175 Quadrillion Zimbabwean Dollars Now Equals 0.02164502 BTC

cupscrypto

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Quote from: cupscrypto on June 13, 2015, 01:35:50 PM

Quote from: master sato on June 13, 2015, 11:32:44 AM

where do they go from here? Instead of just getting higher and higher numbers, they must reset to a larger denomination ?

highly unlikely, the people are tired and are happy with the current system of multi-currency. Attempts to change that will result in heavy resistance.

Just thought i'd bump this. Lately my country has seen a string of violent protests, all triggered by the idiotic attempt to print a new local currency.

eternalgloom

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Quote from: davis196 on August 26, 2016, 09:13:20 AM

Quote from: Gleb Gamow on June 12, 2015, 04:23:46 AM

175 Quadrillion Zimbabwean Dollars Now Equals $5

Quote

HARARE, Zimbabwe — Zimbabweans will start exchanging quadrillions of local dollars for a few U.S. dollars next week, as President Robert Mugabe's government discards its virtually worthless national currency.

Robert Mugabe is a total idiot who became a dictator.

His economic policy is a total failure and still there`s no revolution or rebellion in Zimbabwe.

By the way,i don`t know why do you have to compare zimbabwean dollars with btc.

And I don't know why you have to reply to topics that are a year old, without adding a useful reply.

Mugabe won't live long in any case, the guy is 92 years old and the country is on the brink of revolution.

The source isn't too good, but better than nothing:
http://metro.co.uk/2016/07/10/the-end-is-coming-for-robert-mugabe-zimbabwe-looks-to-be-on-the-brink-of-revolution-5997703/

And one Zimbabwean Dollar is now worth 0,0027 US Dollar, so basically 0,000004670 BTC

davis196

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Quote from: Gleb Gamow on June 12, 2015, 04:23:46 AM

175 Quadrillion Zimbabwean Dollars Now Equals $5

Quote

HARARE, Zimbabwe — Zimbabweans will start exchanging quadrillions of local dollars for a few U.S. dollars next week, as President Robert Mugabe's government discards its virtually worthless national currency.

Robert Mugabe is a total idiot who became a dictator.

His economic policy is a total failure and still there`s no revolution or rebellion in Zimbabwe.

By the way,i don`t know why do you have to compare zimbabwean dollars with btc.

zend7

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Hackers please hack me .... if you can :)

Quote from: DarkHyudrA on June 12, 2015, 05:56:48 AM

Quote from: bryant.coleman on June 12, 2015, 04:46:53 AM

Zimbabwe might not be able to limit inflation, by adopting fiat currencies such as the United States Dollar and the South African Rand. These currencies are also not protected from inflation. If the Zimbabwean government really want to curb the price inflation in that country, it should legalize some currency which is immune to inflation, such as the Bitcoin.

Inflation is ok, but a hyper inflation?
The country has become shit in economy terms. So USD can help a bit yes, since it's not hyper inflated.

Zimbabwe was always shit in terms of economy since forever. Nothing can help the hyper inflation. I think they should ouster the actual government and start a new one with a new money there and try to build the economy up from scratch. I know this is the most difficult thing to do but it is also the only one which might work there.

Hopalong

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Quote from: teemus on August 25, 2015, 06:29:22 PM

I don't think bitcoin would be right for them,USD is a much better choice

How would they even get bitcoin? Whole country doing faucets?

ArticMine

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Monero Core Team

Quote from: teemus on August 25, 2015, 06:29:22 PM

I don't think bitcoin would be right for them,USD is a much better choice

Bitcoin would not work unless the blocksize limit was increased.

teemus

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I don't think bitcoin would be right for them,USD is a much better choice

ArticMine

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Activity: 2282

Merit: 1050

Monero Core Team

The Zimbabwean 100 Trliion Notes in uncirculated condition have actually appreciated in value http://www.ebay.com/bhp/zimbabwe-100-trillion

saturn643

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Activity: 728

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The funny thing is, the paper notes are worth more on eBay than they are as currency in Zimbabwe.

OBAViJEST

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So can we crypto-holders take over Zimbabwe? What's holding their economy together?

EternalWingsofGod

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Quote from: Falconer on August 13, 2015, 08:36:05 AM

Quote from: tadakaluri on August 13, 2015, 03:11:16 AM

Yes, There is no alternative than USD for Zimbabwe in this present situation.

Yeah seems USD still become strongest currency in the world, so every hyper inflation country have to change its own currency into USD to make its economy be balanced again.
https://en.wikipedia.org/wiki/International_use_of_the_U.S._dollar
http://www.investopedia.com/articles/forex/040915/countries-use-us-dollar.asp

In a sense even if the US is fairing poorly on average it still performs better than replacement options based in fiat.
At least for now.
Waits for QE4 if it ever comes

Falconer

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Quote from: tadakaluri on August 13, 2015, 03:11:16 AM

Yes, There is no alternative than USD for Zimbabwe in this present situation.

Yeah seems USD still become strongest currency in the world, so every hyper inflation country have to change its own currency into USD to make its economy be balanced again.
https://en.wikipedia.org/wiki/International_use_of_the_U.S._dollar
http://www.investopedia.com/articles/forex/040915/countries-use-us-dollar.asp

tadakaluri

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Yes, There is no alternative than USD for Zimbabwe in this present situation.

spin

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Old news. They've been off the ZWD for some time now. Larger companies are paying salaries in USD. I guess the informal sector works on USD and ZAR as well.

Jushe

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I can't even imagine having to wheel barrel my cash to pay for a candy bar.

dodgecharger

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This problem is caused when the government spends more than its gross domestic product and prints money to pay for the deficit. So the problem isn't the way the money is printed, but the fact that the government continues to spend more money than it generates.

Bitcoinpro

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this analysis is to incredible for its own thread

im finding evidence of a fiat wide concerted effort by all Paper tigers

trying to Defend against the Crypto onslaught !!!!!!

apriyani420

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wow that is really impressive... how they dont search for alternatives or dont just cut some 0s on their money? it would be easier to use and it wouldnt require too much calculating

manselr

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That is just beautifully insane. In the future all fiats will end up like this against Bitcoin, because honest money always win and dishonest money goes Zimbabwe. By then we'll all be filthy rich and laughing at the fiat bagholders.

Falconer

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Quote from: RustyNomad on August 11, 2015, 09:56:45 AM

AFAIK the Zim Dollar is no longer in use, Zimbabwe is now using the US Dollar

Edit:

Quote

Use of the Zimbabwean dollar as an official currency was effectively abandoned on 12 April 2009. The Zimbabwean dollar is due to be demonetised (no longer legal tender) by the end of 2015.

https://en.wikipedia.org/wiki/Zimbabwean_dollar

Yeah thats why some people made an auction for their Zimbabwean dollar since it wont be used again. You could look one of them here https://bitcointalksearch.org/topic/auction-zimbabwean-notes-not-run-of-the-mill-1094455
Can you imagine then if you have this money which it is a part of history? Cheesy

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