>He has lost $125, until he sells Everyone who owns an asset is not selling it at this exact moment, so it is worth nothing and there is a 100% loss according

>He has lost $125, until he sells Everyone who owns an asset is not selling it at this exact moment, so it is worth nothing and there is a 100% loss according to you? This is a possible definition of "loss", but I think it's clearly non-standard, and not useful. You can't just pretend that's what other people mean when they talk about losses.