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Kenya Should Ban Bitcoins As Well
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mnunuzi
#1 Posted : Monday, February 10, 2014 4:53:47 PM
Rank: New-farer

Joined: 11/15/2013
Posts: 34
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...
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  | | Edit by moderator: Friday, February 21, 2014 10:12 PM | Reason: title case
mnunuzi
#2 Posted : Monday, February 10, 2014 5:03:46 PM
Rank: New-farer

Joined: 11/15/2013
Posts: 34
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sl8r
#3 Posted : Friday, February 14, 2014 2:48:31 PM
Rank: New-farer

Joined: 5/20/2010
Posts: 69
Mpesa and bitcoin are pretty much VERY similar. The only difference is that Bitcoin is not and accepted as a currency, hence the fluctuations amongst other things. If was much easier to transact using bitcoin than it is using mpesa, then that is the death of Mpesa
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hisah
#4 Posted : Friday, February 14, 2014 3:10:30 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
mnunuzi wrote:
http://www.zerohedge.com/news/2014-02-10/bitcoin-flash-crashes-drops-80-seconds

Just had a look at the bitcoin 5yr chart.

SMH... Many guys will be caught naked. Two upthrust in 2013 (Apr and Dec) indicate that the price will nosedive below 100 handle. It seems incredible right now, but this is coming! And it will be one mighty fall...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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murchr
#5 Posted : Friday, February 14, 2014 3:56:38 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
sl8r wrote:
Mpesa and bitcoin are pretty much VERY similar. The only difference is that Bitcoin is not and accepted as a currency, hence the fluctuations amongst other things. If was much easier to transact using bitcoin than it is using mpesa, then that is the death of Mpesa


I disagree
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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Rollout
#6 Posted : Friday, February 14, 2014 5:20:29 PM
Rank: Member

Joined: 4/26/2011
Posts: 759
murchr wrote:
sl8r wrote:
Mpesa and bitcoin are pretty much VERY similar. The only difference is that Bitcoin is not and accepted as a currency, hence the fluctuations amongst other things. If was much easier to transact using bitcoin than it is using mpesa, then that is the death of Mpesa


I disagree


I strongly disagree
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simonkabz
#7 Posted : Saturday, February 15, 2014 2:40:13 AM
Rank: Elder

Joined: 3/2/2007
Posts: 8,776
Location: Cameroon
sl8r wrote:
Mpesa and bitcoin are pretty much VERY similar. The only difference is that Bitcoin is not and accepted as a currency, hence the fluctuations amongst other things. If was much easier to transact using bitcoin than it is using mpesa, then that is the death of Mpesa


Bitcoin equivalent to mpesa? aiii
TULIA.........UFUNZWE!
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Gordon Gekko
#8 Posted : Saturday, February 15, 2014 7:25:37 AM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
Rollout wrote:
murchr wrote:
sl8r wrote:
Mpesa and bitcoin are pretty much VERY similar. The only difference is that Bitcoin is not and accepted as a currency, hence the fluctuations amongst other things. If was much easier to transact using bitcoin than it is using mpesa, then that is the death of Mpesa


I disagree


I strongly disagree

Totally disagree. mpesa is backed by cash, it is NOT a substitute for cash. To get mpesa, you have to give out cash. Maybe you were talking of banglapesa, which is not cash but used as cash.
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sparkly
#9 Posted : Saturday, February 15, 2014 8:11:31 AM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
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...



So why should it be banned in Kenya?

I don't see how it kills our finance sector if it is not part of the finance sector.

Maybe you work in a Bank and you are afraid of losing your job if BC goes mainstream.
Life is short. Live passionately.
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stockshunter
#10 Posted : Sunday, February 16, 2014 8:35:39 PM
Rank: Member

Joined: 1/16/2014
Posts: 114
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...

The person who saved that amount must have been a fool not worth the money he had since how can you give out cash in exchange for e-money which is not recognised by any nation or state? I know there are laws in kenya which legalize M-pesa. The person does not differ from a village fool who gives his money to a con pastor in hope that when the prayers are over he will open his eyes and find the money has doubled. Am sure wazuas are intelligent enough not to fall into this one. If I may ask did u keep quals in your backyard? coz currently am sure you don't know where to take the birds.
fear makes people live a miserable life.
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