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submitted 1 year ago by sag@lemm.ee to c/196@lemmy.blahaj.zone

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[-] programmer_belch@lemmy.dbzer0.com 103 points 1 year ago

This map is somewhay misleading, some countries use currency without decimals, making their currency worth effectively less. Take for example the euro, a cent (a one hundredth of an euro) is cerntainly worth less than a robux while an euro isn't. The same comparison with the japanese yen (efectively a cent) shows that robux is more valuable. The map should be how many robux can you buy with the minimum wage for example.

[-] M500@lemmy.ml 39 points 1 year ago

Yeah this doesn’t make any sense. In fact by their logic it’s wrong. A robuck is worth more than a US penny.

I’m guessing they’re basing it on the smallest paper denomination, but that still doesn’t really make much sense to do.

[-] Devorlon@lemmy.zip 12 points 1 year ago

It wouldn't be the smallest paper denomination, IIRC the Euro and Pound don't have single notes in circulation anymore.

[-] WhiteHawk@lemmy.world 16 points 1 year ago

I don't believe the Euro ever had a 1€ note, it's always had 1€ and 2€ coins

[-] Ilovethebomb@lemm.ee 4 points 1 year ago

The smallest New Zealand dollar note is a $5, anything less is coins.

[-] Ilovethebomb@lemm.ee 11 points 1 year ago

The US does not use the penny as their currency, they use the dollar. A penny is a fraction of a dollar.

[-] captainlezbian@lemmy.world 3 points 1 year ago

Yeah currency will have a whole unit. Common purchases may or may not fall within the range where that unit is the order of magnitude to think of, much in the same way the meter may or may not be the order of magnitude you think of, but it is the 1 marker. Cents are portions of the dollar, yen are whole 1s, even though they’re more or less comparable. Euro-American currencies tend to be subdivided into hundreds, and if needed fractions from there such as the halfpenny.

[-] Ilovethebomb@lemm.ee 16 points 1 year ago

Because the EU doesn't use the cent, they use the Euro. A cent is a fraction of a euro.

The Yen is like that because they had hyperinflation for a while.

This comment really doesn't make sense.

[-] smollittlefrog 26 points 1 year ago

The point of the comment is to point out the common misconception that the value of one [token of a currency] has anything to do with the strength of a currency. As described in the comment, the value of a singular token of a currency can be chosen arbitrarily.

This, of course, doesn't mean the map is factually incorrect.

[-] azertyfun@sh.itjust.works 8 points 1 year ago

But the value of a unit of currency being unrelated to the currency's strength had nothing to do with whether that currency has cents or not. That comment just used the wrong explanation to make a correct point.

Also the map isn't entirely useless, because what it does illustrate is currencies which likely suffered from high or hyper-inflation in the past (or are very old). Obviously, no government first issues a currency and says "... and so one loaf of bread is 10000 schmeckles". That's just impractical.

Of course this doesn't mean that then Japanese Yen is a bad currency, but it does make for an interesting historical point.

[-] programmer_belch@lemmy.dbzer0.com 4 points 1 year ago

This, I don't think the map is incorrect, for me it would be more interesting to compare people's wealth than the arbitrary value of a token

[-] Rodeo@lemmy.ca 4 points 1 year ago

Because this map uses the nominal currency, obviously.

Cents are not the nominal currency of Europe; euros are the nominal currency, and cents are a fraction of that nominal currency.

[-] MooseBoys@lemmy.world 25 points 1 year ago

This map is completely meaningless. The local value of “one money” in each country’s currency varies massively. A Coke might cost 1 dollar in Australia but cost 1000 won in South Korea, but Australians make 50,000 dollars per year while South Koreans make 3,500,000 won per year.