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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

#161

Post by bellyfullofbac »

yoavm wrote: post #156
sekai wrote: post #97

Earlier quoted context omitted.

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.

I mean, I get it, if your country's currency is collapsing you usually buy foreign currency or gold, but a lot of times banks control the currency market (and governments/central banks can impose limits that banks have to adhere to), or if you go to a currency exchange they might be out of actual USD notes, and same with gold. Nowadays if you're technically savvy, you can get an online exchange account and buy something with your Lira before it plummets further. It's a selfish move (good for the individuals but bad for the country), but if the country's run by corrupt idiots, and you want to continue to have food on the table, you can't escape being selfish.

Re: Turkey bans use of cryptocurrencies for payments

#162

Post by NovemberWhiskey »

Geee wrote: post #102
ChrisLomont wrote: post #83

Earlier quoted context omitted.

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.

Your transaction isn't settled instantly. The actual money that flows between institutions behind the scenes is way slower than bitcoin.

... and yet the world turns; and credit cards amount to $3tn of payments in the U.S annually.

As it turns out, businesses do not actually care about instant settlement of payment transactions that much, what's important is instant authorization.

Re: Turkey bans use of cryptocurrencies for payments

#163

Post by valdiorn »

xvector wrote: post #150
me551ah wrote: post #127

Earlier quoted context omitted.

You do realize that in a war of Government Vs Crypto, the government will win. Governments can ban crypto but the opposite isn't true.

Governments cannot ban crypto. They may ban exchanges, but if crypto ever establishes a value of its own as a currency, the government cannot do anything. At least not without basically turning off the internet. Which is, well, not out of the question for Erdogan as he is a dictator.

They can put people in jail for using crypto, which is a strong enough deterrent that 99% of people won't do it.

Re: Turkey bans use of cryptocurrencies for payments

#164

Post by NovemberWhiskey »

KptMarchewa wrote: post #152
submeta wrote: post #109

Earlier quoted context omitted.

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?

Every country with a developed consumer credit market has credit scoring.

Re: Turkey bans use of cryptocurrencies for payments

#165

Post by goatinaboat »

vbezhenar wrote: post #10
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 first thing would be to ban free exchange of foreign currencies. But that would be hard to do in the tourist country.

But that would be hard to do in the tourist country.

Turkey has a lot more going on than tourism, it has a significant manufacturing sector.

If the Russians took payment for S400s in Bitcoin, they would soon reverse this ban.

Re: Turkey bans use of cryptocurrencies for payments

#166

Post by samvher »

kavalg wrote: post #146
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…

While I can't substantiate it, I also have the feeling that current crypto hype is unnatural and kind of a bubble. It looks like a lot of fiat money is flowing into crypto and one must wonder where this money is coming from. One obvious source is the overblown money supply of FED/ECB (with claimed reasons the COVID crisis). While initially some of this money must have been poured into things like SP500 (judging by th…

I feel like in some ways cryptocurrencies might also present a sort of credible threat towards central banks to make sure they keep inflation in check. I'm skeptical about cryptocurrencies (though I'm quite positive about blockchain/smart contracts) but potentially this could be an aspect that all could benefit from, also those who are not invested.

Re: Turkey bans use of cryptocurrencies for payments

#167

Post by tim333 »

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…

>Cryptozealots spouting "It's the solution to everything! Resistance is futile! You will be assimilated!".

is a pretty unusual sentiment on HN. In the comments above I only saw a couple of mildly positive ones.

It's true people do tend to talk their book as it were. I feel I'm semi neutral as I've bought a bit in the booms and sell it when it seems to have peaked.

The truth is probably somewhere in the middle. It won't replace fiat but it's also not going away in a hurry.

> the rise of BTC is irrational.

Yeah but humans are irrational creatures. Life itself is kind of irrational. You muck around a while then die and try to have fun while doing so. Crypto is quite fun.

>To be honest, I like money too, and I wished I had put some money in BTC.

Never too late! ETH is probably going up some more.

Re: Turkey bans use of cryptocurrencies for payments

#168

Post by Erlich_Bachman »

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).

Look up Lightning Network.

Re: Turkey bans use of cryptocurrencies for payments

#169

Post by Erlich_Bachman »

lottin wrote: post #84
zeepzeep wrote: post #60

Earlier quoted context omitted.

6 months away, what? I use it on a regular basis. Before covid I could even buy beer & burgers in my city. You can get coupons for everything, many online stores accept it.

> You can get coupons for everything, many online stores accept it. Such as...?

All phones in most countries, amazon, steam, microsoft acount, spotify etc etc.

Re: Turkey bans use of cryptocurrencies for payments

#170

Post by TicklishTiger »

cblconfederate wrote: post #91
TicklishTiger wrote: post #73

Earlier quoted context omitted.

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.

> Europeans all use Coinbase and other US exchanges source? I dont use coinbase because of higher costs and all the US shenanigans with other people's data

What do you use?
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