Youtube Film: Smart Tourists Selling Bitcoins In Argentina

[el_expatriado]

Bitcoin
high: 266.00 low: 10.33
over the last 6 months.

http://bitcoinity.org/markets

:lol:

I'm not telling anyone to invest in bitcoin for 6 months. But you can buy and sell it in one day and use it to get your dollars here at the blue rate with no cuevas. $9.40 as of today. You'll note in my original thread I said buy it on the same day you are going to sell to an Argentine. Even if you don't like bitcoin, you have to admit it is useful as borderless instant money transfer tool.

 

[el_expatriado]

Expatriado:
Does this present the same risk level as going to the "arbolitos"?
Why you say go to a sfae place?

No. It is much less risky. You are not meeting with some unknown guy in public who takes you into some place you don't know where they might rip you off. When you sell bitcoin the Argentine buyer has to come with the money. You don't have any "real" money on you. And by somewhere safe I mean don't go somewhere in the open where people will see you counting the money. Do it in your office or something.

Utterly speculative and risky, unless you have money to throw away.

The speculators are the Argentines who are buying bitcoin because they think it will go up in price. As a tourist or expat you are buying and selling on the same day and using it as a money transfer mechanism to avoid exchange controls. So, no it isn't speculative or risky if you don't hold on to it.

 

[khairyexpat]

El_patriado: Sorry if I am asking too much. Let`s say I found one interested buyer. I invite him to my appartment. I transfer the Bitcion on my laptop in front of him. He gives me the pesos and goes home. That is it? Is there a possibility I xfere the Bitcoin, he leaves without giving me the pesos?

 

[Sleuth]

I'm not a big fan of Bitcoin on the investing side of things, but using it to get the blue rate on pesos is an entirely different proposition. I can see where this could be valuable for people who do not have USD and it gives a better rate than Xoom with no paperwork. The Argentines you're trading with take most of the Bitcoin risk, but I guess holding Bitcoins seems a lot better than holding pesos.

Here are some links to find Bitcoin exchanges in Buenos Aires:

• LocalBitcoins
• Bitcoins Meetup

 

[el_expatriado]

El_patriado: Sorry if I am asking too much. Let`s say I found one interested buyer. I invite him to my appartment. I transfer the Bitcion on my laptop in front of him. He gives me the pesos and goes home. That is it? Is there a possibility I xfere the Bitcoin, he leaves without giving me the pesos?

Yup, its pretty much just like that.

Just don't send the bitcoin until you count the cash. Its pretty simple, really. The Argentines who are buying have more risk than you do. They have to travel around the city with the cash on them.

 

[khairyexpat]

Bitcion transactions ARE IRREVERSABLE.
Is there a possibility I xfere the Bitcoin, and I don`t get the pesos?

 

[khairyexpat]

OK. Thank you so much.

 

[khairyexpat]

Please one more question:
This is legal like XOOM. Right?
I know XOOM is legale. But arbolitos not legal.

 

[Rich One]

This YouTube Film has been on the bitcoin mailing list for a week or two now. I went to the last bitcoin meetup here in Buenos Aires and it was exploding with more than 100 Argentines and expats. Its the new way to get around the foreign exchange controls without dealing with cuevas or shady guys on Florida Street.

How does it work?

1. Setup an account and buy bitcoins at any of the online exchanges. You'll need to wire money from your bank account abroad.
   
2. Join the Argentina bitcoin mailing list.
   
3. Send an email saying that you have bitcoin for sale and wait for Argentines to email you offering you prices.
   
4. Once you get a price you like, meetup somewhere safe and do the trade. They give you the cash. You transfer them the bitcoins.

Tip: Bitcoins have their own exchange rate and change every day. You can avoid exchange rate risk by buying and selling on the same day. Don't buy until you have an Argentine who agrees to buy your coins. This way you don't take on any risk of the price dropping.

Its pretty easy to do and the people who meet you to buy the bitcoins are all normal Argentines (most are tech nerds) like the guy you see on the video. Bitcoins sell for the blue rate here in BA and there is a serious shortage. Tourists and expats are actually some of the big sellers in this market.

While Xoom is paying out at 8.35 today, you can buy and then sell bitcoins and get 9.40 for your USD.

Interesting posting... one question on item 4. ( for the un initiated non nerds)

4, Once you get a price you like, meetup somewhere safe and do the trade. They give you the cash. You transfer them the bitcoins.

Must meet in a wi-fi spot with a notebook to transfer them the Bitcoins? on the spot online?

If in your apt, you have no cash but may loose your notebook , etc,,,!!!!

 

[scotttswan]

So you are using it like a ponzi to snare idiotic argentinos desperate to hold onto their savings. Shame on you