Bitcoin surges in Zimbabwe after military seize power

Post by dingo_bat » Thu, Nov 16, 2017, 1:10 AM UTC

exelius wrote: post #93

FRex wrote: post #72

Earlier quoted context omitted.

That's not a counterpoint but a confirmation of the first part of the original argument. You just listed two examples of such apps that fail to influence America despite being huge in other countries. To make a counterpoint you need to find something popular in USA with no uptake outside of it or something that influenced USA but came from outside.

Honestly, the iPhone is a perfect "counterpoint" if you're looking for one. Dominant in the US, but relatively marginal worldwide.

Post by sangnoir » Thu, Nov 16, 2017, 2:23 AM UTC

brettfarrow wrote: post #89

kown223 wrote: post #24

Earlier quoted context omitted.

if you didn't dealt with this you can't understand, but simply put, 1 week of pay could be toilet paper next week(s), as it happened in Venezuela. In my country some years ago, in a time of crisis for example the government locked all foreign currency in banks, and auto exchanged it for the national currency, at a rate set by them, it was robbery basically, prices would jump up like 25% day to day, so the national cu…

That's definitely a real concern for some countries, but Zimbabwe has only used other currencies for years. When I went 5 years ago, you could pay for your entrance visa in either USD, GBP, or EUR. All large grocery stores had that day's exchange rates posted near the entrance in USD, ZAR, and at least one other currency (GBP, EUR, or Botswana pula are the ones I remember).

Post by Retric » Thu, Nov 16, 2017, 2:51 AM UTC

freeloop3 wrote: post #132

dragonwriter wrote: post #131

Earlier quoted context omitted.

> Torture may be used to find out the user has bitcoin but you can never be sure you got it all. That's also true of caches of foreign currency in cash (not to mention remote accounts.) Of course, the difficulty of the subject proving full compliance is more of a problem for the subject than the torturer.

A home can be searched and caches found. A foreign account is difficult to open. It's not hard to see why bitcoin has its appeal, no?

Post by alexasmyths » Thu, Nov 16, 2017, 3:07 AM UTC

kown223 wrote: post #24

pwaai wrote: post #20

I feel like there are whales that simply manipulate the price based on news. There's little evidence to suggest bitcoin has any usage in zimbabwe in practical day to day usage. Therelies the problem with bitcoin, why would someone in zimbabwe pay 1 week of their salary to move 3 weeks of pay and still not be sure if the money will still be there tomorrow?

if you didn't dealt with this you can't understand, but simply put, 1 week of pay could be toilet paper next week(s), as it happened in Venezuela. In my country some years ago, in a time of crisis for example the government locked all foreign currency in banks, and auto exchanged it for the national currency, at a rate set by them, it was robbery basically, prices would jump up like 25% day to day, so the national cu…

Post by erikpukinskis » Thu, Nov 16, 2017, 4:27 AM UTC

nerdponx wrote: post #33

solaarphunk wrote: post #28

Earlier quoted context omitted.

.... but bitcoin frequently jumps 25% a day on NON-domestic news.... how is it a better store of value?

That still beats hyperinflation or the currency collapsing outright. Also, what other investment options do you have? I have no idea how easy or hard it is to buy Vanguard shares on short notice in Zimbabwe.