One Thursday morning in sunny October Zimbabweans woke up to find that the cryptocurrency that they had been stacking up by spamming links in WhatsApp groups had finally taken off and was now in orbit. In crypto-land we call it ‘to the moon’ and ZASH (the cryptocurrency for the ‘decentralised currency for Zimbabwe’) had made many overnight millionaires, albeit ‘bond note millionaires’.
If you are in any WhatsApp groups you would have seen at least one person sharing a link telling you to join and get ‘free’ crypto in the form of ZASH. Some guys have taken it upon themselves to make sure that two to three times a day they’d religiously share their referral link in hopes that someone will click their link in annoyance.
The upshot for these affiliate marketers/ ZASH Evangelists is that they’d get 40 ZASH for new signups and other rewards depending on whether they’d send them ZASH. This definitely is a numbers game and so it’s in those people’s best interests that more people buy into ZASH and verify their identity in order to be rewarded.
But while people start going to places like Classifieds or PropertyBook to check out which house they’re going to buy ‘North of Samora’ I sadly have to be the bearer of bad news…
Unfortunately, ZASH is nowhere near becoming mainstream. Heck, even the spike in its pricing was a mirage. Allow me to explain how and why without letting the dopamine get to you.
Limited Users Benefit
The figures of the recent spike of $0.47/ZASH token were only limited to those who can transfer their tokens to the exchange. In order to qualify to be able to transfer to the exchange, one had to be within an elite group of 10 users with the highest inter-account transfers. In their Ts & Cs, the ability for one to transfer to the exchange was only afforded to 10 people, and not only that, but you could only transfer 10% of the total you’d had sent to other users that month.
Those who are not from Zimbabwe need to be schooled on how things work here. There are absurd countries, and then there’s Zimbabwe. So places people go left, others go right, in Zimbabwe, we go join a queue! What I’m trying to get at is that the logic in our teapot shaped country is truly something to behold.
Liquidity, Liquidity, Liquidity…
This refers to the ease with which these new ZASH mbingas can easily convert to something that can be accepted by Mai George at Mereki. Unfortunately, that’s where a cryptocurrency exchange comes in and unfortunately in Zimbabwe, we don’t have any anymore.
Zimbabweans have been left to resort to WhatsApp and Telegram groups in order to do peer-to-peer transactions and find takers for their cryptocurrency. While this requires one to be in a hundred and one groups, it also leaves users being susceptible to scammers.
As someone who’s in a number of these groups, I seldom see anyone wanting to buy and/or sell ZASH, well, with the exception of today that is. It’s a network effect, so there are no sellers of ZASH because there are no buyers of ZASH, and vice versa.
Why would someone want to buy ZASH you ask? Yeah, I’m still tryna figure that out myself.
At the height of its popularity, there were some people selling property stands in exchange for ZASH and I did see a few offering their services in exchange for the crypto, but after the euphoria died down, graveyards are more lively than hype for ZASH.
Length x Width x Height = Volume
Just thought I’d flex that I know how to calculate the volume for a prism 😉
But on a serious note, the volume that ZASH has done in the last 24 hrs is a drop in the ocean – US$25,140 to be exact. What this means is that a total of less than half a bitcoin (bitcoin trading at US$58,000 right now) has exchanged hands giving the price reflection of $0.47 per token.
This may have been a ‘pump and dump’ done by someone in order to get the attention of people and hopefully interest in the crypto.
What is a ‘pump and dump’ you ask? Well, someone goes on a buying spree at the low prices causing the price of the token to go up. Once other users pick up that it’s rising they start buying hoping to get in on the action. Then when they buy at those higher prices, the guy/gal who bought at those lower prices then dumps on users who will be thinking that the crypto is going up.
Ever read the story about the guy who goes to a village to buy monkeys? Yeah, a lot like that.
This is just an assumption as we see it happening every day in the crypto world.
But in all honesty and fairness even if it wasn’t a ‘pump and dump’, the volume that we are talking of is very low and can’t really reflect the value of the ZASH in people’s accounts. If people are allowed to transfer, then the current rate of $0.06 (yes, it’s dropped badly since it’s All-Time High yesterday, October 13) will definitely crash to levels far lower than this.
ZASH will probably find its true price when there is a trading volume of at least 5 BTC worth per day. This is just a number that I think will reflect its acceptance in the market.
For now, just like RTGS, the value is determined by what people on the streets are willing to pay or accept for it. With there being very little utility for ZASH at the moment, I think it’s premature for anyone to get their vuvuzela out just yet.
William Chui is a cryptocurrency enthusiast, who’s passionate about seeing to it that Zimbabweans are able to make good use of the opportunity of the internet. He’s currently working on www.forextrading.co.zw and bringing forex trading to all and sundry through that project.
You should also check out
Earlier this year, William joined us to share his views on the peer-to-peer Bitcoin trading scene in Zimbabwe. There are a lot of good things happening, however, there are a lot of scams and tricksters out there. He shared some of his observations on how you can better equip yourself if you are planning on joining the crypto craze.
51 comments
Rest Rest Rest have a glass of water l tried to read your article but you are all over.What are you saying
kkkkkk he needs help
Help him then. We need your input
I really think you really need to work on your comprehension skills buddy
This is like an opinion piece on OK by a Pick & Manager.
Why would someone want to buy Zash ?
Depends on how the person views Zash. I’d bet you that somewhere out in the world. Someone once asked, why would someone want to buy Bitcoin. The answer is rather clear now as we see adoption.
What would you like to know about Zash?
Someone out there wants to buy 6.340 of zash which is valued at 135usd for 700rtgs.We need a local crpto exchange to determine its true value.
Yes we do need but there is BitGlobal where you can buy and sell Zash .Then the balances you see most people have are Airdrops. Airdrops are locked for withdrawal to protect the project from colaspe because people will sell all their Airdrops because there have nothing to loose
The problem is you call yourself a crytptocurrency enthusiast yet you don’t under how crypto projects work especially at the introdory stage .Most people have Airdrops and Airdrops are locked for withdrawal for so many years before you withdraw ,have it not been this crypto projects fail because people will dump it for USD look at CNG token. People are buying Zash on BitGlobal and that you can do whatever you please because hasi ma Airdrops .People want to sell freebies 🤣🤣🤣🤣.
CNG works and is ideal as trading fees.
Without a local exchange no one will no it’s true value
Zash is going nowhere
I agree with you there Zash is going no where i was one of the early adopters and that managed to acquire quite a sum of zash when they where offering 50k airdrops manage to get myself around 100k through trades then bam all of a sudden they tell me that i have to confirm where i got them simply because there was no zash in circulation then all of a sudden because they where not happy with the explanation they got into my account and took their zash back when i tried protesting on their telegram channel they deleted my chats for voicing my concerns and then they banned me for 24hrs which to me was the last straw how can they have a decentralized currency where they claim that all the tokens i accumulated are mine only to find out that they have reversed the transaction and they are now asking for my actual physical identification so as to verify that the account is mine personally i think there is something fishy with Zash and its a big experiment of sorts i used to be a big believer in zash but because of their attitude towards people who question their business model to me that is a huge red flag
What’s the point of having a locked airdrop then, how or when is it going to work
A locked air dropped helps in that the real incentive is for the users to make and look for use cases and not just rush to cash out. That’s the key to a real cryptocurrency. Eventually they will let you decided what to do with your free zash , however should you want full control you can purchase it at Bithumb Global.
You do know that people are into crypto because they dont have government interference and there are no complex rules: you either mine it or buy it. Having referral and signup gains delegitimises things. It makes it look like a scam. Only an idiot buys that kind of crypto. Does zash even use blockchain technology.Smh. who even determines the market value of zash
Yes, Zimbocash is housed on the tron blockchain. To answer your question on why the approach taken was not to earn the token buy mining or by buying is a case of adoption. If you live in Zimbabwe you’d know that people don’t part with their money that easily esp for new ideas. And so for easier adoption I see why they’d choose to simply air drop the token to Zimbabweans rather than to sell it to the highest bidder because the end game is adoption nation wide and not by the few privileged.
l think it’s time Africa had their own currency like the Euro it will make a difference.This crypto currency thing only a few win
Not surprised with your view because your writing is largely pathetic.
Of all the articles I have read this is the waste I have come across, the writer lacks knowledge of the subject matter, his analysis is flimsy and reflects an attention-seeking attitude of a person trying to soothe himself from his failed projects that failed to see the day of light, by downplaying promising projects. All he was doing was waffling, we deserve better guest writers Techzim, I am disappointed.
Mr William Chui. I’d have to agree that the article was rather flimsy and under researched. All that was done was a gloss over on Zash comparing it with typical alt coins you’ve come across without thorough knowledge on it, from my opinion. For instance I’d like to point out your issue with liquidity. The goal isn’t to convert Zash into a currency accepted by Mai George paMereki. But for Mai George to accept zash as a currency as it is. I listened to the audio at the end of the article, you’re a trader and I think that you overlook the ability of cryptocurrency to be accepted as currencies. Was this not Satoshi’s real vision in the bitcoin white papers? Bitcoin wasn’t meant to be just a store of value.
But, I do have concerns on the delivery of liquidity when it comes to operators that require forex to make purchases outside of the country. There I agree with the conclusion of the article. It’s volume is rather limited to really see Zashes true value, and as an on looker you might not think those little figures anything, but to me, gives hope. That the Zimbocash team is indeed working toward a real solution here. I’d suggest you read up on their white paper too
Let me echo this so that you get well. “Of all the articles I have read this is the waste I have come across, the writer lacks knowledge of the subject matter, his analysis is flimsy and reflects an attention-seeking attitude of a person trying to soothe himself from his failed projects that failed to see the day of light, by downplaying promising projects. All he was doing was waffling, we deserve better guest writers Techzim, I am disappointed.”
Some guy tried to trick the Zash system, he got caught and was banned. Now out of frustration he is trying to water down the project. Zash is a project for the people, even those right at the back of beyond where William Chui has never set foot on. Zash seeks to address the concerns of even those deemed the to be of no social status. Certainly, your crypto currency enthusiasm will never bend to that level, so you are not for the people.
I have only come to realise that when entering into business which others had already started you need to be a competitive marketer. All you are trying to tell us is cryptocurrency projects not done by you is spamming. ZASH is penetrating the grassroots of ZIMBABWE.
No its not
Welcome William…. Any news on the bitcoin that was taken by golix…I think that would be a more relevant article since you were directly involved
I’ve no direct updates since I departed, but it has been extensively covered here on Techzim: https://www.techzim.co.zw/tag/golix/
I have nothing new or different to add as I haven’t been involved since
Word on the street, is saying you were part of the golix syndicate that took off with people’s bitcoins, that you are now flaunting in whatsapp groups. All indicators are pointing at you as a sketchy character disguised under the crypto enthusiasts hood😎that get us worried about your real motives Mr Chui.
#returnourbtc
That Btc is gone move on u lost
Thanks for sharing what ‘word on the street’ is saying. I’m happy to present myself to any legal authority if there’s any case against me, William Chui the person.
Im not sure which ‘indicators’ you refer to, please feel free to share because obviously it has a bearing on my name, and if there’s anything shady about me, it’s best for all to know and take the necessary action, no?
Amazing how Zimbabweans are so ready to criticise any project that brings real hope. ZASH can definitely succeed. It’s early stage for sure. But it is really growing. And there are no real alternatives out there. Sound Money for the win.
Very true.! First movers into untapped markets face all kinds of bruises, especially from potential consumers, us😂
No they are not. They are just tired of always compansating for the fact that it’s a local product. Just because it’s local does not mean it has to suck. Enterprenuers must pull up their socks
Yes i agree it’s to early let’s give them a chance
William comes off as arrogant and pompous. Not objective in his analysis. He seems to have a chip on his shoulder and a bone to chew with zash. All that disqualifies his article.
Zash is still in its infancy. I would give them a couple of years before trying to tear them apart like this.
Having attending one of their workshops in Byo, I can definitely say the guys are the real deal.
If ever this project failed, at least they would have tried their best to find a solution when most of us are busy pointing out at the problems but doing nothing.
The best part is: the zash guys are not taking money from anyone. Even if they fail, I won’t hold them to blame.
I concur with you mate, Chui anema personally ne ZASH, but it will not work, Simple, ZIMBOCASH will thrive, people power. He will swallow his bone soon or later give him time to let it sink in that ZASH is here to stay and the so called crypto aficionado/prodigal son will come around😂
We are not looking for any advice right now..ZASH is a straight win
I have a feeling that in a few years, you will look back at this article and cringe at your own arrogance.
I also went to the Bulawayo workshop.
These guys come across as genuine people trying to find creative solutions. What’s even better is that you don’t pay anything. If there ever comes a time when I need to pay something, I may question the project…. But even then, I think I would whole heartedly invest.
Thank you Mr Chui for sharing your thoughts, one thing I know is where there is a will there is a way so let’s see how things play out. ZASH may seem far but what I know is we are going far. It’s not going to be easy but whatever the case let’s push on.
Yes, I agree it may be in its infancy and still needs the runway to take off.
My biggest grip is probably with its sheep that relentlessly bombard us with their links want to convert us. Maybe it’s that that drove me to write, but, it’s targeted more at those whom may not have heard about it and are seeing these links all over the place…
Fair enough, even am sometimes gripped by the relentless bombarding I partake in but it’s a necessary evil to spread the message and possibly share light on the issue especially to those new. No harm is meant but to present a learning opportunity.
What happened to the use of billboards as a way to spread the msg. Even radio or TV. Spamming makes people not want to partake
Doomsayers please attend roadshows in your area to listen and learn.We value your opinions and comments.Read the ZIMBOCASH whitepaper and engage with the ZIMBOCASH team.
ZASH is a sound money system for all Zimbabweans. Your comments galvanize the ZIMBOCASH team,the team will listen and note some of your concerns and frustrations.Give ZASH a chance to grow.
I just hope we are going to get more information
Since the project is still starting right now I don’t understand exactly what is going on about Zash or Zimbocash
What would like to understand about Zimbocash? Valuable information is hard to come by in the age where very body has something to say. Hopefully I’ll be able to answer a few of your questions.
#5’2
“relentless bombarding I partake in but it’s a necessary evil to spread the message and possibly share light on the issue especially to those new. No harm is meant but to present a learning opportunity.”
This is the problem. When you send SPAM it is clear testimony that you are very desperate and uncouth. Not many discerning people can ever mistake desperation for innovation. In fact, they can report directly to POTRAZ for starters. For someone to claim SPAM as a “learning opportunity” is taking lunacy to brand new heights. If this is your philosophy you might land in legal problems.
Criticism is a necessary ingredient of every idea that has succeeded to date. Read about inventions if you’re in doubt. When “evangelists” try to firewall criticism it just raises the red flag a tad higher. Nothing can ever be so great that it can’t be criticised, this is the foundation of ridicule.
Fact
Don’t worry, there is a new exchange on the block https://bazaarx.tk . Mbinga chaidzo!
The idea behind ZASH is that they create a ‘currency’ which has a limited supply. But creating a token with a limited supply doesn’t make it a ‘currency’, because if it did everyone could create their own currency on any token-ready Blockchain. ZASH has no real world use apart from that which it’s founders and ‘early adopters’ say it has. Maybe if it was on its own chain or at least stable coin with backing reserves we could maybe consider it. The trading volumes alluded to by the author are a reflection of its inability (at the moment) to be a sustainable currency because even traders can move larger volumes than that with a single trade. Why would anyone adopt a currency which is way worse than the ZWL has less liquidity than the RBZ which we all agree is chasing it’s own tail. They also epitomise centralisation through exchange restrictions and reward systems not underpinned by any smart contracts which goes against the whole decentralisation push which is the basis of Blockchain tech.
What a read very informative and the comment section does not disappoint.
It’s quite clear that the pockets of Zimbocash are not that deep to go about on a nationwide education spree involving television radio and print media. However they are using platforms easier on the pocket social media and various communication channels. The Zimbocash evangelist with referral links are here to stay they intend to grow the network. They intend to build their wealth from nothing in hope one day they get the big fat cheque.
Zimbocash is still in its infancy to expect a young child to compare with adults in the Crypto world seems abit harsh.
My thinking I stand to be corrected is the author was burned by this project or another and has a vendetta to crash or protect others from said project. I won’t iterate what the other comments said but good or bad publicity is still publicity whether it’s coming from genuine concern or hatred time will tell more articles are yet to be written by said author.
I wish the Zimbocash team all the best. I hope those that went before them will continue to guide them on the dos and don’ts and every calculated step will land on solid ground that will eventually lead to the success of the crypto and general uplifting of Zimbabweans.
This country will rely on such projects to restore its legacy.
What is ZASH’s use case? Does it have utility beyond just being a cryptocurrency that is accessible to Zimbabweans?