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I went to a party in Argentina last weekend. This is a $1000 Argentine peso, which is about $9 US dollars (and getting devalued more each day). This is why we Bitcoin.

I went to a party in Argentina last weekend. This is a $1000 Argentine peso, which is about $9 US dollars (and getting devalued more each day). This is why we Bitcoin.



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31 Comments

  1. It’s always surprising to me to see and hear comments like this one. They aren’t uncommon. Why do some people tend to compare nominal values of currencies and act like something’s wrong? An economy could be perfectly stable and use high nominal values in their currency and **that alone isn’t a bad thing.** In this example you are not wrong, but you lack context. Yes, the ARS was some time ago indexed to de USD and yes Argentina has had long hyperinflation periods so a ~110x devaluation compared to the dollar is indeed bad, but your title isn’t telling me that something’s wrong per se, it’s just telling me the exchange rate of ARS to USD. This is why we Bitcoin? Not really. You are close to making a valid point but please take time to elaborate further and try not to use economic fallacies.

  2. Argentina is definitely experiencing a currency devaluation, but just because a currency uses higher numbers than USD doesn’t necessarily mean it’s a bad currency.

    Japanese Yen is one of the stronger currencies in the world and 1,000 JPY is equal to about 8 USD.

  3. That is not accurate, I am Argentinian and I was there couple months ago. Yes, fucking Cristina is destroying what is left of a country. Thanks to her our inflation is unstoppable, (60% and up) because of the Kirchner monarchy for more than a decade. That $1000 pesos bill is worth us$5, the official rate is not the real one. $1 dollar = $200 pesos the blue dollar is the real. Very sad reality, I hope BTC takes over.

  4. Can someone ELI5; how does bitcoin help going from shit fiat currency A to BTC back to currency A (since that’s the utility of BTC at the moment, other than a few merchants offering usage)

  5. At some point these fiat notes can be repurposed to represent sats. In this case a 1000 sat note. And if not, i wonder how a bitcoin money cash would look like. What kind of picture would be put on it 🙂

  6. That’s why Argentina was such an early bitcoin adopter. Bitcoin embassy since 2013? Xapo, open zeppelin, labitconf, many exchanges and brokers, miners in patagonia, etc. An Argentinian was part of core development during 2014-15. Inflation and default are just part of being born there so the match was automatic

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