The lira is a cryptocurrency in the sense that Sasquatch is a cryptobeast.
Turkey bans use of cryptocurrencies for payments
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Re: Turkey bans use of cryptocurrencies for payments
#22What are the consequences of being left out? For example, assume that the EU bans crypto, but the US is fine with it.
The US will then continue developing solution with and for it, eventually building the next big thing, revolutionizing a market.
Wouldn't that then place the EU in a position of a consumer until they can then catch up eventually, if that would even be possible?
Re: Turkey bans use of cryptocurrencies for payments
#23For context: Turkey has been facing an several year long financial crisis with the Turkish Lira plummeting in value. Erdoğan has done nothing good to solve the crisis and is just firing the central bank administrator one after the other. The central bank has brought so much lira with its foreign currency reserve to try to maintain the price that it is almost running dry of any foreign currency, making the future look…
The first thing would be to ban free exchange of foreign currencies. But that would be hard to do in the tourist country.
After turning the country into a dictatorship, regularly arresting and torturing foreign tourists, and now corona, I doubt that there are any tourists left at all.
Re: Turkey bans use of cryptocurrencies for payments
#24Re: Turkey bans use of cryptocurrencies for payments
#25What are the consequences of being left out? For example, assume that the EU bans crypto, but the US is fine with it. The US will then continue developing solution with and for it, eventually building the next big thing, revolutionizing a market. Wouldn't that then place the EU in a position of a consumer until they can then catch up eventually, if that would even be possible?
Turkey isn't in the EU and hopefully it never will be.
Re: Turkey bans use of cryptocurrencies for payments
#26For context: Turkey has been facing an several year long financial crisis with the Turkish Lira plummeting in value. Erdoğan has done nothing good to solve the crisis and is just firing the central bank administrator one after the other. The central bank has brought so much lira with its foreign currency reserve to try to maintain the price that it is almost running dry of any foreign currency, making the future look…
Could be heading to much higher central bank rates there soon then?
Historical context: https://tradingeconomics.com/turkey/interest-rate
Re: Turkey bans use of cryptocurrencies for payments
#27Earlier quoted context omitted.
Basically one of the exact reasons why Crypto should exist.
Yeah, let's destroy financial systems of governments and substitute it with a system that has 7 tps cap in which the majority of coins belongs to unknown entities (supposedly of criminal origin).
So you don't think it's valuable to give people power over their incompetent government?
7tps on the base layer, you're ignoring layer 2s and all other places where you can exchange crypto without it being recorded on the blockchain, as a matter of fact, unless you're buying directly from a miner, the single transaction that you use to put it in your wallet actually corresponds to many other transactions elsewhere.
> (supposedly of criminal origin)
Big bold claims also require some proof. It's a decentralized protocol that can't be controlled by anyone.
Do you really trust that your gov and the politicians/bankers have your best interest at heart?
Re: Turkey bans use of cryptocurrencies for payments
#28A government antagonizing its own citizens, what an odd mindset. The rule always is "Stifle innovation -> Get left behind."
Re: Turkey bans use of cryptocurrencies for payments
#29Earlier quoted context omitted.
Basically one of the exact reasons why Crypto should exist.
Yeah, let's destroy financial systems of governments and substitute it with a system that has 7 tps cap in which the majority of coins belongs to unknown entities (supposedly of criminal origin).
Bitcoin was never supposed to be capped at 7 transactions per second, there are no technical reasons for that limit to exist anymore (it was added in 2010 as a temporary measure). Until (if) Bitcoin BTC decides to scale people can use the Bitcoin Cash [0] fork, which today has ~32 times more capacity, with a roadmap to continue scaling to universal usage while keeping fees low [1].
Re: Turkey bans use of cryptocurrencies for payments
#30Earlier quoted context omitted.
The first thing would be to ban free exchange of foreign currencies. But that would be hard to do in the tourist country.
After turning the country into a dictatorship, regularly arresting and torturing foreign tourists, and now corona, I doubt that there are any tourists left at all.
... which is pretty sad. I've been to Turkey twice as a tourist, and it was lovely.