Topic: Would Bitcoin not have been a better option for Zimbabwe? (Read 2145 times)
I do not know it depends on the situation in Zimbabwe. How many people there make use or have the luxury to make use of the internet. I am sure that not many people make use or know how to make use of the internet.
Wait, Nigeria and Zimbabwe are richer than US?
@fenican: You're being trolled. It's the "pick an absurd, untenable position, see how many people get worked up trying to prove you wrong" bit.
@fenican: You're being trolled. It's the "pick an absurd, untenable position, see how many people get worked up trying to prove you wrong" bit.
hahaha very funny gif. Oh is this true what I am reading, that 3rd world country is richer than US?
No,no,no. Try to think again man , whoever said this statement. *Puking
Ok, let's make it simple for you.... If you have to answer this... What will you chose? Dan drives a old rusted Toyota, but it's paid off and he owns it AND his neighbour Pete, drives a brand NEW Porche
911, which he bought with a loan of say $50,000. Who would you say, is the richest between the two neighbours? Dan with no debt or Pete with a outstanding loan of $50 000? The same logic apply to
the USA and Zimbabwe... You see people in the USA driving with NEW Porche's but they are knee deep in debt as a country.
The neighbor driving the Porsche is obviously richer, what a ridiculous question!
While he owes $50k on his Porsche, the down payment on that Porsche was probably more than his shitbox-driving neighbor makes in a year. The guy driving the toilet Toy wouldn't even be let into the Porsche showroom, forget about getting $50k credit.
But let me flesh out your story a bit. The guy with the Porsche also lives in a house worth $3 mil. He owes on that too. His kids go to the finest privite schools, the eldest to an Ivy League uni. Yeah, that's all on credit also.
The neighbor driving the shitbox that's all paid up? Well, he ain't, strictly speaking, a neighbor. He lives in Zimbabwe, on $1.30 a day. And doesn't really own a shitbox, unless you count the bucket he shits in. His kids don't go to school, but he's debt-free. Excelsior!
Bonus: If the guy driving the Porsche is meant to be US, the $50k US that he owes? He prints that stuff himself, out of thin air
The logic in this forum never seize to amaze me, but I like the debate and it keep things interesting. Might I add to this analogy for a second. The guy with the Porsche and the $3 mil house and the kids in the private school, struggle to sleep at night, because he is worried what the Jones's next door will say when he cannot keep up the payments on all of this.
So he takes on a secret second job or steal from work to keep up the appearances and either end up with serious health problems at the age of 45 or do some hard time in jail. He might even be lucky enough to be banker, then he will serve no time and retire on a island.
Meanwhile back in Zimbabwe, life goes on as normal. The guy with the Toyota still vote for a corrupt government and with high probability a dictator. He walks to work, because he cannot afford the petrol with his $1.30 a day and he has 7 kids and is mostly dependent on the government to feed them. He lives to 46, the average life expectancy of a third world country.
It turns out, both of them had a shitty life. ^smile^
Wait, Nigeria and Zimbabwe are richer than US?
@fenican: You're being trolled. It's the "pick an absurd, untenable position, see how many people get worked up trying to prove you wrong" bit.
@fenican: You're being trolled. It's the "pick an absurd, untenable position, see how many people get worked up trying to prove you wrong" bit.
hahaha very funny gif. Oh is this true what I am reading, that 3rd world country is richer than US?
No,no,no. Try to think again man , whoever said this statement. *Puking
Ok, let's make it simple for you.... If you have to answer this... What will you chose? Dan drives a old rusted Toyota, but it's paid off and he owns it AND his neighbour Pete, drives a brand NEW Porche
911, which he bought with a loan of say $50,000. Who would you say, is the richest between the two neighbours? Dan with no debt or Pete with a outstanding loan of $50 000? The same logic apply to
the USA and Zimbabwe... You see people in the USA driving with NEW Porche's but they are knee deep in debt as a country.
The neighbor driving the Porsche is obviously richer, what a ridiculous question!
While he owes $50k on his Porsche, the down payment on that Porsche was probably more than his shitbox-driving neighbor makes in a year. The guy driving the toilet Toy wouldn't even be let into the Porsche showroom, forget about getting $50k credit.
But let me flesh out your story a bit. The guy with the Porsche also lives in a house worth $3 mil. He owes on that too. His kids go to the finest privite schools, the eldest to an Ivy League uni. Yeah, that's all on credit also.
The neighbor driving the shitbox that's all paid up? Well, he ain't, strictly speaking, a neighbor. He lives in Zimbabwe, on $1.30 a day. And doesn't really own a shitbox, unless you count the bucket he shits in. His kids don't go to school, but he's debt-free. Excelsior!
Bonus: If the guy driving the Porsche is meant to be US, the $50k US that he owes? He prints that stuff himself, out of thin air
Wait, Nigeria and Zimbabwe are richer than US?
@fenican: You're being trolled. It's the "pick an absurd, untenable position, see how many people get worked up trying to prove you wrong" bit.
@fenican: You're being trolled. It's the "pick an absurd, untenable position, see how many people get worked up trying to prove you wrong" bit.
hahaha very funny gif. Oh is this true what I am reading, that 3rd world country is richer than US?
No,no,no. Try to think again man , whoever said this statement. *Puking
Ok, let's make it simple for you.... If you have to answer this... What will you chose? Dan drives a old rusted Toyota, but it's paid off and he owns it AND his neighbour Pete, drives a brand NEW Porche
911, which he bought with a loan of say $50,000. Who would you say, is the richest between the two neighbours? Dan with no debt or Pete with a outstanding loan of $50 000? The same logic apply to
the USA and Zimbabwe... You see people in the USA driving with NEW Porche's but they are knee deep in debt as a country.
I agree with the opinion of the author's themes.
Bitcoin for poor developing countries is a great alternative to cash. However, access to the internet there is nothing at all. It is necessary first to provide access and conditions, and then enter cryptocurrency.
Francois Harris, founder Bitcoinzar, an information site for Bitcoin-users in South Africa confirmed a small number of users all over the African continent:
"Real users the Bitcoin, which are used daily by Bitcoin network, and understand how the technology works, probably, they are less than 1,000 people,"
Bitcoin for poor developing countries is a great alternative to cash. However, access to the internet there is nothing at all. It is necessary first to provide access and conditions, and then enter cryptocurrency.
Francois Harris, founder Bitcoinzar, an information site for Bitcoin-users in South Africa confirmed a small number of users all over the African continent:
"Real users the Bitcoin, which are used daily by Bitcoin network, and understand how the technology works, probably, they are less than 1,000 people,"
The one megabyte limit, which I am not arguing is unnecessary, probably prevents bitcoin on the block chain from being an applicable currency to a group of people as large as Zimbabwe. It is as simple as that. A national currency needs to be paid to everyone in the public sector. Could the Bitcoin blockchain handle that many more transactions? The technical problems involving bad Internet is another problem someone has already pointed out.
Perhaps some of the public money could have been put into Bitcoin in order to add transparency and with multisigs, prevent money from disappearing. I see some good reasons for but the question is whether it would be possible even.
sdp
Perhaps some of the public money could have been put into Bitcoin in order to add transparency and with multisigs, prevent money from disappearing. I see some good reasons for but the question is whether it would be possible even.
sdp
I estimate that one third of the population doesn't have electricity nor access to clean water, so the use of something like BTC is a distant dream few are making. They have mobile phones, but no subscriptions, and some people pay one tenth of their monthly income on phone! It's very different from the first world...
This is one of the problems why zimbabwe and well as other 3rd world countries doesn't get into bitcoin, even though there are lots of potential bitoin investors and users in that country still it would be useless because of that problem.
And this is what I love about bitcoin, that folks in Zimbabwe or Argentina or wherever can spew nonsense earn money in signature campaigns and nearly earn a living doing so. That's bitcoin's power--some folks rage about NWO and world currency and etc, but this is bitcoin's beauty. Not even kidding.
Agreed. Hopefully the proceeds from 'your' Yobit signature campaign are substantial
Yes bitcoin literally allows the world's unbanked to plug into the global financial system. Cool beans. This is only a small iota of bitcoin's capabilities to create a fracture in the current status quo.
"Bitcoin's beauty" is not just the pocket money small men are able to earn from Yobit signature campaigns... One day, you will rely heavily on a financial product developed by some Ukrainian teenager... One day, owners of solar panel farms will trade energy back and forth, using the blockchain.
The possibilities are endless.
Maybe the US government will try their hand at the crypto market, and turn the dollar into some new "innovative" altcoin. Maybe they'll be able to host an ICO to help diminish their trillions.... and trillions... aaand trillions worth of external debt
The future is set to be interesting indeed
I'm not even close to being wealthy, but the yobit thing is just pocket change to play around with. I'd be posting on this forum anyway, so my thing is why not get paid? Makes sense to me.
I estimate that one third of the population doesn't have electricity nor access to clean water, so the use of something like BTC is a distant dream few are making. They have mobile phones, but no subscriptions, and some people pay one tenth of their monthly income on phone! It's very different from the first world...
An interesting side note on the Flint tap water - they sell it for $45 a liter in Russia. Apparently it is used, with a bit a airplane fuel and of course some Vodka, to make a trendy cocktail.
Wait, Nigeria and Zimbabwe are richer than US?
@fenican: You're being trolled. It's the "pick an absurd, untenable position, see how many people get worked up trying to prove you wrong" bit.
@fenican: You're being trolled. It's the "pick an absurd, untenable position, see how many people get worked up trying to prove you wrong" bit.
hahaha very funny gif. Oh is this true what I am reading, that 3rd world country is richer than US?
No,no,no. Try to think again man , whoever said this statement. *Puking
I think that for countires with many other needs, bitcoin looks like a dress for monkey, in this country using banknotes is profitable than buy toilet paper and it's not joke.
Bitcoin is better for countries that are struggling with their banks. Imagine if Greece adapted to bitcoin 2-3 years ago. They would not be in the chaos they were in last year. What bitcoin can do for countries in economic turmoil could save them from disaster. Only if they knew about it first.
If they adopted it 2-3 years ago, they'd be dirt poor. Bitcoin was $1200 2.5 years ago.
Lol, you mean if they didn't sink all their wealth in BTC, they would only have lost 2/3rds of what they did "invested" in BTC?
Can't argue with that.
I guess with Bitcoin, losing 2/3rds of your money counts as a win
...
Errm yeah.. yes.. yah.. indeed. Which expression would your prefer?
Ask yourself how does the United states government generate income for itself? Then ask yourself how the government of nigeria generates it's income...
Wait, Nigeria and Zimbabwe are richer than US?
Errm yeah.. yes.. yah.. indeed. Which expression would your prefer?
Ask yourself how does the United states government generate income for itself? Then ask yourself how the government of nigeria generates it's income...
With Nigerian Prince scams? I dunno.
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You'd find that Nigeria is more economically sound than the US
Guessing you huffed a lot of gas as a child, am I right?
Bitcoin is better for countries that are struggling with their banks. Imagine if Greece adapted to bitcoin 2-3 years ago. They would not be in the chaos they were in last year. What bitcoin can do for countries in economic turmoil could save them from disaster. Only if they knew about it first.
If they adopted it 2-3 years ago, they'd be dirt poor. Bitcoin was $1200 2.5 years ago.
the world's largest military
Wrong China has had the world's largest military for years now.
Nearly every credible ranking puts the US at #1, Russia at #2, and China at #3. All credible sources agree China has the ability to defend its mainland very well but has virtually no ability to project power particularly over oceans. The Chinese deep water navy is a joke and their air force is lacking both quantitatively and qualitatively. Empirically, the US has ten times as many aircraft carriers and about six times as many aircraft as China as well as an almost infinite qualitative advantage. Every US F-22 could shoot down about 4 Chinese aircraft before they might down it with a lucky shot and a US Carrier Battle group, one of them, would be about an equal match for the entire Navy of China.
You clearly drank too much of that Detroit tap water. Full of nasty neurotoxins, that. Should have invested in Evian.
- I have no Aunt Sally, in Detroit or elsewhere.
- Made actual folding money from Bitcoin enthusiasts like yourself.
- Don't care about negative interest rates, keeping your money in a savings account is the second-dumbest thing to keeping it in BTC.
- Do not oppose the government. Not born in US, came here, like it just fine. Bitching would be a dick move.
- Swim to Nigeria, the prince is askin' for you.
- I have no Aunt Sally, in Detroit or elsewhere.
- Made actual folding money from Bitcoin enthusiasts like yourself.
- Don't care about negative interest rates, keeping your money in a savings account is the second-dumbest thing to keeping it in BTC.
- Do not oppose the government. Not born in US, came here, like it just fine. Bitching would be a dick move.
- Swim to Nigeria, the prince is askin' for you.
Don't get how you made money when you converted to USD.
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People don't understand the dollar does not have a fixed value. It literally decreases over time. Each and every one of you that convert into dollars and then sit there and say you "made money" make me laugh.
lol, if the dollar dropped in value since I sold BTC, and BTC dropped in value rel. USD, then... Talk about tanking 
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You've got to keep that sum bitch moving across the entire spectrum of asset classes, because there is action to be had EVERYWHERE. But being an economical noob, this has gone over your head. Not to worry, now that I've mentioned it - you'll never forget.
Bro, either cut down on that nasty Detroit tap water or you gotta stay away from DNMs for a bit. Maybe both. So you are claiming the 3.2 trillion dollars China holds in dollars and euros are not real?
Of course not. If so, verify this without using cliches.
Lately, they have been doing a whole lot more selling than buying as have most emerging economies. That is why the dollar has risen 35% against a basket of world currencies since 2008.
China is propping up the dollar? Why on earth would it do that?
Think logically... this doesn't make sense... Once you US pays them their money, yes - prop up the dollar, this is logical. But not when the US owes them shit pile of money.
They'd rather collect more dollars, and then they'd run some manipulation. If they were to do that without being paid first, they are literally giving more money to the US - the peasant state of the world, thus increasing this debt that they'll never be able to pay back
Forget comparing the USD to other FIAT currencies... it is a dog and pony show. Since it's inception the US dollar has only gone DOWN, in terms of purchasing power.
What that means, to the "9 to 5 slave" like me is that if I travel to Europe or Asia my dollars have about 35% more buying power than they did just a few years ago. Contrast with Bitcoin which has 50% less buying power than it did at its recent peak.
In practice, you'd find this to be untrue
Price always adjust to negate things like this
This is economics 101
Wait, Nigeria and Zimbabwe are richer than US?
Errm yeah.. yes.. yah.. indeed. Which expression would your prefer?
Ask yourself how does the United states government generate income for itself? Then ask yourself how the government of nigeria generates it's income...
You'd find that Nigeria is more economically sound than the US
https://en.wikipedia.org/wiki/List_of_countries_by_external_debt
US owes (and has failed to pay) : $17.5 Trillion
NGA owes: 68 Billion
That is a world of difference
Nigeria's oil minister, one person.... Was found with £13 BILLION gbp hidden in an apartment of hers: http://www.thesun.co.uk/sol/homepage/news/6675651/Nigerian-oil-minister-nicked-over-13billion.html
68 Billion is childs play
Wait, Nigeria and Zimbabwe are richer than US?
@fenican: You're being trolled. It's the "pick an absurd, untenable position, see how many people get worked up trying to prove you wrong" bit.
@fenican: You're being trolled. It's the "pick an absurd, untenable position, see how many people get worked up trying to prove you wrong" bit.
There are no "foreign exchange reserves"
So you are claiming the 3.2 trillion dollars China holds in dollars and euros are not real? That's fairly outlandish given that China buys and sells them constantly in open market trades. Lately, they have been doing a whole lot more selling than buying as have most emerging economies. That is why the dollar has risen 35% against a basket of world currencies since 2008.
What that means, to the "9 to 5 slave" like me is that if I travel to Europe or Asia my dollars have about 35% more buying power than they did just a few years ago. Contrast with Bitcoin which has 50% less buying power than it did at its recent peak.
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