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730 sats \ 3 replies \ @TheBTCManual OP 11 Oct 2023
Looks like Zimbabwe accepts their Zim Dollar going tits up for a second time and wants to avoid people running to USD and Bitcoin are looking to pull the wool over the locals eyes with one last rug pull, the ZIG, a digital token that is backed by Mosi-oa-Tunya – 1oz Gold Proof coin worth roughly $3153,60 right now
How they enforce the backing? don't know
How do they audit the supply? don't know
How much gold supply is there in the country? don't know
How do they avoid double spend between physical and digital? don't know
How many gold bugs are holding up zim as something bullish for gold, plenty, lol,
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10 sats \ 1 reply \ @nemo 11 Oct 2023
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22 sats \ 0 replies \ @TheBTCManual OP 11 Oct 2023
Lol I am cheering from the side lines, can't wait to see how this one blows up in spectacular fashion
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0 sats \ 0 replies \ @nemo 11 Oct 2023
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31 sats \ 2 replies \ @jgbtc 11 Oct 2023
Backed means you can go to the Zimbabwe central bank and redeem your ZiG for gold at any time right? ...Right?
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10 sats \ 0 replies \ @TheBTCManual OP 11 Oct 2023
Lol yes backed by the full faith in the Zimbabwean central bank, since no one has faith in them, there should in theory be no backing
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10 sats \ 0 replies \ @nemo 11 Oct 2023
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