this post was submitted on 27 Nov 2024
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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....
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.
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.
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.
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.
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.
The "them" in the comment you replied to, I think it refers to the rubles, specifically relative to the original dollars.
Yes, it was not unclear.
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.
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.
I don't think you can just get Rubles with all the sanctions.
Fair point!
Yes, I expected to at least find a financial instrument tied to a USD - RUB value, like a CFD, but I couldn't find any.
"put your money where your mouth is"
I tried that once; the taste was horrible!
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.)
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...
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.