Crypto Development – Argentina, Economically Traumatized, An Innovation Leader – Opinion

Blockchain, Education | September 28, 2018 By:

It is very important to realize and start spreading the news that Argentina – Buenos Aires, in particular – is in the top five worldwide in terms of crypto.

We are seeing, for the first time, a group of entrepreneurs who are building projects that go through a global market, which have managed to capitalize their companies at the right time, and which are companies that are being mentioned by investors in New York, Hong Kong, and Silicon Valley. For the first time, we have many entrepreneurs who are cut from the computer cloth, who are engineers, who have very important development capacity with experience in cryptography, and we are in the first years of a golden era in which we hope to see tomorrow from here.

I think it is important that Argentina, because of its history of massive inflation, where we have grown very skeptical of the economic system, very skeptical of our monetary system, does not adopt a casual approach while our new generation of programmers is leading worldwide innovation in blockchain.

I believe that we are uniquely positioned to accept such change. We are a society where all kinds of financial traumas have been traversed, ranging from hyperinflation to default, going through periods where the pendulum moves towards higher unemployment or inflation. That generates a level of acute skepticism in the population.

This breeding ground favors the search for alternatives, something outside the status quo. That has caused Argentines, particularly in the early years of bitcoin and ethereum, to form very active communities that have been advancing in the matter of mining or in setting up infrastructures that allow us to use these systems to make payments from premises that accept these type of payments, to creating software companies that are building the next generation of developments that will contribute to these ecosystems. It seems to me that, at some point, our economic history contributes to betting on a much more promising future.

The Argentines are obsessive

Argentina etymologically means Argent, silver. We are believe that the only country that bears the name of a commodity in its title, so it helps to understand also that we are obsessive.

Since the times of the Viceroyalty of the Río de la Plata, we have had this obsessive financial culture, which is always trying to find a way around things. Looking a bit at what role we can promote from the government or as a society, I think it is essential to start encouraging us to incorporate these innovations in order to improve the defective infrastructure and to improve the lack of confidence that exists in the institutions already established in Argentina. I think that the government would benefit a lot in advancing in terms of cryptocurrencies with intelligence: not to advance in a reactionary way or with pretentions that do not correspond with the time of the world that is coming. If not progress, for example, incorporating bitcoin as a legal currency.

In pursuit of the question of the sovereignty that makes the identity of a nation, I believe that these instruments that guarantee enough independence with respect to other economic powers are mandatory and indispensable for the development of a nation state.

In 2014, I wrote a column to Kiciloff at that time, but I extend it with a lot of love to Dujovne, which was to put 1% of the country’s reserves in bitcoin, considering that bitcoin as a sovereign element. An investment of this nature would make Argentina a very active actor in the crypto economy in general.

I understand that it is a decision that has many nuances regarding how to implement it. But that does not stop being a proposal. The message aims to be seen from the personal viewpoint: Having a small investment – it can be 1% or 10% – that tries to look at the long term without looking at the price day by day and trying to speculate, but looking at bitcoin as an investment fundamental, as a currency with a fixed shortage. That there will be no more emission, controlled by the greater computing capacity available in this planet, justly defending the transactions and the verifiability of what is stored in the blockchain.

That can help not only to have a financial return but also to gain in the investment with respect to our intellectual development, to understand what the true nature of money is, the nature of the digital and computer environment, which is where we are going as a civilization and I think that that will be the greatest benefit of those who are encouraged to start incorporating these technologies into their daily lives.

There is no better investment than the learning that these new technologies bring to our minds.

Santiago Siri is a technological entrepreneur and Argentine who founded the Network Party and Democracy.Earth.  

This story originally appeared in Spanish at Cripto247.com