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Comment by savant_penguin | Hacker News Reader

Maybe they should sell it in Bitcoin and automatically trade for dollars

Right, because although the Lira is the most volatile currency, a 15% one day move is a black swan. For bitcoin, it happens every couple of months.

what do you think btc's 'black swan' will be?

Stability?

China will ban it for the 17th time? (kinda sarcasm, kinda not)

It doesn't matter. Bitcoin's normal price discovery is volatile to the degree that only black swans are in fiat currencies.

Its not a real black swan because it's so painfully obvious to anyone who's looked at it in depth but the demise of Tether will have an enormous impact on BTC.

Next downturn when everyone wants to cash out all their investments at once so they can pay rent and such. BTC has yet to experience a downturn, I don't think it will be pretty.

The large investors will buy even more.

Bitcoin has had downturn of over 80% in USD terms in the past 5 years.

> what do you think btc's 'black swan' will be?

Being a usable currency.

Hm, Bitcoin appears down 23% in the last 18 days, flailing wildly the whole time.

If your concern was stability you would obviously not pick Bitcoin haha. Maybe a nice USD or EUR price tag.

> Maybe they should sell it in Bitcoin and *automatically trade for dollars*

Looks like you didn't read the parent comment.

That doesn’t mean they wouldn’t need to change the sticker continuously thought right? This is almost certainly what they’re doing with Lira now.

Charge a price in USD, but accept bitcoins for it?

There's absolutely no reason I can think of for doing that - instead of posting a price if USD or EUR and accepting paying in TRY. They'd have to exchange that Bitcoin for TRY anyway to pay their local staff, and they'd have to convert the balance to USD or EUR anyways. It's just extra lossy steps with huge volatility.

The Central Bank of Turkey prohibited usage of cryptocurrencies as a payment method back in April.

Why do it in Bitcoin when you can do it in Lira ?

at least there is consensus on the exchange rate, even if it fluctuates wildly

Not if you count the OTC markets. I'm led to believe the prices are significantly different in any meaningful quantity.

Latelt Bitcoin has been more stable than Turkish Lira, against USD.

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