Iranians moving out billions in crypto due to sanctions

[MJK_Anfaenger]

With the amount of conspiracy posts and posts that are neither serious nor discussions reaching another high in this board, I wanted to direct your attention to some very interesting current crypto-related events in Iran. Apparently Iranian citizens are turning to crypto to move assets out of the country, due to the sanctions and the Iranian currency Rial losing value. According to this article it's about $2.5 billion so far.

As unfortunate the whole thing is for Iranian citizens affected, I think it highlights even to a layman that crypto is not some kind of toy and in some cases even a more attractive way to store value than the currency of a country. A country with serious economic problems, but still, a country, with central banks and everything.

With lots of people basically being forced into crypto and having to rely on it for everything from storing their life saving to business dealings, I also think this might be some sort of use case for Bitcoin and crypto as a serious business currency. What do you think?

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[john1010]

In my opinion, most of the countries Billionaires and Millionaires already made diversified strategy in their wealth and converted it to crypto currency, even me if i have that kind of wealth I will diversify all my wealth to crypto.

[sham100899]

I saw a video on youtube that there is one family who sell everything they have for bitcoin. They sell it while bitcoin is low, they might be millionaires now.

[Huntsman82]

In my opinion, most of the countries Billionaires and Millionaires already made diversified strategy in their wealth and converted it to crypto currency, even me if i have that kind of wealth I will diversify all my wealth to crypto.

It's too risky to convert all of your money to crypto.
Material things are far better and less of a gamble.
For example investing in gold or state bonds is better.
If I had that kind of money, billionaire level, I would go 40%/40%/20% and invest 40% in gold/bonds/real estate and 40% in crypto.
I would burn 20% like there's no tomorrow. 

[suchmoon]

With the amount of conspiracy posts and posts that are neither serious nor discussions reaching another high in this board, I wanted to direct your attention to some very interesting current crypto-related events in Iran. Apparently Iranian citizens are turning to crypto to move assets out of the country, due to the sanctions and the Iranian currency Rial losing value. According to this article it's about $2.5 billion so far.

As unfortunate the whole thing is for Iranian citizens affected, I think it highlights even to a layman that crypto is not some kind of toy and in some cases even a more attractive way to store value than the currency of a country. A country with serious economic problems, but still, a country, with central banks and everything.

With lots of people basically being forced into crypto and having to rely on it for everything from storing their life saving to business dealings, I also think this might be some sort of use case for Bitcoin and crypto as a serious business currency. What do you think?

Many moons ago I had an unforgettable experience of living in a country that had a nearly worthless currency so every bit of savings went into foreign currencies like USD, or into gold etc. It was semi-illegal too, e.g. USD could not be used as legal tender but of course everybody was using it in private transactions. Having something like Bitcoin would have been awesome. Volatility of Bitcoin prices is a walk in the park compared to 500% inflation. Iran alone may not have a huge impact but there are many other monetarily-challenged places in the world that may help bring Bitcoin to the masses.

[sister1001]

In a way bitcoin is a permanent deterrent to dishonest monetary policies. Countries such as Nigeria particularly in 2017, Venezuela and now Iran which basically have a unrealistic and I would say criminal economic policy (with a little help from the west perhaps) are the examples.

The official bans means two things that are really inspiring:

1 - The authorities understand the threat, even if it is relatively new.
2 - The censorship resistance of cryptocurrencies is now going to be put to the test.

Apart from improvements in many sectors, this is the disruptive power of Bitcoin (and alts surely) into the government policies. Bitcoin is the gold of the poor and the rich alike.

[MJK_Anfaenger]

Volatility of Bitcoin prices is a walk in the park compared to 500% inflation.

Really puts things into perspective. Not even the market crash in the beginning of the year came close to that kind of number and that was quite a bloodbath. In the end, having crypto definitely beats hoarding loads of semi-illegal cash under your mattress. My one concern though is that the governments of these countries will pick up on it too and try to get a slice of the cake by creating their own cryptocurrencies. Like trying to get their insubordinate citizens in line this way.

Bitcoin is the gold of the poor and the rich alike.

Haha, well said. Bitcoin doesn't discriminate and people will vote not only with their feet, but their digital wallets.

[mindrust]

Turks are doing the same thing. It is not on the news yet but the dictatorship in Turkey is getting harder and harder on us everyday. It is not visible enough to hit the news.

People are scared of the government because they can now seize all your assets without even a trial. After the failed coup a couple years ago all went crazy.

The only thing gives protection is either you move your funds to a different country or just move them to btc. You own a house? They can seize it and throw you into jail. They act first, ask questions later. Bank accounts? Same. Save money in your  home? They could just raid your home and take everything.

Btc is the safe haven against all these crap. I would rather trust satoshi than a corrupted leader.

[MJK_Anfaenger]

Turks are doing the same thing. It is not on the news yet but the dictatorship in Turkey is getting harder and harder on us everyday. It is not visible enough to hit the news.

People are scared of the government because they can now seize all your assets without even a trial. After the failed coup a couple years ago all went crazy.

The only thing gives protection is either you move your funds to a different country or just move them to btc. You own a house? They can seize it and throw you into jail. They act first, ask questions later. Bank accounts? Same. Save money in your  home? They could just raid your home and take everything.

Btc is the safe haven against all these crap. I would rather trust satoshi than a corrupted leader.

I didn't know that, that's insane! Are you worried that online communication is being monitored? Assuming you're in Turkey right now. I'm from Germany and this is not something you get to hear or read about in the news.

[mindrust]

I didn't know that, that's insane! Are you worried that online communication is being monitored? Assuming you're in Turkey right now. I'm from Germany and this is not something you get to hear or read about in the news.

Of course it is monitored. I try not to worry about it since i am always very careful with what i say online. People are being jailed for cursing the president on twitter can you believe it?

[kingnony]

Moving all ones money in to cryptocurrency is damn too risky. There are many if(s) in between, as crypto market is very volatile. They options must be very thin for them to resort to this measure.

[MJK_Anfaenger]

I didn't know that, that's insane! Are you worried that online communication is being monitored? Assuming you're in Turkey right now. I'm from Germany and this is not something you get to hear or read about in the news.

Of course it is monitored. I try not to worry about it since i am always very careful with what i say online. People are being jailed for cursing the president on twitter can you believe it?

That's just fucked up, no one should be forced to live like this. Be careful man.

[yoseph]

Moving all ones money in to cryptocurrency is damn too risky. There are many if(s) in between, as crypto market is very volatile. They options must be very thin for them to resort to this measure.

That's why most governments are against cryptos because they can clearly be used to circumvent the legal process of things like how the Iranians are doing right now. Maybe it's the reason why the currency is so volatile these days.

[Huntsman82]

Turks are doing the same thing. It is not on the news yet but the dictatorship in Turkey is getting harder and harder on us everyday. It is not visible enough to hit the news.

People are scared of the government because they can now seize all your assets without even a trial. After the failed coup a couple years ago all went crazy.

The only thing gives protection is either you move your funds to a different country or just move them to btc. You own a house? They can seize it and throw you into jail. They act first, ask questions later. Bank accounts? Same. Save money in your  home? They could just raid your home and take everything.

Btc is the safe haven against all these crap. I would rather trust satoshi than a corrupted leader.

I didn't know that, that's insane! Are you worried that online communication is being monitored? Assuming you're in Turkey right now. I'm from Germany and this is not something you get to hear or read about in the news.

Of course it is monitored. I try not to worry about it since i am always very careful with what i say online. People are being jailed for cursing the president on twitter can you believe it?

Wow man, that's insane!
Well at least crypto isn't connected to banks so you can save some money on the side and no one will know.

[Dart315]

With the amount of conspiracy posts and posts that are neither serious nor discussions reaching another high in this board, I wanted to direct your attention to some very interesting current crypto-related events in Iran. Apparently Iranian citizens are turning to crypto to move assets out of the country, due to the sanctions and the Iranian currency Rial losing value. According to this article it's about $2.5 billion so far.

As unfortunate the whole thing is for Iranian citizens affected, I think it highlights even to a layman that crypto is not some kind of toy and in some cases even a more attractive way to store value than the currency of a country. A country with serious economic problems, but still, a country, with central banks and everything.

With lots of people basically being forced into crypto and having to rely on it for everything from storing their life saving to business dealings, I also think this might be some sort of use case for Bitcoin and crypto as a serious business currency. What do you think?

They buy only Bitcoin or XMR etc as well? I'm asking because today it's very easy to trace BTC.

[mindrust]

They buy only Bitcoin or XMR etc as well? I'm asking because today it's very easy to trace BTC.

Trace it and then do what exactly? They can trace btc until they can't. There are ways to erase your traces. You can even do it in btc without moving your funds  to another chain.

Even if they know which address belongs to you, as long as you don't need paper money, they can't do anything. They can't take it away, seize or steal.

I like btc more than xmr. While I admit xmr has its uses, I like to see which address got how many coins in it. Xmr is... I don't know. It is too dark for daily uses. You know...

[amber deposit]

Where did Iranian citizens get the money? The country is under sanctions, the majority of citizens are poor. Even if there are people who transfer money to cryptocurrency ,these people are few.

[suchmoon]

Even if they know which address belongs to you, as long as you don't need paper money, they can't do anything. They can't take it away, seize or steal.

Depends on who "they" are. Thugs can take your bitcoins at gunpoint. Government can do essentially the same thing, disguised as "taxes".

[mindrust]

Even if they know which address belongs to you, as long as you don't need paper money, they can't do anything. They can't take it away, seize or steal.

Depends on who "they" are. Thugs can take your bitcoins at gunpoint. Government can do essentially the same thing, disguised as "taxes".

As long as you stay in btc, taxes make no sense. Also, You can always say "that address doesn't belong to me anymore" or "oh shit i lost my privates sooorry :d"

If a country taxes you before you sell your crypto for FIAT, that country is already in deep shit. You shouldn't ever buy coins through banks anyway. Only mining or cash/local btc buys...

About the thug thing, that's a different situation. I mean unless you are dumb enough to share your balance with unknown people, they won't be able to know it. However, the government can see where your money went to because banks will share information and people usually buy btc via banks. In the end, if you stay in btc, you'll be in a relatively safer position.

[paxmao]

Moving all ones money in to cryptocurrency is damn too risky. There are many if(s) in between, as crypto market is very volatile. They options must be very thin for them to resort to this measure.

Dear friend, if you live in a country with hyperinflation cryptos are a risk, but staying in the oficial currency is the certainty of loosing all.