Re:Turkey Bans Cryptocurrency Payments
by fridif on Sunday April 18, 2021 @01:13PM
(#26854286)
"hello sir it seems you are using a banned currency for doing business in these fine lands, you have the right to remain silent, anything you say can...."
[ Parent
| on HN ]
But unless it is globally everywhere, which it won’t. it will eventually fail. If you study the history of money, which I have, basically eventually the “better” money wins. This is the case for the last 5000+ years of human history across many civilizations. What we have is the emergency of “better” money. Fiat has huge advantages if a nation needs to wage war, among many other features, but those features have lost utility over what new cryptocurrency can offer. Governments will obviously fight back soon, but I believe will lose completely in the long run.
Probably but it's rare in history people are so crazy about a slower, more expensive, less fluid, more static currency and call it progress...
That your savings' purchase power depends on Chinese electricity plant operating hours doesn't feel weird to you ? I prefer when it evolves slowly with the national debt :D
Perhaps, but "eventually in the long run" does not imply anything about Turkey succeeding or failing with this particular ban. The long run might be several centuries, in which a lot of things could happen that would make any of the current cryptocurrencies completely irrelevant.