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

Undermood

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Quote from: tee-rex on February 26, 2015, 06:22:22 AM

Quote from: rondalark on February 26, 2015, 05:58:20 AM

Quote from: tee-rex on February 25, 2015, 03:41:40 PM

Quote from: ?? on ??

Quote from: tee-rex on February 25, 2015, 12:50:04 PM

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

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Quote from: najzenmajsen on March 04, 2015, 09:37:05 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

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Quote from: Meuh6879 on March 01, 2015, 08:13:24 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

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Quote from: najzenmajsen on March 04, 2015, 09:37:05 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

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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

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Quote from: gentlemand on March 01, 2015, 08:36:26 PM

Quote from: AtheistAKASaneBrain on March 01, 2015, 08:11:19 PM

Quote from: Meuh6879 on March 01, 2015, 12:17:48 PM

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

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

manselr

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Quote from: gentlemand on March 01, 2015, 08:36:26 PM

Quote from: AtheistAKASaneBrain on March 01, 2015, 08:11:19 PM

Quote from: Meuh6879 on March 01, 2015, 12:17:48 PM

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

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Quote from: Meuh6879 on February 24, 2015, 11:18:31 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

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Quote from: AtheistAKASaneBrain on March 01, 2015, 08:11:19 PM

Quote from: Meuh6879 on March 01, 2015, 12:17:48 PM

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

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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

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Quote from: Meuh6879 on March 01, 2015, 12:17:48 PM

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

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

tee-rex

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Quote from: i.lynn on February 27, 2015, 06:40:14 AM

Quote from: tee-rex on February 26, 2015, 03:19:02 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

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Quote from: tee-rex on February 26, 2015, 03:19:02 PM

Quote from: ?? on ??

Quote from: tee-rex on February 26, 2015, 02:06:34 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

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Quote from: bitbunnny on February 26, 2015, 09:07:48 AM

Quote from: polynesia on February 25, 2015, 08:53:38 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

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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

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Quote from: tee-rex on February 26, 2015, 02:06:34 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

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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

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Quote from: brendan.f on February 26, 2015, 06:09:17 AM

Quote from: tee-rex on February 26, 2015, 05:57:59 AM

Quote from: brendan.f on February 26, 2015, 05:53:17 AM

Quote from: tee-rex on February 25, 2015, 04:28:02 AM

Quote from: Amph on February 25, 2015, 03:43:01 AM

Quote from: ?? on ??

Quote from: Meuh6879 on February 24, 2015, 11:18:31 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.

bitbunnny

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Quote from: polynesia on February 25, 2015, 08:53:38 PM

What Zimbabwe needs is a better government.

We all need better governments

tee-rex

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Quote from: brendan.f on February 26, 2015, 06:02:48 AM

Quote from: tee-rex on February 25, 2015, 10:23:13 AM

Quote from: viboracecata on February 25, 2015, 06:06:15 AM

CryptoCurrency can not save Zimbabweans, may be they can use some traditional method, like gold?

Gold is not very "user friendly" for everyday life (neither is bitcoin).

are you really implying that bitcoin is as unusable as gold in everyday life?

Gold being completely inappropriate for everyday transactions doesn't per se make bitcoin more usable if that was your point.

Undermood

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Quote from: brendan.f on February 26, 2015, 06:02:48 AM

Quote from: tee-rex on February 25, 2015, 10:23:13 AM

Quote from: viboracecata on February 25, 2015, 06:06:15 AM

CryptoCurrency can not save Zimbabweans, may be they can use some traditional method, like gold?

Gold is not very "user friendly" for everyday life (neither is bitcoin).

are you really implying that bitcoin is as unusable as gold in everyday life?

Zimbabweans is one of the most poorest countries. There is nearly no internet connection, bank account even reliable gov there. How do you expect ppl there to use BTC?

tee-rex

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Quote from: rondalark on February 26, 2015, 05:58:20 AM

Quote from: tee-rex on February 25, 2015, 03:41:40 PM

Quote from: ?? on ??

Quote from: tee-rex on February 25, 2015, 12:50:04 PM

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?

brendan.f

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Quote from: tee-rex on February 26, 2015, 05:57:59 AM

Quote from: brendan.f on February 26, 2015, 05:53:17 AM

Quote from: tee-rex on February 25, 2015, 04:28:02 AM

Quote from: Amph on February 25, 2015, 03:43:01 AM

Quote from: ?? on ??

Quote from: Meuh6879 on February 24, 2015, 11:18:31 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

brendan.f

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Quote from: tee-rex on February 25, 2015, 10:23:13 AM

Quote from: viboracecata on February 25, 2015, 06:06:15 AM

CryptoCurrency can not save Zimbabweans, may be they can use some traditional method, like gold?

Gold is not very "user friendly" for everyday life (neither is bitcoin).

are you really implying that bitcoin is as unusable as gold in everyday life?

rondalark

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Quote from: tee-rex on February 25, 2015, 03:41:40 PM

Quote from: ?? on ??

Quote from: tee-rex on February 25, 2015, 12:50:04 PM

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?

tee-rex

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Quote from: brendan.f on February 26, 2015, 05:53:17 AM

Quote from: tee-rex on February 25, 2015, 04:28:02 AM

Quote from: Amph on February 25, 2015, 03:43:01 AM

Quote from: ?? on ??

Quote from: Meuh6879 on February 24, 2015, 11:18:31 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.

brendan.f

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Activity: 9

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Quote from: tee-rex on February 25, 2015, 04:28:02 AM

Quote from: Amph on February 25, 2015, 03:43:01 AM

Quote from: ?? on ??

Quote from: Meuh6879 on February 24, 2015, 11:18:31 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.

polynesia

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What Zimbabwe needs is a better government.

tee-rex

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Quote from: allthingsluxury on February 25, 2015, 03:32:30 PM

Quote from: Meuh6879 on February 24, 2015, 11:18:31 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

lol and fiat dollars are backed by what? Oh sorry, they are backed by a gun Undecided

You can get much farther with a kind word and a gun than you can with a kind word alone.

tee-rex

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Quote from: ?? on ??

Quote from: tee-rex on February 25, 2015, 12:50:04 PM

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.

allthingsluxury

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Quote from: Meuh6879 on February 24, 2015, 11:18:31 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

lol and fiat dollars are backed by what? Oh sorry, they are backed by a gun Undecided

tee-rex

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Quote from: Meuh6879 on February 25, 2015, 12:41:06 PM

Quote from: ?? on ??

BTC's price stability isn't much better.

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

true ... but when you pass an entery country to bitcoin ... what it append ? Grin

to the moooooooooooon !

I'm afraid Zimbabweans would kill any money.

Meuh6879

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Activity: 1512

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Quote from: ?? on ??

BTC's price stability isn't much better.

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

true ... but when you pass an entery country to bitcoin ... what it append ? Grin

to the moooooooooooon !

and the 2nd question is not a problem now, i have the 0 confirmation and not ever a problem since 2 years of using bitcoin.

countryfree

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Your country may be your worst enemy

The, we shall remember that Zimbabwe in one the world's poorest country.
A man making $100 in a month is rich out there.

Most transactions are very small, below $1.

EvilPanda

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Quote from: tee-rex on February 25, 2015, 10:23:13 AM

Quote from: viboracecata on February 25, 2015, 06:06:15 AM

CryptoCurrency can not save Zimbabweans, may be they can use some traditional method, like gold?

Gold is not very "user friendly" for everyday life (neither is bitcoin).

That's because Bitcoin favours large payments. This is where it excels with its small fees and secure transactions. It's still hard to use for people on the move, who want to quickly grab a hot dog from a stand, but it's great if you're buying something in the internet. There are services, that don't even wait for the confirmation and immediately know the transaction has been made. For example I bought a steam game recently, and had the key on my mailbox in less than a minute.

tee-rex

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Quote from: viboracecata on February 25, 2015, 06:06:15 AM

CryptoCurrency can not save Zimbabweans, may be they can use some traditional method, like gold?

Gold is not very "user friendly" for everyday life (neither is bitcoin).

Q7

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People has been skeptical about introduction of the bond coin as they fear that the physical coins will be the government's first step to reintroducing back the Zimbabwe dollar. so in this scenario, I don't see any obstacle on why they shouldn't use bitcoin. At least they can use it as a day to day exchange currency to buy goods and stuff rather than accepting candy or pens?

viboracecata

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CryptoCurrency can not save Zimbabweans, may be they can use some traditional method, like gold?

tee-rex

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Quote from: Amph on February 25, 2015, 03:43:01 AM

Quote from: ?? on ??

Quote from: Meuh6879 on February 24, 2015, 11:18:31 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.

Amph

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Quote from: ?? on ??

Quote from: Meuh6879 on February 24, 2015, 11:18:31 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

countryfree

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Activity: 3066

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Your country may be your worst enemy

We've got the same problem here with altcoins. Some people may try to pay you with some unknown, invented yesterday, altcoin, but most folks only accept BTC.

ajareselde

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Satoshi is rolling in his grave. #bitcoin

Quote

“That stuff is for fools,” he said. “Imagine they suddenly decide all money will be bond money. We’re back to square one. There is only one currency in this whole world, and that is the U.S. dollar. It works anywhere, and it works here.”

Talk about a dumb statement.. altho hes right about acceptance. Seams not alot pople there are worried about purchasing power loss over the year.

cheers

Meuh6879

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financial service can delivery tools ... to work or create job for foods or others repair service.

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Quote from: Meuh6879 on February 24, 2015, 11:18:31 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

I don't understand why they need a financial system at all. It seems to be too expensive for them to maintain.

Quote

While bringing in the U.S. dollar in 2009 helped end an almost decade-long recession and restored financial transactions in what was rapidly becoming a barter economy, it left consumers and retailers scrambling for coins. Shops took to providing change in candy, pens and hastily scribbled “credit notes” for anything from one to 99 cents.

Meuh6879

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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

Topic: Zimbabweans, again, collapse ... (Read 3717 times)