6 ms·

I've been living in Buenos Aires for over 4 years now. The secret for infinite money basically is selling Bitcoins to USD and then selling the USD to Ar$ Pesos.

by niico 13y ago

I've been living in Buenos Aires for over 4 years now. The secret for infinite money basically is selling Bitcoins to USD and then selling the USD to Ar$ Pesos. Right now 1 USD = 10.10 Ar Pesos. Here are some references: 1 Bus ticket from 1.50 to 3 Pesos. 1 Bic Mac about 45 pesos. 1 Coca Cola 8 or 9 pesos. 1 Dinner in a medium to fancy restaurant 150 pesos (200+ if you drink wine). If any hacker is in town, let me know.

justin66 13y ago
> The secret for infinite money basically is selling Bitcoins to USD and then selling the USD to Ar$ Pesos. Bitcoins are free?
- AbraKdabra 13y ago
  No, you pay them with your electricity bill.
rafaelm 13y ago
How do you get the $ to buy bit coins? I've been thinking about doing that in Venezuela but we only get $400 per year for online purchases.
- antsar 13y ago
  Possibly ignorant American here. You have a limit on what you are allowed to spend on online purchases? How is it enforced and by whom?
  - maxerickson 13y ago
    Out of country sites likely won't accept Argentinian pesos, so the enforcement can be done at the level of the banks/money changers (by just requiring them to document who for and why they exchanged some dollars or whatever).
  - rafaelm 13y ago
    Yes, it's enforced by the government. Same goes for those travelling abroad. You get a maximum of $2500 per year for travel. The govt office in charge of the control is called cadivi.
    - Nicholas_C 13y ago
      I work for a company that does business in Venezuela. Companies that go through Cadivi have a hard time paying us, the government just doesn't want to let money out of the country. Doing business with any Venezuelan company unless it's government owned is an absolute pain. Those that are government owned, from what I have seen, don't have to go through Cadivi. The strange thing is, some companies have minimal problems with Cadivi and require a lot less paperwork, while others have a terrible time getting any USD to us. I'm guessing some of them are greasing the wheels a little more than others.
      - rafaelm 13y ago
        You are not far from the truth. Those companies owned by government officials and their friends get to buy dollars via Cadivi at the official rate of Bs.6.3 per dollar, while everyone else is stuck buying at the black market rate of Bs.50 per dollar. You can imagine how lucrative that is. It's basically a money printer. Buy at Bs.6.30, sell at Bs.50 then repeat... But the government tries to blame the inflation and corruption on some venezuelan tourist that takes their $2500 yearly allowance and finds a way to convert that to cash.
  - personlurking 13y ago
    I was working (and living) in Rio once when a Venezuelan came in asking about doing some sort of side deal in order to "buy" what we were offering. It was very long-winded but the gist is that he could only take out a very small amount from the ATM (a month?) and so he was looking for someone to do business with him another way. It took a while to get what he was saying because I just didn't trust that what he was saying was true. Anyways, it was my bosses call and the guy had to look elsewhere.
- deleted 13y ago
  [deleted]
alfet 13y ago
If you have the means to buy Bitcoins i feel there are better ways to get into this money loop, specially the last few months with the recent capital repatriation tax amnesty.
- jhandl 13y ago
  The Cedin trades for official dollars... How is that better than selling bitcoins?
  - aliston 13y ago
    As I understand it, this isn't really a money loop. The 6:1 exchange rate really only applies when you're a tourist going to pesos from dollars through a bank. You could also go to pesos from dollars at 10:1 on the black market. However, going the other way is really difficult -- to exchange at a lowly 6:1, you will need to have a receipt indicating that you purchased at 6:1 and to fill out some paperwork... and even then, there are no guarantees. With bitcoin, you'd run into the same problem since nobody will sell bitcoin at the implied government exchange rate. For this to actually work as a money loop, you'd need to find someone willing to sell dollars at 6:1, which is unlikely since they would be losing money.
    - kyllo 13y ago
      It's really just, "make lots of dollars outside of the country, sell them at the black market rate, and live like a king off the large number of pesos/bolivars you get."
javert 13y ago
How is this getting infinite money? There must be some loop here, but I don't see what it is. If you did BTC -> USD -> Pesos -> BTC and so on, you'd have to get a good price for Pesos -> BTC, and that would hugely surprise me. But yeah, I'd be totally willing to go on a vacation to Argentina if there's a good way to make money.

by niico 13y ago

justin66 13y ago

> The secret for infinite money basically is selling Bitcoins to USD and then selling the USD to Ar$ Pesos. Bitcoins are free?

AbraKdabra 13y ago
No, you pay them with your electricity bill.

rafaelm 13y ago

How do you get the $ to buy bit coins? I've been thinking about doing that in Venezuela but we only get $400 per year for online purchases.

antsar 13y ago
Possibly ignorant American here. You have a limit on what you are allowed to spend on online purchases? How is it enforced and by whom?
- maxerickson 13y ago
  Out of country sites likely won't accept Argentinian pesos, so the enforcement can be done at the level of the banks/money changers (by just requiring them to document who for and why they exchanged some dollars or whatever).
- rafaelm 13y ago
  Yes, it's enforced by the government. Same goes for those travelling abroad. You get a maximum of $2500 per year for travel. The govt office in charge of the control is called cadivi.
  - Nicholas_C 13y ago
    I work for a company that does business in Venezuela. Companies that go through Cadivi have a hard time paying us, the government just doesn't want to let money out of the country. Doing business with any Venezuelan company unless it's government owned is an absolute pain. Those that are government owned, from what I have seen, don't have to go through Cadivi. The strange thing is, some companies have minimal problems with Cadivi and require a lot less paperwork, while others have a terrible time getting any USD to us. I'm guessing some of them are greasing the wheels a little more than others.
    - rafaelm 13y ago
      You are not far from the truth. Those companies owned by government officials and their friends get to buy dollars via Cadivi at the official rate of Bs.6.3 per dollar, while everyone else is stuck buying at the black market rate of Bs.50 per dollar. You can imagine how lucrative that is. It's basically a money printer. Buy at Bs.6.30, sell at Bs.50 then repeat... But the government tries to blame the inflation and corruption on some venezuelan tourist that takes their $2500 yearly allowance and finds a way to convert that to cash.
- personlurking 13y ago
  I was working (and living) in Rio once when a Venezuelan came in asking about doing some sort of side deal in order to "buy" what we were offering. It was very long-winded but the gist is that he could only take out a very small amount from the ATM (a month?) and so he was looking for someone to do business with him another way. It took a while to get what he was saying because I just didn't trust that what he was saying was true. Anyways, it was my bosses call and the guy had to look elsewhere.
deleted 13y ago
[deleted]

alfet 13y ago

If you have the means to buy Bitcoins i feel there are better ways to get into this money loop, specially the last few months with the recent capital repatriation tax amnesty.

jhandl 13y ago
The Cedin trades for official dollars... How is that better than selling bitcoins?
- aliston 13y ago
  As I understand it, this isn't really a money loop. The 6:1 exchange rate really only applies when you're a tourist going to pesos from dollars through a bank. You could also go to pesos from dollars at 10:1 on the black market. However, going the other way is really difficult -- to exchange at a lowly 6:1, you will need to have a receipt indicating that you purchased at 6:1 and to fill out some paperwork... and even then, there are no guarantees. With bitcoin, you'd run into the same problem since nobody will sell bitcoin at the implied government exchange rate. For this to actually work as a money loop, you'd need to find someone willing to sell dollars at 6:1, which is unlikely since they would be losing money.
  - kyllo 13y ago
    It's really just, "make lots of dollars outside of the country, sell them at the black market rate, and live like a king off the large number of pesos/bolivars you get."

javert 13y ago

How is this getting infinite money? There must be some loop here, but I don't see what it is. If you did BTC -> USD -> Pesos -> BTC and so on, you'd have to get a good price for Pesos -> BTC, and that would hugely surprise me. But yeah, I'd be totally willing to go on a vacation to Argentina if there's a good way to make money.