Zimbabweans, again, collapse ...

[rondalark]

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?

[1715616672]

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[1715616672]

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[brendan.f]

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?

[brendan.f]

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

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

[tee-rex]

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?

[Undermood]

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]

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.

[bitbunnny]

What Zimbabwe needs is a better government. 

We all need better governments

[tee-rex]

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

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.

[gentlemand]

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]

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.

[Lauda]

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.

[Kprawn]

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.... !!!!!

[i.lynn]

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.

[tee-rex]

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.

[Meuh6879]

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

[AtheistAKASaneBrain]

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]

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.

[gentlemand]

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.

[Kprawn]

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

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 

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. 

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?     

[manselr]

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.