If the government loses control of the financial system, we have a fall back

[SquallLeonhart]

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.

[1715550289]

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[1715550289]

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[Gyfts]

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.

[ajochems]

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.

[Wind_FURY]

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.

[Argoo]

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.

[Kakmakr]

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

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. 

[Wind_FURY]

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

If there was only some anonymous programmer invented a self-sovereign, decentralized, censorship-resistant, hard money, with supply and issuance that’s embedded in the protocol.

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.

I would support a failing economy, IF I knew the cabal that runs everything tried their best to take care of the interests of the people.

[Sterbens]

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.

Bitcoin as the safest backup? of course, because we have felt it until now. But the question is whether the Turkish president will take it for granted? and what's more difficult is that we don't have a balanced capacity for the presidential class. That's why we don't know the situation of foreign countries as a whole. Maybe there are things that we don't know so far about the intricacies of the Turkish economy.

I agree that Bitcoin is a proper repository, but what if it's just a temporary alternative? and when all is well, the economy in the country has recovered, they then leave Bitcoin. Is that something worth suggesting?

We don't like people who only use Bitcoin for the run. Because if such principles are instilled, then Bitcoin adoption will not work as it should.

Again I agree that Bitcoin is a store of value, and never forget gold. But if it's just for a temporary storage alternative, then what about the risks in the end once everything is restored? What happened to Bitcoin? will we be angry with the Turkish President's decision later that they will sell all Bitcoins to return to the Turkish Lira?

[Oceat]

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.

And do you think people would let their hard earned money to just gone if they don't like the government? People are wise enough not to support their falling economy in their country if they saw a corruption in the government. Bitcoin is the only way they can save their money from going down in value. The government have to fix their economy first if they want their people to continue to support them or else they will follow to the other countries who just did suffer from inflation/deflation.

[fullhdpixel]

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.

Governments around the world lost the control of the financial system long time ago. This is exactly why I am in the crypto space to begin with. My nation is as corrupted as it gets and all of our tax money goes to pockets of few people in the end, even though it looks like it is circulating via many different people and those people are rich as well, in the end maybe like a few billion dollars is going into the pockets of a million corrupted people and then rest of tens of billions of dollars goes to places like cayman islands of the accounts of big political names.

That is why I haven't been in fiat for so long, I spend fiat when I need to but that is about it and I am not going to do anything else with it. Just going to keep all of my money in crypto and will focus on saving that up as long as I can without having to sell any of it until I am retired, hopefully not much after that neither.

[Wind_FURY]

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.

Bitcoin as the safest backup? of course, because we have felt it until now. But the question is whether the Turkish president will take it for granted? and what's more difficult is that we don't have a balanced capacity for the presidential class. That's why we don't know the situation of foreign countries as a whole. Maybe there are things that we don't know so far about the intricacies of the Turkish economy.

I agree that Bitcoin is a proper repository, but what if it's just a temporary alternative? and when all is well, the economy in the country has recovered, they then leave Bitcoin. Is that something worth suggesting?

We don't like people who only use Bitcoin for the run. Because if such principles are instilled, then Bitcoin adoption will not work as it should.

Again I agree that Bitcoin is a store of value, and never forget gold. But if it's just for a temporary storage alternative, then what about the risks in the end once everything is restored? What happened to Bitcoin? will we be angry with the Turkish President's decision later that they will sell all Bitcoins to return to the Turkish Lira?

WHO CARES what the Turkish president wants to do, or not do. Bitcoin is censorship-resistant, it can’t truly be banned, censored, or stopped from exisiting, stopped from being the fall back/HODL-coin that everyone needs to survive. The cat is out of the bag.

[Sterbens]

WHO CARES what the Turkish president wants to do, or not do. Bitcoin is censorship-resistant, it can’t truly be banned, censored, or stopped from exisiting, stopped from being the fall back/HODL-coin that everyone needs to survive. The cat is out of the bag.

Therefore, allowing Bitcoin to be adopted by those who really want to live together, not just as an alternative use. Let the President of Turkey decide whether to stick with the Lira or try Bitcoin. Though not too sure it will succumb to bitcoin adoption. However, the pace of a country's economy will be determined by the policies they have set.

[Wind_FURY]

WHO CARES what the Turkish president wants to do, or not do. Bitcoin is censorship-resistant, it can’t truly be banned, censored, or stopped from exisiting, stopped from being the fall back/HODL-coin that everyone needs to survive. The cat is out of the bag.

Therefore, allowing Bitcoin to be adopted by those who really want to live together, not just as an alternative use. Let the President of Turkey decide whether to stick with the Lira or try Bitcoin. Though not too sure it will succumb to bitcoin adoption. However, the pace of a country's economy will be determined by the policies they have set.

Bitcoin doesn’t need to be “adopted” as a “legal tender” by a country’s “government” to be truly adopted. Simply, use it, and the more of you that use it, then that’s a sign of truly being adopted. It starts with buying and HODLing, because HODLing is using.

That sounded stupid.

[aysg76]

Bitcoin is the back up/fall back that we need.

Bitcoin experiences way bigger swings than Lira had, so it's not yet suitable to be an alternative to fiat for broad population. Even if you consider that fiat is devaluating in long term and Bitcoin is appreciating in long term, long term is not everything. Lots of people live from paycheck to paycheck, and for them both Bitcoin's volatility or price instability of fiat can be devastating. Imagine having a serious medical emergency while your savings just dropped in value by 50% a week ago.

Acceptance of Bitcoin doesn't implicitly implies that complete dumping of fiat because it can't be done as still it is not regulated and accepted in most of the countries which creates many different problematic scenarios for all of us.We still need fiat to carry out our daily needs and expenses like you said btc is not suitable in medical emergency cases at this time as it could be down but the fact that fiat have lost more than it's original value cannot be ignored as well.

We need to take btc as investment perspective at this time and hold for long and it will matter in that period because at this time it may be sounding weird to us but the inflation is now at high levels in some countries and over it some countries are witnessing hyper inflation situation and fiat have been in continuous loss like Lira has witnessed insane depletion in value due to rise in prices and government is unable to control it.This will sooner or later happen with each fiat so we need to be prepared and btc is best alternative for the same.It is deflationary although volatile but at one point it will be reduced when more people will accept it.

[S A KHAIR]

<>
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.

As we all know, public finances are an important part of the economy.

In this case, we can use the statement of economist Musgrave,

"The most complex problem that revolves around government revenue and expenditure is called public finance."

source: https://www.jstor.org/stable/133460

Government control over the economy is needed to manage the economy of any country. If the government loses this control the people of that country will face a big problem in their lives and the collapse of that country is inevitable.

[wxa7115]

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?

When inflation is hitting every sector of the economy there is only one explanation for this, and that is that the government in turn is printing too much money.

Now if the governments cared as much as they say about their citizens they should encourage people to find ways to defend themselves from the mistakes they made, but we know they are never going to do that, so instead they do the opposite hoping that enough people listen to them so they can keep printing even more money, but we know how all that ends as there are countless examples of this through history and it is never pretty.

[Wind_FURY]

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?

When inflation is hitting every sector of the economy there is only one explanation for this, and that is that the government in turn is printing too much money.

Now if the governments cared as much as they say about their citizens they should encourage people to find ways to defend themselves from the mistakes they made, but we know they are never going to do that, so instead they do the opposite hoping that enough people listen to them so they can keep printing even more money, but we know how all that ends as there are countless examples of this through history and it is never pretty.

Hahaha. If the government truly cared, there would be no Cypherpunk movement that started to build technologies to protect our freedom, and our privacy. No Cypherpunk movement = no Satoshi = no Bitcoin. The government created their own demons.

[wxa7115]

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?

When inflation is hitting every sector of the economy there is only one explanation for this, and that is that the government in turn is printing too much money.

Now if the governments cared as much as they say about their citizens they should encourage people to find ways to defend themselves from the mistakes they made, but we know they are never going to do that, so instead they do the opposite hoping that enough people listen to them so they can keep printing even more money, but we know how all that ends as there are countless examples of this through history and it is never pretty.

Hahaha. If the government truly cared, there would be no Cypherpunk movement that started to build technologies to protect our freedom, and our privacy. No Cypherpunk movement = no Satoshi = no Bitcoin. The government created their own demons.

And I agree, if governments and central banks especially stood true to what they represent and protected their citizens then many people would never see the need for something like bitcoin, but when the US can print money at such a massive scale and other countries do the same thing then people begin to look for alternatives.

And without a doubt bitcoin is the best alternative that people have, after all even if gold is a good store of value this does not mean that this will hold true forever, and this is demonstrated by gold being one of the worst investments during the last decade, while a few hundred dollars 10 years ago could have made you a millionaire today if you invested in bitcoin.

[jaberwock]

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.

Definitely we must need some hedge funds which can be clearly bitcoin as of now.
Government are always going for printing money continuously to bail out themselves against bad economy.

I'm expecting some African country to be setting up example on how to make use of bitcoin against high inflation problems. Not sure about any specific country but it would be possible in a corrupted government and by a community people who support saving wealth in bitcoin rather than holding their local fiats.

[South Park]

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.

I suppose those that are too dumb to see what is happening will follow that advice, however there are limits to what governments can get away with, the problem with fiat currencies is that each time a government comes with the idea they believe they have mastered the art of printing money infinitely, and while this may seem true for a time eventually the consequences of their actions, that even a kid could understand, will begin to take place, and that is when they begin to point fingers and blame anyone they can when the whole problem was caused by the governments themselves.