Turkish Bitcoiners are hedged.
Topic: If the government loses control of the financial system, we have a fall back (Read 408 times)
February 03, 2022, 06:21:36 AM
If your statistics chief tells you that inflation is going extremely high at 36%, what should a calm, level-headed head of state do? Push it back to 0% by firing your statistics chief.
Turkish Bitcoiners are hedged.
Turkish Bitcoiners are hedged.
January 25, 2022, 12:10:17 PM
As Turkish president, Erdogan should urge the country's citizens to use their national currency, the lira, more. This is his duty and the lira will indeed be strengthened in this way. But citizens must also consider their own interests. If the government is not running the country efficiently and the lira is subject to high inflation, it is of course better to seek a safe haven for your cryptocurrency savings. People should not pay for the mistakes of their leaders.
The citizens of Turkey don’t have a choice. They SHOULD use their currency to buy something, because inflation in Turkey will cause the prices of commodities, and services to surge. But never save their money in Lira. Erdogan is scamming his own people.
They must use it as soon as they get it so they are not punished by the rampant inflation going around the country, obviously the Government of Turkey then will complain about it but if the government cannot keep their side of the deal, which is to keep their currency stable, then people should not feel obligated to do the same and use whatever they need in order to improve their lives.
January 24, 2022, 02:23:19 PM
As Turkish president, Erdogan should urge the country's citizens to use their national currency, the lira, more. This is his duty and the lira will indeed be strengthened in this way. But citizens must also consider their own interests. If the government is not running the country efficiently and the lira is subject to high inflation, it is of course better to seek a safe haven for your cryptocurrency savings. People should not pay for the mistakes of their leaders.
All his speech for me is not real because he care about the affairs of the people or that of the country, all this because they are afraid that people can have access to what they will not have control over and this what a lot of countries have gone ahead to make crypto illegal. The idea behind it is simple 'control the money and you will control their minds'. I wish people will wake up from their slumber and get this right before it is too late. One thing that should be clear is that crypto has come to stay and nothing can be done about it. 
January 22, 2022, 05:55:38 AM
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President Tayyip Erdogan said on Friday that Turks should keep all their savings in lira and that recent exchange rate volatility was largely under control after the lira weakened sharply in the last two months.
"I want all my citizens to keep their savings in our own money, to run all their business with our own money, and I recommend this," Erdogan said in a speech in Istanbul.
"Let's not forget this: as long as we don't take our own money as a benchmark, we are doomed to sink. The Turkish Lira, our money, that is what we will go forward with. Not with this foreign currency, that foreign currency."
https://www.reuters.com/world/middle-east/erdogan-calls-turks-keep-all-savings-lira-2021-12-31/
Who should be blamed for “that”, President Erdogan? You want everyone to hold the Turkish Lira, while your cabal inflate and deflate the currency according to your “mood”.
Bitcoin is the back up/fall back that we need.
Turkey has a rather unique situation, where the President is going against all the best economic advise being given to him and has replaced numerous (supposedly independent) central bank managers. It's seemingly unfathomable that a leader would so badly undermine their own country in some shallow belief that they can demand that inflation falls, he simply does not accept the painful steps that are required because voters are gradually turning against him. You have much bigger problems than which currency you use if you live in a country like this - short term you'd have been much safer if you had converted your money into US dollars considering the recent fall in the price of Bitcoin.
January 22, 2022, 05:45:30 AM
As Turkish president, Erdogan should urge the country's citizens to use their national currency, the lira, more. This is his duty and the lira will indeed be strengthened in this way. But citizens must also consider their own interests. If the government is not running the country efficiently and the lira is subject to high inflation, it is of course better to seek a safe haven for your cryptocurrency savings. People should not pay for the mistakes of their leaders.
The citizens of Turkey don’t have a choice. They SHOULD use their currency to buy something, because inflation in Turkey will cause the prices of commodities, and services to surge. But never save their money in Lira. Erdogan is scamming his own people.
January 22, 2022, 02:56:31 AM
As Turkish president, Erdogan should urge the country's citizens to use their national currency, the lira, more. This is his duty and the lira will indeed be strengthened in this way. But citizens must also consider their own interests. If the government is not running the country efficiently and the lira is subject to high inflation, it is of course better to seek a safe haven for your cryptocurrency savings. People should not pay for the mistakes of their leaders.
January 20, 2022, 04:06:56 PM
Quote
President Tayyip Erdogan said on Friday that Turks should keep all their savings in lira and that recent exchange rate volatility was largely under control after the lira weakened sharply in the last two months.
"I want all my citizens to keep their savings in our own money, to run all their business with our own money, and I recommend this," Erdogan said in a speech in Istanbul.
"Let's not forget this: as long as we don't take our own money as a benchmark, we are doomed to sink. The Turkish Lira, our money, that is what we will go forward with. Not with this foreign currency, that foreign currency."
https://www.reuters.com/world/middle-east/erdogan-calls-turks-keep-all-savings-lira-2021-12-31/
Who should be blamed for “that”, President Erdogan? You want everyone to hold the Turkish Lira, while your cabal inflate and deflate the currency according to your “mood”.
Bitcoin is the back up/fall back that we need.
January 19, 2022, 02:16:17 PM
Who should be blamed for “that”, President Erdogan? You want everyone to hold the Turkish Lira, while your cabal inflate and deflate the currency according to your “mood”.
Bitcoin is the back up/fall back that we need.
Definitely we must need some hedge funds which can be clearly bitcoin as of now.Bitcoin is the back up/fall back that we need.
Government are always going for printing money continuously to bail out themselves against bad economy.
I'm expecting some African country to be setting up example on how to make use of bitcoin against high inflation problems. Not sure about any specific country but it would be possible in a corrupted government and by a community people who support saving wealth in bitcoin rather than holding their local fiats.
January 19, 2022, 11:44:26 AM
We can't blame the president on that. He cannot tell his people to "Buy USD or Bitcoin, you are safe there." That's like admitting to be a traitor of your own country. He still need to save what is left even if the value of it is depreciating. Being patriotic first before looking for an alternative.
Bitcoin as a reserve, yes that will help but he need to find a way to solve the issue in front of him first before jumping to another. I don't know the deep issue about their financial system but is it because there is no usage of their own currency (people saving too much money) or is it just because of the high interest rates that caused the inflation?
When inflation is hitting every sector of the economy there is only one explanation for this, and that is that the government in turn is printing too much money.Bitcoin as a reserve, yes that will help but he need to find a way to solve the issue in front of him first before jumping to another. I don't know the deep issue about their financial system but is it because there is no usage of their own currency (people saving too much money) or is it just because of the high interest rates that caused the inflation?
Now if the governments cared as much as they say about their citizens they should encourage people to find ways to defend themselves from the mistakes they made, but we know they are never going to do that, so instead they do the opposite hoping that enough people listen to them so they can keep printing even more money, but we know how all that ends as there are countless examples of this through history and it is never pretty.
Hahaha. If the government truly cared, there would be no Cypherpunk movement that started to build technologies to protect our freedom, and our privacy. No Cypherpunk movement = no Satoshi = no Bitcoin. The government created their own demons.
And without a doubt bitcoin is the best alternative that people have, after all even if gold is a good store of value this does not mean that this will hold true forever, and this is demonstrated by gold being one of the worst investments during the last decade, while a few hundred dollars 10 years ago could have made you a millionaire today if you invested in bitcoin.
January 13, 2022, 01:47:49 AM
We can't blame the president on that. He cannot tell his people to "Buy USD or Bitcoin, you are safe there." That's like admitting to be a traitor of your own country. He still need to save what is left even if the value of it is depreciating. Being patriotic first before looking for an alternative.
Bitcoin as a reserve, yes that will help but he need to find a way to solve the issue in front of him first before jumping to another. I don't know the deep issue about their financial system but is it because there is no usage of their own currency (people saving too much money) or is it just because of the high interest rates that caused the inflation?
When inflation is hitting every sector of the economy there is only one explanation for this, and that is that the government in turn is printing too much money.Bitcoin as a reserve, yes that will help but he need to find a way to solve the issue in front of him first before jumping to another. I don't know the deep issue about their financial system but is it because there is no usage of their own currency (people saving too much money) or is it just because of the high interest rates that caused the inflation?
Now if the governments cared as much as they say about their citizens they should encourage people to find ways to defend themselves from the mistakes they made, but we know they are never going to do that, so instead they do the opposite hoping that enough people listen to them so they can keep printing even more money, but we know how all that ends as there are countless examples of this through history and it is never pretty.
Hahaha. If the government truly cared, there would be no Cypherpunk movement that started to build technologies to protect our freedom, and our privacy. No Cypherpunk movement = no Satoshi = no Bitcoin. The government created their own demons.
January 12, 2022, 06:03:27 PM
We can't blame the president on that. He cannot tell his people to "Buy USD or Bitcoin, you are safe there." That's like admitting to be a traitor of your own country. He still need to save what is left even if the value of it is depreciating. Being patriotic first before looking for an alternative.
Bitcoin as a reserve, yes that will help but he need to find a way to solve the issue in front of him first before jumping to another. I don't know the deep issue about their financial system but is it because there is no usage of their own currency (people saving too much money) or is it just because of the high interest rates that caused the inflation?
When inflation is hitting every sector of the economy there is only one explanation for this, and that is that the government in turn is printing too much money.Bitcoin as a reserve, yes that will help but he need to find a way to solve the issue in front of him first before jumping to another. I don't know the deep issue about their financial system but is it because there is no usage of their own currency (people saving too much money) or is it just because of the high interest rates that caused the inflation?
Now if the governments cared as much as they say about their citizens they should encourage people to find ways to defend themselves from the mistakes they made, but we know they are never going to do that, so instead they do the opposite hoping that enough people listen to them so they can keep printing even more money, but we know how all that ends as there are countless examples of this through history and it is never pretty.
January 12, 2022, 08:45:10 AM
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Who should be blamed for “that”, President Erdogan? You want everyone to hold the Turkish Lira, while your cabal inflate and deflate the currency according to your “mood”.
Bitcoin is the back up/fall back that we need.
Who should be blamed for “that”, President Erdogan? You want everyone to hold the Turkish Lira, while your cabal inflate and deflate the currency according to your “mood”.
Bitcoin is the back up/fall back that we need.
As we all know, public finances are an important part of the economy.
In this case, we can use the statement of economist Musgrave,
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"The most complex problem that revolves around government revenue and expenditure is called public finance."
source: https://www.jstor.org/stable/133460Government control over the economy is needed to manage the economy of any country. If the government loses this control the people of that country will face a big problem in their lives and the collapse of that country is inevitable.
January 11, 2022, 07:02:28 AM
Bitcoin is the back up/fall back that we need.
Bitcoin experiences way bigger swings than Lira had, so it's not yet suitable to be an alternative to fiat for broad population. Even if you consider that fiat is devaluating in long term and Bitcoin is appreciating in long term, long term is not everything. Lots of people live from paycheck to paycheck, and for them both Bitcoin's volatility or price instability of fiat can be devastating. Imagine having a serious medical emergency while your savings just dropped in value by 50% a week ago.
We need to take btc as investment perspective at this time and hold for long and it will matter in that period because at this time it may be sounding weird to us but the inflation is now at high levels in some countries and over it some countries are witnessing hyper inflation situation and fiat have been in continuous loss like Lira has witnessed insane depletion in value due to rise in prices and government is unable to control it.This will sooner or later happen with each fiat so we need to be prepared and btc is best alternative for the same.It is deflationary although volatile but at one point it will be reduced when more people will accept it.
January 11, 2022, 04:58:35 AM
WHO CARES what the Turkish president wants to do, or not do. Bitcoin is censorship-resistant, it can’t truly be banned, censored, or stopped from exisiting, stopped from being the fall back/HODL-coin that everyone needs to survive. The cat is out of the bag.
Therefore, allowing Bitcoin to be adopted by those who really want to live together, not just as an alternative use. Let the President of Turkey decide whether to stick with the Lira or try Bitcoin. Though not too sure it will succumb to bitcoin adoption. However, the pace of a country's economy will be determined by the policies they have set.
Bitcoin doesn’t need to be “adopted” as a “legal tender” by a country’s “government” to be truly adopted. Simply, use it, and the more of you that use it, then that’s a sign of truly being adopted. It starts with buying and HODLing, because HODLing is using.
That sounded stupid.
January 10, 2022, 08:41:32 AM
WHO CARES what the Turkish president wants to do, or not do. Bitcoin is censorship-resistant, it can’t truly be banned, censored, or stopped from exisiting, stopped from being the fall back/HODL-coin that everyone needs to survive. The cat is out of the bag.
Therefore, allowing Bitcoin to be adopted by those who really want to live together, not just as an alternative use. Let the President of Turkey decide whether to stick with the Lira or try Bitcoin. Though not too sure it will succumb to bitcoin adoption. However, the pace of a country's economy will be determined by the policies they have set. January 10, 2022, 07:58:21 AM
Quote
President Tayyip Erdogan said on Friday that Turks should keep all their savings in lira and that recent exchange rate volatility was largely under control after the lira weakened sharply in the last two months.
"I want all my citizens to keep their savings in our own money, to run all their business with our own money, and I recommend this," Erdogan said in a speech in Istanbul.
"Let's not forget this: as long as we don't take our own money as a benchmark, we are doomed to sink. The Turkish Lira, our money, that is what we will go forward with. Not with this foreign currency, that foreign currency."
https://www.reuters.com/world/middle-east/erdogan-calls-turks-keep-all-savings-lira-2021-12-31/
Who should be blamed for “that”, President Erdogan? You want everyone to hold the Turkish Lira, while your cabal inflate and deflate the currency according to your “mood”.
Bitcoin is the back up/fall back that we need.
Bitcoin as the safest backup? of course, because we have felt it until now. But the question is whether the Turkish president will take it for granted? and what's more difficult is that we don't have a balanced capacity for the presidential class. That's why we don't know the situation of foreign countries as a whole. Maybe there are things that we don't know so far about the intricacies of the Turkish economy.
I agree that Bitcoin is a proper repository, but what if it's just a temporary alternative? and when all is well, the economy in the country has recovered, they then leave Bitcoin. Is that something worth suggesting?
We don't like people who only use Bitcoin for the run. Because if such principles are instilled, then Bitcoin adoption will not work as it should.
Again I agree that Bitcoin is a store of value, and never forget gold. But if it's just for a temporary storage alternative, then what about the risks in the end once everything is restored? What happened to Bitcoin? will we be angry with the Turkish President's decision later that they will sell all Bitcoins to return to the Turkish Lira?
WHO CARES what the Turkish president wants to do, or not do. Bitcoin is censorship-resistant, it can’t truly be banned, censored, or stopped from exisiting, stopped from being the fall back/HODL-coin that everyone needs to survive. The cat is out of the bag.
January 09, 2022, 04:35:31 PM
Who should be blamed for “that”, President Erdogan? You want everyone to hold the Turkish Lira, while your cabal inflate and deflate the currency according to your “mood”.
Bitcoin is the back up/fall back that we need.
Governments around the world lost the control of the financial system long time ago. This is exactly why I am in the crypto space to begin with. My nation is as corrupted as it gets and all of our tax money goes to pockets of few people in the end, even though it looks like it is circulating via many different people and those people are rich as well, in the end maybe like a few billion dollars is going into the pockets of a million corrupted people and then rest of tens of billions of dollars goes to places like cayman islands of the accounts of big political names. Bitcoin is the back up/fall back that we need.
That is why I haven't been in fiat for so long, I spend fiat when I need to but that is about it and I am not going to do anything else with it. Just going to keep all of my money in crypto and will focus on saving that up as long as I can without having to sell any of it until I am retired, hopefully not much after that neither.
January 09, 2022, 01:34:11 PM
Every citizen is going to use their local Fiat as the medium of exchange because its not possible to use a gold or other Fiat in your country and also most people will keep some money as their savings but if someone keep all their money in the form of Fiat over any other asset actually they are losing its value everyday and its purely lack of responsibility from the government.
And do you think people would let their hard earned money to just gone if they don't like the government? People are wise enough not to support their falling economy in their country if they saw a corruption in the government. Bitcoin is the only way they can save their money from going down in value. The government have to fix their economy first if they want their people to continue to support them or else they will follow to the other countries who just did suffer from inflation/deflation. January 09, 2022, 11:39:07 AM
Quote
President Tayyip Erdogan said on Friday that Turks should keep all their savings in lira and that recent exchange rate volatility was largely under control after the lira weakened sharply in the last two months.
"I want all my citizens to keep their savings in our own money, to run all their business with our own money, and I recommend this," Erdogan said in a speech in Istanbul.
"Let's not forget this: as long as we don't take our own money as a benchmark, we are doomed to sink. The Turkish Lira, our money, that is what we will go forward with. Not with this foreign currency, that foreign currency."
https://www.reuters.com/world/middle-east/erdogan-calls-turks-keep-all-savings-lira-2021-12-31/
Who should be blamed for “that”, President Erdogan? You want everyone to hold the Turkish Lira, while your cabal inflate and deflate the currency according to your “mood”.
Bitcoin is the back up/fall back that we need.
Bitcoin as the safest backup? of course, because we have felt it until now. But the question is whether the Turkish president will take it for granted? and what's more difficult is that we don't have a balanced capacity for the presidential class. That's why we don't know the situation of foreign countries as a whole. Maybe there are things that we don't know so far about the intricacies of the Turkish economy.
I agree that Bitcoin is a proper repository, but what if it's just a temporary alternative? and when all is well, the economy in the country has recovered, they then leave Bitcoin. Is that something worth suggesting?
We don't like people who only use Bitcoin for the run. Because if such principles are instilled, then Bitcoin adoption will not work as it should.
Again I agree that Bitcoin is a store of value, and never forget gold. But if it's just for a temporary storage alternative, then what about the risks in the end once everything is restored? What happened to Bitcoin? will we be angry with the Turkish President's decision later that they will sell all Bitcoins to return to the Turkish Lira?
January 09, 2022, 04:25:19 AM
Well that is something that Robert Mugabe was saying about the Zimbabwean Dollar and we all know what happened with that Fiat currency. 
People are more clever than most politicians think they are.... they will look for currencies with a store of value ..and dump their wealth into that. 
People are more clever than most politicians think they are.... they will look for currencies with a store of value ..and dump their wealth into that. If there was only some anonymous programmer invented a self-sovereign, decentralized, censorship-resistant, hard money, with supply and issuance that’s embedded in the protocol.
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You cannot run a country into the ground and expect your citizens to support a failing economy... people will do anything to protect their wealth and their hard earned income.
I would support a failing economy, IF I knew the cabal that runs everything tried their best to take care of the interests of the people.
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