Crypto is popular enough in Russia that I'm optimistic Putin might lose control of his money supply forever.
this post was submitted on 23 Nov 2024
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Crypto is popular enough in Russia
Why haven't I heard of that before?
I'm not sure but it is a thing. Russians have historically valued currencies other than their own.
When I was young I was lucky enough to visit Russia just after the fall of the USSR and we were told to bring US dollars and only exchange them daily.
Over ten days there was about 10% in the difference from start to finish.
Because crypto bros will tell you any lies they can to scam you into buying crypto.
If it is popular in Russia, what does that say about you?
I don't know what that link is aiming to say
I assume your point is that people in a failed economy are more susceptible to scammers. No argument.
My point was stated literally. You're imagining things.
Or manipulating your words to fit my meaning :)
Also you asked a kinda vague rhetorical question, it wouldn't be so easy to manipulate your words if they were actually clear.
His rhetorical question was about you, but your response was about the link. If completely avoiding to answer the actual question being asked is considered manipulating words, then no question can be worded in a way that is hard to manipulate. Or maybe you're just trying to avoid admitting to your mistake.
Most likely the Russian central bank will have to increase interest rates before the end of the year. The Ruble continues to decline and inflation continue to increase, despite the already very high interest rates.
We are definitely seeing the signs of the Russian economy collapsing now.
Increasing interest rates is not going to work too well. The idea behind it, is to slow down borrowing hence slowing down demand and with that lowering inflation. That just does not work, when the government spends a lot of money on say a war. The other way it works is by attracting international investors due to higher profits. Obviously seizing assets from foreign investors is not helping with that either.
The only way Russia can actually lower inflation and continue the war is by using its foreign currency reserves and buying foreign products to increase supply in the market. In the case of Russia the foreign currency reserves is part of the sovereign wealth fund. So look out for that.
This is true Russia is running out of options, and even if the 3 latest interest rate hikes didn't do much, I'm still pretty sure they'll have to do it again.
Every little bit helps as they say.
Yep, but it's also like pissing in the bed to keep you warm 😋, it will strain the growth even more.
It was already collapsing a year ago.
Considering the hoops they've jumped to support it yes, but the rate was reasonably stable from August 2023 to September 2024.
But the "circus" started already February 2022, and since then Russia has used all sorts of tricks to keep the Ruble high.
Russia basically banned currency trading already back then, so it's been almost like the Soviet times since.
It did recover quite a bit in the first half of this year but is collapsing again since August.
To the moon!
Keep in mind that the y-axis starts on 2.3. The hryvnia has "only" increase by about 8% compared to the ruble. Good to see, but it's a far cry from a collapse yet.
“only” increase by about 8% compared to the ruble.
In 1 month, 8% is massive, especially since Russia has increased central bank interest rate to 21%. While Ukraine has lowered theirs from 16 to 13 this year.
In 1 month, 8% is massive
Counterpoint, it's only been two weeks 🙃
Absolutely, the past 2 weeks were the really bad ones. I just went with the scale of the graph.
I believe it's lost about 22% in value against major currencies since August (USD, Yuan).
It's just about back to its March 2022 low before they introduced the capital controls and interest rate rises. So basically they've now pissed away all the central bank's work to stabilize the currency.
Magnificent.
You love to see it
Might be true! I'm only saying that this specific graph is a bit misleading. Love to see it any way!
It may seem misleading to you, but that's how currency and stock graphs are shown.
I know! But to lable it "collapse", when that's not what the graph shows, seeing where the y-axis starts, is still a bit misleading. It's bad, but not collapse bad yet.
Robux > Rubles
It's actually true.
For 1 euro, you can get either 95 Robux (22.5k for 240 euros), or 109 rubels.
And the robux will maintain their value a LOT better too