Re:Bitcoin surges in Zimbabwe after military seize power
by xadhominemx on Wednesday November 15, 2017 @03:30PM
(#15707453)
if you need bitcoin to buy toilet paper, why not just buy toilet paper
Re:Bitcoin surges in Zimbabwe after military seize power
by thephyber on Wednesday November 15, 2017 @03:39PM
(#15707529)
With what?
Zimbabwe has been in a hyperinflation downward spiral for almost two decades now[1].
If you hold your Zimbabwe Dollars overnight, they are only worth a fraction of what they were the day before. In hyper-inflationary periods, people would rather buy goods immediately than hold onto cash because the cash depreciates FAR faster than commodities.
[1] https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe#/me...
Re:Bitcoin surges in Zimbabwe after military seize power
by CamelCaseName on Wednesday November 15, 2017 @03:42PM
(#15707545)
His joke is that Zimbabwean dollars are toilet paper.
Re:Bitcoin surges in Zimbabwe after military seize power
by xadhominemx on Wednesday November 15, 2017 @03:44PM
(#15707564)
No, I wasn't joking. I was asking sincerely, if you're reason for holding bitcoin is that you want to be able to buy goods next week without worrying about inflation, why not just buy the goods now and avoid the risk of owning bitcoin.
Re:Bitcoin surges in Zimbabwe after military seize power
by craigc on Wednesday November 15, 2017 @04:15PM
(#15707885)
But if you spend all your money on goods and then you need something else in a week or two then what do you use to buy it? Sell/trade the goods you already purchased? I think it makes sense to hold on to some form of currency.
Re:Bitcoin surges in Zimbabwe after military seize power
by lloeki on Wednesday November 15, 2017 @05:29PM
(#15708507)
> some form of currency
Which form? At some point Zimbabwe economy was (is?) so fucked up that currency does not hold any value, so barter is all there is. Money literally evaporates overnight:
> The peak month of hyperinflation occurred in mid-November 2008 with a rate estimated at 79,600,000,000% per month
Re:Bitcoin surges in Zimbabwe after military seize power
by craigc on Wednesday November 15, 2017 @05:36PM
(#15708581)
Exactly. I meant Bitcoin or other crypto currency
prices = inflation = jumps up and up