Bitcoin, Bolivia, and Barbeque

Bitcoin, Bolivia, and Barbecue

Bye, bye Bitcoin?

So, China and Jamie Dimon say no to Bitcoin while Argentina is adding 200 Bitcoin ATMs:

https://cointelegraph.com/news/argentina-jumps-on-bitcoin-atm-bandwagon-with-200-expected-in-october

https://www.cnbc.com/2017/09/22/bitcoin-jpmorgans-jamie-dimon-lays-into-bitcoin-again.html

http://economictimes.indiatimes.com/markets/stocks/news/chinese-bitcoin-exchange-btcchina-stops-accepting-deposits/articleshow/60853179.cms

As I write this, and after a 20% dip, the electronic currency is rebounding nicely over the key $4000 (USD) level seen as crucial. Now South Korea and Japan are giving the cryptocurrency a thumbs down as well. In Asia, many seem to be scared of scams or things run amok. It will be interesting to see what Vietnam has planned in a couple months. In other places such as Argentina where cattle are still trusted more than banks as a long term savings mechanism, a new digital currency may seem safer. Some are even saying that it could prove to be White Knightish* for the almost failed state of Venezuela where I worked for a year in the 90’s when most parts were safe. Good luck finding one now in Caracas, or for that matter, milk. They deserve so much better.

I have no claims to cryptocurrency mastery (nor to quantum computing, and fear those who claim expertise!) and subconsciously am still partial to the gold standard. But who do you trust? We are all still scarred from the last financial crisis. Maybe a little digital competition could be a  good thing for the financial houses who brought down all of ours? Or maybe Bitcoin is just another tulip. For now, new Bitcoin ATMs are planned in Argentina. Planned.

Bolivia. Where have you been all my life?

Apologies to Bolivia for not visiting sooner and for being manipulated by the western press. Over a decade of growth, many say due to the natural gas, and mineral reserves, has led to some great new infrastructure. Imagine a highway you would expect in Stuttgart, but through the Andes. A socialist president who mostly nationalized the natural gas reserves, noticeably plowed a pile of money into infrastructure. Couple this with small business entrepreneurialism throughout the country and you have year after year of growth. Fossil fuel smugglers to Argentina have been thwarted (others thrive however) due to the fact that foreigners pay a higher international fuel price to even fill up their cars. Huh? Why hasn’t Venezuela thought of this? Oh yeah, the government are the smugglers, and the drug dealers, and the (insert pejorative here).  The mix of socialism and capitalism was fascinating to see as a strategy, conscious or not. Hats off to you Bolivia.

Barbeque.

The famous Argentine beef has slipped a notch. Not to worry, it is still good. Rumor has it that the best meat is exported. Remember the no competition thing? The beef industry is sitting pretty to the disadvantage of many an asado (bbq). So now you are forced to buy what is offered domestically. Slowly it seems more competition is coming. Like the rest it will take time. Congressional elections are coming in a couple weeks. If the president’s party does well enough, international investors will feel more at ease. Stay tuned.

*It can maybe help a little, but that is one big hole of a mess

BizEnglish
Peter Nyheim, Ph.D.

Argentina elections, Kinda

Argentina - Elections, kinda

No wine with those empanadas today Mister!; unless you are creative. More on that later. There is an antiquated law that prohibits alcohol sales on election days. In the way, way past I have been told that the gauchos would get too drunk to vote; and in Argentina, they vote on Sundays. Luckily, I have been coming here for some time and was provided a glass of Malbec, sorry two, ensconced in a teapot and cup.

President Macri, a reform minded president, was elected almost two years ago, which drew the visits of Obama, and today, Pence (with great live translation). The country used to be blacklisted on the world capital markets. Not anymore. And after yesterday’s better than expected results for the kinda elections, expat investors are mapping out where to plant their investments. By kinda, I mean Sunday was one big non binding poll for the real midterm elections in October; but they mean a lot here and provide more clarity and momentum, and sadly more ads. Like all elections, digital marketing and search engine optimization played an even bigger role in some cases replacing past campaign strategies of big rallies. Less spoken words and more online photos were the orders of some campaign advisors. We are still unpacking its effectiveness, since the Senate race in Buenos Aires is still to close to call.

Some of the major areas that the President is trying to reform and facing resistance is in competition. For example, in the area of technology strategies, there is only one main company in the nation that provides a network for credit card transactions. Hmm. So while many want to protect the workers of native industries, such as textiles, as another example, the other side wants consumers to have more choices and as a result lower prices and, wait for it, less inflation.

In this context, bitcoin is playing a bigger role than in many other places, with a lot of startups located in Buenos Aires (where the Governor lives on a military base, for her protection, but more on that next time) are focused on digital currency. I wish them better luck than Uber. More to come..

Bizenglish

Big Buildings and small paintings. Differences in culture and technology.

Welcome to the blog on tourism technology by a tourism techie. I will be traveling and describing both the big and small uses of technology in the industry that I come across, and other related topics. My hope is that the different examples and stories might enable you to look at the technology you are using or encountering from a different angle.

Big buildings and small paintings

Last year, I had some business in Ecuador. Specifically, my travels brought me to Quito and Cuenca. Remember, Ecuador has many ecosystems. I was in the mountainous regions. Like many major Latin American cities, Quito missed much of the previous “wired” versions of technology, and moved right to mobile, resulting in less clutter to block those great views.

Quito was big-tech in the form of new construction outside the old city. Upon arrival, I walked through the new airport and wondered when the United States would start taking its infrastructure and tourism technology more seriously. While I still encountered old legacy systems for air travel (as we still have in the USA by the way) it was refreshing to see an up to date airport. This arrival point and new road to town were designed with tourism in mind. So far so good, as far as marketing Quito was concerned.

Cuenca, the cultural capital of the country, also had its own infrastructure happenings, in the form of a controversial tram going right through the old part of city. While the government went big and long on building technology, the younger social media consumers were using technology in a different way; they were sharing photos of traditional media art created by their friend's hands. No photoshop here. They started with brushes and pencils. Original paintings and graffiti art were widespread in both the on and offline realms.

Big Government projects and hand-made shared content would be my elevator speech for these fantastic regions. More to come...

BizEnglish
Peter Nyheim, Ph.D.