“The traditional financial market that prints money for nothing is doomed”
Speaking at the Blockchain Economy Istanbul event, writer Hamza Yardimcioglu spoke exclusively to Kriptokoin.com. While saying that Bitcoin is “the revolution that comes once in a thousand years”, he argues that banks that are engaged in the crypto business should not be trusted.
What are your thoughts on the event?
There are people who come to this event from all over the world. These people should not be viewed only as those dealing with cryptocurrencies. I see them as revolutionaries. People who write the future, not just algorithms, meet here. Good ideas are presented. The old system is doomed to perish. The corrupt system will perish.
“Bitcoin cannot deceive you like a human”
Do you consider yourself a Bitcoin maximalist?
I do not put myself in any classification. I think Bitcoin is a great idea. An idea has been proposed that is as rare and valuable as maybe once in a thousand years. It’s even better that we don’t know who pitched this idea. The elimination of the human factor is very important. Because man is God’s punishment, he is a nuisance. It is the problem itself. There is a great algorithm without humans. There is a protocol and it is clear how this protocol will behave. It can’t fool you. He can’t lie like a human. He cannot deceive like a human.
We know that Turkey is at the forefront of crypto adoption in the world. Do you think this is because of high inflation? How do you evaluate?
There are two reasons for this: We are in such an impoverished society that young people tend to get rich quick because they despair of the future. There is a segment of people who unconsciously show excessive interest in cryptocurrencies. It has an even more important dimension: The Turkish nation is smart but cunning. We have developed a system called timed check. It exists only in Turkey, not anywhere else in the world. You write a check in Turkey and it’s due. And this check turns on the market. Nowhere in the world can you find an example of this: If you have $1 in your bank account, you can write a $1 check. Since such practical solutions are in our lives, blockchain is an adaptation of this. I think that great ideas based on blockchain will come from Turkey.
What do you think about the regulations? We know that for about a year and a half, there has been work on crypto regulations in Ankara. We’ve seen controversial regulations, such as transaction-based tax, in some leaked drafts. What are your expectations in this regard?
It’s re-exposing the central system banditry. It was already an alternative. They put the idea of decentralization inside a central prison. The regulations to be brought by the states in this regard will never be libertarian decisions that serve decentralization. This is a digital revolt movement against the system.
“Banks have no intention of serving decentralization”
We know that banks are waiting for the said regulations and are ready to operate in this field. There is an expectation that crypto adoption will increase as banks get involved. Don’t you think that the increase in crypto adoption by banks does not create a contradiction?
Starting from 2023, Central Bank Digital Currencies (CDBC) will be used all over the world. Likewise, the Digital Turkish Lira is on the way. And we will be able to transfer money between ourselves through our wallets. There will be no need for banks in this sense. Therefore, the roles of banks are changing in this new period. Since they cannot act as an intermediary in sending money, we see that they turn to other areas, namely cryptocurrency trading and the commissions they will earn there. The banking system is gaining a completely different identity from now on. Otherwise, banks have no intention of serving decentralization.
“Many commitments will not be honored when the system crashes”
But no matter what, crypto adoption will increase as well-known banks enter this space…
Of course. But I still don’t think it will be reliable. Because, as they do today, they sell gold, silver and many assets that they do not have. Many commitments will not be fulfilled when the system crashes. Cryptocurrency exchanges are also doing this right now. Therefore, we may witness major stock market crashes soon.
Like in the FTX example?
Exactly. Since the regulations are not as strict as the banking system, the stock markets take this as an advantage and continue their activities in a way that is unclear what is going on inside. Do they really exist? It’s the same with stablecoins. Do the assets held by us Tether have a bank equivalent? We believe what we are told. The problem is already here. The problem is people.
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