[2014-07-31] Argentina defaults

[howardb]

http://www.bloomberg.com/news/2014-07-30/argentina-defaults-according-to-s-p-as-debt-meetings-continue.html

There has been lots of discussion on whether an Argentina default would be the catalyst for mass bitcoin adoption there. Andreas Antanopoulus has discussed this many times, now we get to find out how right/wrong he is.

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[cryptofan5]

Somebody just said in the news that this is an economic bomb america is throughing into the world. presumably it means that other countries could be forced also to either default or pay 100% of the bonds value with interest.

[Kprawn]

Just another example, why centralization fails. {When the people do not govern their own country}

The Puppet masters pulled the strings and the puppet must dance to their tune. Money rule the world. {Strong countries give help freely, but then you have to dance to their tunes}

A lot of the citizens of Argentina already converted some of their disposable fiat into bitcoin, to protect it from the falling fiat currency, but regulations made by the government, made it difficult to use it, or to use bitcoin as a store of value. {They protect the fiat currency} 

[cr1776]

Somebody just said in the news that this is an economic bomb america is throughing into the world. presumably it means that other countries could be forced also to either default or pay 100% of the bonds value with interest.

Yeah, imagine that.  Someone, or some group, voluntarily agrees to borrow money, and agrees to pay it back with interest.  And then they are "forced" to do so.    

Those dastardly people throwing a bomb that expects people to do what they agree to do.

[medUSA]

Argentina's "selective default" is a complicated issue between the government and the bond holders (fund managers mostly). I don't think this default event is going to suddenly drive Argentinians to bitcoin. The Argentine Peso crashed in January this year and has remained relatively stable. We need to see uncontrolled devaluation before we see Argentinians flocking to bitcoin.

[blumangroup]

The peso is expected to have inflation in excess of 40% this year, before the default.  The value of the peso on the black market is far below the government controlled exchange rate. Anyone would have to be crazy to not trade in currencies other then the peso. It is just a matter of how much people will use bitcoin that would not otherwise use it.

[thecast]

If you are poor you can't bitcoin anyway 

[ljudotina]

You can buy bitcoin with 5$....why would "being poor" stop anyone from getting into BTC.

[cr1776]

You can buy bitcoin with 5$....why would "being poor" stop anyone from getting into BTC.

This.  Anyone can get into bitcoin, whether they have a penny, a dollar, or a million dollars.  Even if you have NO money you can get into bitcoin if you have a skill you can sell. 

Self-defeating attitudes hold so many people back from reaching their true potential.

:-)

[Bit_Happy]

You can buy bitcoin with 5$....why would "being poor" stop anyone from getting into BTC.

This.  Anyone can get into bitcoin, whether they have a penny, a dollar, or a million dollars.  Even if you have NO money you can get into bitcoin if you have a skill you can sell. 

Self-defeating attitudes hold so many people back from reaching their true potential.

:-)

Bitcoin is for everyone. 
The last 3 years, I have "restarted" 3 times and always earned my initial BTC, instead of buying them.

[knight22]

You can buy bitcoin with 5$....why would "being poor" stop anyone from getting into BTC.

People can also work to get bitcoins. So anyone can get his hands on some without having any fiat money to exchange.

[Swordsoffreedom]

I haven't been keeping count but that makes it  multiple times that Argentina defaults
At the same time serves you right creditors buying junk bonds then trying to push for a giant payday by asking for them at the inital price, Argentina did make several offers to partial settle with its creditors but its the pariahs of them that led them to getting nothing at all.

Still this is good news for Bitcoin as the currency can now be reset and Bitcoin has a role in this ecosystem.

[lihuajkl]

Argentina's "selective default" is a complicated issue between the government and the bond holders (fund managers mostly). I don't think this default event is going to suddenly drive Argentinians to bitcoin. The Argentine Peso crashed in January this year and has remained relatively stable. We need to see uncontrolled devaluation before we see Argentinians flocking to bitcoin.

The problem is that many people still don't know btc, how could they trust it? They prefer dollar, gold.

[obocaman]

How many threads of argentina defaulting do we need? 

[fa]

Yet another Argentina btc speculation, and we are going to da moon, haha