Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Turkey bans use of cryptocurrencies for payments

reuters.com

Post reply on HN
Print view View original

101–110 of 302 posts

Re: Turkey bans use of cryptocurrencies for payments

#101

Post by Graffur »

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…

HN always seems to have bitcoin cash fans. I don't get it. Bitcoin cash has 'leaders' in the space who are very quesitonable. Bitcoin cash also has no place if we take into account other cryptos (Monero or Algorand). Bitcoin cash exists only to dilute the bitcoin 'brand' imo.

Re: Turkey bans use of cryptocurrencies for payments

#102

Post by Geee »

ChrisLomont wrote: post #83
argvargc wrote: post #44

Earlier quoted context omitted.

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…

I routinely buy things with fiat that complete in seconds. There's on order of trillions of completed fiat transactions per day. They don't generally take days. Only a tiny, tiny amount of them of a very limited class take days. It's disingenuous to imply all fiat transactions take that long.

Your transaction isn't settled instantly. The actual money that flows between institutions behind the scenes is way slower than bitcoin. You can use credit/debit card on Bitcoin too, and your payments seem to go through instantly with whatever tps the network supports.

Re: Turkey bans use of cryptocurrencies for payments

#103

Post by CodeGlitch »

zaik wrote: post #42
tsss wrote: post #25

Earlier quoted context omitted.

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.

> democratic and financially stable country

...glances at Greece

Re: Turkey bans use of cryptocurrencies for payments

#105

Post by joshxyz »

submeta wrote: post #53

It hasnt‘t to be banned officially to be banned effectively. - Here in Germany buying and owning crypto currencies is not illegal. But try to transfer only 20k Euros from your bank account to Kraken.com to buy some crypto assets. Then you might get a letter from your bank telling you they just cancelled your bank account, without telling you why. And they will refuse to explain anything. - Trying to get background in…

Shouldn't someone with 20k € go through an otc desk instead of retail markets?

Re: Turkey bans use of cryptocurrencies for payments

#106

Post by africanboy »

varispeed wrote: post #13

Why politicians still think that if they ban something then it will magically go away? As if people will think "oh it's banned, I guess I'll stop using it then". It's another weapon against the poor, as those people are the ones who feel consequences of such actions (good example is the war on drugs - poor people are in jail, rich bankers powder their noses as they please).

> Why politicians still think that if they ban something then it will magically go away?

because people don't like to go to jail

> "oh it's banned, I guess I'll stop using it then"

that's exactly what's gonna happen in Turkey though. But even if it wasn't Turkey which is ruled by an autocrat, a ban would steer away casual users that usually means the thing banned won't succeed in the long run.

imagine if YouTube was banned in some country and the ban would stay even after public protests (admitting that public protests were allowed)

YouTube usage would immediately drop to a number very close to zero.

Re: Turkey bans use of cryptocurrencies for payments

#107

Post by bilekas »

I'm not sure how they're planning to enforce this though..

And as the article lays out, for sure all those potential fintech companies who would like to participate with crypto are not going to touch Turkey.. Seems like a counter productive action for a struggling economy.

Re: Turkey bans use of cryptocurrencies for payments

#108

Post by bilekas »

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…

16.19% inflation seems quite scary..

Re: Turkey bans use of cryptocurrencies for payments

#109

Post by submeta »

Graffur wrote: post #104
submeta wrote: post #85

Earlier quoted context omitted.

Fidor. But I hear this happens with other banks as well, regularly.

So what happens to your money when a bank closes your account?

You name another bank account number, they will transfer your funds.

## Edit

But banks cancelling your account is not something without consequences. Your credit rating may and propably will suffer.

Re: Turkey bans use of cryptocurrencies for payments

#110

Post by iamben »

zoshi wrote: post #89
threatofrain wrote: post #82

Earlier quoted context omitted.

If money is opaque then it also cannot be taxed or seized by judicial process. IMO this moves further towards an aristocratic society as possession goes from 90% → 100% to the law.

Cash is opaque, yet governments have been funding themselves via taxation for thousands of years. If government charged a flat rate for its services, tax evasion would become impossible. One would simply show a proof of payment. This would only be ~$10k/year in US according to its current tax receipts and population. Property tax is also impossible to evade.

Yes, but most people don't keep cash in a box under the bed - they keep it in a bank. This means my elderly mother's house doesn't get broken in to on a regular basis by people trying to take her life savings.

Furthermore, her cash in a bank is protected by the government, and there are safeguards in place to help protect her from people trying to scam anything she has saved away from her. There are also mechanisms in place that when things 'go wrong' she's looked after.

I'm not arguing for or against cryptocurrency, but there is some value to having a society where those that earn more help those that earn less by paying more taxes. I'm also pretty happy to pay for police, and firemen, and someone to pick up my bins, pave my roads, medical care etc. etc. All too often it seems the crypto argument is "I don't want to pay taxes, it's MY money" - yeah, it hurts, but the benefit of doing so is very real.

The caveat, of course, is I say this living in a country with great free medical care, that's actually a pretty nice place to live, even if I really don't agree with some of our politicians. I appreciate not everyone lives in such a country.

Post reply on HN