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Crypto clearly has a use in this scenario, Lira is plummeting.
by sekai 5y ago
Crypto clearly has a use in this scenario, Lira is plummeting.
- yoavm 5y agoWhat so "clearly" about this? Is the Lira plummeting because it's a fiat currency? Are cryptocurrencies inherentially stable? They can't technically plummet? I don't get how crypto is "clearly" a solution here. Turkey has a financial issue, an economical crisis. The Lira isn't in troubles because people want to audit the database and they can't.
- bellyfullofbac 5y agoI mean, I get it, if your country's currency is collapsing you usually buy foreign currency or gold, but a lot of times banks control the currency market (and governments/central banks can impose limits that banks have to adhere to), or if you go to a currency exchange they might be out of actual USD notes, and same with gold. Nowadays if you're technically savvy, you can get an online exchange account and buy something with your Lira before it plummets further. It's a selfish move (good for the individuals but bad for the country), but if the country's run by corrupt idiots, and you want to continue to have food on the table, you can't escape being selfish.
- Paradigma11 5y agoYou could just buy a stablecoin based on $,€ or gold....
- tim333 5y agoWell it's still rubbish for making payments so it's only really useful as an asset you can swap your Lira for along with property, gold, shares, foreign currency and the like.