If the government loses control of the financial system, we have a fall back - page 2.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Well that is something that Robert Mugabe was saying about the Zimbabwean Dollar and we all know what happened with that Fiat currency. Roll Eyes

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. Wink

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. Wink

Argoo

sr. member

Activity: 2352

Merit: 245

In general, Turkish President Erdogan did the right thing by urging his citizens to keep their savings in the national lira and use it for financial settlements. This will strengthen the national currency. The economy of each state is a very complex mechanism; there cannot be simple solutions.
Bitcoin should always be a fallback and nothing more. Anyway, until his current problems are resolved.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: SquallLeonhart on January 07, 2022, 04:34:03 PM

Quote from: dothebeats on January 05, 2022, 01:15:29 PM

I just can't understand why there are 'leaders' who direct their people towards doom. It's obvious that the Turkish Lira isn't up to par with other currencies as of the moment, and it's bad advice to let people hold their assets in the local currency especially if the government doesn't do anything to make things work.

If I were a Turkish holding some assets on my local currency, I'd be sure to look for other options and save my hard-earned money.

Unfortunately political power comes before making a nation better. If you the options are A) Make the nation better but lose elections versus B) Make the nation worse but win the elections then politicians will always pick option B. You may think "how on earth could you lose elections if you are making the nation better?" but that is how politics works.

If you steal and ruin a nation that means you have a ton of tax income and have a lot of ways to make people around you richer, the media, the rich, the powerful all get money from you and they will promote you and make you look like god, but that requires you to make the nation worse. Whereas if you make the nation better than you will not steal and since you won't then you can't bribe the powerful and they won't back you and they will back the person who will bribe them instead which is how they win elections.

Tin-foil hats on, everyone in the top 10% wants to terminate the middle-class, and put them below the poverty line where they will be the new slave-class that’s easier to control, easier to manipulate, and easier to oppress. BUT if only there was a self-sovereign, censorship-resistant cryptocurrency they cannot control. Cool

ajochems

hero member

Activity: 1305

Merit: 511

Quote from: Wind_FURY on January 03, 2022, 07:22:50 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.

True.Eventhough cryptocurrency rule the money flow and market. Bank are the control of government. In the legalized county, government control the people to by bank in a short period. The bank say the card holder, just buy limited amount of cryptocurrency and you will be paid huge tax. If you had failed.

Gyfts

legendary

Activity: 2828

Merit: 1515

Quote from: dothebeats on January 05, 2022, 01:15:29 PM

I just can't understand why there are 'leaders' who direct their people towards doom. It's obvious that the Turkish Lira isn't up to par with other currencies as of the moment, and it's bad advice to let people hold their assets in the local currency especially if the government doesn't do anything to make things work.

If I were a Turkish holding some assets on my local currency, I'd be sure to look for other options and save my hard-earned money.

It's a direction towards self preservation, and Turkey is all but a dictatorship, so the self preservation is essentially government institutions maintaining themselves. And Erdogan has attempted to silence his political opponents in the past placing them under arrest, so his intent is clear that he doesn't care about his constituents.

The theme repeats itself - government functioning against its citizens, and consolidation of power disrupts any sense of democratic rule.

SquallLeonhart

legendary

Activity: 2464

Merit: 1102

Quote from: dothebeats on January 05, 2022, 01:15:29 PM

I just can't understand why there are 'leaders' who direct their people towards doom. It's obvious that the Turkish Lira isn't up to par with other currencies as of the moment, and it's bad advice to let people hold their assets in the local currency especially if the government doesn't do anything to make things work.

If I were a Turkish holding some assets on my local currency, I'd be sure to look for other options and save my hard-earned money.

Unfortunately political power comes before making a nation better. If you the options are A) Make the nation better but lose elections versus B) Make the nation worse but win the elections then politicians will always pick option B. You may think "how on earth could you lose elections if you are making the nation better?" but that is how politics works.

If you steal and ruin a nation that means you have a ton of tax income and have a lot of ways to make people around you richer, the media, the rich, the powerful all get money from you and they will promote you and make you look like god, but that requires you to make the nation worse. Whereas if you make the nation better than you will not steal and since you won't then you can't bribe the powerful and they won't back you and they will back the person who will bribe them instead which is how they win elections.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: kryptqnick on January 06, 2022, 06:35:42 AM

In my country, people use our local fiat for everyday life, of course, because it's usually the only currency accepted in shops and other places, but I don't know anyone who actually keeps savings in local fiat. Our inflation rate is at around 8%, and add to that the fact that every 7 years or so something very bad happens and the currency loses value by 2x or so.

It’s not on what the current level of inflation is, it’s simply HODL Bitcoin because you can’t trust the cabal that runs the whole economic-financial-industrial complex. We plebs are plebs because they are rigging the system against you, making you poor, your descendants poor. HODLing Bitcoin is the cure.

Quote

Cryptos are quite popular in my country because inflation isn't greatly managed, and those who are more traditional simply store savings in EUR or the USD. Given that lira is currently experiencing a 36% inflation rate, I think it's perfectly reasonable that people try to move to other currencies, and Erdogan saying otherwise won't stop them.

Merely converting from a cabal, to another cabal. Cool

Reid

hero member

Activity: 3052

Merit: 651

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?

Kyraishi

hero member

Activity: 952

Merit: 513

Lol, if the Turkish lira is ousted as the national currency I think everyone would rejoice.

The fact is that there are a lot of countries that are currently operating a hybrid/foreign currency based monetary system, e.g. a lot of African countries have adopted USD as their sovereign currency as opposed to issuing their own.

That's actually quite smart given the fact that their own financial management system is just too incompetent.

freedomgo

legendary

Activity: 3248

Merit: 1160

Playbet.io - Crypto Casino and Sportsbook

Quote from: wxa7115 on January 06, 2022, 03:47:35 PM

Quote from: Wind_FURY on January 03, 2022, 07:22:50 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.

That is basically what they want, governments want to steal the purchasing power of your money while at the same time you do nothing to defend yourself, this is the equivalent of someone point a knife at you and somehow being unable to use your right to self-defense.

And as you may guess it does not matter how powerful they believe they are this is never going to work, then when the currency the government has been printing like crazy devalues they blame people for not being patriot enough to lose everything they have worked during their lives and accept the government to take it away.

Ridiculous I know, but that is what those politicians actually think.

You already know how selfish they are when it comes to that. While the citizens are sinking into poverty, the government officials are even making progress in their own personal lives. I actually think there's no wrong investing or saving from bitcoin because that will actually generate profits in the future. The problem is within the close mindset of the president as he is trying to manipulate his citizens not to use bitcoin or other foreign currencies. Before we knew it, they are already secretly involved in it and are already making profits. That's the worst scenario i guess.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: Wind_FURY on January 03, 2022, 07:22:50 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.

That is basically what they want, governments want to steal the purchasing power of your money while at the same time you do nothing to defend yourself, this is the equivalent of someone point a knife at you and somehow being unable to use your right to self-defense.

And as you may guess it does not matter how powerful they believe they are this is never going to work, then when the currency the government has been printing like crazy devalues they blame people for not being patriot enough to lose everything they have worked during their lives and accept the government to take it away.

Ridiculous I know, but that is what those politicians actually think.

jrrsparkles

sr. member

Activity: 2520

Merit: 280

Hire Bitcointalk Camp. Manager @ r7promotions.com

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.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

In my country, people use our local fiat for everyday life, of course, because it's usually the only currency accepted in shops and other places, but I don't know anyone who actually keeps savings in local fiat. Our inflation rate is at around 8%, and add to that the fact that every 7 years or so something very bad happens and the currency loses value by 2x or so. Cryptos are quite popular in my country because inflation isn't greatly managed, and those who are more traditional simply store savings in EUR or the USD. Given that lira is currently experiencing a 36% inflation rate, I think it's perfectly reasonable that people try to move to other currencies, and Erdogan saying otherwise won't stop them.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: GeorgeJohn on January 04, 2022, 04:15:32 PM

Quote from: jackg on January 03, 2022, 10:09:55 AM

Countries will end up in a worse position though if they don't use their own currency (and switch to another country's fiat).

Bitcoin and most cryptocurrencies lack the throughput to allow mass adoption as a currency so far imo.

In addition no country that will like to adopt a strange currency fully, because the development of a country started with it's value of currency, from my perspective bitcoin adoption of countries doesn't deprived them not to value their own currency, no country can purposely Abandoned it's Fiat currency and adopt a currency that is not really or fully in line with it's currency, except the country want to adventure into hardship and also experience lack of infrastructure that will enable them to undergoes a tangible project for better development of their country.

But the point is, no one in the government is truly taking care of your self-interest, or should be taking care of your self-interest except yourself. They’re making you poor because of currency debasement, what should you do? Buy the DIP and?

Who cares if your country accepts Bitcoin as legal tender or not. From our standpoint, it doesn’t need to be legal tender to be used by people as a currency.

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

Finance System is just crumbling not just in Turkey though. We can see the FED also has announcements every now and then because they know it's coming. Covid causes this worldwide recession as it affects everything from people's health, production to supply chain

It's also the reason why wealthy individuals are just buying gold, properties and probably today they are buying lots of goods to store because by the next few days the prices of those canned goods or gas will double.

Kasabus

hero member

Activity: 2814

Merit: 576

Quote from: ChiBitCTy on January 05, 2022, 02:20:03 PM

Quote from: Wind_FURY on January 03, 2022, 07:22:50 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.

Yeah this is insane for a president to go out and say to their citizens. This just shows you how unstable they are. If my president came out and said that, I would buy as much bitcoin as humanely possible. Obviously all that does is show you how weak their economy and fiat currency is and shows you that they expect more issues ahead.

I mean what would you think if your president came out and said something like this. I would fear my country would be going down the route of Venezuela. When I think of that, I just think of all the photos of paper notes just laying all over in the streets and in garage bens.

This will cause panic in most of the citizens knowing that the country will eventually fall if they will stick to foreign currencies rather than their own currency. I just hope the president will be more transparent and open minded at least and will start to realize that bitcoin is the best solution to their problem. Or maybe just let the citizens do what they want to do and give them the freedom to use bitcoin because that will improve the individual's economy. If there is nothing good the government can do, then leave them to the citizens as they are more aware on how to make progress and bitcoin will certainly make it happen.

Peanutswar

legendary

Activity: 1708

Merit: 1280

Top Crypto Casino

This is the reason why the fiat currency is one of the factors in the economy I guess they want to try to improve themselves first before getting promoted to the other which is a good thing but they will become a sleeping giant still need to handle transportation and transaction to another country, not all the things they are capable to handle only by themselves. We cannot forget the value of the bitcoin on it because there an impact on the currency if we are talking about bitcoin it self it's doesn't matter as 1:1 but if we are talking about the value want to exchange it matters so good to buy but it suffers the other holders.

ChiBitCTy

legendary

Activity: 2282

Merit: 3014

Quote from: Wind_FURY on January 03, 2022, 07:22:50 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.

Yeah this is insane for a president to go out and say to their citizens. This just shows you how unstable they are. If my president came out and said that, I would buy as much bitcoin as humanely possible. Obviously all that does is show you how weak their economy and fiat currency is and shows you that they expect more issues ahead.

I mean what would you think if your president came out and said something like this. I would fear my country would be going down the route of Venezuela. When I think of that, I just think of all the photos of paper notes just laying all over in the streets and in garage bens.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

I just can't understand why there are 'leaders' who direct their people towards doom. It's obvious that the Turkish Lira isn't up to par with other currencies as of the moment, and it's bad advice to let people hold their assets in the local currency especially if the government doesn't do anything to make things work.

If I were a Turkish holding some assets on my local currency, I'd be sure to look for other options and save my hard-earned money.

oHnK

hero member

Activity: 1414

Merit: 574

Maybe my way of thinking was wrong, but I couldn't blame President Erdogan because he was actually not only hostile to BTC but the more important thing now is USD. Fiat received throughout the country is USD, when inflation is so high he presses the speed of circulation of money by storing lira. That is the right policy. Inflation in the Fiat-based economic system will never be lost, so what is done is to control the speed of circulation. When the inflation is high and the community buys USD to be saved because of its more promising value, this is a suicide action if it is massive. So, this appeal is one of the steps that the government can do as management in the country.

Topic: If the government loses control of the financial system, we have a fall back - page 2. (Read 408 times)