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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

#151

Post by koheripbal »

kasperni wrote: post #19
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? But it probably would. Not completely, but few people would risk putting their life savings or any significant amount of money into something that was illegal.

It's more practical than that.

It means you cannot do the bank transfer to move your Liras to a crypto exchange. It definitely puts a meaningful barrier on buying crypto.

Re: Turkey bans use of cryptocurrencies for payments

#152

Post by KptMarchewa »

submeta wrote: post #109
Graffur wrote: post #104

Earlier quoted context omitted.

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.

Do you have american style credit ranking in Germany?

Re: Turkey bans use of cryptocurrencies for payments

#153

Post by tim333 »

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…

The situation is kind of mixed in Europe. I was just on to some banks. Santander Jersey said they wouldn't transfer to crypto businesses at all as a policy, Bank Sabadell in Spain has been ok. FirstDirect blocked my payment as suspected fraud but were ok when I called them. You have to try different options sometimes.

Going via Revolut can be a good option though I find them annoying.

Re: Turkey bans use of cryptocurrencies for payments

#154

Post by imtringued »

duman wrote: post #140
imtringued wrote: post #130

Earlier quoted context omitted.

The interest rates set by the Turkish central bank are so high I honestly can't even comprehend why anyone would flee the Lira. You lose 17% to inflation but you also get back 19% from interest. The problem isn't the currency. The problem is that nobody wants to invest into a corrupt regime, people are fleeing Turkey, not the Lira. If Turkey was a trustworthy nation the US government could just purchase Turkish gover…

As a Turkish citizen I can say that the real inflation is much higher than 17% but they are trying to make it look lower by changing the formula constantly so they don't have to raise government employee's salaries so much. I would say the real inflation is closer to 50%.

I didn't do much research so lets assume you are right but at the same time I hope you do not confuse asset prices with consumer prices. The PCI in the USA is correct and people still cry that it is manipulated.

If the government is under reporting inflation that is a problem with the government. The obvious solution is to just report correct inflation. Once the government has reported correct inflation numbers the Turkish central bank must raise interest payments and that would mean at least 52% interest. The fundamental problem doesn't change though. People are still fleeing the influence of the Turkish government, not the currency. You need to trust the government and the government must eliminate internal corruption.

Re: Turkey bans use of cryptocurrencies for payments

#155

Post by reducesuffering »

duman wrote: post #140
imtringued wrote: post #130

Earlier quoted context omitted.

The interest rates set by the Turkish central bank are so high I honestly can't even comprehend why anyone would flee the Lira. You lose 17% to inflation but you also get back 19% from interest. The problem isn't the currency. The problem is that nobody wants to invest into a corrupt regime, people are fleeing Turkey, not the Lira. If Turkey was a trustworthy nation the US government could just purchase Turkish gover…

As a Turkish citizen I can say that the real inflation is much higher than 17% but they are trying to make it look lower by changing the formula constantly so they don't have to raise government employee's salaries so much. I would say the real inflation is closer to 50%.

50% per year? How and where are you storing your savings in this circumstance?

Re: Turkey bans use of cryptocurrencies for payments

#156

Post by yoavm »

sekai wrote: post #97
bellyfullofbac wrote: post #78

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…

Crypto clearly has a use in this scenario, Lira is plummeting.

What so "clearly" about this? Is the Lira plummeting because it's a fiat currency? Are cryptocurrencies inherentially stable? They can't technically plummet? I don't get how crypto is "clearly" a solution here. Turkey has a financial issue, an economical crisis. The Lira isn't in troubles because people want to audit the database and they can't.

Re: Turkey bans use of cryptocurrencies for payments

#157

Post by lifty »

bellyfullofbac wrote: post #78

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…

The whole financialized economic system is running on irrational exuberance and is frothy as hell. We could have a collapse in trust and a deflationary shock would send valuations to the ground but that is unlikely to happen because that would threaten the whole financial system, including the bond market. It's almost like the cryptocurrency market is the perfect scheme to take advantage of this situation. The game must go on and the central banks know it, that's why whenever there's a hiccup in the credit markets they intervene. So have fun everyone!

Regardless of the irrationality of current valuations, the cypto asset industry is here to stay and it will slowly syphon more use cases from the traditional financial system. The overall trend is real, just like the Internet trend in 2000 was real, regardless of the subsequent crash. Position yourself accordingly.

Re: Turkey bans use of cryptocurrencies for payments

#158

Post by tim333 »

sekai wrote: post #97
bellyfullofbac wrote: post #78

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…

Crypto clearly has a use in this scenario, Lira is plummeting.

Well it's still rubbish for making payments so it's only really useful as an asset you can swap your Lira for along with property, gold, shares, foreign currency and the like.

Re: Turkey bans use of cryptocurrencies for payments

#159

Post by [deleted] »

KptMarchewa wrote: post #143
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…

Reversibility is the feature of credit cards, not drawback or limitation.

[deleted]

Re: Turkey bans use of cryptocurrencies for payments

#160

Post by patates »

BrandoElFollito wrote: post #135
patates wrote: post #128

Earlier quoted context omitted.

I'm a mixture of Greek, Turkish and Bulgarian, and am now a German citizen. I understand that it's impossible for me to be impartial in such discussions but it may help others in the discussion being more civil if you could say something to the tune of "there needs to be consequences" instead of saying that "we" should have dropped "them" not have a "weight" on "us".

I was not trying to be controversial, sorry. I was rather trying to show the mixture of "why bother, just let them go" and "there are real people out there" that was expressed several times (and that was feeling as well).

Oh, now I understand what you mean. Thanks for the clarification!
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