Topic: If the government loses control of the financial system, we have a fall back - page 4. (Read 401 times)
January 03, 2022, 11:55:12 AM
We wouldn't blame the Turkish government that much every nation is so concerned about their nations economy in regards to other foreign currency . Likewise Every government wants to know how much is in circulation and who owns what amount in other words the want to have total control of their citizens funds. But there is an alternative in cryptocurrency if the fiat system eventually fails and this is what most investors are looking up to in the near future
January 03, 2022, 11:46:55 AM
Well, I guess it depends on the user and the government.
For example, in my case, cryptocurrencies allow me to escape my country's financial abuses, and trade internationally.
One example:
The international price for USD/ARS is, as of now, about 103 ARS to 1 USD.
Argentina's central bank (the BCRA) lists a price close to 109 (almost a 6% markup).
But trading foreign currencies is strictly forbidden in Argentina, so USD are just non-existent at that price.
Enter the black market dollar, or dollar "blue", which is, as of now, listed at $206, or 100% over the international price.
That means that I can buy USDT with ARS at the international price, and have an instant 100% profit by selling them at the "blue" price. I couldn't possibly do that without crypto.
For example, in my case, cryptocurrencies allow me to escape my country's financial abuses, and trade internationally.
One example:
The international price for USD/ARS is, as of now, about 103 ARS to 1 USD.
Argentina's central bank (the BCRA) lists a price close to 109 (almost a 6% markup).
But trading foreign currencies is strictly forbidden in Argentina, so USD are just non-existent at that price.
Enter the black market dollar, or dollar "blue", which is, as of now, listed at $206, or 100% over the international price.
That means that I can buy USDT with ARS at the international price, and have an instant 100% profit by selling them at the "blue" price. I couldn't possibly do that without crypto.
January 03, 2022, 11:09:55 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.
Bitcoin and most cryptocurrencies lack the throughput to allow mass adoption as a currency so far imo.
January 03, 2022, 09:46:23 AM
This is a clear example of how governments try to control the people by controlling the money, and the threat of having an alternative asset that the people can fall back to is one of their major concerns, reason why a lot of countries are banning their banks from being part of the network.
Bitcoin is the back up/fall back that we need.
It is, but we do not necessarily need to use it as only a back up, it can function way more than that. 
January 03, 2022, 09:41:16 AM
What I have just known is that the world is not perfect. Like someone saying bitcoin has no value and many other wrong opinions about certain things. If I am the president of a country, I will support the fiat we are using even if their is inflation. Just that people have to know the right way, that fiat will always devalue and never appreciate over long term but depreciate.
Bitcoin is the back up/fall back that we need.
Comparing bitcoin and fiat, you are right. Bitcoin can be an hedge against fiat's depreciating value. With limited supply, decentralized design and wealth distribution in the world, only few people are still holding bitcoin, there will be more adoption and these will definitely help. 
January 03, 2022, 08:22:50 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.
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