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0 pointscsdvrx4y ago0 comments

> And yes, I own some crypto and could use it if anyone was willing to take it.

And if you're sending money to Argentinians, they would beg you for it, as otherwise your recipient would just receive a fraction of the USD you send because of the difference between the official rate the government enforce, and the real rate.

Read about Blue Dollar in Argentina and you'll realize you're very mistaken in your idea that Wise is the solution there.

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5 comments · 2 top-level

pwinnski4y ago· 3 in thread

Wise doesn't send physical dollar bills to Argentina, so your reference doesn't apply. Send money via Wise or any other app, and either spend it from there, or withdraw it in pesos. Nothing is lost, and it's as easy, fast, and cheap to use as any crypto-currency solution.

csdvrxOP4y ago

Oh yes it does apply: send in crypto, and the locals will get more (blue rate) that many (most!) people will gladly accept instead of pesos!

Nothing is lost to you in either case, but if you send it USD in the official ways, something is lost to those who'll receive less money.

twelve404y ago

Once it becomes a serious enough problem for the government, they will just strangle the off-ramps, like it's been done before. So this makes such method of transfer... a temporary hack?

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twelve404y ago

Also, this makes me wonder. If there is such a massive influx of inbound cryptocurrency transfers, where does the cash for them come from? Surely whoever cashes those transfers out has to sell the cryptocurrency to _someone_? It doesn't sound like it's balanced out by the outbound transfers? Or someone is sitting on a massive pile of fiat and handing it out to hold a massive pile of coins?

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andreskytt4y ago

Observe, this is a policy limitation rather than a technological one. These policies can and will change and there can and will be limits to crypto in the country. Unless you can get everyone in the country to accept crypto, you’d still need a way to convert it to local fiat. And everyone in the country will absolutely not accept crypto as the transaction costs are prohibitive.

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