Hello,

I have understood that someone comes up with a new coin X (X may not even have a new innovation, or a big step forward). As X has no value yet, miners/pre-buyers get interested in the coin, because the difficulty is low, the coin is cheap, and it may have value in the future, no harm !
What I don't understand in this ecosystem is who buys X so X gets its value ? Whats the problem with BTC/LTC/DRK/... that some people will start buying X ? Are the people buying the coin the ones who want to profit from hording it, thus giving X value ?

Thanks !  

This kind of exchange is done routinely, as lots of students outside Iran need USD. Their families are funding them using exchanges.

I completely agree with this.

Nothing banned or allowed here yet. The government hasn't even noticed the movement. The idea of the exchange has been going through my mind. The problem here is that every exchange needs a constant flow of both currencies to be able to exchange. Even if lots of people use BTC to buy embargoed goods here, the exchange has to have a flow of BTC coming in. As there is no ecosystem of mining here, I don't know if thats even possible.

Bitcoin in this country is not recognized yet, I wonder what should I do first to promote.

Thats right. I don't know how people can trust me.

Its the basis of investment using Bitcoin. If one believes in price fluctuations, holding bitcoins is more economical. Investments should report profit as percentage of bitcoin earned. BTC/USD is out of question here.

This is also true. The IRR has been stable for a year, but there is always the possibility of price change.

Thank you for your response.


No, they don't. That's why the profit should be calculated as BTC/USD -> USD/IRR -> Deposit to Bank -> IRR/USD -> USD/BTC. Also there is no BTC/IRR here. I think it still may be profitable, but maybe for bigger sums of money.


Very good point, but the fluctuations in IRR/USD are not as high as %20. Here is a good chart http://www.xe.com/currencycharts/?from=USD&to=IRR&view=1Y. There is a sharp price increase during the Ahmadinejad presidency, but other than that it seems fairly stable.

I am considering running a business to address Bitcoin investing. The whole idea is banks in different countries give out different interest rates. The country I live in (Iran) does have very high bank profits (result of inflation and high interest loans given). The standard banking profit is %10 a year, and can go up to %20 if the duration is more (5 years for example).

Bitcoin provides a good way to transfer money to Iran, as no international bank can handle low cost transactions here. If the added exchange rates of BTC/USD and USD/RLS are added I think it still may be profitable.

The main issue here is trust, as I know I couldn't have the trust of anybody here right now. If that can be handled, it is a sure investment, because the bank is building the profit not me 

Any ideas ?

Hello,

As a fact the banking interest rate is different between countries. For example in the country I live in, Iran, the banking profit rate is as high as 20% profit a year. If you deposit $100 in your account, you will have $120 at the end of the year (see http://en.wikipedia.org/wiki/Banking_and_insurance_in_Iran#Rates). This is a result of high loan interest rates and inflation in our country. As another fact, people in other countries don't have access to Iranian banks, as they are embargoed. Also Iranian banks only open bank accounts for Iranian residents.

Idea: Open an Iranian bank account for people living in other countries and give them their interest.

Before Bitcoin this was impossible, as foreigners couldn't have financial transactions with Iranian people. Now it is possible, but there are many complications:

How would you trust me (as a business) with your hard earned BTC ?
As I know I am not running a ponzi scheme (interest is built by the bank) how can I prove it ?

Any other ideas are appreciated !

Thank You 

You need to consider their fee for maintenance per GHS as well. If you buy a lot of GHS that fee really hurts.

I would surely go for a pool.