Argentina’s central bank had formally banned consumers from purchasing Bitcoin (BTC) and other cryptocurrency using credit cards on Nov. 1. What followed was the very opposite of what the Argentine government had anticipated — over the past two weeks, the country has traded the highest amount of Bitcoins on the peer-to-peer platform LocalBitcoins, according to data by CoinDance.No assumption about constant returns to scale. The bots can automatically revert to over the counter rather than exchange. Standard sandbox, find congestion? Install a trading pit. Unstoppable, almost automated.
The central bank loses market share, it sees its deposits and loans skew and it needs to maintain more market making risk. Central bank money piles up at the top and bitcoin becomes distributed to the bottom. It is an exchange of liquidity, central bank gets less, bitcoin gets more.
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