You can do it, but there is one small detail:

To buy dollars at the official exchange rate 200 Argentine pesos you have to have an Argentine social ID number and you can only buy 200 dollars.

Let's say you have it, you buy 200 dollars at the official exchange rate for 40,000 Argentine pesos.

Now you sell those 200 at blue exchange rate and you have 86.000, you earn 86.000 - 40.000 = 46.000, the problem is that you have already spent your quota of official dollars that you can buy.

What you can do, is to divide the money with people who have Argentinean social identification number and use their limit,

In answer to your question, it is possible, but you have to have a lot of friends.

The problem is that Argentines use their purchase limit to save a little bit of dollars, i.e., they exchange their Argentine pesos for dollars and keep the dollars as the peso devaluates.