, 10 tweets, 5 min read Read on Twitter
Thread: I subconsciously learned a very powerful lesson about the importance of sound money. This experience dates back to 1992-1993 when I was around age 4. We broke into my cousins XL T-rex piggybank. @aantonop @NickSzabo4 @OPENDIME @fartface2000 @TheRandomOne18 @jivinjules
I am born and raised in Turkey. Turkey is a highly inflationary country. It has trade deficits and thus Turkish lira is vulnerable. Like most countries, it grows when Fed chooses expansionary monetary policies and shrinks when there are contractionary money policies.
Here is a graph showing how much the Turkish lira has changed vs USD over the course of 27 years. In May 28 1992, a dollar was 0.007 Turkish Lira, as of February 28, 2019 it is 5.33 Turkish lira. The value gain of Usd compared to Turkish lira is more than 750 times.
I was a very naive kid about money when I was small. The kind of kid that would prefer taking 5 of 10 lira bills instead of a single 100 lira bill since 5 of something seemed to be more. The kind that thinks my parents literally plant and harvest money on an agricultural farm.
So it was the year 1992 or 1993, can't exactly remember and can't really verify from a third party, but we were together with my cousin who is 3 years older than me and who had a giant T-rex shaped piggy bank full of coins. After some discussions, we decided to break it.
The moment we broke the piggy bank was very euphoric. I had never seen so much money together. There were all kinds of coins. I had no mathematical skills and couldn't count them but I could help and sort them out. It took us a while sorting the coins.
We called our parents and showed them how much money we had. They started counting it. Then it became weird. My father told us that a part of the coins is worth something and the others didn't worth anything. Of course, we wanted an explanation.
He tried to explain how the part that isn't worth something called Kuruş is money that is off circulation. We now had lira's that was valid. He again tried to explain that kuruş became so valueless that they had to print other money called lira.
After long discussions, I still wasn't convinced, but I took it for granted. However, this was engraved into my brain as one of the earliest memories. I was so euphoric followed by a huge disappointment. @TheRandomOne18 's @bitpiggys video triggered this memory.
Looking back to this memory, I find it so funny that people had to print new money because the old one was becoming valueless. Today we are discussing if the unit Satoshi should be used instead of the unit Bitcoin itself :D @hodlonaut
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Readmore 🔑⚡️🔦
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!