[2018-08-14] Turkish Bitcoin Volume Soars as Traders Flee the Lira

[Betwrong]

~

Imagine getting rid of your worthless Turkish Lira and buying a shitcoin
like XRP or ETH.

• Turkish Lira is down  ~70 % for the year
• XRP is down ~86 % for the year
• ETH is down ~61 % for the year

Jump out of the frying pan into the fire...

I think there is a big difference between Turkish Lira and established crypto currencies. Look at today's charts, for example:



It's hard to imagine a situation when TRY rises  against USD 10% in one day. Maybe exchanging your Lira to some sh*tcoins is a bad idea, but exchanging it to good ones is different. Nevertheless, I agree that the best you can do, especially if you are not an expert in alt coins, is buying BTC with it.

[1714152857]

1714152857

[1714152857]

1714152857

[1714152857]

1714152857

[mindrust]

I am dumping my Liras for BTC every month since March. I am pretty confident with the results so far. I know BTC can and will recover against USD because no country is depended on BTC while making exports.

That's the main problem with FIAT currencies. Turkish Lira has no choice but to go lower and lower against USD and anything else just like USD has to go lower in value against Gold, Bitcoin and other similar stuff with limited supply.

Turkey has to compete with the other manufacturers and the best way to do it (other than raising the quality of your product which makes no sense after you hit a certain point because the returns are too low compared to the effort you spend) is giving it away cheaper than its competitors. China has been doing this for years that's why Trump is so mad at them.

That's why as soon as Lira crashed Trump raised tariffs on steel coming from Turkey. They don't want to get drowned in cheap Turkish steel.

BTC has none of these problems. None. It may very well reach One fucking million dollars in the future.

[stompix]

Trade volume on domestic exchange Btcturk is up 350% in the last 24 hours, with BTC capturing 38% of the action.

And as usual the devil in the details....



So they flee from a fiat currency that is turning worthless to a cryptocurrency that will turn worthless...
Can somebody explain why the hell are they doing buying ripple?

Anyhow, it might be a 350% increase but it's still only 7 million in volume, compared to the size of the country it's peanuts, I hope they are buying on other exchanges in much larger volumes.

[mindrust]

So they flee from a fiat currency that is turning worthless to a cryptocurrency that will turn worthless...
Can somebody explain why the hell are they doing buying ripple?

I believe they find it appealing that ripple is down 91% from its ATH price. I don't see any other explanation.

While I too believe Ripple is a piece of shit, I am also much surprised that it is around since the day it was introduced.

Look at this shit: https://coinmarketcap.com/historical/20140511/

This snapshot is from May/2014 and fucking ripple was on still the 3rd spot, smiling.



From 2015, https://coinmarketcap.com/historical/20150208/

Again 2nd spot.

We are in 2018 and it is still on the 3rd spot.

I am not exactly sure how they do it but so far they managed to do it and even though I fucking hate ripple me too considering to buy some to get a potential x10 profit. (bad sign )

That's not only the Turkish people who keep Ripple alive some other stuff is going on in the background.

P.S. I've never ever touched that shit ever before.

[Sutters Mill]

I am dumping my Liras for BTC every month since March. I am pretty confident with the results so far. I know BTC can and will recover against USD because no country is depended on BTC while making exports.

That's the main problem with FIAT currencies. Turkish Lira has no choice but to go lower and lower against USD and anything else just like USD has to go lower in value against Gold, Bitcoin and other similar stuff with limited supply.

Turkey has to compete with the other manufacturers and the best way to do it (other than raising the quality of your product which makes no sense after you hit a certain point because the returns are too low compared to the effort you spend) is giving it away cheaper than its competitors. China has been doing this for years that's why Trump is so mad at them.

That's why as soon as Lira crashed Trump raised tariffs on steel coming from Turkey. They don't want to get drowned in cheap Turkish steel.

BTC has none of these problems. None. It may very well reach One fucking million dollars in the future.

Bitcoin has fallen nearly 20k to 6k in a matter of months. It's far from a foolproof strategy and is just as risky if not more risky that holding a falling fiat. I'm a believer it bitcoin don't get me wrong, but I wouldn't put all your eggs in one basket as they say.

Trade volume on domestic exchange Btcturk is up 350% in the last 24 hours, with BTC capturing 38% of the action.

And as usual the devil in the details....



So they flee from a fiat currency that is turning worthless to a cryptocurrency that will turn worthless...
Can somebody explain why the hell are they doing buying ripple?

Anyhow, it might be a 350% increase but it's still only 7 million in volume, compared to the size of the country it's peanuts, I hope they are buying on other exchanges in much larger volumes.

Maybe because it's cheap? I find that many users are constantly looking for the next best thing and coin where they hope they'll make huge gains. They don't usually do their research though and those who are going to get rich off ripple will have already done so.

[veleten]

I am surprised that this is happening in Turkey, because there are no capital controls in place. People can buy and decide to hold dollars, if they are uncomfortable holding Lira. There is a threat of the government imposing capital controls, but there are none at the moment.

it would not be wise for turkish people to buy and hold dollars given the current state of affairs
Erdogan blames the US directly for trying to organise a military coup,probaby not without a reason,too
it is only reasonable for the money to flow to some safer heavens which is not Lira but bitcoin,as funny as it may seem given the volatility of BTC
Turkey is eyeing national currency trades with Russia and China,ousting dollars and this is a huge threat to the dollar system as it can create a precendent
expect very interesting things to happen very soon in this region,don't forget that Turkey is buying russian S-400 air defence systems

[1Referee]

it would not be wise for turkish people to buy and hold dollars given the current state of affairs
Erdogan blames the US directly for trying to organise a military coup,probaby not without a reason,too
it is only reasonable for the money to flow to some safer heavens which is not Lira but bitcoin,as funny as it may seem given the volatility of BTC
Turkey is eyeing national currency trades with Russia and China,ousting dollars and this is a huge threat to the dollar system as it can create a precendent
expect very interesting things to happen very soon in this region,don't forget that Turkey is buying russian S-400 air defence systems

People there have the option to help themselves and dump the majority of their Lira's, or be a brave citizen according to how Erdogan want you to be, and swallow every economical difficulty that you'll be going through, and there will be many in the forthcoming years.

Turkey has been a historically weak country economically, and that will never change. If people still don't see how important it is to hedge your wealth, because they are either ignorant or too proud (which seems to be a big deal for them), I seriously don't know what will make them see it. The Euro is my native currency, and I have zero faith in it and therefore hedged the crap out of it years ago already. You only harm yourself when you act overly loyal to a government that's not capable of running an economically successful country.

I have seen videos where Turkish people were breaking their iPhones as statement, lol. Probably phones that were broken already.