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 TNT Members Discuss Demise of Zim

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Ssmith
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PostSubject: TNT Members Discuss Demise of Zim   Tue Feb 24, 2015 10:37 am

Article:

From the article...

"The five U.S. dollars is the minimum but we're going to be using the United Nations rate of one U.S. dollar to 35,000 Zimbabwe dollars.

We have revalued it from one U.S. dollar to 35 quadrillion dollars," Mangudya said.

"This explains why the figure (to demonetize) has risen from the initial six million U.S. dollars to 20 million dollars," he added.

(REMEMBER DC SAID HE WAS SHOCKED IT WAS 4 TIMES HIGHER THEN LAST HE KNEW! SO SEEN HERE IS 6 X 4 = 20!)


    To cope with inflation, the RBZ redenominated the Zimbabwe dollar in 2006, 2008 and 2009, with the highest being a 100 trillion dollar banknote printed on bond paper after the German company which used to supply it with the special paper stopped doing so because of economic sanctions imposed on the country.

    The central bank would also occasionally slash the zeros from the notes amid concerns from businesses that the many zeros were crashing their computer systems.

The demonetization of the local currency will be completed by June 30, 2015, allowing many people who had stashed the Zimbabwe dollar in its various denominations to finally discard it.

Ie - The old currency will have no value past June 30 2015.



Comments:


does this mean we can go to the bank yet?
***************
it's exciting to see this type of public movement ahead of what we're expecting. Add DC's statements from yesterday's call and we Zim holders should be feeling good.
**************************
That is what I gathered from the article as well. It is dealing with the citizens' stash of cash and their existing accounts. It may be an attempt to get all other notes off the street. Preparation for an RV? Looks like it to me Smile
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alberto1970
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PostSubject: Re: TNT Members Discuss Demise of Zim   Tue Feb 24, 2015 11:09 am

Hello People,

can anyone help me a little bit? Englisch is not my first language and I have really difficulty to understand this. I´m living in Germany and owe a few ZIM. Can I do to the Bank or still wait??

Thanks for your help.
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PostSubject: Re: TNT Members Discuss Demise of Zim   Tue Feb 24, 2015 11:59 am

You can go to the bank whenever you want.  But it probably won't do any good to take any Zimbabwe notes, as they are nothing more than a collector's item. 

http://www.fin24.com/Economy/Zim-to-demonetise-the-Zimbabwean-dollar-20150211
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PostSubject: Re: TNT Members Discuss Demise of Zim   Tue Feb 24, 2015 12:14 pm

Nein, du kannst nicht auf die Bank gehen.  Mit ZIM du kannst nie auf die bank gehen.


TNT followers are truly the dumbest people on the planet.
1. They've set aside a total of 20 million bucks to give people a few dollars for the money they lost in their bank accounts when the Zim dollar went the way of the dodo.  This tells us:
A. No one is getting rich.  Zim has a population of ~13 million.  If only 500,000 of those had bank accounts, then they're getting an average of 40 bucks each.  Not quite enough to live a life of luxury.
B. It's only bank accounts that they're refunding.

2. On top of that, the 2008 Zim notes that everyone holds (mostly 50 and 100 trillions) are not even the most recent Zim notes.  It was replaced in 2009.  50 trillion ZWR became 50 ZWL.  It's not just a demonetized currency, it's not even the latest iteration of a demonetized currency.

3. When they completely quit using their own currency (Feb 2nd 2009) the 100 trillion note that people are buying now was worth THIRTY THREE CENTS.

4. The 35,000 to 1 USD ratio talked about in the article is talking about the fourth dollar (ZWL), not the third dollar that everyone holds (ZWR).  Once you consider the 12 zero lop that occurred in 2009, this article means that IF you had a bank account in Zimbabwe in 2009, you could MAYBE get 1 USD for every 35,000 ZWL, which works out to 1 USD per 35,000,000,000,000,000 ZWR (what "investors" are holding).  That's 1 USD per 35 quadrillion.  1 USD per 350 100 trillion notes.  Less than 1/3 of 1 cent per 100 trillion note.

The fourth Zim dollar (ZWL) wasn't in circulation long enough to experience the hyperinflation of the previous ones.  The largest paper note was 500.  The official exchange rate was ~360 zim dollars per USD.  The 35,000 to 1 they're giving people back means they're giving people 1 penny on the dollar.  They lost 99% of the value.  Though if the UN rate was more accurate it means at best they might break even, but I doubt it anyone will actually do that well. And again, this is just for Zimbabweans with bank accounts. Not you. But somehow foreign "currency" speculators are going to get rich on the deal.  Ooooookay.

All of these numbers can be easily verified with Wikipedia and some basic math.

Anyone that thinks the "Zim" might RV and make them a huge profit is crazy and/or profoundly mind bogglingly ignorant.
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PostSubject: Re: TNT Members Discuss Demise of Zim   Tue Feb 24, 2015 1:28 pm

Thank you for the answer and explanation.

BTW, I´m not a TNT follower.. I just read all what I can find in twitter ;-)
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PostSubject: Re: TNT Members Discuss Demise of Zim   Tue Feb 24, 2015 2:05 pm

The zim is a joke...I could go to Zimbabwe...exchange a large portion of my money in Otha Xim and be the richest person in the country. Hell I read somewhere that in 2012 the national reserve had  $2200 left in its account. Hell that makes me richer than a whole government....that's kinda cool. 

But for $18 or whatever it's going for...you can be a billionaire when this Monopoly money becomes reinstated and improves in value around a million times over.
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PostSubject: Re: TNT Members Discuss Demise of Zim   Tue Feb 24, 2015 3:22 pm

Zimbabwe 100 Trillion Dollars Banknotes LINK BELOW
http://amzn.to/1zEGCId

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"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

       
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PostSubject: Re: TNT Members Discuss Demise of Zim   Tue Feb 24, 2015 10:23 pm

I was going to mention that (as Kevin illustrated) typical Zim 100 trill note price are around 30 bucks. That means that people are paying about 100x what they were actually worth when they were actually currency. First time I saw one was at a coin dealer, long before the dinar scam pumpers latched on to them, they had a pile of them and were charging 25 or 50 cents. IIRC, shortly after the scam pumpers latched onto them, they were going for about 4 bucks. Now they're going for 30+.

And they're literally worthless. Their only value is (or ever will be) as a curiosity or collectible, and as I've already seen, their value as that is about a quarter.

The dinar scam is the scam that keeps on giving, like herpes. I don't see it ever really going away because even if the dinar redenominates the scammers will just keep pushing other currencies like VND and the Rupiah and the Zim and whatever other currency is hyperinflated at the moment. TNT followers have basically signed themselves up to be scammed for life, because by virtue of being TNT followers they've already proven they have no ability to differentiate fantasy from reality.
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PostSubject: Re: TNT Members Discuss Demise of Zim   Tue Feb 24, 2015 10:39 pm

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PostSubject: Re: TNT Members Discuss Demise of Zim   Tue Feb 24, 2015 10:40 pm

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PostSubject: Re: TNT Members Discuss Demise of Zim   Wed Feb 25, 2015 2:55 am

At least the VND and the Rupiah are currencies that are actually in use and not just pretty paper.
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PostSubject: Re: TNT Members Discuss Demise of Zim   Wed Feb 25, 2015 9:11 am

@catman wrote:
At least the VND and the Rupiah are currencies that are actually in use and not just pretty paper.
Exactly. It's literally worth less than the paper it's written on since it's own government doesn't recognize it anymore...
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PostSubject: Re: TNT Members Discuss Demise of Zim   Wed Feb 25, 2015 9:15 am

@ssmith wrote:
It would be a lot easier to carry around a roll of dimes...probably more valuable too!!
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PostSubject: Re: TNT Members Discuss Demise of Zim   Wed Feb 25, 2015 10:25 am

@BritishBulldog wrote:
@ssmith wrote:
It would be a lot easier to carry around a roll of dimes...probably more valuable too!!
Not unless you were sent out to stock up on toilet paper!
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PostSubject: Re: TNT Members Discuss Demise of Zim   Sun Dec 25, 2016 12:34 am

@Ssmith wrote:
Article:

From the article...

"The five U.S. dollars is the minimum but we're going to be using the United Nations rate of one U.S. dollar to 35,000 Zimbabwe dollars.

We have revalued it from one U.S. dollar to 35 quadrillion dollars," Mangudya said.

"This explains why the figure (to demonetize) has risen from the initial six million U.S. dollars to 20 million dollars," he added.

(REMEMBER DC SAID HE WAS SHOCKED IT WAS 4 TIMES HIGHER THEN LAST HE KNEW! SO SEEN HERE IS 6 X 4 = 20!)


    To cope with inflation, the RBZ redenominated the Zimbabwe dollar in 2006, 2008 and 2009, with the highest being a 100 trillion dollar banknote printed on bond paper after the German company which used to supply it with the special paper stopped doing so because of economic sanctions imposed on the country.

    The central bank would also occasionally slash the zeros from the notes amid concerns from businesses that the many zeros were crashing their computer systems.

The demonetization of the local currency will be completed by June 30, 2015, allowing many people who had stashed the Zimbabwe dollar in its various denominations to finally discard it.

Ie - The old currency will have no value past June 30 2015.



Comments:


does this mean we can go to the bank yet?
***************
it's exciting to see this type of public movement ahead of what we're expecting. Add DC's statements from yesterday's call and we Zim holders should be feeling good.
**************************
That is what I gathered from the article as well. It is dealing with the citizens' stash of cash and their existing accounts. It may be an attempt to get all other notes off the street. Preparation for an RV? Looks like it to me Smile
***************************
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