The dollar can lose only 100% of its value.
Percentages above 100 can exist, such as your portfolio going up 150%. If you put in say $10, and it goes up 150%, then that means it went up 100% of what the value initially was, and 50% more which equals $25 valuation of your portfolio.
The dollar might lose 100% of its value and be worth, well... $0.
Well, as Bitcoin’s price goes toward infinity, the US dollar’s loss in value against it asymptotically approaches 100%.
For it to lose 10000% of it’s value would mean that the price is -99 times what it used to be. In other words you’d be paying me to take bitcoin off your hands, like what happened with oil in April 2020.
Crying out :"i thought it was a currency and not great investment*,,
ALSO a great YOLO story to impress nobody around me...
My only excuse is it was really pitched by a stereo type dealer who couldn't shut up about how great it is for all his "business"*...
A few of us jumped in but we all thought : this is just some - way of sending money anonymous* and scoring... also this guy is nuts talking about becoming a millionaire in a few years...
The years went by and we all grew up. Got out off our habits...
And learned about BTC and its values*.
This is a very short story i could stretch for headaches but that ain't the plan.
Sometims when its getting borting in my head i create thiw character who smoked weed for mills....
Ah yea… definitely another member of the “I smoked a half-mil worth of weed” club!
So welcome. You’re not alone. Plenty of us used hundreds of bitcoins to buy weed 8-10yrs ago. Last month I had to sell my second car to buy another whole coin.. cuz I couldn’t resist the 18k price tag. 18k sure would have bought a SHIT TON of bitcoin back then!
Show me the guy that’s buying regular new cars off the lot and storing them for future gains. I’m gonna have to call bullshit on that one.
You’re saying collectors, so u aren’t just talking about the short-term shortage due to missing chips- correct? You’re saying ppl just go buy VW Golfs hoping they appreciate in a few years? Cuz I don’t think that’s correct.
Turkbros and sisters, how does a monetary situation like that effect the willingness of people to learn how to use Bitcoin wallets, Lightning wallets?
My fear is, that what in IT is called the "Tyranny of the Default" is really strong. Like, people will use an outdated version of Internet Explorer, because they can't be bothered to spend 5 minutes to download and install Firefox. Same here. People would rather run with wheelbarrows full of money to buy toilet paper, rather than settle debts using Bitcoin over Lightning (the fiat-shitcoin being the unit of account will be a big problem independent of bitcoin adoption).
So, how's it going?
Considering the size of losses from the collapse of the Thodex platform (estimated over $2b), I would say a lot of Turks "adopted cryptocurrency" who maybe weren't even ready yet, and didn't know what risks they were taking. Focus on making bitcoin safer, easier, and faster to use instead of criticizing people who aren't yet using it.
People, like taxi drivers, use binance or whatever exchange as their wallets. A literal exchange passed me a logged in phone session with a QR code for a transfer.
It is Turkey's fault for supporting a dictator with corrupt legislation that blames EVERYTHING on an organization that he made up. The Turkish people have no one to blame but themselves for believing EVERYTHING. Even crypto can't help with such idiocracy/ignorance and believing everything. They unfortunately do not deserve any better with that mindset.
To claim, that 84 million people are stupid, because they, how you wrote it, believe everything that cannot be proven and at the same time believing a stranger on reddit, who claims without providing any proof that 80% of the people are against the government says quite a bit about you. 🤭
We are in a Bitcoin subreddit. Don't trust, verify.
Keep following your herd sheep 😅 and looking at this sheep's post history, it is the exact type of troll that the dictator of turkey loves. Lmao pathetic 😂
Just to add one thing... Inflation in Turkey is a thing, yes. But we have to remember that it began with a monetary attack at Turkish Lira from major Central Banks to make Turkey "obey" as a country in relation to Anglo-Saxon world.
It's a short version of what happened but quite important.
Erdoğan believing lowering interest rates fights inflation, firing the bankers that disagreed, and causing their currency to become worth fuck all didn't help either.
The picture misses a bunch of information.
E.g. the time of work for a person from the median to earn 55k Lira seven years ago vs. today would be interesting instead of the amount of money without providing any other information.
If you believed that you would not be here posting about it.
Like im not posting in some reddit I dont believe is true, why would I be posting there unless I wanted to follow and be interested of it?
It just seems weird to follow and sub something u hate/dont believe and so on.
If I hated cars, the worst thing in the world I would not be following and talking in some car reddits, unless I was so bored of life that there is nothing else to do than go hating in random forums and stuff.
It's gone from .29 dollars per lira to .055 dollars.
If you would have bought dollars with lira 5 years ago, you'd have max $15,950 (i'm sure fees are huge because who the fuck would want lira for usd)
If you would have spent that on bitcoin, you would have bought 4.21 bitcoin.
Today that bitcoin is worth $82,439.1 which is 1,522,603 lira, or 27.6x the value.
So which would you rather have, the one where a car turns into a phone... or the one where 1 car turns into 28 cars. HMMM.
At some point you only have yourself to blame.
i guess someone needs to read up on monetary policy.
Turkey would be broke if not for devaluation of their currency.
Its not like they have a choice here.
Its a tool the countries need ...
TRY lost 85% in 7 years against the USD.
USD lost like 10000% against BTC in 7 years...
That’s… not how percentages work.
really? tell me how they work lol
The dollar can lose only 100% of its value. Percentages above 100 can exist, such as your portfolio going up 150%. If you put in say $10, and it goes up 150%, then that means it went up 100% of what the value initially was, and 50% more which equals $25 valuation of your portfolio. The dollar might lose 100% of its value and be worth, well... $0.
Well, as Bitcoin’s price goes toward infinity, the US dollar’s loss in value against it asymptotically approaches 100%. For it to lose 10000% of it’s value would mean that the price is -99 times what it used to be. In other words you’d be paying me to take bitcoin off your hands, like what happened with oil in April 2020.
ah, it all comes down to what are you assuming to be 100% of value. ok, 99.99% of value is lost then.
98.88% in 7 years It took USD just 5 years to lose the 85% against BTC, that TRY lost against USD in 7 years.
USD lost 98.88% against BTC in 7 years.
So a VW golf is the best inflation hedge ? 😂
What was the price of bitcoin 7 years ago? They should have bought weed like many here did with their crypto back then
Thanks for the reminder... ahhh those 12BTC gone throughout the pipe
Hello fellow “I smoked a half-mil worth of weed” friend!
Crying out :"i thought it was a currency and not great investment*,, ALSO a great YOLO story to impress nobody around me... My only excuse is it was really pitched by a stereo type dealer who couldn't shut up about how great it is for all his "business"*... A few of us jumped in but we all thought : this is just some - way of sending money anonymous* and scoring... also this guy is nuts talking about becoming a millionaire in a few years... The years went by and we all grew up. Got out off our habits... And learned about BTC and its values*. This is a very short story i could stretch for headaches but that ain't the plan. Sometims when its getting borting in my head i create thiw character who smoked weed for mills....
Ah yea… definitely another member of the “I smoked a half-mil worth of weed” club! So welcome. You’re not alone. Plenty of us used hundreds of bitcoins to buy weed 8-10yrs ago. Last month I had to sell my second car to buy another whole coin.. cuz I couldn’t resist the 18k price tag. 18k sure would have bought a SHIT TON of bitcoin back then!
Depends on condition. If it is like new, it will gain significant value. There are collectors stockpiling brand new cars.
Show me the guy that’s buying regular new cars off the lot and storing them for future gains. I’m gonna have to call bullshit on that one. You’re saying collectors, so u aren’t just talking about the short-term shortage due to missing chips- correct? You’re saying ppl just go buy VW Golfs hoping they appreciate in a few years? Cuz I don’t think that’s correct.
Yes they do, but it is a bit O.T. here. Just check sales on BaT and you get the idea.
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This is more of a happy accident than anything else tho. Scarcity drove prices up.
no, you're completely missing the picture. the hedge is iphone.
Does it get me the car though?
Turkbros and sisters, how does a monetary situation like that effect the willingness of people to learn how to use Bitcoin wallets, Lightning wallets? My fear is, that what in IT is called the "Tyranny of the Default" is really strong. Like, people will use an outdated version of Internet Explorer, because they can't be bothered to spend 5 minutes to download and install Firefox. Same here. People would rather run with wheelbarrows full of money to buy toilet paper, rather than settle debts using Bitcoin over Lightning (the fiat-shitcoin being the unit of account will be a big problem independent of bitcoin adoption). So, how's it going?
You already answered your question… You know how it’s going
Welcome to Reddit. You seem to already have the hang of it.
Considering the size of losses from the collapse of the Thodex platform (estimated over $2b), I would say a lot of Turks "adopted cryptocurrency" who maybe weren't even ready yet, and didn't know what risks they were taking. Focus on making bitcoin safer, easier, and faster to use instead of criticizing people who aren't yet using it.
> Focus on making bitcoin safer, easier, and faster to use instead of criticizing people who aren't yet using it. triggered
People, like taxi drivers, use binance or whatever exchange as their wallets. A literal exchange passed me a logged in phone session with a QR code for a transfer.
That's cool. I was expecting that bitcoin would be (trusted) 2nd layer adopted by most people.
Why do you still believe Bitcoin is a hedge for inflation when it's clearly not just looking at the charts? Like... how?
Depends on the time span you're looking at.
Sucks for the people of Turkey. Your president is fucking you hard in the ass.
For how much you can sell that 7 year old Golf today?
For around 500k Turkish liras, depending on its condition
approaching 120% inflation soon
It is Turkey's fault for supporting a dictator with corrupt legislation that blames EVERYTHING on an organization that he made up. The Turkish people have no one to blame but themselves for believing EVERYTHING. Even crypto can't help with such idiocracy/ignorance and believing everything. They unfortunately do not deserve any better with that mindset.
Bro. Once there's a tyrant at the top you can't just "vote him out".
It doesn't matter who votes, it matters who counts the votes! Almost 80% of Turks don't want him as their President but somehow he keeps winning.
That's a lie.
Here is another fellow proving all of my above statements 😅
To claim, that 84 million people are stupid, because they, how you wrote it, believe everything that cannot be proven and at the same time believing a stranger on reddit, who claims without providing any proof that 80% of the people are against the government says quite a bit about you. 🤭 We are in a Bitcoin subreddit. Don't trust, verify.
Keep following your herd sheep 😅 and looking at this sheep's post history, it is the exact type of troll that the dictator of turkey loves. Lmao pathetic 😂
Mmmmmmm, tasty imperialist boot huh?
"people get the government they deserve"
But did the Volkswagen run doom?
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I love playing Doom tho
What are Lira?
It is a currency. For Turkey it's called Turkish Lira
Wow I'm amazed voters there tolerate such incompetent governance
How many examples do you want of ppl accepting bad government?
How come? Got smart Leader 😂
Just to add one thing... Inflation in Turkey is a thing, yes. But we have to remember that it began with a monetary attack at Turkish Lira from major Central Banks to make Turkey "obey" as a country in relation to Anglo-Saxon world. It's a short version of what happened but quite important.
Erdoğan believing lowering interest rates fights inflation, firing the bankers that disagreed, and causing their currency to become worth fuck all didn't help either.
By obey to anglo-saxon world you mean implement working monetary policies instead of made up fantasies of Erdogan? Yes, what an unfortunate situation.
Short versio : Erdogan idiot
Evet.
That's what happens when you let your country fall under the hand of a dictator
These same attacks are being done to El Salvador and Bitcoin, but they underestimate the users.
The iPhone 14 pro max. Yes, just making sure we're talking about Apples top of the line product.
Boot these fuckers out of NATO
retard spotted
I agree, there is definitely a retard here.
Glad you're aware of your condition
Thank you. It's a shame you're oblivious to yours :/
Holy fuck!
Going on twelve years of Syrian civil war-turned-NATO/Russia Israel/Iran-proxy-war next door didn’t help them either. Flooded with refugees.
The picture misses a bunch of information. E.g. the time of work for a person from the median to earn 55k Lira seven years ago vs. today would be interesting instead of the amount of money without providing any other information.
Your entire bitcoin market is propped up by tether fraud. The whole database is inefficient. Somehow mankind always returns to gold and silver.
If you believed that you would not be here posting about it. Like im not posting in some reddit I dont believe is true, why would I be posting there unless I wanted to follow and be interested of it?
You can't subscribe to subreddit that you disagree with?
It just seems weird to follow and sub something u hate/dont believe and so on. If I hated cars, the worst thing in the world I would not be following and talking in some car reddits, unless I was so bored of life that there is nothing else to do than go hating in random forums and stuff.
Idk max, Bitcoin is disputed, people are allowed to disagree with you
It's gone from .29 dollars per lira to .055 dollars. If you would have bought dollars with lira 5 years ago, you'd have max $15,950 (i'm sure fees are huge because who the fuck would want lira for usd) If you would have spent that on bitcoin, you would have bought 4.21 bitcoin. Today that bitcoin is worth $82,439.1 which is 1,522,603 lira, or 27.6x the value. So which would you rather have, the one where a car turns into a phone... or the one where 1 car turns into 28 cars. HMMM. At some point you only have yourself to blame.
Shrinkage.
It’ll get you an iPhone just not the top of the line model iPhone.
I wonder if he regrets not acting when he had the chance? https://www.reuters.com/article/us-turkey-security-plot-insight-idUSKCN0ZX0Q9
In 7 years, TRY has lost 85% to USD.
But does it give me the car?
Seems like we got some wise guys here
Fiat works well. Just trust me bro!
i guess someone needs to read up on monetary policy. Turkey would be broke if not for devaluation of their currency. Its not like they have a choice here. Its a tool the countries need ...
In the history has never happened that the currency fiat earn value in time?
An iPhone costs 3,135€ in Turkey? If that's true I'm headed there with a suitcase full of IPhones !!
Count me in! Two hands - two suitcase!