Apple Temporarily Halts Sales in Turkey After Currency Crash

[ponzicoinbro]

The inflation we are having is because the American public as a whole has the attention span of a goldfish and an intelligence that makes a rock look smart.

Unfortunately half the country believes the world is 5000 years old and 40 percent believe giant lizard people are living among us. So explaining modern economic theories to them is like talking to a brick wall. It’s a nation with a massive mental health problem and gambling problem (which includes crypto - the latest in a long line of American cults and gambling addictions), yet they can’t even see when they are being gamed by billionaires to attack each other and dumb themselves down…down…down.

They seriously need to realize how badly they are being gamed. It’s the guys throwing millions of dollars to lobbyist firms. It’s the quacks, cranks, misfits with their alternative facts. They aren’t hard to spot and it is easy to force them to behave responsibly and pay their fare share back to the public who made them rich.

The subject is Turkey, but if America is the world’s super power it needs to act super enlightened and progressive.

 

[Maximara]

I never said anything about record rates. I didn’t even use the term.

Never mind that what the Fed printed was to cover M2 (money in savings accounts and retail money market accounts) which until COVID was separate from M1 (money that’s readily available – mostly paper cash, coins, and checking accounts) and didn't have to be on-hand. But when the Fed changed its accounting rules and printed money to cover the already existing money in M2 regulators and people who make these charts put everything in one chart.

Say you have $500 checking and $10,000 savings. Under the old rule only the $500 was counted as part of the money supply. Under the new rule $15,000 is counted as the money supply. But in reality the money supply itself didn't really increase, the Fed just made sure there was physical money on hand if you need to tap that $10,000.

Great fodder for the gold bugs and cryptos but a total yawn fest for anyone who bothers to do some actual freaking research.

 

[Maximara]

Unfortunately half the country believes the world is 5000 years old and 40 percent believe giant lizard people are living among us. So explaining modern economic theories to them is like talking to a brick wall.

One of the most evil men of the 20th century said it best: "How fortunate for governments that the people they administer don't think." He also said "I use emotion for the many and reserve reason for the few."

The last thing the elite of any republic government wants is a populace that actually thinks. Everybody looks to 1984 as where we seem to be going but if you really look the sign post ahead reads Brave New World.
"To believe without knowing"
"To know without believing"

The Political Agenda Of Dark Souls (The Jimquisition) makes some interesting comments that will resinate with people who set back and think.

 

[4jasontv]

Oh for the love of... Shipping isn't the problem as demonstrated before.

The entire supply chain is messed up.

You can't ship what doesn't exist because the manufacturing sequence is FUBARed. You can't unload cargo if there are fewer workers and inspectors for said cargo. You can't effectively ship said material if there is a shortage of captains, train engineers, and truck drivers. It is Capitalism 101; demand up and supply low price go up. (Supply-Demand curve)

The idea that you would pay the same to ship across a country as to ship it around the world is so unrealistic that it is pure ROFLOL material.

In the US you pay the same to ship a car to California as Ohio. Stop saying how it is and accept that it needs to change.

 

[Maximara]

In the US you pay the same to ship a car to California as Ohio. Stop saying how it is and accept that it needs to change.

When I say shipping I am talking about the entire supply-production chain as I have pointed out several times.

Never mind that, in terms of large amounts over a continent, shipping by train is far cheaper than by truck or plane because trains are still the most fuel efficient way to move large amounts of goods over land. More fuel per good transported = higher cost of good. But you want an consistent price and so you average out those fees and pass them on to the consumer sometimes as part of the purchase price

This why back in the 1970s a car "deprecated" $1000 the moment you bought it and drove it off the lot. Who knows that the freaking "deprecation" rate is these days.

Never mind if you look at something that isn't available at a store you could easily go to express shipping costs more than normal (5-8 day shipping). Of course if you pay a monthly fee you could get it cheaper put unless you do a lot of good buying that way it really isn't cheaper.

 

[return2sendai]

Apple Temporarily Halts Sales of Turkey After Cranberry Crash​

 

[beanbaguk]

No, and you know that isn’t true. You just say these populist jargon because you think it sounds cool.

Yes there is bad behavior in stock markets and venture capitalism and guess what? A lot of them get punished, there is more room to crack down on them and most of the bad actors in finance are now crypto scammers.

“…you think it sounds cool.” ?

Well isn’t that a lovely passive insult!

Tell me. Who in the banking world really got punished in the last US recession?

Answer. Not a single CEO.

You asked, we answered: Why didn’t any Wall Street CEOs go to jail after the financial crisis? | Marketplace.org

it's complicated.

features.marketplace.org

Next insult?

 

[beanbaguk]

Cryptos are little more than the kind of nonsense seen with the South Sea company of the 18th century - something built on hype that in reality didn't have any real value.

All that tells me is you have absolutely zero knowledge about how blockchain technology works. You don’t understand the technology, the mindset and the goal. You are trailing.

 

[Maximara]

All that tells me is you have absolutely zero knowledge about how blockchain technology works. You don’t understand the technology, the mindset and the goal. You are trailing.

I understand perfectly what blockchain technology is.

It is a waste of energy and resources that could be doing other (more useful) things. Never mind all the e-waste crypto mining generates (Bitcoin mining producing tonnes of waste)

Why Cryptocurrency Is A Giant Fraud does a far better job explaining why crypto is the modern South Sea Company. Bitcoin is the greatest scam in history is another piece. The FTC gives more warnings about crypto

Crypto is effectively an updated version of the fear mongering of The Protocols of the Elders of Zion with a little MLM thrown in for good measure. If it was truly independent of other currencies it would not have wild fluctuations in value (such as when it dropped 17% 4 January 2021)

 

[4jasontv]

When I say shipping I am talking about the entire supply-production chain as I have pointed out several times.

Never mind that, in terms of large amounts over a continent, shipping by train is far cheaper than by truck or plane because trains are still the most fuel efficient way to move large amounts of goods over land. More fuel per good transported = higher cost of good. But you want an consistent price and so you average out those fees and pass them on to the consumer sometimes as part of the purchase price

This why back in the 1970s a car "deprecated" $1000 the moment you bought it and drove it off the lot. Who knows that the freaking "deprecation" rate is these days.

Never mind if you look at something that isn't available at a store you could easily go to express shipping costs more than normal (5-8 day shipping). Of course if you pay a monthly fee you could get it cheaper put unless you do a lot of good buying that way it really isn't cheaper.

What are you blabbering on about? In the US cars cost the same amount to ship. Whatever the cost is to get the car to a dealership is the same no matter how far the dealership is from the plant that made it. It has nothing to do with the method of transport, or depreciation or, the time it takes to get to them. Everyone who buys the same brand of car in the US pays the same amount for getting the car to them.

 

[ponzicoinbro]

“…you think it sounds cool.” ?

Well isn’t that a lovely passive insult!

Tell me. Who in the banking world really got punished in the last US recession?

Answer. Not a single CEO.

You asked, we answered: Why didn’t any Wall Street CEOs go to jail after the financial crisis? | Marketplace.org

it's complicated.

features.marketplace.org

Next insult?

Actually over 100 people in finance went to jail for misusing bail out funds and many went to jail for their role in the crisis.

Who went to jail for their role in the financial crisis?

The FT identified 47 bankers jailed. Half were from just one country

ig.ft.com

But the cause of the crash 13 years ago wasn’t precisely because of criminal activity, it was caused by stupidity and complex instruments which accumulated over 15-20 years. How do you not know these things?

Such complex and toxic derivatives are now a hallmark signature and strategy in crypto these days, with lending programs promising ridiculous interest rates.

Simply put, every possible bad idea that used to exist in traditional finance now happens in the crypto sphere, Except they have put it on steroids and are speed running it so they can maximize profits for themselves before regulators can crack down.

It’s a mafia racket. That’s why the worst characters in finance have moved into crypto so they can rig a side-system for themselves, extract wealth from the public with smoke and mirrors, and run off with the money.

But the worst aspect is that they also use the money to corrupt politics (more than it already was), fund extremist movements, and buy up even more real world assets such as land.

That’s precisely what the old school mafias used to do so they could continue their crimes for as long as possible. We should have been able to predict that with the emergence of a digital economy that organized crime would arise in the digital sphere.

So many just got suckered and brainwashed by this.

 

[beanbaguk]

I understand perfectly what blockchain technology is.

It is a waste of energy and resources that could be doing other (more useful) things. Never mind all the e-waste crypto mining generates (Bitcoin mining producing tonnes of waste)

Why Cryptocurrency Is A Giant Fraud does a far better job explaining why crypto is the modern South Sea Company. Bitcoin is the greatest scam in history is another piece. The FTC gives more warnings about crypto

Crypto is effectively an updated version of the fear mongering of The Protocols of the Elders of Zion with a little MLM thrown in for good measure. If it was truly independent of other currencies it would not have wild fluctuations in value (such as when it dropped 17% 4 January 2021)

Nathan J. Robinson (author of the article you quoted), is a prominent voice in the anti-crypto movement so it's about as unbiased as you come. As is Bill Harris, author of the other one.

I the FTC rightly gives warnings about crypto as at this time of writing, it's unregulated and there are a lot of scams and rug-pull projects catching unwary investors out. I'm a strong believer in regulation and while there needs to be a delicate balance with DAO economies, I believe it's just a matter of time before we see a much better executed level of regulation in the industry.

But to say the technology is just a massive scam indicates you have absolutely zero knowledge of the blockchain and don't actually understand the fundamentals of its purpose, why it works and what it needs to do to evolve.

It also amuses me when you quote the e-waste article as it's basically a "trending" thing right out of BBC News, and lo and behold....a BBC article! Will you quote the Daily Mail next I wonder?

I know many people like you who refuse to look ahead and understand the massive potential behind the technology. No foresight. Afraid of something you don't understand or cannot work out how to comprehend.

Why not learn the technology and work with it instead of against it?

As an example, I am heavily involved in a project that aims to transform a sector of the medical industry on a blockchain protocol. Sounds like a total scam, right? All that openness, transparency and accountability once the project is live sounds terrible. Allowing people from developing nations to better afford medical help sounds dire. And allowing a fully democratised community to take the project forward and develop it sounds absolutely horrific to a capitalist. (Which I might remind you who the majority of crypto critics are...)

Anyway. Enjoy the past.

 

[Maximara]

Nathan J. Robinson (author of the article you quoted), is a prominent voice in the anti-crypto movement so it's about as unbiased as you come. As is Bill Harris, author of the other one.

Ad hominem is not a counter argument. MLMs try this nonsense to get people to buy into their pie in the sky insanity.

I the FTC rightly gives warnings about crypto as at this time of writing, it's unregulated and there are a lot of scams and rug-pull projects catching unwary investors out. I'm a strong believer in regulation and while there needs to be a delicate balance with DAO economies, I believe it's just a matter of time before we see a much better executed level of regulation in the industry.

People say its "matter of time" on a lot of things - doesn't mean they will actually happen or if they do it will be the way we think. People keep saying that quantum computers are only "matter of time" and if they do become real they will would totally disrupt crypto.

But to say the technology is just a massive scam indicates you have absolutely zero knowledge of the blockchain and don't actually understand the fundamentals of its purpose, why it works and what it needs to do to evolve.

Repeating the original point doesn't make it true.

It also amuses me when you quote the e-waste article as it's basically a "trending" thing right out of BBC News, and lo and behold....a BBC article! Will you quote the Daily Mail next I wonder?

Comparing the BBC to the Daily Mail is like comparing the New York Times to the Enquirer and is laughable.

Never mind dozens of articles pointing out the solution issue with crypto abound as shown by "Bitcoin's growing e-waste problem", "Bitcoin has another major pollution problem brewing" "Majority of bitcoin trading is a hoax, new study finds"

That last one is really telling "Those exchanges report an aggregated $6 billion in average daily bitcoin volume. The study finds that only $273 million of that is legitimate."

The most insane thing yet is what amounts to a crypto disguised as a game that uses pyramid-like mechanics: Earth2.

 

[beanbaguk]

Ad hominem is not a counter argument. MLMs try this nonsense to get people to buy into their pie in the sky insanity.

People say its "matter of time" on a lot of things - doesn't mean they will actually happen or if they do it will be the way we think. People keep saying that quantum computers are only "matter of time" and if they do become real they will would totally disrupt crypto.

Repeating the original point doesn't make it true.

Comparing the BBC to the Daily Mail is like comparing the New York Times to the Enquirer and is laughable.

Never mind dozens of articles pointing out the solution issue with crypto abound as shown by "Bitcoin's growing e-waste problem", "Bitcoin has another major pollution problem brewing" "Majority of bitcoin trading is a hoax, new study finds"

That last one is really telling "Those exchanges report an aggregated $6 billion in average daily bitcoin volume. The study finds that only $273 million of that is legitimate."

The most insane thing yet is what amounts to a crypto disguised as a game that uses pyramid-like mechanics: Earth2.

You keep referring to “Bitcoin”, so once again. You don’t know what you are talking about.

Do you understand how Ethereum works? Polygon? Solana?

Do you understand how a dapp works? Do you know what a smart contract is?

Or is it just “Bitcoin” in your head.

Like I said. You are quoting biased articles written by hardcore critics and refer to crypto as “Bitcoin”. You haven’t a clue.

 

[Maximara]

You keep referring to “Bitcoin”, so once again. You don’t know what you are talking about.

I was citing article titles, silly. Your effort to continue the Crypto FUD would be laughable it is wasn't so sad.
You clearly don't understand the difference between "Bitcoin" and "bitcoin".

I'll give you a hint; it is like the difference between "Kleenex" and "kleenex" ie Scotties is a kleenex but not a Kleenex.

John M. Griffin in his 15 June 2020 "Is Bitcoin Really Untethered?" Journal of Finance Wiley in the "Overview of Bubbles, Bitcoin, Tether, and Hypotheses" section starts thusly:

"Periods of excessive price speculation often share the themes of optimism around a new technology, a focus on selling to others rather than economic cash flows, and questionable activities. The famous South Sea Bubble of 1719 to 1720 is often described as a sophisticated Ponzi scheme where old investors were paid high dividends not from operations but from new stock issuances with the hope of higher prices at future issuances (Hutcheson (1720), Temin and Voth (2013))."

It concludes with "Our findings support the historical view that dubious activities are associated with bubbles and can contribute to further price distortions."

Crypto‐Currencies – An Introduction to Not‐So‐Funny Moneys (another peer reviewed piece) concluded "We argue that crypto-currencies are unlikely to supplant traditional fiat currencies and we anticipate an enduring role for financial intermediaries in facilitating credit"

At best Crypto‐Currencies are as much a fiat currency as what they claim to replace with all the issues that implies with all the issues that gold and silver had - diminishing returns. At worst they are akin to the guy that want to sale seaside property in Arizona cheap.

Motly Fool's Is Cryptocurrency a Good Investment? "Only a small number of cryptocurrency projects will ultimately flourish." The rest? Sucks to be them.

Never mind this subthread has drifted way off topic from the main thread.

 

[ponzicoinbro]

You keep referring to “Bitcoin”, so once again. You don’t know what you are talking about.

Do you understand how Ethereum works? Polygon? Solana?

Do you understand how a dapp works? Do you know what a smart contract is?

I know how all these work. I test them sometimes.

Ethereum where fees are so high only the wealthy can really use it and where congestion can slow it down badly.

Even if the fees were as low as possible, let’s say around a $1, would the masses be able to use Ethereum? People spend around 100 times a month. So let’s say 1200 times a year. Who wants to pay $1200 minimum a year on just transaction fees with a volatile token?

Then there is this idea it will move to proof of stake. Why would the masses want to lock up their funds with a node or Validator? Money is supposed to be on the move all the time. Whether it is used by yourself or your bank, it is always being utilised for productive purposes. If masses of money was locked up in staking contracts then it is the same as hoarding, which has terrible consequences for any economy. We already suffer because the wealthiest hoard money and assets.

Two months ago Solana went paralyzed for 17 hours because someone wanted to grab a bunch of a new scamcoin and they froze the network with their traffic. Solana’s main net is still listed as ‘Beta’ by the developers and yet they allowed people to use it with their money. Something like a more than a quarter of Solana’s total tokens are owned by a handful of people.

DApps and Smart Contracts. These are the worst examples of software development we have seen for years. They are often very buggy and have exploits in them. On some networks, once deployed they can’t be updated on the fly so if there is an exploit a hacker can run off with millions of dollars worth of tokens.

Over $10 billion worth of tokens on these networks you mention have been looted by hackers just this year. The number was much much higher than that but in one case a hacker returned the amount they stole because they did a bad job of hiding their tracks.

Here’s a partial list of thefts and rug pulls.

Rekt - Home

DeFi / Crypto - Investigative journalism & creative commentary

rekt.news

 

[beanbaguk]

I was citing article titles, silly. Your effort to continue the Crypto FUD would be laughable it is wasn't so sad.
You clearly don't understand the difference between "Bitcoin" and "bitcoin".

I'll give you a hint; it is like the difference between "Kleenex" and "kleenex" ie Scotties is a kleenex but not a Kleenex.

John M. Griffin in his 15 June 2020 "Is Bitcoin Really Untethered?" Journal of Finance Wiley in the "Overview of Bubbles, Bitcoin, Tether, and Hypotheses" section starts thusly:

"Periods of excessive price speculation often share the themes of optimism around a new technology, a focus on selling to others rather than economic cash flows, and questionable activities. The famous South Sea Bubble of 1719 to 1720 is often described as a sophisticated Ponzi scheme where old investors were paid high dividends not from operations but from new stock issuances with the hope of higher prices at future issuances (Hutcheson (1720), Temin and Voth (2013))."

It concludes with "Our findings support the historical view that dubious activities are associated with bubbles and can contribute to further price distortions."

Crypto‐Currencies – An Introduction to Not‐So‐Funny Moneys (another peer reviewed piece) concluded "We argue that crypto-currencies are unlikely to supplant traditional fiat currencies and we anticipate an enduring role for financial intermediaries in facilitating credit"

At best Crypto‐Currencies are as much a fiat currency as what they claim to replace with all the issues that implies with all the issues that gold and silver had - diminishing returns. At worst they are akin to the guy that want to sale seaside property in Arizona cheap.

Motly Fool's Is Cryptocurrency a Good Investment? "Only a small number of cryptocurrency projects will ultimately flourish." The rest? Sucks to be them.

Never mind this subthread has drifted way off topic from the main thread.

You are obsessed with bubbles. You clearly live in one, silly.

 

[Philip_S]

You’ve got the right answer for the wrong reason.

The reason we have inflation in the first place is that there’s a natural rate of inflation inherent to a growing economy.

Having a set amount of currency means that over time your earnings will shrink (as population grows but the amount of money remains finite), likewise workers will necessarily earn less money as time goes on.

And this leads to what’s called “deflation”, meaning the currency accrues value over time. And this results in people not spending money at all (why would you? Your money would be worth more if you just buried it in the back yard.)

Business close because there’s no profit to be made over just sitting on money. People lose jobs, more businesses close, etc.

A certain amount of inflation is to be expected, as more people buy more goods, or people’s earning power increases, the price of things increase with demand.

You can have growth with zero inflation, but only if the money supply exactly keeps pace with growth, so it is easier to have a little inflation than deal with the inconvenience for government finances of deflation. That only requires 1% or so of inflation, not the 3+% most governments direct their central banks to aim for. The rest is for other policy reasons.

ame could be said for times of war. Governments have to issue new money to pay for defense and infrastructure otherwise you’ll have a weakened nation. We do not have world peace

It has to be emergencies to justify extra issuance above what’s normally planned, not ongoing routine activities even if those activities are warlike. The idea is to match the increased wartime production for a major conflict, rather than the steady cost of a decades long occupation.

We do not have world peace and may never have as long as oligarchs use autocratic governments as covers for their greed and crimes.

The existence or otherwise of oligarchs and autocrats is not relevant to peace: someone like Lukashenko isn’t any threat to anyone outside Belarus, for example. The threats to peace are those countries with the desire and ability to project power abroad, regardless of their internal political structure.

And landlords will definitely never stop raising rents

They’ll do that if the demand continues to exceed supply, assuming there’s any way people can pay the higher rents. You can prevent that happening by ensuring there is an oversupply of housing, most practically by adopting a robust programme of social housing for any who wants it.

If you have no inflation in the US for example and then your suppliers half away around the world start charging more money because they need to grow, what happens to prices?

If you have more inflation than they do, then all else being equal your exchange rate will worsen to reflect that.

 

[Maximara]

You are obsessed with bubbles. You clearly live in one.

The only thing I am "obsessed with" is reality; something Turkey's leader could do with a heavy dose of. Never mind the "bubbles" I highlighted were direct citations from peer reviewed articles.

As I pointed out before per Motly Fool's Is Cryptocurrency a Good Investment? "Only a small number of cryptocurrency projects will ultimately flourish." The rest? Sucks to be them.

tny, ponzicoinbro, and myself have all gotten a good handle on the reality of cryptos and it is a house of cards just waiting for things to come crashing down.

 

[beanbaguk]

The only thing I am "obsessed with" is reality; something Turkey's leader could do with a heavy dose of. Never mind the "bubbles" I highlighted were direct citations from peer reviewed articles.

As I pointed out before per Motly Fool's Is Cryptocurrency a Good Investment? "Only a small number of cryptocurrency projects will ultimately flourish." The rest? Sucks to be them.

tny, ponzicoinbro, and myself have all gotten a good handle on the reality of cryptos and it is a house of cards just waiting for things to come crashing down.

"Peer reviewed"? Are you kidding me?

Once again. It feels like Groundhog day once again. They are all written by hardcore critics which are hardly "peer-reviewed" as you put it. Most are capitalist financial leaders who stand to lose out massively as the fundamentals of blockchain technology is to scale through a DAO. Think socialism vs capitalism.

Moreover, all articles continue to focus on "Bitcoin", which is (if you have half an inkling on blockchain technology), is probably the least interesting cryptocurrency on the market. It's interesting for those who don't understand because it's incredibly simple. Ledger, in and out. That's about it.

However, blockchain is far more than this, and while I definitely agree there are many scams and many, many, many issues with the technology right now; You are looking at something in its absolute infancy and those who succeed are pioneers in the industry. Regulation, industry standards and maturity of the market will slowly resolve these problems.

At the end of the day, those who hold onto the past sound like the broken record bosses from the music industry.

20 years of Music Industry disrupted by Tech: after the fall, a new “Golden Age”?

This post was written for the “History of Technology Revolution” course at the Sciences Po Paris School of Public Affairs. The course is…

medium.com

 

[Maximara]

"Peer reviewed"? Are you kidding me?

Nope. Journal of Finance and Journal of Eocnomic Surveys are both through the Wiley-Blackwell part of Wiley publications which requires any journal (around 1500 of them) it publishes to be peer-reviewed.

You are starting to remind me of the MLM advocate that tried with a desperation that must be seen to be believed to keep negative material out of wikipedia's MLM article even going as far as to say something wasn't peer reviewed when it in reality it was (System Dynamics conference papers in his case).

 

[beanbaguk]

Nope. Journal of Finance and Journal of Eocnomic Surveys are both through the Wiley-Blackwell part of Wiley publications which requires any journal (around 1500 of them) it publishes to be peer-reviewed.

You are starting to remind me of the MLM advocate that tried with a desperation that must be seen to be believed to keep negative material out of wikipedia's MLM article even going as far as to say something wasn't peer reviewed when it in reality it was (System Dynamics conference papers in his case).

You quoted an article on Bitcoin again from Wiley. Once again. It’s a bit like saying all iPhones are junk when evaluating an iPhone 3GS in todays world. The article focuses exclusively on Bitcoin, but ignores the entire premise of blockchain technology which is my point which you are utterly blind to acknowledge. (More than likely because you don’t understand it).

The rest of the stuff is BBC news, Motley Fool and editorial content from known Bitcoin critics.

If we followed your lead, we’d all still be using SMS messages on Nokia 3210’s and browsing WAP sides thinking it’s the future! ?

 

[chucker23n1]

Except Bitcoin isn't the future at all; it's an attempt to bring us back to the past of the 1920s, where finance markets were barely regulated.

 

[Maximara]

Except Bitcoin isn't the future at all; it's an attempt to bring us back to the past of the 1920s, where finance markets were barely regulated.

Pretty much and we all know how that turned out. In fact, one of the things that made the bubble of 2008 possible was the reduction (or elimination) of regulation safeguards that were supposed to prevent something like that from happening.

 

[beanbaguk]

Except Bitcoin isn't the future at all; it's an attempt to bring us back to the past of the 1920s, where finance markets were barely regulated.

Bitcoin again…??‍♂️ You are right about one thing. Regulation will bring stabilisation, but the reality is we are all speculating…however I’ll hedge a strong bet on blockchain technology moving us forward.