Honest question, why don’t the argentines just start killing everyone?
Civil war?
Total anarchy?
Discussion
Well, you have the example of Venezuela, people can take a lot more hyperinflation still.
That's why it makes me laugh when people talk about the fact that in the USA or Europe a revolution could break out because of a real inflation of 30%, I always give the example of Venezuela, which has reached an inflation rate of 3000% per year.
We citizens have simply become ultra tolerant.
Well, the real question is who do we “revolt” against?
What do we do?
3k% inflation harms seemingly everyone at the same time.
Shoot the cops? They’re going through the same thing.
Shoot your neighbor? They’re going through the same thing.
There’s no one to revolt against.
You basically just learn to live with it and figure out how to operate within the system knowing that your money is rapidly depreciating. You can never stop capitalism. You can distort markets and destroy capital, but humans will still continue to operate, doing what they believe to be in their best interest. You cannot destroy the emergent order. You can only make it harder for people.
I see how something like BTC can be a godsend, even if it goes from 30k-10k. It’s still doing better than the Peso.
If it inflates, even better.
If it stays stable? Perfect.
How prevalent are crypto communities in Arg?
Yes. Central planners’ ability to create money wreaks all kind of havoc on society and markets. I don’t live in Argentina, so, I can’t appropriately give a report on the state of Bitcoin use and adoption over there. That being said, it’s extremely low most everywhere. People have just grown up dealing with the problems and just assume that’s how it is.
Smart woman..🧡👑🗽🙂
We had hyperinflation for more than 4 years in a row and there was no great social outburst.
There were a few protests. And the rest followed the mandates of the government although with less food in their stomachs.
You’re Venezuelan?
How bad was it?
Hehe... How bad was it?
:v
Just total crap! Total out of control. Imagine the currency you have devaluing 2% daily. A mess in prices every day. The complicated thing in economic calculation.
One simply looks for how to convert that currency into food or something else (dollars in cash was what most people were looking for. Despite being prohibited by the government at the time).
It "burns" to have that currency in one's hands . One wants to get rid of it.
In my case I even take Bitcoin. But despite all that. You don't see people running for shelter in Bitcoin in a hyperinflation. Very few of us did.
Why not run to BTC?
Was t promising then?
Since my early days, I became a Bitcoin advocate among my family and acquaintances, I even joked about it xD! I questioned why the majority of the population, in the midst of the monetary debacle, did not choose to safeguard part of their effort and labor in the more solid refuge that Bitcoin represents. However, several barriers greatly hindered this possibility:
-In people's minds prevailed the ingrained notion that the safest option was to accumulate dollars in cash.
-The absolute lack of financial education limited their perspective of the economic scenario.
-The ruthless hyperinflation left most people with no margin to save; what little they earned was consumed in basic necessities such as food. Therefore, what little was left over for some, they opted for the safe thing: cash in dollars.
-Internet connectivity was and is not uniform throughout the country, as many areas lacked a reliable mobile signal and even experienced power outages.
-Paradoxically enough, Bitcoin's volatility scared many people, despite being considerably less than the devaluation of the national currency. However, the fear persisted.
-The constant rumor about the use of Bitcoin and cryptocurrencies in fraudulent activities also sowed distrust.
And these are just a few of the many reasons that contributed to the lack of widespread adoption.
That is why I see the long-awaited adoption as complicated, even in the face of such a screwed-up scenario.
But we must continue to guide those who want to get out of the fiat money pit. And want real #money like #Bitcoin
Good insights, thanks!