Zimbabwe is grappling with its sixth currency change in 16 years
(www.semafor.com)
from alphacyberranger@sh.itjust.works to world@lemmy.world on 11 Apr 2024 09:46
https://sh.itjust.works/post/17658691
from alphacyberranger@sh.itjust.works to world@lemmy.world on 11 Apr 2024 09:46
https://sh.itjust.works/post/17658691
#world
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2.5 tons of gold doesnt seem like a lot to back the currency of an entire country… so I looked it up. 2.5 tons = 80,000 oz = $186,880,000 (at the moment, gold’s value varies quite a bit).
that’s 4.15 cubic feet
Cubic feet sounds a birth defect
these aint a mistake; theyre 4.15 cubic feet of evolutionary superiority >:|
Okay, but how many toasters?
Use monero. All government fiat will go this way. You cannot trust governments to make your money. 16 times ought to make this clear.
Read better.
I did, and while they are using gold as a backing mechanism, that is a good thing. However, I suspect that will not last very long, and instead the individuals should hold the gold themselves and use that as a medium of exchange. If the currency has been lost 16 times, that clearly means the government is completely irresponsible.
You might need to give it one more reading
Okay, what did I miss? I realized that I said 16 instead of 6 currency devaluations, but otherwise I don’t see what I’ve missed.
Sixth change in 16 years
(edited to add) …though to be fair even one or two is pretty bad. Poor people of Zimbabwe.
Yeah, i got my numbers turned around
Why Monero specifically?
Also the nation is impoverished, mobile devices, tech education and the electricity grid are all concerns.
Because it is fully priblvate unlike other crypto and since it actually is used as money the volitility is reduced. Not eliminated, but reduced.
As long as you can scan a QR code you can use it, but the power issue could be an issue. You could trade monero offline by isduing paper wallets with monero loaded and the private key obscured via a scratch off or other method where its easy to notice if the private key has been revealed for redemption on chain.
“Don’t use government fiat, instead use ELECTRONIC fiat that’s easier to steal and impossible to reverse if stolen.”
Electronic fiat? Where we know how many exist and how many will exist and have to actually put in work to make more. “Fiat” means by decree And the only country that has declared any cryptocurrency as legal tender would be El Salvador.
Has a country ever had more to start with and ended up so badly?
What did Zimbabwe start with? They were looted by white colonizers that even the British weren’t fully comfortable accepting.
They started as the breadbasket of Africa.
Strong currency that matched the pound. Strong financial services with banks and loans. Well developed public services, good hospitals, good education (the most literate country in Africa) they had tourism and industry. Good trade. Good military and police force.
Julius Nyerere, the leader of Tanzania, prophetically cautioned Mugabe, saying: “You have inherited a jewel in Africa. Don’t tarnish it.”