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In this case though the real problem you're dealing with is that the Argentine government has enacted capital controls (from an outsider perspective, it looks l
by jvm 14y ago
In this case though the real problem you're dealing with is that the Argentine government has enacted capital controls (from an outsider perspective, it looks like this is to force people to use pesos while they monetize away their spending). I think if a lot of people were trying to move their money out of the country using bitcoins the government would crack down on that too.
Just out of curiousity, is it easier for Argentines to get Bitcoins than USD? I find BTC really hard to get even in the United States.
- tolmasky 14y agoI think (or perhaps predict?) that Bitcoin will require I higher level of sophistication to control, if for no other reason than it is new. Not to mention that the countries we are talking about in these scenarios are probably less sophisticated in these matters to begin with, coupled with the fact that there are no central authorities to deal with when it comes to Bitcoin. Argentina can't just go to the "big Bitcoin banks" and tell them not to accept their citizens' business. At the end of the day, when a currency becomes worthless people start trading in something else, whether that be USD or cigarettes (like in post-war Germany). The attraction of Bitcoin is that it is basically tailor made for this and additionally is accepted by people outside your country. Only time will tell of course. My point is simply that it is not just trivially "just another currency" where all the same rules apply. That being said -- it may crash and fail for completely unrelated reasons.