171–180 of 302 posts
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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.
I remember reading on HN someone saying that China had banned trading and mining of crypto. Is that true? With a lot of crypto activity happening in China, would a crackdown there cause a fall in the market?
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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).
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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?
Good! Negative news about crypto are quite valuable nowadays. Now we can buy some at cheaper prices before it goes up again! UPDATE: It's fun watching how this comment votes keep fluctuating up and down :-)
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 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…
Now, this should in fact raise the inflation, but it seems that they indeed chose a way to compute inflation that doesn't show this effect as much.
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…
Basically one of the exact reasons why Crypto should exist.
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…
Why would anyone want to hold a depreciating fiat currency when even dogecoin increases in value? They should just stop fighting it and let it happen.
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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.