Bitcoin Forum

https://memo.cash/post/dd90953ce6306d6832c7b347ab51f8da256fe14285bdda15badc78e15fea7add

http://www.middleeasteye.net/news/turkey-inflation-surges-again-over-12-percent-1179729438

Then if I ever live in that kind of place then I would try to transfer to another country. I will never be able to get rich in that place.

Dictatorships don't work anymore, and it could even be argued that they never worked at all. If I were a Turkish citizen, I'd be stocking up on Bitcoin, gold, and foreign currencies right about now. Things are looking ominous.

I personally hope that I'll never have to use Bitcoin to flee economic collapse, but it's still good to know I can use it as such.

This narrative of Turkey's deteriorating economy could serve as a prime example of how interest rates exist mainly as a distraction from relevent and real issues. You have the media crediting the central bank with wanting to raise rates while Erdogan is opposed to this stance and wants rates lowered to promote growth. Not necessarily due to interest rates having much to do with negative circumstances relating to the economy, but rather discussing interest rates prevents discussion of real issues, which keeps the public unaware and ignorant of what the real cause of these types of conditions are.

It might be compared to venezuela where the media deliberately avoids discussing the history of neglect and poor decision making which led to their economies demise. Scapegoats like "decreasing oil prices" are blamed as a diversion from the true history of things.

12% is a fairly large number. you can get rich easily enough, but not the real rich. because the exchange rate of currency is reduced then the price of goods there look more expensive.

That's absolutely disgusting, average inflation is usually only 2-3%. And even then if you adjust it properly real inflation might be around 5% but anything above that is egregious. I would opt-out of that country if I were a citizen, but easier said than done of course.

it is a very serious problem, turki government must do something for it.
1 TYR = 0.217 USD

very bad news, I'm looking for news on this news, economists warn that Turkey will experience inflation, the forecasts of economists are right.

When inflation is that rampant in your country, there is virtually no point in holding cash. It's funny that some people call bitcoin volatile, when there are clearly fiat counterparts that are absolutely atrocious at keeping their value over even short spans of time.

Obviously, it's not as bad as other countries such as Venezuela yet, but Turkey's economy really isn't doing well, and that is reflected through the ever depreciating value of their fiat currency.

I believe that under these circumstances, bitcoin can be extremely useful as a way to store wealth. Just like we see in venezuela, which has seen a surge in bitcoin and crypto activity, Turkish citizens may want to start hedging against their fiat currency by investing in a decentralized and proven store of value, which bitcoin seems perfect for the purpose.

I think that economic crisis in Turkey is going to almost end after the elections instability. In long term the economy is going to get better in Turkey, but for the coming 2 years I think Turkish people should invest in foreign currencies and bitcoin.

It's bad indeed. Anything over 10% in terms of inflation is bad and pretty much leads to a somewhat dysfunctional fiat currency.

Just think of how much bitcoin is able to do though for Turkish citizens who may have no confidence in the fiat currency of their country, and even bank deposits will most likely not be able to outpace the rate of inflation.

This is not the only country experiencing rapid fiat depreciation either. There are plenty others currently (Venezuela for example) and in the past.

Bitcoin as an independent asset to the fiat system can be really useful as a place to store wealth in these situations.