• CaptDust@sh.itjust.works
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    8 days ago

    They’ll just suspend trading again, likely until trump lifts sanctions. Value can’t fall if it can’t be compared in the market.

    • Valmond@lemmy.world
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      8 days ago

      Lost like 7 percent today (or percentage points, funnily about the same here).

        • sushibowl@feddit.nl
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          8 days ago

          Yeah, “percentage points” is used to refer to a difference between two percentages.

          For example, let’s say some company previously held 25% of the market, but grew and is now holding 50% of the market. The company’s market share actually doubled in size, which we could call an increase of 100%. Or, looking at it another way, because they grew from 25% to 50%, you can call it an increase of 25 percentage points.

          • WhatAmLemmy@lemmy.world
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            7 days ago

            Sounds like “percentage points” provides less information to the viewer, which explains the context I most often see it used.

        • Ross_audio@lemmy.world
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          8 days ago

          Yes. If you have a half full battery it’s at 50% full.

          If the charge goes up by 50% you get a 75% full battery.

          If the charge goes up by 50 percentage points it goes up to 100%

    • Kazumara@discuss.tchncs.de
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      8 days ago

      But currencies aren’t traded only on one exchange, but all over, surely you can’t suspend trading for currencies?

      • lad@programming.dev
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        8 days ago

        They can restrict official trading, I thought they already did something like that before, maybe not. Besides, market is mostly made by large players, what people can trade in the banks will make less of an impact.

  • Glytch@lemmy.world
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    8 days ago

    They’ll catch up over the next few months as we see a sharp decline in the value of the US dollar and Trump ending sanctions against them.

    • jas0n@lemmy.world
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      7 days ago

      A couple people are saying things like that in this thread. Obviously not everyone is an economics expert. This really started crashing like 2 weeks ago, and they are very near a point of no return. What I’m saying is, they don’t have months. This is kind of already game over.

      • Valmond@lemmy.world
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        7 days ago

        Hasn’t the russian central bank closed all foreign currency transactions? That was what I understood (source Joe blogs).

  • Suburbanl3g3nd@lemmings.world
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    8 days ago

    Maybe I should convert some freedom dollars to rubles and wait for the orange man to make them valuable again in the next few months…

    • M0oP0o@mander.xyz
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      8 days ago

      Well this is the most wall st bets sort of thing I have seen on lemmy.

      Why would you think anything will go up under orange man? The guy who is kinda famous for being an isolationist? The guy using tariffs to wage economic war on the USs closest allies?

      I mean with the same sort of logic, buy South African Rands.

      • SkunkWorkz@lemmy.world
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        8 days ago

        If you trade your USD for other currencies and the value of the dollar goes down against those currencies your get more dollars when you sell those other currencies for dollars. Thus this means that the value of the other currencies went up.

        You get around 100 Rubles for every US dollar let’s say you buy 1000 Rubles with 10 dollars, if the value of the dollar goes to 50 Rubles (meaning the value of the Rubles went up) then you trade those 1000 Rubles back to dollars you’d get 20 US dollars.

        • Cethin@lemmy.zip
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          7 days ago

          I think they’re aware of how it works. Currency speculation is not complicated or new. The thing is, why would you expect the ruble to be a better investment than another currency? Why would you expect it to bounce back?

          It’s a Wall Streets Bets thing because it’s very stupid gambling based on very poor logic. If you’re going to start speculating in currency, the ruble is probably not where you want to start right now.

          • M0oP0o@mander.xyz
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            7 days ago

            Ha, and more on the same point russia just closed the ruble market. So no more trading in rubles and no more ruble values being released.

            Should invest in Rands.

        • Tartas1995@discuss.tchncs.de
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          7 days ago

          I think it is a good idea to help them to understand to use their language.

          The rubles don’t go “up” but the dollar goes “down”.

          That better matches their understanding of reality and it is irrelevant for what you try to communicate.

      • Don Piano@feddit.org
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        8 days ago

        The “them” in the comment you replied to, I think it refers to the rubles, specifically relative to the original dollars.

    • theangryseal@lemmy.world
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      8 days ago

      Heeeeeey.

      This is how folks get rich right here. Crazy ideas like this.

      Well, that or they lose everything. Let me know if you do it so I can cheer you on.

    • Free_Opinions@feddit.uk
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      8 days ago

      Seems kind of a no-brainer if that’s what you actually believe is going to happen. It’s one thing to say one believes something but I’m way more convinced when they’re actually willing to bet money for it.

    • blind3rdeye@lemm.ee
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      8 days ago

      That might be a viable strategy if those were the only two currencies. (But even then, the freedom dollars are still likely to stay in better shape - since the USA is not currently an international pariah or financing a failed invasion.)

    • psmgx@lemmy.world
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      8 days ago

      What’s your horizon / timeline? If you can wait 20 years it may payoff handsomely. But who knows how the world is gonna go until then…

      • Cethin@lemmy.zip
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        7 days ago

        Assuming Russia even exists in 20 years…

        It probably will, but it’s also probably a stupid thing to gamble on. There are safer bets.

  • superkret@feddit.org
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    8 days ago

    I know we all want to believe Russia’s economy is way worse than ever and almost back in the stone age by now, but if you look at the long term, unfortunately it’s not that dramatic…

    • andyburke@fedia.io
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      8 days ago

      A ten year steady decline in the currency of a “world power” is no big deal. 👍

      • tburkhol@lemmy.world
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        8 days ago

        Yeah, the message I get is that a 10% one-day decline doesn’t look like much on the tail end of 70% losses. Worthless paper is worthless.

      • clucose@lemmy.ml
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        8 days ago

        Russia has the same economy as Italy. We take them only seriously because of their nuclear weapons.

      • marcos@lemmy.world
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        8 days ago

        Actually, it’s not. But it’s not a world power either.

        And a large decline in a single day, smaller than that steady decline in a decade can be quite a big deal. Or can be nothing. Nobody knows.

      • superkret@feddit.org
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        8 days ago

        According to some social media bubbles, it should have dropped to 1/10 in the past 2 years.

        • Valmond@lemmy.world
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          8 days ago

          Ah, the kremlin talking points “look your measures doesn’t work!!1! (So can you remove them, ok?)”

          Nobody thought the ruble would crash one or two years ago.

          But well, now is now and it looks like the funds have been used up, the inflation is at its maximum utility etc etc and now it’s crash time!

        • psmgx@lemmy.world
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          8 days ago

          According to some social media bubbles the world is flat and Xenu populated the earth

        • Micromot@feddit.org
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          8 days ago

          What? I don’t get how it disproves the graph from the other commenter or anything else

          Edit: Oh I thought they were saying the first graph depicts it as worse than it is but it was the other way around which makes much more sense

          • bjorney@lemmy.ca
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            8 days ago

            The other commenter cropped their image right before the last massive drop in 2015

            • socsa@piefed.social
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              8 days ago

              Maybe if you don’t understand basic math? Those charts are just reciprocals

              • acockworkorange@mander.xyz
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                7 days ago

                Understanding and visualizing are different things. Perhaps spend some skill points in reading comprehension.

      • Hubi@feddit.org
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        8 days ago

        An interest rate of 21% is also not an indication of things going great.

    • CheeseNoodle@lemmy.world
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      8 days ago

      Its true its not that dramatic on its own but this is after implementing a ton of measures to prop it up and cranking up the interest rate. The Ruble is struggling just to stand still and Putin is running out of ways to prop it up.

    • NoiseColor @lemmy.world
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      8 days ago

      It’s pretty dramatic. Interest rates, currency in freefall, no exports, imports too expensive, morgages failing, salaries dropping, brain drain, …

      It’s pretty bad. They have some ways to go, the war chest is not empty, they can continue to print money they can hold of for another two years maybe.

      We will see what trump does. But they are in a world of hurt no matter what happens next.

    • lemmydividebyzero@reddthat.com
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      8 days ago

      Their economy was never good. Many more people living there than in Germany, much larger country than Germany… And still economically worse than Germany…

    • FabledAepitaph@lemmy.world
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      7 days ago

      I think I saw that they pumped interest up to like 21% at this point to control inflation. Could you imagine? It’s like 7% here in the US and it has made me -very- content with my current vehicle and house…

  • Blackout@fedia.io
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    8 days ago

    That’s the official trading rate. The black market rate is 1 ruble for an empty snickers wrapper.

    • Saledovil@sh.itjust.works
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      8 days ago

      Reminds me of that bot I saw on one of the German speaking communities. Each time to say an ammount of money in Euro, it would then for example reply with “1 Euro, 2 DMark, 4 OstMark, 40 Ostmark auf dem Schwarzmarkt”. (“1 Euro used to be 2 German Mark, used to be 4 East German Mark, and 40 East German Mark on the black market”)

    • mean_bean279@lemmy.world
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      8 days ago

      It’s probably not anything that recently changed. Economies are like rubber bands. They can stretch and run for a while in a deficit or without having proper upside cash flow while in a wartime economy, but eventually all of that has to come back. Russia has just had compounding economic problems (because they’re stupid) and now the hurting is starting to add up.

    • Hubi@feddit.org
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      8 days ago

      Russia is running out of reserves. They managed to boost the Ruble once before when they forced their remaining trading partners to switch to it. Now that they bought up pretty much everything there is, the value will continue go down. I’ve seen a lot of people predict that this would happen in 2025, so this may be the beginning.

      • GHiLA@sh.itjust.works
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        8 days ago

        What does this really mean in relation to a country that regularly pretends reality is malleable?

        We made a new currency, it’s all good, we will pay you with it instead!

        • Hubi@feddit.org
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          8 days ago

          Pretty much everyone including notoriously shady Chinese banks have stopped doing business with them and are no longer handing out loans. You can bullshit your way through all sorts of things but even for the most corrupt institutions the fun stops at “there’s no money”.

          • GHiLA@sh.itjust.works
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            8 days ago

            I guess the situation comes down to assets at that point, tanks, planes, boats… but, then, those are kinda being blown up, so, I dunno, Russia lol.

    • noride@lemm.ee
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      8 days ago

      US announced new sanctions on Gazprombank. The free-fall is fear Russia will be unable to collect revenues for exported gas, which is a huge swathe of their GDP.

  • rockerface 🇺🇦@lemm.ee
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    8 days ago

    Just a little bit lower and it will be cheaper than the toilet paper it’s made from, as it should be.

  • selokichtli@lemmy.ml
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    7 days ago

    It happened in 2022 and bounced back to 2 cents in just weeks. Trump comes back in weeks, I can see things looking better for Russia with Trump’s presidency. I might be wrong, maybe the whole world is going to shit with Trump.

  • TriflingToad@sh.itjust.works
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    8 days ago

    well I’m glad I didn’t take action on my joke of “we should invest now while it’s at 10 cents!” at the start of the war lol