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Kenya Should Ban Bitcoins As Well
Mukiri
#41 Posted : Wednesday, December 20, 2017 10:07:40 AM
Rank: Elder


Joined: 7/11/2012
Posts: 5,222
alma1 wrote:
Spikes wrote:
Swenani wrote:
wukan wrote:
Swenani wrote:
whiteowl wrote:
How do you ban a currency that's not controlled by any central bank?Laughing out loudly


BTC enthusiasts have failed to answer me one question. Is BTC;
1. a payment system like Mpesa, visa, etc
2. A currency like USD, KES,
3. Investment product like stocks
5. Property like land, gold etc?
6....
7...

What is BTC and why is the value of BTC skyrocketing this much?


BTC is a payment system much like Mpesa but differs in two areas:-

1. BTC is decentralized-unlike mpesa which is centralized by the cellular network it can therefore be shut down by govt but BTC is not under control of govt authority so it can't be raided by govt. If a govt put in capital control to stop forex leaving a country you can use BTC to avoid the capital controls and transfer your capital out of the country.

2. BTC is deflationary-the amounts of BTC is fixed to 21 million so it becomes like electronic gold limited in supply therefore people use it to store value which is the reason for the 'skyrocketing'. If it is a store of value then you can use it as a currency to exchange goods and services. Kenyans before mpesa were using airtime as a quasi-currency so during 2008 PEV airtime was more exchanging beyond its intrinsic value so 100 airtime could sell for 250.

3. BTC was conceived after the 2008 global financial crisis when fiat currency(debt backed) was facing a crisis. To get out of the GFC and to stop deflation central banks decided to inflate using QE. BTC skyrocketing is being seen as hyper-inflationary collapse of fiat currency.

Lastly @swenani in behavioral-economics you learn to see things as they are happening not as they should happen in theory. You missed this point with the GDP during brexit remember how you were long instead of going short. You must stay ahead of the curve.


If it's payment system, why is it valued? What does a 1 BTC imply? Why does it keep on fluctuating in price/value.

If it's a payment system, what are people mining? Of what value would it help you to get a historical transaction trail of a currency? Do you usually check the historical transaction trail of the notes you have?


Good questions to provoke deeper thoughts on crypotcurrency. Thumbs up though!


Everytime Kenyans talk about Bitcoins, it reminds me of a pyramid scheme I started years ago.

Nyinyi kaeni hapo na bitcoin. The day it shall threaten Donald Trump, mtafunga hiyo kasheshe.

I have 20 bitcoins. I was paid by some mutherf***er who couldn't pay his bill. I can assure you. I'm not telling my kids that they are millionaires. Simply because I know it is bullshit and I shall never get that money. It is somewhere in a block something. It was in 2011. 3 years after madoff.

It was after Enron. Like the way Obiero love KQ and everyone loved Uchumi. My fren, shit happens.

It was a time after people had lost hope in companies. Perfect time for scammers. Listen...You can mine as much as you wish. You can buy as many as you wish. But this road is a road that has been travelled before. A currency that depends on fear, and hope. Where's DECI?

Then they use words like Crypto..Mutherf***er you shall be hacked. Then they say it's the real currency. Listen, currency is. If I have 5 chicken, you can agree to give me a goat. This one, is about the hope, that one day, every human being shall dump a dollar...HOPE..That's not currency, that's hope and another pyramid scheme.

Wacha mimi nijaribu kununua kabroti with my 5 bob kenyan shilling. Hii ingine, I leave to the IT fellas.

Ujinga mamabo leo. Can you go farm please? Wheat farmers in Narok have horny malayas every year. Na wewe uko hapo na bitcoin mamayako.

Mimi kama mmoja wa wajinga niko na proposition... What was the debt back then? We can calculate what the value of 20 BTC was. Nitakulipa hio pesa unipatie hio Bitcoin jiga. Vitu kama hizo za kijinga hakuna haja kusumbuana nazo. mmuukkiirrii at gmail

Proverbs 19:21
wukan
#42 Posted : Wednesday, December 20, 2017 10:34:53 AM
Rank: Veteran


Joined: 11/13/2015
Posts: 1,567
Swenani wrote:
wukan wrote:
Swenani wrote:
whiteowl wrote:
How do you ban a currency that's not controlled by any central bank?Laughing out loudly


BTC enthusiasts have failed to answer me one question. Is BTC;
1. a payment system like Mpesa, visa, etc
2. A currency like USD, KES,
3. Investment product like stocks
5. Property like land, gold etc?
6....
7...

What is BTC and why is the value of BTC skyrocketing this much?


BTC is a payment system much like Mpesa but differs in two areas:-

1. BTC is decentralized-unlike mpesa which is centralized by the cellular network it can therefore be shut down by govt but BTC is not under control of govt authority so it can't be raided by govt. If a govt put in capital control to stop forex leaving a country you can use BTC to avoid the capital controls and transfer your capital out of the country.

2. BTC is deflationary-the amounts of BTC is fixed to 21 million so it becomes like electronic gold limited in supply therefore people use it to store value which is the reason for the 'skyrocketing'. If it is a store of value then you can use it as a currency to exchange goods and services. Kenyans before mpesa were using airtime as a quasi-currency so during 2008 PEV airtime was more exchanging beyond its intrinsic value so 100 airtime could sell for 250.

3. BTC was conceived after the 2008 global financial crisis when fiat currency(debt backed) was facing a crisis. To get out of the GFC and to stop deflation central banks decided to inflate using QE. BTC skyrocketing is being seen as hyper-inflationary collapse of fiat currency.

Lastly @swenani in behavioral-economics you learn to see things as they are happening not as they should happen in theory. You missed this point with the GDP during brexit remember how you were long instead of going short. You must stay ahead of the curve.


If it's payment system, why is it valued? What does a 1 BTC imply? Why does it keep on fluctuating in price/value.

If it's a payment system, what are people mining? Of what value would it help you to get a historical transaction trail of a currency? Do you usually check the historical transaction trail of the notes you have?


Price is a question of demand and supply. What value do you derive from BTC-blockchain? Imagine you are back in the gold era when folks kept their gold with the goldsmith and got a bearer certificate.
What did that bearer certificate imply?(How do you verify whether the holder has gold or viro padlock?)
Would you trust that the goldsmith had that much gold in his vault?
If you are merchant exchanging your goods for the bearer certificate wouldn't you want to discount if you were not too sure about the goldsmith?
What if the goldsmith decided to lend out some of your gold holdings how much is your bearer certificate worth?
Wouldn't the bearer certificate fluctuate in price-well it's still valuable but what is the right price?


If you had a system in which you could verify what the bearer certificate holder was truly holding wouldn't you want to check the historical transaction of the bearer certificate back to the goldsmith and also check that the goldsmith actually has the gold?

You do realize that today most of the gold bearer certificate are based on empty vaults.
obiero
#43 Posted : Monday, January 29, 2018 8:05:50 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,463
Location: nairobi
Suicide alert

HF 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
Spikes
#44 Posted : Monday, January 29, 2018 9:24:51 PM
Rank: Elder


Joined: 9/20/2015
Posts: 2,811
Location: Mombasa
obiero wrote:
Suicide alert

Shindwe Laughing out loudly Laughing out loudly Laughing out loudly
I'm ready to be stoned for plagiarism!
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
Mukiri
#45 Posted : Friday, February 02, 2018 6:29:21 PM
Rank: Elder


Joined: 7/11/2012
Posts: 5,222
mnunuzi wrote:
Bitcoin would kill our finance sector, it crashed 80% in seconds. from circa $600 to $108. Now imagine a client who had saved 100million in form of bitcoins, with no hedge...

Imagine! Just imagine.. 100M @600

Proverbs 19:21
2Czar
#46 Posted : Tuesday, April 16, 2019 9:05:06 PM
Rank: New-farer


Joined: 12/28/2018
Posts: 70
Location: Helsingborg, Sweden
Why do you say so Topic starter ? Let that currency will be and will be live. I mean if people want to invest it's their right to take their risks. Especially how much it costs now ? Can you see ? Me personally very depressed cause I could invest in it like from the start and did not.
Fortits101
#47 Posted : Thursday, May 23, 2019 8:37:55 PM
Rank: New-farer


Joined: 5/22/2019
Posts: 12
Since bitcoin legal in every country and kenya can not ban the bitcoin and earning the money way too much through this session where everybody making the money by mining
Milefeyk
#48 Posted : Friday, May 24, 2019 1:58:55 PM
Rank: New-farer


Joined: 4/12/2019
Posts: 18
If you would like to have fully free market, then you cannot ban some asset just because you dont like it. Secondly, with respect to impact on monetary system, BTC has limited production, so there is no any chance that so many BTCs are produced in order to make systemic impact on one economy
Fortits101
#49 Posted : Thursday, June 06, 2019 2:13:19 PM
Rank: New-farer


Joined: 5/22/2019
Posts: 12
Why should keyna block the crypto currency of bitcoin in their country? do you belong to those community who does not want their people to grow? huh , you should watch Cryptocurrency & Bitcoin Video Knowledge where you will get to know how can a country grow with this.
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