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Holy shit, bought a 100 million dollar Zimbabwe bill for the lulz 5 years ago

now worth 1 million US dollars after Mugabe resignation
Out-of-control purple sanctuary
  11/21/17
Me too. Lol @ cryptocucks buying BTC five years ago just LOL
Multi-colored lake hell people who are hurt
  11/21/17
...
Out-of-control purple sanctuary
  11/21/17
Plot twist lol: http://www.telegraph.co.uk/technology/20...
exhilarant hyperactive business firm
  11/21/17
cartoon world
Multi-colored lake hell people who are hurt
  11/21/17
damn it
Out-of-control purple sanctuary
  11/21/17
"William Chui, of Zimbabwean technology website Techzim...
Bateful fear-inspiring hospital weed whacker
  11/21/17
Very diverse!
exhilarant hyperactive business firm
  11/21/17
The Dark Web
glittery french chef
  11/21/17
...
exhilarant hyperactive business firm
  11/21/17
...
aphrodisiac free-loading new version
  11/21/17
Holy shit, they have no currency. Do you think after Mugabe ...
Cracking feces
  11/21/17
flame http://www.xe.com/currencycharts/?from=ZWD&to=USD...
Concupiscible Stage Brethren
  11/21/17


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Date: November 21st, 2017 1:24 PM
Author: Out-of-control purple sanctuary

now worth 1 million US dollars after Mugabe resignation

(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740168)



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Date: November 21st, 2017 1:25 PM
Author: Multi-colored lake hell people who are hurt

Me too. Lol @ cryptocucks buying BTC five years ago just LOL

(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740179)



Reply Favorite

Date: November 21st, 2017 1:27 PM
Author: Out-of-control purple sanctuary



(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740200)



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Date: November 21st, 2017 1:31 PM
Author: exhilarant hyperactive business firm

Plot twist lol:

http://www.telegraph.co.uk/technology/2017/11/20/bitcoin-has-become-zimbabwes-crisis-currency/

How bitcoin has become Zimbabwe's crisis currency

Bitcoin has a reputation for being unpredictable, unsafe and volatile. But in Zimbabwe, which has been uprooted by political uncertainty after the army seized power from Robert Mugabe last week, it has become a safe haven for many that have fretted about their rapidly deteriorating finances.

The digital currency has been trading at up to $13,000 (£9,800) on Golix, the country's primary bitcoin exchange, over 50pc higher than bitcoin's global price of around $8,000.

But while focus on the cryptocurrency in the West has been on its rapidly ascending price, which pushed to a new record on Monday, this is only a fraction of its appeal in some other countries.

Bitcoin, as its supporters often point out, is not controlled by any government, but is decentralised. Its rules are only made on a majority consensus, and there is a limit on how many bitcoins can be produced, which guards against inflation. Nor are there any fees or controls associated with moving bitcoin from one person to another.

In countries such as Venezuela the currency is used as a ploy to avoid rapid inflation, and during financial crises, such as the 2013 shock in Cyprus, it was used to skirt capital controls. In Zimbabwe, which has a history of both, bitcoin has taken on a new importance as the government has taken increasing control of the financial system.

Zimbabwe abandoned its own currency in 2009 after bouts of hyperinflation, which had seen the country print 100 trillion Zimbabwe dollar notes. The country moved to using a bag of foreign currencies, of which the primary one is the US dollar.

Although this in theory would halt inflation, government cash crises have seen the country once again taking to printing its own money, in the form of government-guaranteed "bond notes" - nicknamed zollars. A parallel asset, it is supposed to be equivalent to dollars, but in reality it trades at a heavy discount, which has led to new fears over inflation.

Zimbabwe's government has demanded that banks deposit their US dollars at the central bank, in exchange for zollars, so that the government could pay its debts and finance a foreign trade deficit. Critics see it as a return of the Zimbabwe dollar by stealth, ending the stability of the US currency.

Banks have been forced to cap withdrawals at $40 a day, and since savings are stored in zollars, not US dollars, they are rapidly declining in value. "The liquidity crisis has worsened to the point that most banks had reduced the withdrawal limits," says Alisa Strobel, senior economist for sub-Saharan Africa at IHS Markit. "Banks now have temporarily suspended their ATM services due to the cash shortages."

William Chui, of Zimbabwean technology website Techzim, says: "People want an alternative to the banking system, they are saying 'I need to get my money out of the bank before it becomes worthless'. People latch onto bitcoin because it’s not the banks."

Chui says that while Zimbabweans would prefer to convert their bank savings into a foreign currency, this has become more dangerous. A new law earlier this summer meant a maximum sentence of 10 years for anyone caught illegally trading foreign exchange. Another common way to convert their bonds is to buy up months of non-perishable food, but there is only so much available, or that a person could eat.

"The next best option is bitcoin," says Chui. While the currency is not recognised by the government, and the Reserve Bank of Zimbabwe declared it illegal last week, the penalties for trading it are likely to be less severe than those for trading forex. Its rapidly ascending price - from under $1,000 at the start of the year on global markets to $8,000 today - does not hurt either.

Demand for bitcoin in Zimbabwe appears to far outstrip supply. Its price on Golix began to surge two weeks ago, according to cryptocurrency news website Coin Telegraph, when Robert Mugabe fired the country's vice president Emmerson Mnangagwa, a move that led to last week's coup.

Bitcoin had always been more expensive to buy in Zimbabwe than elsewhere, but the latest events have seen its price surge to the $13,000 it is now at. When the army seized power from Mugabe last Tuesday, bitcoin transactions quadrupled at Golix. Although they are still a relatively small level, with around 10 bitcoins ($130,000) going through the exchange a day, they are growing rapidly.

Zimbabweans are not merely hoarding bitcoin. Unable to use hard currency to pay for imports, it is providing a way to spend money with foreign companies. Be Forward, a Japanese company that sells cars in Africa, recently began accepting payments in bitcoin. The currency also offers a way for relatives and friends abroad to send money into the country, avoiding the hefty remittance fees of sending it by traditional methods.

"The surge in demand for Bitcoin is evidence of the country’s broken economy," says Strobel. "There is great potential for Bitcoin in Africa as one could look at it as a monetary system for the unbanked."

Storing cash in bitcoin might seem like madness to those who are convinced it is a bubble. But in politically uncertain Zimbabwe, it can seem like a safe bet.



(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740230)



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Date: November 21st, 2017 1:32 PM
Author: Multi-colored lake hell people who are hurt

cartoon world

(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740239)



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Date: November 21st, 2017 1:33 PM
Author: Out-of-control purple sanctuary

damn it

(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740247)



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Date: November 21st, 2017 1:36 PM
Author: Bateful fear-inspiring hospital weed whacker

"William Chui, of Zimbabwean technology website Techzim, says"

Wonder what the tech scene is like in Zimbabwe.

(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740271)



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Date: November 21st, 2017 1:37 PM
Author: exhilarant hyperactive business firm

Very diverse!

(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740286)



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Date: November 21st, 2017 1:38 PM
Author: glittery french chef

The Dark Web

(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740291)



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Date: November 21st, 2017 1:50 PM
Author: exhilarant hyperactive business firm



(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740397)



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Date: November 21st, 2017 1:27 PM
Author: aphrodisiac free-loading new version



(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740204)



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Date: November 21st, 2017 2:04 PM
Author: Cracking feces

Holy shit, they have no currency. Do you think after Mugabe is deposed and replaced they may bring back the old currency?

(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740491)



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Date: November 21st, 2017 2:30 PM
Author: Concupiscible Stage Brethren

flame

http://www.xe.com/currencycharts/?from=ZWD&to=USD&view=10Y

(http://www.autoadmit.com/thread.php?thread_id=3804745&forum_id=2#34740684)