Turkey bans use of cryptocurrencies for payments • Hacker News Board

Re: Turkey bans use of cryptocurrencies for payments

#41

Post by m12k » Fri, Apr 16, 2021, 9:30 AM UTC

dangerlibrary wrote: post #32

dandanua wrote: post #16

Earlier quoted context omitted.

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).

In fairness, "the majority of coins belong to unknown entities (supposedly of criminal origin)" is only a small rephrasing away from a description of Erdogan's government / political party [0]. And they are scarier for Turkish citizens than BTC, since he also aggressively punishes dissent and is a de-facto dictator [1]. [0] https://en.wikipedia.org/wiki/2013_corruption_scandal_in_Tur... [1] https://en.wikipedia.org/w…

Sure, but the fact that Turkey is becoming increasingly corrupt isn't really a good argument why it would be a good idea to take away the ability of all central banks to perform monetary policy to stabilize the economy.

Re: Turkey bans use of cryptocurrencies for payments

#42

Post by zaik » Fri, Apr 16, 2021, 9:31 AM UTC

tsss wrote: post #25

qwertox wrote: post #22

What 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.

Hopefully Turkey joins the EU as by then it will have become a democratic and financially stable country.

Re: Turkey bans use of cryptocurrencies for payments

#43

Post by chr1 » Fri, Apr 16, 2021, 9:31 AM UTC

dandanua wrote: post #16

fisf wrote: post #7

Earlier 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).

Most governments on earth are of certainly known criminal origin. In the best case they are taking away 2-5% of your money every year by printing more. And in pathological cases, like Erdoghan, they take 30% and spend it on mega-palace or war with neighbours.

Re: Turkey bans use of cryptocurrencies for payments

#44

Post by argvargc » Fri, Apr 16, 2021, 9:31 AM UTC

dandanua wrote: post #16

fisf wrote: post #7

Earlier 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).

This is very misleading.

Cryptocurrencies developed on 10+ year old tech, that have stayed in that state throughout may indeed have very poor tps as you state. However, this is absolutely not the majority, as that base tech has iterated both at the base level, and in the application of layers. Typical these days are tps-handling in the 1k's - 10k's, and beyond. This will only keep improving as the technology progresses.

Many systems capable of such throughout are heavily under-utilised, showing that crypto technology is generally ahead of those needs. That there have been hiccups have been more due to "brand loyalty", not tech deficiency, but even those technologies (Ethereum, mainly), are in the process of being upgraded.

Given tps in the fiat world is somewhat of an inapplicable metric, as fiat transactions typically take in the order of days to complete - it's even more of a misleading comparison. Credit cards achieve 30k tps throughput only with the considerable caveats of reversibility and 30 day (or longer) finality. Crypto suffers from no such limitations.

The majority of worth in the space is absolutely not of "criminal origin", demographics of crypto holders have been studied extensively and are readily available.

Re: Turkey bans use of cryptocurrencies for payments

#45

Post by istanbul7 » Fri, Apr 16, 2021, 9:32 AM UTC

tsss wrote: post #25

qwertox wrote: post #22

What 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.

Why dont eu finish conversations with Turkey if your statement right Mr. eu spokesman

Re: Turkey bans use of cryptocurrencies for payments

#46

Post by zapdrive » Fri, Apr 16, 2021, 9:33 AM UTC

zeepzeep wrote: post #35

dandanua wrote: post #16

Earlier quoted context omitted.

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).

You don't need an on-chain transaction for most things, as you can just instantly send BTC over Lightning Network, a second layer on the BTC blockchain. There's no speed limit, it's not on the chain, only nodes between you and the node you paying are involved. It's pretty neat.

Lol, you are not serious, are you? Oh, I get the sarcasm now. "Lightning Network" is only "6 months away", right? Wink wink!

Re: Turkey bans use of cryptocurrencies for payments

#47

Post by o_p » Fri, Apr 16, 2021, 9:34 AM UTC

m12k wrote: post #41

dangerlibrary wrote: post #32

Earlier quoted context omitted.

In fairness, "the majority of coins belong to unknown entities (supposedly of criminal origin)" is only a small rephrasing away from a description of Erdogan's government / political party [0]. And they are scarier for Turkish citizens than BTC, since he also aggressively punishes dissent and is a de-facto dictator [1]. [0] https://en.wikipedia.org/wiki/2013_corruption_scandal_in_Tur... [1] https://en.wikipedia.org/w…

Sure, but the fact that Turkey is becoming increasingly corrupt isn't really a good argument why it would be a good idea to take away the ability of all central banks to perform monetary policy to stabilize the economy.

>Sure these guys are clearly corrupt but that doesnt mean you shouldnt trust them with your money!

Are you serious? Honest question.

Re: Turkey bans use of cryptocurrencies for payments

#48

Post by dash2 » Fri, Apr 16, 2021, 9:36 AM UTC

argvargc wrote: post #44

dandanua wrote: post #16

Earlier quoted context omitted.

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).

This is very misleading. Cryptocurrencies developed on 10+ year old tech, that have stayed in that state throughout may indeed have very poor tps as you state. However, this is absolutely not the majority, as that base tech has iterated both at the base level, and in the application of layers. Typical these days are tps-handling in the 1k's - 10k's, and beyond. This will only keep improving as the technology progress…

Brand loyalty is probably less important than network effects. NewTechCoin may be way better than Bitcoin but nobody's going to buy it until everyone else is buying it.

Re: Turkey bans use of cryptocurrencies for payments

#49

Post by zapdrive » Fri, Apr 16, 2021, 9:36 AM UTC

fidelramos wrote: post #29

dandanua wrote: post #16

Earlier quoted context omitted.

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]. [0] https://bitcoincash.org/ [1] ht…

I don't know who is down voting you.. But you are right. That temporary limit has been abused by a faction of people (funded by banks) trying to control Bitcoin. That's why there's a surge of other coins that have removed the limitation. And one of the reasons why Bitcoin's dominance stands below 54% today.

Re: Turkey bans use of cryptocurrencies for payments

#50

Post by VMG » Fri, Apr 16, 2021, 9:36 AM UTC

dandanua wrote: post #16

fisf wrote: post #7

Earlier 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).

even if your silly "7tps" number was true, the answer would be YES