Hacker News Reader

Comment by nyolfen | Hacker News Reader

this is one of the best use cases for crypto -- as a popular disciplining measure against governments that devalue their currency. see venezuela, nigeria, argentina... my sympathies are solely with the ordinary people who would otherwise watch their savings evaporate.

View on HN

I'm concerned about the model of people in poor counties dabbling in speculation in a system with irreversible transactions protections ... seems like it just as easily could go horribly wrong.

this argument is more than a little patronizing when the alternative is this: https://i.imgur.com/lSfdTfK.jpeg

The alternative is speculating and predicting that, and being wrong sometimes.

Any port in a storm when you live in a country with zero trust towards your own legal tender.

Ironically they risk more by doing nothing.

That depends on how things play out.

How often do nation states recover from hyperinflation events?

The inflation rate has crashed as much as it has spiked in Turkey. It's going both ways.

https://www.inflation.eu/en/inflation-rates/turkey/historic-...

CPI Turkey 2020 14.60 %

CPI Turkey 2019 11.84 %

CPI Turkey 2018 20.30 %

CPI Turkey 2017 11.92 %

CPI Turkey 2016 8.53 %

I mean, I hope they're getting control of it, but I certainly wouldn't want to be owning any Lira any time soon.

Assuming the central bank stays independent it is not a problem in the long term. The problem with Turkey is that the president meddles too much.

Reply on news.ycombinator.com