If they priced them in Bitcoin.....
No phone would be sold because transactions take hours.
you can unlock this transaction in 09:44:33 or pay $144 to unlock it now
Apple stopped sales in Turkey after the lira crashed 15% in a day
31–40 of 251 posts
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#32Hyper inflation drives people to buy goods that can be resold later for more. This happened in CCCP while it was falling apart. People would show up with all their money every morning at their local stores, buying whatever was available no matter what it was. They could resell it later for more money (effort to preserve the value of the currency they held). Apple products are a safe bet as they typically hold on to their value well, are small and convenient to hang onto (refrigerators are more difficult), and can be sold abroad, etc.
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#33So, is Turkey and Venezuela the two major countries that are actively going through a currency crisis?
What are they doing that’s so different from everyone else? Drop interest rates, print more money.
I don’t know what Erdogan’s plan is, but unless they find strong export partners, devaluing the currency isn’t going to work out. We expect everything coming out of Turkey to be cheaper now, but who’s buying (importing)?.
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#34Question is - if/when the lira rises 15% (#1), will Apple respond as timely to adjust prices cheaper? Mindful that companies are quick to point to a reason to increase prices yet when that same reason goes the other way, not so quick (if ever) to adjust down. Is Black Friday sales a thing in Turkey? As can imagine many who would of banked to buy then, only to get hit with the polar opposite in this instance. #1 - (ma…
That is a big ‘if’.
If the currency changes rapidly, it will have effects across the supply chain.
On sales during Black Friday / Black Weekend / Cyber Monday - this type of sales become common across multiple countries, including Turkey. But not nearly as famous.
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#35Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#36The Turkish lira has been plunging vs. the US dollar for 14 years straight. It has fallen by 90% in dollar terms. All foreign retailers must be constantly readjusting prices, right?
So does that mean it would be profitable to short the lira? Not a forex trader but it's where my mind went.
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#37The Turkish lira has been plunging vs. the US dollar for 14 years straight. It has fallen by 90% in dollar terms. All foreign retailers must be constantly readjusting prices, right?
They probably just readjust their currency hedges
> They probably just readjust their currency hedges
How would you propose that work? Hedging currency risk against unsold product isn’t a hedge, it’s a directional bet.
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#38We were just starting a startup, and bought all computers, monitors, chairs, desks etc. when $/TL was around 8.5. Now one dollar is 12.5 TL. At least our rent for 140m2 is around 1000$ in a very good spot.
Is the cost of living (food, rent, price of a coffee at a bar ...) in lira going up at the same pace? Or is the inflation only felt in imported goods suchs computers, gasoline ...
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#39The Turkish lira has been plunging vs. the US dollar for 14 years straight. It has fallen by 90% in dollar terms. All foreign retailers must be constantly readjusting prices, right?
I still have a 500,000 TL note from Turkey's hyperinflation days in the early 2000s. Back then it was just about enough to buy a loaf of bread. Looks like those days are coming back.
I have a 100 trillion Zimbabwean dollar note, which apparently would buy 2 eggs at the time of issue. It’s actually increased 10x in value since I bought it on ebay though. :)
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#40The Turkish lira has been plunging vs. the US dollar for 14 years straight. It has fallen by 90% in dollar terms. All foreign retailers must be constantly readjusting prices, right?
Actually, it was fairly stable between 2003-2013. Then the hardcore political stuff began happening, Erdogan won the political fight to become a popular autocrat assuming all power in 2017 by changing the constitution through a referandum then winning the elections - all fairly.
When he got free from any checks and balances he was free to implement his unorthodox ideas on economics. He put his son in law in charge of the economy, things accelerated but he still had some rebels around him and they took the son in law out of the picture, stabilised the economy just before shit hit the fan. Erdogan proceeded getting rid of everyone not supportive of his ideas and that's when stuff actually hit the fan.
BTW, there's uncovered corruption on a scale unheard in history. Seriously, Turks are no longer impressed by sums less than a billion of dollars. A mayor purchasing insurance from his own son for 10 million $ a year is something that will entertain you for a few seconds as an interesting detail, what keeps coming is the mayor spending 1 Billion $ on dinosaur statues.