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Just a question: would it have been a good idea for a Turkish person, say, a year ago, to invest in stable coins to prevent suffering from Lira depreciation? P

by baxtr 5y ago

Just a question: would it have been a good idea for a Turkish person, say, a year ago, to invest in stable coins to prevent suffering from Lira depreciation? PS: This is a sincere question… EDIT: some are asking why not real Euros or Dollars? I was thinking convenience and availability. I’m not sure if you could just easily get dollars in Turkey.

TimVulcanus 5y ago
Well you could if you are talking about usd stablecoin, but you could have also simply buy another currency be it euro, US dollar... as long as its value compared to the turkish lira was greater.
dehrmann 5y ago
Nit: buying currencies shouldn't be an investment, but it can be speculation or a hedge.
theNJR 5y ago
Turkey banned crypto https://fortune.com/2021/04/30/turkey-crypto-ban-erdogan-cryptocurrencies-investors-losses-thodex-vebitcoin/amp/ https://fortune.com/2021/04/30/turkey-crypto-ban-erdogan-cry...
- 1cvmask 5y ago
  Fake news. Turkey has some of the most active crypto exchanges in the world. https://www.reuters.com/markets/us/exclusive-turkeys-cryptocurrency-trades-top-1-million-day-amid-lira-woes-2021-12-21/ https://www.reuters.com/markets/us/exclusive-turkeys-cryptoc...
mertd 5y ago
What extra advantages do they get from stable coins over simply walking to an exchange kiosk and buying Euro or USD?
- dehrmann 5y ago
  Bonus: local merchants are going to get really used to seeing those currencies soon.
- latchkey 5y ago
  In $100 bills, the weight of $1 million is about 22 pounds.
halpert 5y ago
Not just stable coins, holding many types of assets would help. It’s very common in many countries to hold savings in US dollars to avoid domestic currency fluctuations. Stable coins may be a convenient way to do achieve this goal, but also has counter party risk with the coin issuer.
dehrmann 5y ago
Why not dollars, pounds, or euros?
AlexCoventry 5y ago
Why not straight-up crypto? Ethereum is up 647% from a year ago.
- latchkey 5y ago
  I did a "dumb" crypto experiment to prove your question. Just over a year ago (Nov 2020), I bought $100 of BTC and $100 of ETH... on Paypal of all places. Didn't touch it at all. Today, it is worth $1221.37 (+510.32%). ETH: $899.22 (+799.22%), BTC: $320.77 (+220.77%) You're right mentioning ETH over BTC. =) My plan is to donate this to charity.
- sdasdasczxcxzc 5y ago
  Crypto is especially known for stability.
  - trophycase 5y ago
    More stable than the lira at this point
    - kingofpandora 5y ago
      Define stable. The poster above you stated that his/her $100 investments are now worth after 1 year: > ETH: $899.22 (+799.22%), BTC: $320.77 (+220.77%) The Turkish lira hasn't changed nearly that much in value.
deleted 5y ago
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deeviant 5y ago
> Yust a question: would it have been a good idea for a Turkish person, say, a year ago, to invest in stable coins to prevent suffering from Lira depreciation? > PS: This is a sincere question… No. PS: This is a sincere answer.

by baxtr 5y ago

TimVulcanus 5y ago

Well you could if you are talking about usd stablecoin, but you could have also simply buy another currency be it euro, US dollar... as long as its value compared to the turkish lira was greater.

dehrmann 5y ago

Nit: buying currencies shouldn't be an investment, but it can be speculation or a hedge.

theNJR 5y ago

Turkey banned crypto https://fortune.com/2021/04/30/turkey-crypto-ban-erdogan-cryptocurrencies-investors-losses-thodex-vebitcoin/amp/ https://fortune.com/2021/04/30/turkey-crypto-ban-erdogan-cry...

1cvmask 5y ago
Fake news. Turkey has some of the most active crypto exchanges in the world. https://www.reuters.com/markets/us/exclusive-turkeys-cryptocurrency-trades-top-1-million-day-amid-lira-woes-2021-12-21/ https://www.reuters.com/markets/us/exclusive-turkeys-cryptoc...

mertd 5y ago

What extra advantages do they get from stable coins over simply walking to an exchange kiosk and buying Euro or USD?

dehrmann 5y ago
Bonus: local merchants are going to get really used to seeing those currencies soon.
latchkey 5y ago
In $100 bills, the weight of $1 million is about 22 pounds.

halpert 5y ago

Not just stable coins, holding many types of assets would help. It’s very common in many countries to hold savings in US dollars to avoid domestic currency fluctuations. Stable coins may be a convenient way to do achieve this goal, but also has counter party risk with the coin issuer.

dehrmann 5y ago

Why not dollars, pounds, or euros?

AlexCoventry 5y ago

Why not straight-up crypto? Ethereum is up 647% from a year ago.

latchkey 5y ago
I did a "dumb" crypto experiment to prove your question. Just over a year ago (Nov 2020), I bought $100 of BTC and $100 of ETH... on Paypal of all places. Didn't touch it at all. Today, it is worth $1221.37 (+510.32%). ETH: $899.22 (+799.22%), BTC: $320.77 (+220.77%) You're right mentioning ETH over BTC. =) My plan is to donate this to charity.
sdasdasczxcxzc 5y ago
Crypto is especially known for stability.
- trophycase 5y ago
  More stable than the lira at this point
  - kingofpandora 5y ago
    Define stable. The poster above you stated that his/her $100 investments are now worth after 1 year: > ETH: $899.22 (+799.22%), BTC: $320.77 (+220.77%) The Turkish lira hasn't changed nearly that much in value.

deleted 5y ago

[deleted]

deeviant 5y ago

> Yust a question: would it have been a good idea for a Turkish person, say, a year ago, to invest in stable coins to prevent suffering from Lira depreciation? > PS: This is a sincere question… No. PS: This is a sincere answer.