Zimbabwe devalues its gold-backed currency by 40% after just 6 months, proving that centralized monetary systems are always structured to the advantage of those in power. With bitcoin, everyone can be their own sovereign central bank.
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20 sats \ 1 reply \ @IamSINGLE 30 Sep 2024
I've listened tagt African people are already getting smart and they already know that their currencies are all rekt so they either use Dollars or Bitcoin now. For transactions and investment Bitcoin is getting popular at a very fast rate there.
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0 sats \ 0 replies \ @KenyaCoin 30 Sep 2024
There is a lot of shitcoinery yet -- the shitcoin platforms sponsor events and such so that's the road into the shitcoin Web.
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47 sats \ 0 replies \ @DesertDave 30 Sep 2024
Gold is not a store of value. It's just another speculation.
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47 sats \ 2 replies \ @Cje95 30 Sep 2024
I feel like this means it isnt gold backed or am i missing something? Did the central bank sell gold or something to cause this?
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0 sats \ 0 replies \ @KenyaCoin 30 Sep 2024
Backed or not, there never was the promise that you could redeem for gold, nonetheless any specified weight in gold (e.g., N grams)
Otherwise people would buy the discounted currency up, and redeem it, and the price of the remaining currency would rise to about the value of that weight of gold the currency represents (less redemption fees, and other costs), unless the discount is because you cannot redeem on demand, at a counter, and carrying a redeemable note might not actually yield the weight of gold (if anything) as expected.
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0 sats \ 0 replies \ @GhostofTruth OP 30 Sep 2024
They just changed the internal price peg
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47 sats \ 0 replies \ @Undisciplined 30 Sep 2024
That was even faster than I expected.
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47 sats \ 0 replies \ @jgbtc 30 Sep 2024
Who didn't see this coming a mile away?
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47 sats \ 0 replies \ @xz 30 Sep 2024
IMO, it's kind of silly to seperate where the fault lies here. The problem always seems to go back to the custodian problem. Stack ounces? Then there's a portability problem. Makes a wonderful dowry, I guess and keeps the pleb in their distinct cultural class.
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47 sats \ 3 replies \ @yoshi 30 Sep 2024
What is the rebuttal from all the gold bugs? There centralised party is more reputable?
Gold is a shit coin. I actually did buy some a couple of years ago and all it did was further confirm its shit coinery.
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147 sats \ 0 replies \ @stack_harder 30 Sep 2024
this isn't gold's fault, this is the Zimbabwe government devaluing it.
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47 sats \ 1 reply \ @rebel_nomad 30 Sep 2024
Not seeing the use of gold always points to lack of real world experience for me, at least.
When I drive around in Asia with no helmet, no insurance, no recent paperwork or license, but with 4 ounces around my neck... Well I'll be covered even if something catastrophic should happen!
In terms of investments for the future its all about Bitcoin of course, but some gold is important, its real money after all...
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47 sats \ 0 replies \ @yoshi 30 Sep 2024
I carry cash if overseas. I’m not going to start bartering with jewellery.
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47 sats \ 0 replies \ @User21000000 30 Sep 2024
40% is a solid amount! 😯
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47 sats \ 0 replies \ @rebel_nomad 30 Sep 2024
Well, I'd rather say its Zimbabwe that fails... Whatever tiny shreds of gold that might remain in the country won't fail that easily!
But sure, Bitcoin is by far better to buidl on in a country and situation like this :-)
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47 sats \ 0 replies \ @jerrybature 30 Sep 2024
This failure has indeed proved bitcoin to be right in solving the many inherent problems of centralized systems.
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0 sats \ 0 replies \ @Satosora 30 Sep 2024
If it is gold backed, you should be able to use the currency to buy the gold.
Is this possible with their new system?
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0 sats \ 0 replies \ @fm 30 Sep 2024
If they keep the fiat US dollar as legal tender, will never work..
This is why steroids are supposedly forbidden in sports..
You can’t have a gold backed currency running against a fiat on steroids.. will never work..
The gold backed currency was not a wild stance on money.. but the FIAT mob won again
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