The gold confiscation of 1933

[Findingnemo]

This is an episode of the US history that is known yet perhaps not widely enough. The executive order 6102 signed by the US president Roosevelt, basically confiscated all the privately held gold in the US giving a clearly insufficient compensation.

https://en.wikipedia.org/wiki/Executive_Order_6102

Actually I didn't know that, something like this happened in the history so yes your thread is going to serve the actual purpose of creation.

Imagine, what will happen if same kind of law has been passed in 2021 or 2025? It will create a chaos for sure among the people and there is possibility of such law can be passed at any time because government solely hold power to do anything as what they want. Yes, bitcoin may save but governments already broke the anonymity by stick KYC regulations for the exchanges so they will know who actually have bitcoin in their portfolio or can sentence the penalty if the people didn't obey them.

This could theoretically happen, but with cryptocurrency. True, I'm not sure that in this case, citizens will be able to receive some kind of compensation. Most likely, if most states plan to ban cryptocurrency, a certain period will be given, after which the cryptocurrency will be declared illegal, and exchanges and exchangers will be closed. This, of course, will not destroy the cryptocurrency, but will drive it into the shadows, because of which it will lose a significant part of its value. It is better, of course, that this does not happen.

Cryptocurrencies will lose its value and it will become zero at some point because the value comes from demand and supply so suddenly if every government banned bitcoin and people accepted that so they are going for selling then they will actually sell it for nearly no price anyway since its not decentralized so most people won't be affected because they can still transact bitcoins.

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[Wind_FURY]

The Turkish government said that they are developing something to “encourage” people to convert their Gold into worthless Lira. I believe “encourage” is used to replace the word “confiscate”.

To Turkish Bitcoiners, educate your friends and family about Bitcoin, teach/help them convert from Lira to Bitcoin, and how to secure their keys.

[paxmao]

The Turkish government said that they are developing something to “encourage” people to convert their Gold into worthless Lira. I believe “encourage” is used to replace the word “confiscate”.

To Turkish Bitcoiners, educate your friends and family about Bitcoin, teach/help them convert from Lira to Bitcoin, and how to secure their keys.

Without a source, I cannot assert anything to your comment, but I would not be surprised if the government, who has followed a notoriously unorthodox monetary policy on regards to managing inflation by NOT raising interest rates, has to make now a last stance before the currency finally crumbles full-on into a galaxy-sized hyperinflation. Confiscating gold and other assets would certainly not be out of the scope.

[justdimin]

The Turkish government said that they are developing something to “encourage” people to convert their Gold into worthless Lira. I believe “encourage” is used to replace the word “confiscate”.

To Turkish Bitcoiners, educate your friends and family about Bitcoin, teach/help them convert from Lira to Bitcoin, and how to secure their keys.

Without a source, I cannot assert anything to your comment, but I would not be surprised if the government, who has followed a notoriously unorthodox monetary policy on regards to managing inflation by NOT raising interest rates, has to make now a last stance before the currency finally crumbles full-on into a galaxy-sized hyperinflation. Confiscating gold and other assets would certainly not be out of the scope.

https://www.gazeteduvar.com.tr/merkez-bankasi-doviz-hesaplarini-tlye-cevirenlere-destek-saglanacak-haber-1546402

Basically it just means that Central Bank would be giving some sort of "benefits" to people who turn their gold into lira. Same is going on with Dollars as well, if you turn your dollars into lira and put it on savings, then whatever is the difference between the interest rate you got and the dollar increase, you will get as a profit.

So, if your interest was 13% but dollar went up 20%, then government would pay for the difference. Same goes here as well I suppose, no idea if it is like that or not. They are not really confiscating anything though, they are just encouraging people to use their worthless fiat by offering silly stuff that will turn their fiat into even worse condition by printing more to pay for them.

[Wind_FURY]

The Turkish government said that they are developing something to “encourage” people to convert their Gold into worthless Lira. I believe “encourage” is used to replace the word “confiscate”.

To Turkish Bitcoiners, educate your friends and family about Bitcoin, teach/help them convert from Lira to Bitcoin, and how to secure their keys.

Without a source, I cannot assert anything to your comment, but I would not be surprised if the government, who has followed a notoriously unorthodox monetary policy on regards to managing inflation by NOT raising interest rates, has to make now a last stance before the currency finally crumbles full-on into a galaxy-sized hyperinflation. Confiscating gold and other assets would certainly not be out of the scope.

https://www.gazeteduvar.com.tr/merkez-bankasi-doviz-hesaplarini-tlye-cevirenlere-destek-saglanacak-haber-1546402

Basically it just means that Central Bank would be giving some sort of "benefits" to people who turn their gold into lira. Same is going on with Dollars as well, if you turn your dollars into lira and put it on savings, then whatever is the difference between the interest rate you got and the dollar increase, you will get as a profit.

So, if your interest was 13% but dollar went up 20%, then government would pay for the difference. Same goes here as well I suppose, no idea if it is like that or not. They are not really confiscating anything though, they are just encouraging people to use their worthless fiat by offering silly stuff that will turn their fiat into even worse condition by printing more to pay for them.

They are scamming the people! They might be taking as much wealth as they can before the eventual collapse, and run away from the country.

Plus it’s “encouraging citizens through benefits” now, but I believe the people will start to understand that the Lira and the government could not be trusted. Once the government becomes more desperate, “encouraged” will be changed to “confiscate”, further adding distrust to the state.

[Charles-Tim]

They are scamming the people! They might be taking as much wealth as they can before the eventual collapse, and run away from the country.

Who is scamming who? The government is scamming citizens, is that what you meant? The government will try its best to protect its local currency, but probably it might be done incorrectly. If encouraging citizen to convert foreign currencies to Lira, that is manipulation and the outcome may later not be good.

Plus it’s “encouraging citizens through benefits” now, but I believe the people will start to understand that the Lira and the government could not be trusted.

Not only Lira, it is fiat generally, not that fiat can not be trusted, it can be trusted for spending purposes but not for savings. There was high inflation rate in Turkey and their fiat was greatly devalued, but Turkey is not the only country, even many other countries are like that. But generally, best not to keep fiat, the value of fiat is in what you used it to do, example, using it to buy bitcoin, gold or properties which are appreciative in nature.

We should not also be fooled by banks, encouraging customers to have a fixed account.

[Wind_FURY]

They are scamming the people! They might be taking as much wealth as they can before the eventual collapse, and run away from the country.

Who is scamming who? The government is scamming citizens, is that what you meant? The government will try its best to protect its local currency, but probably it might be done incorrectly. If encouraging citizen to convert foreign currencies to Lira, that is manipulation and the outcome may later not be good.

YES! They are taking something of value from their citizens, and giving them worthless pieces of paper which continue to be more worthless as inflation goes higher and higher.

Plus it’s “encouraging citizens through benefits” now, but I believe the people will start to understand that the Lira and the government could not be trusted.

Not only Lira, it is fiat generally, not that fiat can not be trusted, it can be trusted for spending purposes but not for savings. There was high inflation rate in Turkey and their fiat was greatly devalued, but Turkey is not the only country, even many other countries are like that. But generally, best not to keep fiat, the value of fiat is in what you used it to do, example, using it to buy bitcoin, gold or properties which are appreciative in nature.

We should not also be fooled by banks, encouraging customers to have a fixed account.

The Turkish government is just “encouraging” it now, but I’m confident that it will be modified to confiscation within a few months. Let us wait for it.