Is Ithiopia bankrupted? | Bitcointalksearch.org

icalical

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Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich.

This is one of the most common mistake that were made by government and glorified by their people, a infrastructures is not a tall building or a monuments, it should be something that solve people's problem, like a mass transportation system. But government like to build skyscrapper because it's attract tourist and amaze people and make them seem like an advance country, while their locals do not get any advantages from that.

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Same thing with other countries, Ethiopia's problem is very complex from corruption to government mismanagement, Bitcoin is just a tool, it will could help few peoples but it will not be the magic wand to instantly change a nation.

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Quote from: |MINER| on December 31, 2023, 01:06:54 AM

African politics is not right, African politics is not stable. There is a lot of corruption. If you look at the past years it will be seen that they have only incurred debt but have not been able to make any progress which is very disappointing. I would say crypto currency will not help this unstable situation. The politicians here are dishonest. If the thief of the country is sitting inside the country, then it is foolish to expect improvement there. I don't think cryptocurrencies can handle this situation.

Precisely the problem of African countries is corruption, kill or reduce corruption drastically and you will see desirable change for the better in their economies. Imagine when you borrow money that will not go into production of outputs, instead it'll find it's way into private accounts, then how do you repay the loans? They keep compiling dept for the next administration, who will come to power with the aim of enriching themselves too, in the end the economies will keep becoming worse off. Besides most African countries consume more than they export, which makes them poorer and dependant on industrious nations. So even if their governments adopt Bitcoin as a palliative to cushion the effects of poverty, corruption will still cripple it.

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Quote from: harapan on January 01, 2024, 10:35:27 AM

Bitcoin is not a charity organization that runs poverty alleviation projects/programs.Its existence is to transform various aspects of the global economy which will generally improve the standard of living and wellbeing of people.Meanwhile, it facilitates the economic system of a country,it improves the financial technology of the country by promoting transaction transparency without being altered or manipulated or even interference from banks.

Bitcoin can help people at the individual level, however this is only possible if a person takes the decision to adopt bitcoin for their own benefit, something that should be very easy taking into account the current economic state of Ethiopia, after all when your wealth is evaporating or at least the potential that it does is very high, you need to look for ways to avoid this to happen to you, and bitcoin seems like a good way to do this, however since it is impossible for a whole country to adopt bitcoin all of a sudden then it is obvious the effects bitcoin can have there will be very limited.

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Quote from: AnonBitCoiner on December 31, 2023, 04:18:44 AM

Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Cryptocurrency can help Ethiopia and Other African countries to get rid of poverty for sure. but it is not going to just happen by itself. Govt of those Countries need to adopt Bitcoin as well as get themselves in order. leave corruption then it might be possible for those countries to get rid of poverty. it is not possible without political stability.

In fact if they fix their internal issues, and be united with other neighbouring African countries, they can be richest countries in the world. Africa is full of natural resources and oil reserve. but they are the poorest in the world. why?

Some of them already adopted crypto. When we say crypto, Bitcoin is already included there. There are countries who started with BTC first but later on they also widen their support. Despite of it, we don't see a major change on their economy. One reason of it is like you said, their government are corrupted. Unity might be possible because they are only neighbours. And even non-neighbouring countries can still be close to each other.

With their unity they can improve their economy and can outperform other countries but I doubt it if they can become the richest country in the world. That's okay though. A lot of countries are still going to be happy with what they achieved.

so98nn

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Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Once the investment cycle reaches a point where interests and principle amounts are higher than those countries' GDP they gonna screw themselves very hard. There are multiple examples of this and they never learn. I like some Asian countries who stood for themselves with the Make in Own nation schemes. Meaning, that their governments started motivating more start-ups and manufacturing projects so that the country doesn't need to import raw materials or finished goods from other countries which in turn lowers the value of products and services, more domestic production giving more income locally. Thus, money is circulated within the country and they do not need to go out and seek financial help.

If Ithipia or any country suffering like this want to come out of this, then they have to focus more on their in-house productions rather than depending on the other nations. The only way to increase the GDP and income per capita, thus reducing the external financial burden.

& no, Bitcoin wont help them get out of it. It doesn't make sense, its just currency or asset. That changes nothing for the country.

Ucy

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Things were going fairly well for Ethiopia economically until people who didn't really mean well misled the head. I remember inflation going down prior to the misleading, and he actually stood his ground then while pressure (which includes sanctions) was coming from the outsiders... He later gave in to their pressure. And whatever reward/incentive he got from that contributed massively to the problem. They almost led him to a war with Eritrea in that same wrong path, but he chose the right path this time around and got part of what he wanted from Eritrea from another neighboring country.

Cryptocurrency will benefit nothing on its own unless it's deliberately made to benefit people who do not despise or disobey the words of wisdom in this space. It's similar words of wisdom that were not diligently followed at the national level.

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Greece had the same problem but was able to negotiate with its debt holders to come to some agreement where payments would continue to be made. An ongoing agreement can be superior and in the interests of the creditors over calling a straight bankruptcy. Its quite hard to take the assets backing the debt and not the preference of most bond traders, thats why the price goes so negative and often does not reflect value properly. I imagine the country will attempt to navigate repayment before it admits any default as it is very damaging for years after to finance business interests in the country.

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Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

There's a huge possibility that they have. The fact alone that they couldn't pay their own debts is evident of their economy's impending doom. And I don't think there is much recovery you can make out from this.

The fact of the matter is, you're partly right, tall buildings and eye popping infrastructures won't make you rich, because at the end of the day, these modernization programs are what should've been used to entice investors into putting their trust and money into the system, which evidently isn't the case this time since Ethiopia's messed up beyond repair prior to their modernization programs and despite the efforts they exerted they aren't able to attract the investors that they need sadly. In any case, I don't think cryptocurrency alone would help them rebuild their market and revive the vigor of their economy. What they should do is look into efforts to have those debts be paid as soon as possible, and then reinvest their time and money into providing people in the country with options. And this doesn't just go for Ethiopia by the way, pretty much every third world country out there should look into bettering the living conditions of their citizens and giving them the rightful options that they deserve.

Woodie

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Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Anyways, Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Unfortunately bitcoin is not some kind of magic money lying around that exists for everyone and waiting to be taken...to have Bitcoin needs money and if money isn't available to buy the BTC then the poverty won't miraculously go away...what these countries need are the basics first such as Education to improve literacy levels then the technolog can be leveraged to improve personal lives and continent at large...

Quote from: anushkasachith888 on December 29, 2023, 03:35:32 AM

Quote from: Barikui1 on December 29, 2023, 03:27:34 AM

~snip~

Same thing happened to Sri Lanka a country once a very good place to live as well. most of these countries get loans to develop infrastructure not to produce goods. Production economy is a must if you wanna sustainable economy.

Agreed, the problem isn't about borrowing but where this money is being invested which has been done wrongly by many countries hence the defaults!!!

It's about time these loans came with terms and conditions for these countries to have access by channeling these monies towards something that will help generate revenue and not go towards consumption or non fixed assets that became a liability over time as they require maintenance etcetera...

harapan

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Bitcoin is not a charity organization that runs poverty alleviation projects/programs.Its existence is to transform various aspects of the global economy which will generally improve the standard of living and wellbeing of people.Meanwhile, it facilitates the economic system of a country,it improves the financial technology of the country by promoting transaction transparency without being altered or manipulated or even interference from banks.

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Quote from: Die_empty on January 01, 2024, 08:40:37 AM

Quote from: NotATether on December 31, 2023, 03:06:01 AM

Cryptocurrency cannot help any country if its population does not know about it.

The first thing that needs to be done, is not to make new software or infra for it, it's to translate documentation of Bitcoin, wallets, services, and other things like that into their native language. Only when people understand the technology can they make use of it. Also, most people in Ethiopia own a mobile phone. So the groundwork is already there for Lightning Network.

I find this idea very innovative and impactful. Many people in Africa are illiterate and might not be able to understand some major languages in the world. But many of them could read their local languages. These books could also be translated into audiobooks in the local languages. However, I assume that infrastructures like electric power and internet connections might be a bigger impediment to Bitcoin awareness and adoption in Africa. As of 2022 about 69.12 million Ethiopians own mobile phones but only 566,206 have broadband access.

Internet is not really a problem since the ISP is state-owned. Everyone is using 3G or 4G to connect. It's more the electricity that is a problem, but only slightly since the majority of people get by on phones.

Audiobooks - not a bad idea. Although everyone is spending most of their time on TikTok, Facebook (yes the 2003 site) or Youtube (especially TikTok) so it would be better to publish those resources over there.

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Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Cryptocurrency will give Africa an alternative payment system. Crypto firms can also employ few people in these developing nations. Other citizens who have savings could decide to trade or invest in Bitcoin and make some profit. Nations can also decide to invest in Bitcoin just like El Salvador and might make a profit in the future. However, cryptocurrencies cannot deliver Africa from poverty unless the government and citizens make the right decisions and take appropriate steps. Cryptocurrency is popular in Africa because it is mostly used as a hedge against inflation. Many currencies in Africa have lost so much value that the citizens especially youths prefer to keep their funds in Bitcoin.

Quote from: NotATether on December 31, 2023, 03:06:01 AM

Cryptocurrency cannot help any country if its population does not know about it.

The first thing that needs to be done, is not to make new software or infra for it, it's to translate documentation of Bitcoin, wallets, services, and other things like that into their native language. Only when people understand the technology can they make use of it. Also, most people in Ethiopia own a mobile phone. So the groundwork is already there for Lightning Network.

I find this idea very innovative and impactful. Many people in Africa are illiterate and might not be able to understand some major languages in the world. But many of them could read their local languages. These books could also be translated into audiobooks in the local languages. However, I assume that infrastructures like electric power and internet connections might be a bigger impediment to Bitcoin awareness and adoption in Africa. As of 2022 about 69.12 million Ethiopians own mobile phones but only 566,206 have broadband access.

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Since childhood, I was introduced to this country as a poor country. I read the news that they have started to rise recently and are starting to improve even though they aren't pushing down the rankings of the poorest countries much. I think there is something wrong with their development roadmap target so it has to lead to debt default.
Anyway, they're in debt to China, are they falling into the Chinese's debt trap myth? https://www.youtube.com/watch?v=_-QDEWwSkP0

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Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Don't pay foreign debts, just look after their own citizens, the Ethiopian government can't afford it. The crisis that Ethiopia is currently facing is actually happening because of the lack of education received by Ethiopian citizens, because they claim that the crisis that Ethiopia is facing is due to famine - insect outbreaks - civil war. If we talk about whether cryptocurrency will be able to save Ethiopia from poverty, of course it can, but at the moment it's impossible for that to happen, it will take a long time to teach all Ethiopians about cryptocurrency, just to themself, they already have difficulty, how to buy cryptocurrency? They must be having trouble!

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Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

It seems to be a reoccurring story with many countries and it fundamentally comes back to the government, most with how corrupt they are. It takes many generations of good governance, along with strong institutions that continue working without interference from politicians and a judiciary that has limited interference, if you're going to start building the foundations of a stable country. Even then things can quickly become undermined if the wrong people get into power, so it is very delicate and requires constant vigilance to keep on track. Ethiopia and other Africa countries unfortunately are often the target of overseas powers that which to access the many resources in the region and the quickest way to get control of those is to focus on the real bases of power in the country - paying off politicians, who have little incentive and often want out of their country with the biggest payoffs possible.

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Quote from: anushkasachith888 on December 29, 2023, 02:59:42 AM

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday - Bloomberg reports. This says that tall building that kissing the sky and eye popping infrastructure don't make you rich. Anyways,
Cryptocurrency has become very popular in African continent. It is the third fastest-adopting continent in terms of cryptocurrency. Can cryptocurrency help Ithioia and Africa to get rid of poverty?

Cryptocurrency can help Ethiopia and Other African countries to get rid of poverty for sure. but it is not going to just happen by itself. Govt of those Countries need to adopt Bitcoin as well as get themselves in order. leave corruption then it might be possible for those countries to get rid of poverty. it is not possible without political stability.

In fact if they fix their internal issues, and be united with other neighbouring African countries, they can be richest countries in the world. Africa is full of natural resources and oil reserve. but they are the poorest in the world. why?

batang_bitcoin

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Quote from: TimeTeller on December 31, 2023, 03:19:20 AM

Quote from: batang_bitcoin on December 31, 2023, 03:07:40 AM

While we all believe that cryptocurrencies are going to play significant help to the economy of a country but it doesn't mean that it's going to be the entire help that they need. And as for the buildings, it doesn't mean that a country that has tall buildings is already way up of its economy. Maybe not yet but that's a sign that there's something happening positively on the country but usually, these came from debts or loans from the bigger countries like China. I'm not just sure if it's Ethiopia that has been one of the African countries that have a debt on China.

Crypto may have influence in their economy, but yes, it doesn't mean it can get rid of the poverty among its people.
But this market can however, alleviate some of the current conditions of some of its people who are already into crypto.
Just like for example, small time traders. And once they get good profits, it can assist their everyday living.
This goal is years in the making. But if this market can already help some of its people, why not?

There is no doubt that crypto can change someone's lifetime. But if we entirely are considering the country's future then it is hard to think of. Because there are too many factors that make a country better. With their policies and political stances and alliances are the few factors. Crypto alone wont save an entire country but many individuals.
And these individuals can contribute to the growth but if the authority ain't no good, that is why I am saying only individuals and not the entire country.

mindrust

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Is there even a country in Africa which is not bankrupt? Ethiopia don't have much to lose anyway so bankruptcy won't mean anything to them.

I think around half of the world governments are bankrupt. They are only floating because the loaners don't demand their money back (for now). Countries like UK and US are also bankrupt and printing money is their only solution which is creating massive inflation. Poor Ethiopia don't have a reserve currency so it will be instant bankruptcy for them. They can't even inflate their money supply to pay their debts because nobody is interested in their currency. Another example is Argentina... How many times did they declare bankruptcy? I lost count.

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Quote from: batang_bitcoin on December 31, 2023, 03:07:40 AM

While we all believe that cryptocurrencies are going to play significant help to the economy of a country but it doesn't mean that it's going to be the entire help that they need. And as for the buildings, it doesn't mean that a country that has tall buildings is already way up of its economy. Maybe not yet but that's a sign that there's something happening positively on the country but usually, these came from debts or loans from the bigger countries like China. I'm not just sure if it's Ethiopia that has been one of the African countries that have a debt on China.

Crypto may have influence in their economy, but yes, it doesn't mean it can get rid of the poverty among its people.
But this market can however, alleviate some of the current conditions of some of its people who are already into crypto.
Just like for example, small time traders. And once they get good profits, it can assist their everyday living.
This goal is years in the making. But if this market can already help some of its people, why not?

batang_bitcoin

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While we all believe that cryptocurrencies are going to play significant help to the economy of a country but it doesn't mean that it's going to be the entire help that they need. And as for the buildings, it doesn't mean that a country that has tall buildings is already way up of its economy. Maybe not yet but that's a sign that there's something happening positively on the country but usually, these came from debts or loans from the bigger countries like China. I'm not just sure if it's Ethiopia that has been one of the African countries that have a debt on China.

Topic: Is Ithiopia bankrupted? (Read 272 times)