2010 one Lebanese lira = 0.67 BTC today 1 lira = 1 Satoshi

[Husires]

https://chrisoncrypto.com/blog/f/lebanese-lira-drops-like-a-stone-loses-50%25-in-10-days

The Lebanese national currency continues to decline to no value, with the continuing financial crisis, which is not expected to see a relief soon.
Unofficial reports stated that the Lebanese national currency lost 50% of its purchasing power in less than two weeks, and in addition to the chronic poor management of cash, led to the emergence of more than one exchange rate for the Lebanese pound and the emergence of a parallel market for buying and selling at prices that may reach 80% of official prices.

While it's difficult to say the exact exchange rate for Lebanon's, given its official value of $0.00066 to the Dollar since 1997, it's safe to say that chronic monetary mismanagement has led to the emergence of a parallel market. Some reports indicate it has seen its value plummet 86% in just a year.

The accelerating crisis has had a crippling effect on daily activities in the country, as it now prepares for a wave of emigration following its expected re-opening of its borders after covid-19 restrictions are lifted.

the Bitcoin Standard", Saifedean Ammous calculate some numbers from this codes:

2010 one Lebanese lira = 0.67 BTC today 1 lira = 7 Satoshi (Official reports) 1 lira = 1 Satoshi (Parallel market)

On July 2, local crypto advocate and author of "The Bitcoin Standard", Saifedean Ammous, took to Twitter to assert that after “having lost half its value in the last 10 days, the Lebanese lira is now worth one satoshi” — comprising a new low for the currency of about $0.000093.

It is inflation that causes the prices of these currencies to lose their value so quickly

[Lucius]

2010 one Lebanese lira = 0.67 BTC today 1 lira = 7 Satoshi (Official reports) 1 lira = 1 Satoshi (Parallel market)

But in 2010 the price of 1 BTC was very small in any currency and in July 2010 price was only $0.008–$0.08, so for $1 you could buy more than 10 BTC. In fact all fiat currencies are losing on their value, and on the other hand BTC has made incredible growth.

In particular, Lebanon is just one of the examples where several factors have influenced their national currency to lose so significantly in value. But we can find similar or much worse examples with the national currencies of Venezuela where money is worth no more than plain paper, or Zimbabwe which has become an example of incredible hyperinflation (79 600 000000% per month). We should not forget what happened to the Turkish lira two years ago.

[jackg]

I like the comparison of 50 sats being worth a dollar at the ath while it was previously around $0.01/btc back in 2010...

I haven't heard lebinon be seen as a very stable country but still a fairly interesting comparison...

It's worth noting that this trajectory almost definitely won't continue with the same power but a continuation with less power would be pretty impressive, if we break the $100k mark in a few years it'd be an achievement...

[yhiaali3]

2010 one Lebanese lira = 0.67 BTC today 1 lira = 7 Satoshi (Official reports) 1 lira = 1 Satoshi (Parallel market)

In 2010, the price of the Lebanese pound was 1 $ = 1500LB, this means 1LB = 0.00067 $ On the other hand, the price of bitcoin was very low in 2010, about 1BTC = 0.1 $
Now the price of the Lebanese pound is 9000LB = $ 1, while the price of Bitcoin is 1BTC = $ 9300
There has been a very significant decrease in the price of the Lebanese pound, and in return there has been a tremendous rise in the price of bitcoin, so I think this comparison is inaccurate.

[sunsilk]

This pandemic has really brought a lot of economies to go down and very sad for Lebanon that they have to go through with this. I haven't heard anything from them since the outbreak and it turns out that they have been having a bad economy for the last two weeks.

And for the comparison of a satoshi value to a Lira. I think I saw it on FB when somebody posted about the news. It clearly tells us that bitcoin is a deflationary asset and soon we will see a greater value on it while seeing the other local fiat money to crash in value.

[Darker45]

The figures are showing a much bigger difference for a span of a decade because we are shown with a fast rising Bitcoin versus a fast falling Lebanese Pound. They're moving on opposite directions quite fast.

Either way, it would be best and sort of urgent for the Lebanese people to store their money's worth somewhere whose value does not fall 50% in less than 10 days. That is a terribly worrisome free fall.

[Lucius]

I like the comparison of 50 sats being worth a dollar at the ath while it was previously around $0.01/btc back in 2010...

Some weird comparison, I only know of the one mentioned over the years, that 1 satoshi will be worth $1. It’s of course just a fantasy about how 1 BTC will be worth $1 million in the future, which would mean the whole world switching completely to Bitcoin - nice SF movie.

I haven't heard lebinon be seen as a very stable country but still a fairly interesting comparison...

It is not lebinon, but Lebanon - and in terms of stability in all respects, Lebanon has been known in the past as "Switzerland of the East", and their capital city was known as "Paris of the Middle East". Everything changed with the civil war that began in 1975 and lasted for 15 years, and the consequences of which are still felt today.

[South Park]

The figures are showing a much bigger difference for a span of a decade because we are shown with a fast rising Bitcoin versus a fast falling Lebanese Pound. They're moving on opposite directions quite fast.

Either way, it would be best and sort of urgent for the Lebanese people to store their money's worth somewhere whose value does not fall 50% in less than 10 days. That is a terribly worrisome free fall.

When people think of a store of value they think of gold silver and in the case of this forum we think of bitcoin as well, but when a currency is in such a free fall then anything can be a store of value, people should get rid of their money as soon as they can, but it seems the government has already put in place measures to protect themselves while they damage the general population, like limiting the access to dollars, only allowing a certain amount of money to be withdrawn from bank accounts and several other restrictions.

I wonder how long it will take for the government to steal the funds their citizens have on their bank accounts? Because that is the next step most governments take when confronted by a crisis of their own making.

If anything keep this on mind when trying to explain to people why bitcoin is such a great currency, its greatest benefit comes not from the profits you can get by investing in it but by the security you have knowing this will never happen to you.

[hatshepsut93]

So? You can't extrapolate it into the future and say that Bitcoin will grow by 1000000% again. And there's nothing too surprising with a currency of a highly unstable third-world country being prone to inflation. But this doesn't mean that even for people of those country Bitcoin is the best store of value, they can still prefer US dollar, because Bitcoin can be risky too. No one wants to see 50% of their currency's value disappear over a few hours, which is a very real possibility with Bitcoin.

[FanEagle]

Yeah, this comparison is not fair at all, it is really just way of saying that Lebanese lira is actually doing that different from others, I personally think that they are doing about the same as the other places. Sure they are going down, sure they are lower in value and sure there is inflation going on but that doesn't mean that Lebanese lira is the only one, it might be or might not be the worst I don't know all the currencies, but just because its bad doesn't mean others are doing better, which is why I think its quite important to know that that currency wasn't doing that bad at all, it was basically the norm.

Obviously currencies losing value is a very bad thing, it leads to a ton of problems, but just because all of it did, doesn't mean one doing the same could mean something different.

[bits4books]

Well, maybe they finally collapse. And then they will deal with their authorities and choose new ones/build a completely different regime. Why don't I feel sorry for them? I don't know, it's just their fault.

[coolcoinz]

Well, maybe they finally collapse. And then they will deal with their authorities and choose new ones/build a completely different regime. Why don't I feel sorry for them? I don't know, it's just their fault.

Usually the collapse of a currency is only a disaster for the people, but just a walk in the park for the politicians. Just look around you and you'll see it's harder to find a country with a long history of the same currency than the other way round. Practically every single country went through a currency reset. Some more than once.

[bits4books]

Well, maybe they finally collapse. And then they will deal with their authorities and choose new ones/build a completely different regime. Why don't I feel sorry for them? I don't know, it's just their fault.

Usually the collapse of a currency is only a disaster for the people, but just a walk in the park for the politicians. Just look around you and you'll see it's harder to find a country with a long history of the same currency than the other way round. Practically every single country went through a currency reset. Some more than once.

And what prevents the people from removing a government that does not suit them? Or revolution can only be made by government? If people have not done anything for the welfare of their country then they deserve what they have received.

[so98nn]

I think most of the countries which are under developed, and developing category will have such kind of values.

Indian Rupee is also kind of very low. Against Libra its still standing good but if we compare to world's dominating currencies then it is surely very low. I mean if 1 EURO is 1,20,000 Satoshi whereas 1 INR is equal to 120 Satoshi. Its so tiny and over the period when bitcoin will keep rising in value it might remain stable or have little bit of movement.

We may not see our values as big as euro and USD but i guess its what they are worth due to devaluation.

[Haunebu]

Honestly, this is the first time I am hearing about this currency. Am not surprised though since it is a 3rd world currency. However, comparing it with BTC values over the years is silly.

No currency can overtake BTC in a 1:1 comparison at present, but there were many that were valued much higher in the past way back in 2010 which just proves that this comparison doesn't make a lot of sense op.

Indian Rupee is also kind of very low. Against Libra its still standing good but if we compare to world's dominating currencies then it is surely very low. I mean if 1 EURO is 1,20,000 Satoshi whereas 1 INR is equal to 120 Satoshi. Its so tiny and over the period when bitcoin will keep rising in value it might remain stable or have little bit of movement.

First world currencies will always trump 3rd world currencies and that is a fact. It isn't surprising that INR cannot compete against USD, Pound etc. As time passes, the difference between them continues to grow.