Zimbabweans, again, collapse ... | Bitcointalksearch.org

Undermood

legendary

Activity: 950

Merit: 1000

Quote from: ?? on ??

Quote from: tee-rex on February 26, 2015, 05:22:22 AM

Quote from: rondalark on February 26, 2015, 04:58:20 AM

Quote from: tee-rex on February 25, 2015, 02:41:40 PM

Quote from: ?? on ??

Quote from: tee-rex on February 25, 2015, 11:50:04 AM

I'm afraid Zimbabweans would kill any money.

They're too small even to matter.

If China left BTC, that's another matter which may have already begun.

China's leaving, Zimbabwe's coming. The end of days is looming for the bitcoin world.

why do you say china is leaving? the situation is been even worse for them and bitcoin in the past. you think current events would really squeeze them out of the market?

At least 7170 bitcoins allegedly left China recently. What events do you refer to, what did I miss?

It's not sales that should concern since they will hold the bag. It's the purchases.

During the cryptocurrency collapse of the last half year or so, Ripple has better maintained its value. My guess is that those who truly do need the security that BTC provides are now slowly shifting to XRP purchases since it can fully confirm in 10 seconds while BTC requires 60 minutes at least. Though they're both still price unstable, it will be better than frozen Chinese bank accounts once housing begins its horrific collapse.

Once they discover that The Ideal Reserve can fully confirm in 500ms all while providing continual price stability, that will quickly be their holding of choice.

Howerer due to some issues many ppl concern, XRP's price fluctuates a lot recently. It still needs some time to go.

polynesia

legendary

Activity: 1358

Merit: 1000

Quote from: najzenmajsen on March 04, 2015, 08:37:05 AM

I dont get it , cant the zimbabwe people just take millions in loans and then payit back when a million is dust? oh wait it already is Grin

What do you think the interest rates in a hyper-inflating economy would be?

Hazir

legendary

Activity: 1596

Merit: 1005

★Nitrogensports.eu★

Quote from: Meuh6879 on March 01, 2015, 07:13:24 PM

that's why i trust in bitcoin ... because of the multiple devaluation of the FIAT paper money.
and the printing machine of money (QE) will accelerate the paper money ... fall value.

That is why you should not trust anything FIAT based bitcoin is no exception to this rule. The only difference is that bitcoin is virtual but it will not prevent btc to be cheap like trillion zimbabwean dollars some day if people said so...

tee-rex

hero member

Activity: 742

Merit: 526

Quote from: najzenmajsen on March 04, 2015, 08:37:05 AM

I dont get it , cant the zimbabwe people just take millions in loans and then payit back when a million is dust? oh wait it already is Grin

Yeah, taxpayer's heaven, when you pay, say, your income tax with just dust due to hyperinflation. The other, "bright" side of the inflation tax, so to speak.

najzenmajsen

hero member

Activity: 700

Merit: 500

I dont get it , cant the zimbabwe people just take millions in loans and then payit back when a million is dust? oh wait it already is Grin

polynesia

legendary

Activity: 1358

Merit: 1000

Quote from: gentlemand on March 01, 2015, 07:36:26 PM

Quote from: AtheistAKASaneBrain on March 01, 2015, 07:11:19 PM

Quote from: Meuh6879 on March 01, 2015, 11:17:48 AM

well, italian lira is always like that ... before the euro.
500 000 Lira = 300 Euros (300 USD).

Wow, I didn't knew Italia had to resort to that.
It's still nothing to the trillion dollar zimbawe dollars tho lol.

I lived in Italy long before the Euro and it was pretty stable. I think they took a long old while getting up to those numbers.

That is right. Stability is what matters.
If we start talking in satoshis now, we would have a ridiculous amount of zeros.
That really doesn't matter.

Meuh6879

legendary

Activity: 1512

Merit: 1012

yep, italia is the next country to ... have problems after espania. Embarrassed

manselr

legendary

Activity: 868

Merit: 1006

Quote from: gentlemand on March 01, 2015, 07:36:26 PM

Quote from: AtheistAKASaneBrain on March 01, 2015, 07:11:19 PM

Quote from: Meuh6879 on March 01, 2015, 11:17:48 AM

well, italian lira is always like that ... before the euro.
500 000 Lira = 300 Euros (300 USD).

Wow, I didn't knew Italia had to resort to that.
It's still nothing to the trillion dollar zimbawe dollars tho lol.

I lived in Italy long before the Euro and it was pretty stable. I think they took a long old while getting up to those numbers.

Some are saying that when most people expect Greece to be the first country that leaves Euro, it may be a country like Italy that says fuck it, and goes back to their own currency.

Kprawn

legendary

Activity: 1904

Merit: 1074

Quote from: ?? on ??

Quote from: Meuh6879 on February 24, 2015, 10:18:31 AM

http://www.bloomberg.com/news/articles/2015-02-22/greenback-is-king-as-zimbabweans-favor-candy-over-local-coins?hootPostID=e44ced00192fdb94854d0b24733d9fd1

Quote

Coins Disrespected

“The coins aren’t backed by anything and people know that, hence the resistance,” Harare-based economist John Robertson said in a telephone interview Jan. 16.

so ... use bitcoin instead ... with direct print from paper wallet Cheesy

They'll need to create a quadrillion zimbabwean dollars and beyond.. why the fuck they just don't end it and accept bitcoin? probably becuase they are too dumb, dumb enough to create this:

On 16 January 2009, the Reserve Bank of Zimbabwe announced the printing of the 100 trillion dollar banknote. At the time of announcement, this banknote was worth 300 US dollars, which meant that it would cost 300 billion Zimbabwe dollars for a loaf of bread. How insane is that?

They are selling them online as a novelty item now... it has even more value now. Grin

When your currency reach those levels, it would be more cost effective to use it as toilet paper. I still have one of those notes somewhere from the times when I did some contract work in Africa.

I know, after World war II in the depression times, people got paid with wheelbarrows full of cash... https://keripeardon.files.wordpress.com/2013/06/a16e0-090107-weimar.jpg?w=189&h=152

It becomes better to barter for goods and avoid cash completely. { I give you 12 eggs for a bread } kind of thing.... who needs cash? Grin

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: AtheistAKASaneBrain on March 01, 2015, 07:11:19 PM

Quote from: Meuh6879 on March 01, 2015, 11:17:48 AM

well, italian lira is always like that ... before the euro.
500 000 Lira = 300 Euros (300 USD).

Wow, I didn't knew Italia had to resort to that.
It's still nothing to the trillion dollar zimbawe dollars tho lol.

I lived in Italy long before the Euro and it was pretty stable. I think they took a long old while getting up to those numbers.

Meuh6879

legendary

Activity: 1512

Merit: 1012

that's why i trust in bitcoin ... because of the multiple devaluation of the FIAT paper money.
and the printing machine of money (QE) will accelerate the paper money ... fall value.

AtheistAKASaneBrain

hero member

Activity: 770

Merit: 509

Quote from: Meuh6879 on March 01, 2015, 11:17:48 AM

well, italian lira is always like that ... before the euro.
500 000 Lira = 300 Euros (300 USD).

Wow, I didn't knew Italia had to resort to that.
It's still nothing to the trillion dollar zimbawe dollars tho lol.

Meuh6879

legendary

Activity: 1512

Merit: 1012

well, italian lira is always like that ... before the euro.
500 000 Lira = 300 Euros (300 USD).

tee-rex

hero member

Activity: 742

Merit: 526

Quote from: i.lynn on February 27, 2015, 05:40:14 AM

Quote from: tee-rex on February 26, 2015, 02:19:02 PM

Quote from: ?? on ??

That's much worse.

It's > 60 minutes + "inclusion wait"?

In the three block wait example, you had to wait 90 minutes for full certainty? That's far from satisfying the immediate transferability requirement of a currency.

Yes, I had to wait. I was sending a few bitcoins from one exchange (won't name it) to another, and as I could see it on the blockchain, the incoming transaction to my wallet was from a few dozen addresses.

incoming transaction from a few dozen adresses? this is the first time i hear thats possible. been doing transaction betweens exchanges. not a lot, still a newbie.
the waiting times are horrible. exchange to exchange has taken even days to complete.

Yes, it is quite possible. Below's a snapshot of bter exchange sending bitcoins from their change wallets to their hot wallet address.

i.lynn

newbie

Activity: 1

Merit: 0

Quote from: tee-rex on February 26, 2015, 02:19:02 PM

Quote from: ?? on ??

Quote from: tee-rex on February 26, 2015, 01:06:34 PM

And it is not the average time between transaction confirmations on the whole that matters. It is more important that your transaction got included in the new block. I've seen it a few times already that my transactions didn't get confirmed with the new block. And a few of them even required two or three new blocks generated to finally get just the first confirmation.

That's much worse.

It's > 60 minutes + "inclusion wait"?

In the three block wait example, you had to wait 90 minutes for full certainty? That's far from satisfying the immediate transferability requirement of a currency.

Yes, I had to wait. I was sending a few bitcoins from one exchange (won't name it) to another, and as I could see it on the blockchain, the incoming transaction to my wallet was from a few dozen addresses.

incoming transaction from a few dozen adresses? this is the first time i hear thats possible. been doing transaction betweens exchanges. not a lot, still a newbie.
the waiting times are horrible. exchange to exchange has taken even days to complete.

Kprawn

legendary

Activity: 1904

Merit: 1074

Quote from: bitbunnny on February 26, 2015, 08:07:48 AM

Quote from: polynesia on February 25, 2015, 07:53:38 PM

What Zimbabwe needs is a better government.

We all need better governments

Agreed... but WE do not have a 91 year old dictator at the wheel.... Robert Mugabe is driving that country into the ground. The people fear him and his followers and they will suffer because of that.

The voting is rigged and the economy is based on selling off mining rights. These companies stip the country and it's minerals and they are left with VERY little.

Nobody does nothing .... On the one hand you have countries with sanctions and on the other hand countries supplying them with the goods being sanctioned for their mineral rights.

The people can do NOTHING about that.... !!!!!

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Their economy is a complete disaster. I've recently done some courses in related fields and have a better understanding now. I understand that they're very poor, but they are just making things worse, instead of making them better.
But Bitcoin can't save Zimbabwe, that's for sure.

tee-rex

hero member

Activity: 742

Merit: 526

Quote from: ?? on ??

Quote from: tee-rex on February 26, 2015, 01:06:34 PM

And it is not the average time between transaction confirmations on the whole that matters. It is more important that your transaction got included in the new block. I've seen it a few times already that my transactions didn't get confirmed with the new block. And a few of them even required two or three new blocks generated to finally get just the first confirmation.

That's much worse.

It's > 60 minutes + "inclusion wait"?

In the three block wait example, you had to wait 90 minutes for full certainty? That's far from satisfying the immediate transferability requirement of a currency.

Yes, I had to wait. I was sending a few bitcoins from one exchange (won't name it) to another, and as I could see it on the blockchain, the incoming transaction to my wallet was from a few dozen addresses.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: ?? on ??

They're too small even to matter.

If China left BTC, that's another matter which may have already begun.

China does nothing for BTC other than mine, sell and make up fictional numbers on exchanges. Any attempt to actually use it out in the open would be squashed pretty rapidly.

One of the larger Chinese exchanges estimated they had 10,000 regular users during the peak in 2013. If a decent chunk of Belgians or Luxembourgers started using BTC it would make up for their exit.

tee-rex

hero member

Activity: 742

Merit: 526

Quote from: brendan.f on February 26, 2015, 05:09:17 AM

Quote from: tee-rex on February 26, 2015, 04:57:59 AM

Quote from: brendan.f on February 26, 2015, 04:53:17 AM

Quote from: tee-rex on February 25, 2015, 03:28:02 AM

Quote from: Amph on February 25, 2015, 02:43:01 AM

Quote from: ?? on ??

Quote from: Meuh6879 on February 24, 2015, 10:18:31 AM

so ... use bitcoin instead ... with direct print from paper wallet Cheesy

BTC's price stability isn't much better.

That and 60 minute wait times are the reasons why BTC didn't take over there.

there is no 60 minutes wait, first confirmation is much faster

Not always. Nevertheless, other cryptocoins are still a lot faster. For example, the first confirmation for a dogecoin transaction usually arrives within a few minutes.

been doing btc transactions for a while now. there hasnt been a time that i had to wait more than 20 minutes for the first confirmation.

Once I had to wait for nealy 50 minutes. I think many bitcoin arbitrageurs have seen even longer times for the first confirmation to hit the blockchain.

i guess you are right, and im just being lucky .. looke it up and since the avarage transaction time is between 5 and 15 minutes, there has been people who were waiting for transactions to go tghrough were as long as 3 hours

And it is not the average time between transaction confirmations on the whole that matters. It is more important that your transaction got included in the new block. I've seen it a few times already that my transactions didn't get confirmed with the new block. And a few of them even required two or three new blocks generated to finally get just the first confirmation.

Topic: Zimbabweans, again, collapse ... (Read 3742 times)