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Zimbabwe central bank ironing out wrinkles in new currencycointelegraph.com/news/zimbabwe-zig-currency-gains-domestic-challenges
1449 sats \ 21 comments \ @siggy47 5 Jun 2024 econ
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85 sats \ 0 replies \ @petertodd 5 Jun 2024
Wake me up when you can make a merkle-sum-audit-tree of gold bars...
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64 sats \ 9 replies \ @Undisciplined 5 Jun 2024
I'm curious how long they'll stick with it. Politicians don't like constraints.
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52 sats \ 5 replies \ @siggy47 OP 5 Jun 2024
I think people are already questioning whether the "backing" is legitimate. I don't know how this is verified.
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95 sats \ 2 replies \ @0xbitcoiner 5 Jun 2024
How can the public trust that this new currency backed by gold reserves will be managed differently than previous currency issuances? How the Government plans to build public trust in the new system.
  • The structured currency will be fully backed by foreign currency and precious metals, mainly Gold, which will be audited by independent external auditors.
https://www.rbz.co.zw/documents/press/2024/April/Questions_on_the_Structured_Currency_APRIL_2024.pdf
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69 sats \ 1 reply \ @siggy47 OP 5 Jun 2024
https://myafrikamag.com/transparency-takes-center-stage-annual-audits-on-reserves-backing-new-gold-backed-currency/
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75 sats \ 0 replies \ @0xbitcoiner 5 Jun 2024
Well, it remains to be seen if they will be honest with the people. I would like to know who the auditors are and if the reserves will be maintained. I am not putting my hand in the fire, given the past. This does not inspire confidence, but only time will tell.
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64 sats \ 1 reply \ @Undisciplined 5 Jun 2024
I know I assumed it wouldn't be legitimate. The opportunity and temptation to cheat are just too high. That's been the story of the gold standard for the past 2000 years.
It only sort of works when the note issuers are close enough to the note holders that a bank run is feasible.
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0 sats \ 0 replies \ @Satosora 5 Jun 2024
Maybe they will make those gold covered bars with tungsten inside.
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42 sats \ 0 replies \ @SatsMate 6 Jun 2024
I was just thinking this the other day. There is no way they can peg this to real gold for longer than one political term. I would be so impressed if that happened.
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22 sats \ 1 reply \ @TheBTCManual 6 Jun 2024
I've asked some people in Zim, they couldn't be arsed about this ziggy shit, they're sticking to USD/T, its crazy that a company that has so much FUD around it like tether is far more trustworthy to people than their government backed shitcoin but here we are
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0 sats \ 0 replies \ @Undisciplined 6 Jun 2024
It's not that crazy. Tether hasn't hyperinflated their currency, yet.
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10 sats \ 0 replies \ @siggy47 OP 5 Jun 2024
If anyone has the patience to read this, it's a depressing list of failures: https://www.linkedin.com/pulse/zig-currency-financial-reporting-auditing-case-study-lloyd-ce3uf
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120 sats \ 1 reply \ @itsMoro 5 Jun 2024 freebie
why iron out each bill when theyre worthless 😏
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0 sats \ 0 replies \ @siggy47 OP 5 Jun 2024
Souvenir and reminder of what can (will) happen.
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54 sats \ 1 reply \ @gmd 5 Jun 2024
ZiG sounds like a shitcoin...
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99 sats \ 0 replies \ @siggy47 OP 5 Jun 2024
Certainly
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54 sats \ 0 replies \ @EverythingSatsoshi 5 Jun 2024
This is really a tragicomedy.
Thank God for bitcoin
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54 sats \ 2 replies \ @Satosora 5 Jun 2024
I have zimbabwe's old trillion dollar bill somewhere. When in hyperinflated and they had pallet of it everywhere.
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10 sats \ 1 reply \ @siggy47 OP 5 Jun 2024
Yes, I have one too somewhere.
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54 sats \ 0 replies \ @Satosora 5 Jun 2024
Im sure they arent worth anything still. lol
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54 sats \ 0 replies \ @SatsMate 6 Jun 2024
A country that goes from a currency as soft as the Zimbabwe currency to as hard as a gold-backed currency is bound to face issues.
The corruption to debase is too strong, especially in countries as poor as Zimbabwe, once the first debasement happen it is game over.
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