forget that a lot of countries ended in bankruptcy even with the gold standard.
Bitcoin isn't a miraculous cure.

One of the biggest problem now Argentines will face converting their asset to BTC is no one will want their currency as an exchange. Moreover, AFAIK, Bitcoin is banned in Argentina, so there is no local exchange as such.

Source?

[boumalo]

Europe will buy bitcoins aggressively when a few big banks will fail and they will print money to reimburse depositor or perform an haircut on savings

[bryant.coleman]

Europe will buy bitcoins aggressively when a few big banks will fail and they will print money to reimburse depositor or perform an haircut on savings

Quite a few big banks failed in Cyprus last year. But no one rushed to gather their Bitcoins. Most of the people remain ignorant about Bitcoins, and they will trust the banks no matter what they do. 

[TaunSew]

Europe will buy bitcoins aggressively when a few big banks will fail and they will print money to reimburse depositor or perform an haircut on savings

Quite a few big banks failed in Cyprus last year. But no one rushed to gather their Bitcoins. Most of the people remain ignorant about Bitcoins, and they will trust the banks no matter what they do. 

Which is what I wrote before.

Some people in America and China are racing to buy Bitcoin, thinking it'll go up soon from Argentines, but in reality we can safely assume that 99.9% of Argentines will continue to be none the wiser about Bitcoin.

Crypto currencies right now is like the internet back in the early 1990s.  I think we still have a long way to go in educating people of alternatives like crypto currencies.

[widknokr]

Hedgefunds with bonds will rape them, that is for sure.

[Swordsoffreedom]

Europe will buy bitcoins aggressively when a few big banks will fail and they will print money to reimburse depositor or perform an haircut on savings

Quite a few big banks failed in Cyprus last year. But no one rushed to gather their Bitcoins. Most of the people remain ignorant about Bitcoins, and they will trust the banks no matter what they do.  

I think it is just a matter of awareness and ability once people realize that it is easy to use and make transactions in Bitcoins there fears will be alleviated and they will start using it more often.

The challenge is to make it easy for users to adopt and to transact with Bitcoin in Argentina.

[Nik1ab]

Fox news? Seriously? My dog can make better reports than them.

[BitCoinDream]

One of the biggest problem now Argentines will face converting their asset to BTC is no one will want their currency as an exchange. Moreover, AFAIK, Bitcoin is banned in Argentina, so there is no local exchange as such.

Why they need a local exchange, when global exchanges such as Bistamp are able to make fiat withdrawals to that country? Anyway we have Localbitcoins, which is specific to certain nations.

They cant use BTC-e/Bitstamp type global exchanges as their banks cant convert ARS to USD easily. U cant use ARS on these exchanges. U have to convert it and u need help of your country's bank.

[boumalo]

Europe will buy bitcoins aggressively when a few big banks will fail and they will print money to reimburse depositor or perform an haircut on savings

Quite a few big banks failed in Cyprus last year. But no one rushed to gather their Bitcoins. Most of the people remain ignorant about Bitcoins, and they will trust the banks no matter what they do. 

 Bitcoin started raising in price after Cyprus

[GangkisKhan]

Europe will buy bitcoins aggressively when a few big banks will fail and they will print money to reimburse depositor or perform an haircut on savings

Quite a few big banks failed in Cyprus last year. But no one rushed to gather their Bitcoins. Most of the people remain ignorant about Bitcoins, and they will trust the banks no matter what they do. 

 Bitcoin started raising in price after Cyprus

Think Argentina will block their currency and ban bitcoin like China.