ARGENTINA COULD BE THE 1ST COUNTRY USING BITCOIN AS OFFICIAL CURRENCY

[cr1776]

The article does not properly focus on the way the US supreme Court has chosen to let financial interests go before democracy for the Argentinian people.

The article doesn't properly focus on the fact that the Argentinian government borrowed money, agreed to pay it back at a certain rate, and then failed to do so.  At the same time also agreeing to let U.S. Courts decide the issue.

The issue is simple:  Argentina has been ruled by authoritarian deadbeats for a very long time who are more interested in raping the Argentinian people and maintaining their own power than doing what is right for Argentina and her people.  They are more than willing to agree to one thing and then try to change the rules later and then complain about it being "evil financial interests" or some other scapegoat in order to distract the people from the fact that they are doing things only for their own power.

The Argentinian government can not be trusted to do what they agree to do.  Anyone who loans money to them is extremely stupid because they have shown repeatedly that they want to take someone else's money and never repay it.

[cr1776]

What this case has shown is that New York and the United States deserves to be weakened as a financial center as it is not to be trusted.
Bitcoin as a transaction medium gets around the anti-democratic blockade that is designed to enslave this people.

This is the core issue and why bitcoin is such an ideal platform without the slavery imposed by the US jurisdictional control over NY banks.

I don't think "slavery" means what you think it means.

Argentina was never forced to do any of this.  They voluntarily agreed to borrow money and then failed to repay it. 

[blatchcorn]

I think it is more likely that the government would create their own alt coin than adopt bitcoin

[Ron~Popeil]

Any country could be the first one to officially adopt bit coin. Until someone actually does though any such article is hyperbole. We don't need that to push bit coin forward. We only need to make our case in a well reasoned manner and let things unfold.

[ensurance982]

I really don't know if Bitcoin would be 'compatible' as a nation-wide currency. Especially countries that suffer from economic problems need to have the ability of pulling certain levers and knobs in order to influence the market or stabilize the economy. Since Bitcoin is decentralized and an inherently unregulated currency, this won't be possible. But the idea is bold!

[chennan]

Why would anyone sell bitcoin to buy pesos??

I read news saying the bank account of the only BTC exchange in there is closed without reasons. The people there may be scare that there is no exchange to change BTC to fiat. Holding BTC seems holding nothing.

[jbreher]

Especially countries that suffer from economic problems need to have the ability of pulling certain levers and knobs in order to influence the market or stabilize the economy.

Nonsense. The ability to manipulate the currency is exactly why Argentina is currently in this predicament.

[jbreher]

Down 50% from a relatively absurd plateau peak.

FTFY.

[Honeypot]

Because a nation would select a 'currency' for itself which it does not control, has no control, and has its security based off of machines outside of its boundaries.

Is this a joke?

[icey]

Because a nation would select a 'currency' for itself which it does not control, has no control, and has its security based off of machines outside of its boundaries.

Is this a joke?

Pretty much this. As much faith I have in Bitcoin, something like this will not happen in the near future at least. (Fingers crossed it does happen though of course)

[cr1776]

Especially countries that suffer from economic problems need to have the ability of pulling certain levers and knobs in order to influence the market or stabilize the economy.

Nonsense. The ability to manipulate the currency is exactly why Argentina is currently in this predicament.

QFT.

Manipulation of currency causes the problems Argentina is facing.

[Omikifuse]

you thinking about Argentina adopt a coin that can't be manipulated or confiscated?

No monetary inflation, and no way to take the saving from people?


Really, you know nothing about them

[Honeypot]

Argentina is attempting to deflect its miserable financial decisions by blaming the very people they borrowed money from with full knowledge of the terms it agreed to. The terms which they broke again and again.

Not only did the loan 'restructuring' allowed them to steal half the loans they were obliged to pay back, but now they are scraping the bottom of the barrel for any excuses including nationalism to anti-US sentiment in order to deflect blame.

Imagine if some one borrowed money from you, you provided loan relief that essentially gave away half your investment to them for free, then they refused to pay back the rest.

That's called theft.

Fact is, Argentina borrowed money knowing full well it must be paid back with interest. The loan lenders did not demand anything more than what was initially agreed to on the contract, and even lost out through the generous loan restructuring agreement that gave away half the loan for free, which can either be called charity, or theft. Argentina decided they are not obliged to follow the mutual agreement.

They were mistaken.

[moriartybitcoin]

The Argentine Peso is worthless and has been a joke for the last three decades.  They default on their debt anytime the economy sneezes.  Bitcoin would be quite a boon for the Argentines ...

But I won't loan them any! :-)

[Mobius]

Because a nation would select a 'currency' for itself which it does not control, has no control, and has its security based off of machines outside of its boundaries.

Is this a joke?

The Euro is setup very similar to what you are describing. The European countries give up control of their currency to the ECB in exchange for having a more widely adopted and more stable currency.

If Argentina were to use bitcoin as their national currency it would be for the same reasons. I do however doubt that any country will do this anytime soon.

[beetcoin]

it's too much of a gamble, even for a country like argentina.. besides, i doubt their population doesn't have the capacity to use it as the country's main currency.

[Honeypot]

Because a nation would select a 'currency' for itself which it does not control, has no control, and has its security based off of machines outside of its boundaries.

Is this a joke?

The Euro is setup very similar to what you are describing. The European countries give up control of their currency to the ECB in exchange for having a more widely adopted and more stable currency.

If Argentina were to use bitcoin as their national currency it would be for the same reasons. I do however doubt that any country will do this anytime soon.

Semantics is how most people try to play that game. Are you really going to compare the geographically clustered union of nations on a continent with electronic currency that is completely outside of their sphere of influence?

Talk about naive.

[polynesia]

Because a nation would select a 'currency' for itself which it does not control, has no control, and has its security based off of machines outside of its boundaries.

Is this a joke?

The Euro is setup very similar to what you are describing. The European countries give up control of their currency to the ECB in exchange for having a more widely adopted and more stable currency.

If Argentina were to use bitcoin as their national currency it would be for the same reasons. I do however doubt that any country will do this anytime soon.

Semantics is how most people try to play that game. Are you really going to compare the geographically clustered union of nations on a continent with electronic currency that is completely outside of their sphere of influence?

Talk about naive.

There are countries which have effectively dollarized their economy as well.
If countries can adopt USD, why not BTC?

[DMeeks]

They wouldn't have gone from maybe the richest country of the 19th century to bankruptcy if they have as habit make good economic decisions.


So no way.

[jaberwock]

Because a nation would select a 'currency' for itself which it does not control, has no control, and has its security based off of machines outside of its boundaries.

Is this a joke?

The Euro is setup very similar to what you are describing. The European countries give up control of their currency to the ECB in exchange for having a more widely adopted and more stable currency.

If Argentina were to use bitcoin as their national currency it would be for the same reasons. I do however doubt that any country will do this anytime soon.

Semantics is how most people try to play that game. Are you really going to compare the geographically clustered union of nations on a continent with electronic currency that is completely outside of their sphere of influence?

Talk about naive.

There are countries which have effectively dollarized their economy as well.
If countries can adopt USD, why not BTC?

Bitcoin is not considered as currency by the mainstream economy, because they are not backed by a central bank, among other issues.

And pick a coin that can be destroyed by Gox or by the PBOC is just too stupid, even for the argentinian parameters.