pull down to refresh

Milei backs away from dollarisation as central bank pick rejects rolewww.ft.com/content/f574a3af-fec2-41ed-b093-40bc9b20bdd2
3643 sats \ 38 comments \ @elvismercury 24 Nov 2023 bitcoin
Well that didn't take long.
It will be interesting to watch how this whole Milei thing unfolds -- it seems like a beautiful natural experiment to see how someone who says all the right things intersects a non-functional system; and what the implications of those encounters turn out to be.
write
preview
related posts
131 sats \ 3 replies \ @siggy47 24 Nov 2023
Yes. Very interesting. Is there an archived source for the article? I guess it's common knowledge that there are real roadblocks to progress, even if his intentions are good.
reply
103 sats \ 1 reply \ @nerd2ninja 24 Nov 2023
archive.ph is your friend: https://archive.is/l0mv0
reply
0 sats \ 0 replies \ @siggy47 24 Nov 2023
Thanks
reply
0 sats \ 0 replies \ @brandonsbytes 24 Nov 2023
deleted by author
reply
62 sats \ 4 replies \ @fiatbad 24 Nov 2023 freebie
I'm almost finished listening to the podcast McCormack just did with Vivek Ramaswamy.
In it, Vivek mentions the gold standard and seems to hint that we need to go back to it.... we need to peg the dollar to something "scarce", he said.
Obviously, most of us here in SN agree. But it seems like he doesn't quite understand that Bitcoin is the best possible "peg", and that where gold failed, Bitcoin can succeed.
Gold's inabilities required humans to create a layer 2 on top of it (i.e. paper IOU's.... ie. dollars). But if gold had the properties that Bitcoin has, humans never would have needed to create paper money at all. They could have saved in gold AND used gold.
Now we have Bitcoin. We can actually do what humans could never do before.
Yet, these politicians keep trying to "peg" their shitty paper to something scarce. WHY?!
Even these guys who claim to be libertarian and pro-Bitcoin, ect. Bukelei is probably the only one who's actually done the right thing. These other guys seem to be just paying us lip service for votes. I don't care if Vivek or Milei is "pro-Bitcoin" or not.... I care whether they take real action to make fiat money disappear!
Stop trying to peg your shitty paper and just use Bitcoin, muthafuckas.
reply
100 sats \ 0 replies \ @SpaceHodler 25 Nov 2023
It's Bitcoin's job to make fiat disappear, not politicians'.
reply
0 sats \ 2 replies \ @m00ninite 25 Nov 2023
Gold's inabilities required humans to create a layer 2 on top of it (i.e. paper IOU's.... ie. dollars). But if gold had the properties that Bitcoin has, humans never would have needed to create paper money at all.
Bitcoin today cannot scale to the needs of everyone that currently uses dollars. You can bet if a country the size of the US switched to bitcoin, it would be in a paper money type of form (or cbdc backed by bitcoin)
reply
228 sats \ 0 replies \ @fiatbad 26 Nov 2023
Yea, and that's okay. As long as the system is pegged to a hard-money like Bitcoin.
Bitcoin is perfect for international settlement, as it is today without a L2. But within countries and cities, L2's will inevitably be used.
I really like the concepts behind Fedemint. I think of it as a Layer 3 because it does utilize Lightning to send/recieve outside of the federation. It's perfect for smaller communities.
reply
0 sats \ 0 replies \ @phaedrus 26 Nov 2023
Good point. What's needed for Bitcoin to be ready for 300M country to fully adopt? From technology perspective, ie assuming the country/people want to do it.
reply
22 sats \ 2 replies \ @BlokchainB 25 Nov 2023
@DarthCoin
Not even a week and look at this. Just as you said @DarthCoin
reply
51 sats \ 1 reply \ @DarthCoin 25 Nov 2023
...and he's not even taken fully his job, is still in transition until mid december, right?
reply
1 sat \ 0 replies \ @BlokchainB 25 Nov 2023
Yup already bending the knee it appears
reply
121 sats \ 0 replies \ @kakocuro 25 Nov 2023
What would you expect from an ex rock star and ex football player turn to corrupt politics. He probably has no clue what he is saying in the first place.
reply
212 sats \ 4 replies \ @SatoshiNakanodo 24 Nov 2023
Prediction...
Dollarization will prove too difficult in the near term due to lack of dollars and inability to secure international loans. As a stop-gap, Milei will issue an immediate executive order allowing Argentines to deal in any currency they like. The Peso will quickly lose out to USD, Bitcoin and other digital currencies all used along side each other. In the end, Bitcoin kills them all.
Bookmark this.
reply
15 sats \ 1 reply \ @nakamoto502 26 Nov 2023
Before dollarizing he needs to liquidate "Las Leliqs", the central bank assets basically. Only after that he can lift the control prices on USD.
He needs to do that before eliminating the central bank. It's a process.
reply
5 sats \ 0 replies \ @elysia 26 Nov 2023
He may make 20% progress until the next person is elected. It'll be a start at least.
reply
2 sats \ 0 replies \ @TwoLargePizzas 25 Nov 2023
This.
reply
0 sats \ 0 replies \ @SatoshiNakanodo 22 Dec 2023
It’s happening (12/21/2023)…
“We ratify and confirm that in Argentina contracts can be agreed in Bitcoin. …And also any other crypto and/or species such as kilos of steer or liters of milk…”
https://bitcoinmagazine.com/business/argentinas-minister-of-foreign-affairs-affirms-bitcoin-acceptance-for-contract-agreements
reply
61 sats \ 1 reply \ @Superbadger 25 Nov 2023
My gut says he’s another Zelenskyy, working for the US secret service, coked-up to the ears, doing lip service to American corporate-military-industrial complex. He looks like a completely CRAZY DUDE. How this guy is supported by bitcoiners makes me shiver. Wake the fuck up people!!
reply
201 sats \ 0 replies \ @TwoLargePizzas 25 Nov 2023
He's supported by Libertarians. Many Bitcoiners are Libertarians.
But nobody I've listened to that supports his ideas are under any delusions. They know that what he says might not align with actual outcomes.
Time will tell.
reply
10 sats \ 3 replies \ @franzap 24 Nov 2023
What does this mean? He confirmed that closing down the central bank is non-negotiable
Give the guy some time. He's not even president yet.
reply
32 sats \ 1 reply \ @elvismercury OP 24 Nov 2023
I was mostly remarking on the fact that his putative nominee to run the CB reportedly bailed bc he thought the idea was unfeasible. It's always easy to talk in a grand way about making systemic changes, but then you actually have to execute the tactics and suddenly it's not as easy.
Like I said, I'm excited to see what he does, and what happens.
reply
273 sats \ 0 replies \ @davidw 24 Nov 2023 freebie
I smell something fishy. I think it's more likely the guy got cold feet because Milei wants to deviate from the plan a little (perhaps it isn’t just USD after all). He's known it would be difficult for a long long time, so what has changed?
Milei may have bigger plans for the private money he keeps calling for...a man can dream.
reply
0 sats \ 0 replies \ @DarthCoin 25 Nov 2023
@remindme 5 years
reply
100 sats \ 0 replies \ @Gar 25 Nov 2023
"Milei, an admirer of Donald Trump, had said during the election campaign that Ocampo would head the central bank with a mission to close it down" -- The sorry state of modern journalism is so nauseating. "... an admirer of Donald Trump" has nothing to do with the point being made and merely added to trigger some segment of their audience. (A they have the nerve to charge money for this garbage journalism. Thanks for the archive link!)
reply
10 sats \ 0 replies \ @Interceptor 24 Nov 2023
Viva la libertad carajo
reply
0 sats \ 0 replies \ @Ge 25 Nov 2023
Dude could of gotten scared off messing with the establishment.. milei has lots to unravel and do... not just gonna happen over night
reply
0 sats \ 0 replies \ @kristapsk 25 Nov 2023
Paywall
reply
0 sats \ 0 replies \ @nikotsla 25 Nov 2023
Time will tell, Rome wasn't built in a day.
reply
0 sats \ 0 replies \ @linda024352 25 Nov 2023
It will be interesting to see how he saves Argentina from inflation. I think it's good that capitalism is promoting and that they are opening up the opportunities for companies to believe in and give better wages
reply
0 sats \ 0 replies \ @faithandcredit 25 Nov 2023
If you can join the mob and turn into it a law abiding organisation then you can become president and shrink the state and give the people freedom but thats not how things work. But lets see
reply
0 sats \ 0 replies \ @phatom 25 Nov 2023
At the long end, no effect will be truly reach by the regime
reply
0 sats \ 0 replies \ @grayruby 25 Nov 2023
Wait and see
reply
0 sats \ 0 replies \ @scottathan 24 Nov 2023
This is part of why I think it's probably best to just patiently watch for now. Give it a few months to a year and we'll have a better idea of what the Milei administration will really be able to achieve...
reply
0 sats \ 0 replies \ @knorozov 24 Nov 2023
He just said the closing of the BCRA is not up for negotiation.
reply
0 sats \ 0 replies \ @TomK 24 Nov 2023
Bumpy road ahead. He needs cojones
reply
0 sats \ 0 replies \ @notgeld 24 Nov 2023
They have started with strong new team and eradication of corruption in Georgia. Milei probably starts from the wrong end. Beaurocrats will resist.
reply
0 sats \ 0 replies \ @BitcoinIsTheFuture 24 Nov 2023
Meh-lei let’s see what happens!
reply