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Turkey bans use of cryptocurrencies for payments

reuters.com

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Re: Turkey bans use of cryptocurrencies for payments

#71

Post by riffraff »

o_p wrote: post #47
m12k wrote: post #41

Earlier quoted context omitted.

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.

he's saying "the fact that there are corrupt people in position X should not disqualify every other people in position X".

There are bad surgeons, you should still probably want surgery if you're sick.

Re: Turkey bans use of cryptocurrencies for payments

#72

Post by manfredz »

The risks cited may have to do with the irreversibility of transactions and the lack of a deposit guarantee scheme when using cryptocurrency.These are valid concerns.

This will however not help with their financial crisis, because the national issuing of money and collection of taxes is still in Turkish Lira. All payment by the government for goods and services is in Lira and needs to be converted to cryptocurrency and all cryptocurrency needs to be converted back to Lira to pay taxes.

Re: Turkey bans use of cryptocurrencies for payments

#73

Post by TicklishTiger »

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?

We are already there. Europeans all use Coinbase and other US exchanges. Coinbase alone brought over $80B in market cap to the US. 100 times more than the market cap of Yahoo when it IPOed.

Re: Turkey bans use of cryptocurrencies for payments

#74

Post by rawtxapp »

dandanua wrote: post #57
rawtxapp wrote: post #27

Earlier quoted context omitted.

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. >…

Here [1] is just a recent proof, the complete list of proofs is too big. I don't have much trust in my government either (Ukraine), but at least I know who they are. Also there are many other ways to store a value. [1] https://news.ycombinator.com/item?id=26811111

So an exchange get's hacked and that makes the origins of Bitcoin criminal? That's like if a bank got hacked and we said US dollar's origin was criminal, it doesn't make any sense.

So if you don't trust them, why would you let them control your money, knowing them doesn't change much.

Sure there are other ways and people are free to choose whichever one they prefer.

Re: Turkey bans use of cryptocurrencies for payments

#75

Post by ben_w »

istanbul7 wrote: post #45
tsss wrote: post #25

Earlier quoted context omitted.

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

Hope is an expression of opinion; Unlike tsss, I hope they do get to join the EU — naturally, I’m hoping this is because Turkey changes rather than because the EU does, I’m sure you feel the exact opposite given your username — but tsss was correct to say Turkey isn’t in it.

Re: Turkey bans use of cryptocurrencies for payments

#76

Post by o_p »

riffraff wrote: post #71
o_p wrote: post #47

Earlier quoted context omitted.

>Sure these guys are clearly corrupt but that doesnt mean you shouldnt trust them with your money! Are you serious? Honest question.

he's saying "the fact that there are corrupt people in position X should not disqualify every other people in position X". There are bad surgeons, you should still probably want surgery if you're sick.

But there are no many surgeons here, theres only one, one central bank. The inflation rate of Turkey is 15%, is anyone really telling people to just "trust the goverment"? Would you put your life savings in the Turkish Lira?

Re: Turkey bans use of cryptocurrencies for payments

#77

Post by freddie_mercury »

neilwilson wrote: post #68
maeln wrote: post #2

For 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 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 even bleaker." All it needs to do is stop doing that and make it clear to the market that it will no longer do that. That removes the patsy from the market and the currency will find its level. What you have to do is make lira scarce. A…

Using the phrase "Washington Consensus" just indicates you're out of touch and it makes it hard to take any argument you make seriously.

The Washington Consensus was on life support by the year 2002 -- that's two decades ago -- and was completely dead by 2008 -- well over a decade ago.

Making strawman arguments against things 15 years out of date doesn't make your argument look stronger.

Re: Turkey bans use of cryptocurrencies for payments

#78

Post by bellyfullofbac »

Another article about cryptocurrencies, another comments thread where I shake my head at the Cryptozealots spouting "It's the solution to everything! Resistance is futile! You will be assimilated!".

I read something interesting about this behavior a while ago, if you've put money into crypto, of course you're going to be cheerleading it, nobody puts money in something expecting to lose it (oh wait... I can see the /r/wsb crowd raising their hands). And the more people you recruit into your ponzi scheme, the more profit you stand to gain, so consciously or not, you'll be trying to convince everyone to get in on this whole scheme.

On the flipside, the skeptics are convinced it's a bubble that can implode any time and that the argumets "it will replace fiat and central banks!" are just silly delusions. And yes this is how I think. To be honest, I like money too, and I wished I had put some money in BTC. Someone's going to reply "Sour grapes!" under here, but still, I'm in the opinion, the rise of BTC is irrational.

Then again, it can be argued that the current world economy is also running on galactic amounts of irrationality...

Re: Turkey bans use of cryptocurrencies for payments

#79

Post by ben_w »

pelorat wrote: post #24
going_to_800 wrote: post #18

Earlier quoted context omitted.

more countries will follow.

More likely they will create their own centralized crypto similar to XRP.

Why? Every time cryptocurrencies get discussed here, the talking points are “crypto is trust-less” (incompatible with centralised), and “government can’t be trusted” (ditto).

I can believe they’ll make a new currency, might even call it a “cryptolira” or whatever as branding, but there is exactly zero value in a government-run money Blockchain. Databases already exist, much lower energy cost, well studied, easy to audit and backup or rollback.

Re: Turkey bans use of cryptocurrencies for payments

#80

Post by lxgr »

geniium wrote: post #40

So because of the Lira loosing it's value, they probably noticed a lot of people trying to get away and save themselves by buying some crypto. They are printing too much money for the rich and not helping/saving anyone and want to block all from getting away. That's probably not gonna work. Banning something has proven to never work in history.

> Banning something has proven to never work in history.

By definition there are lots of banned things in every legal system, and I'd argue many of them for very good reasons.

What's usually ineffective is banning something without providing a viable alternative.

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