Iran and Bitcoin....

[slaveforanunnak1]

http://www.reddit.com/r/Bitcoin/comments/204a9e/iran_is_looking_into_regulating_bitcoin/

Reaaadyyyyy GO!

[farlack]

No one cares about Iran.

[Griegura]

It's the kind of think that could save Iranian Rial, and I don't see why the Iranian Gov would be against it. Iran is religiously controlled not Bank controlled as we are here in Europe.

[gentlemand]

It'll be interesting to see what Islamic folks make of Bitcoin considering its non usurious nature.

[Griegura]

Thats what I'm saying this could be a really nice surprise for us all. I studied that they do have some cities that are free commerce cities from which the Iranian goverment has always planed toi compete with the UAE...maybe they allow bitcoin accounts in this cities...

[slaveforanunnak1]

No one cares about Iran.

And by no one you mean you?

[FeedbackLoop]

It'll be interesting to see what Islamic folks make of Bitcoin considering its non usurious nature.

Indeed! Although religion, free from logic, does not have to follow its own rules. Isn't Rial a fractional reserve currency?

Regarding usury this is also very true for christianity as well, with the new and old testament both strongly attacking and forbidding usury and yet christians have no problems with present fiat, fractional reserve systems.
 

[Dalmar]

Indeed! Although religion, free from logic, does not have to follow its own rules. Isn't Rial a fractional reserve currency?

Regarding usury this is also very true for christianity as well, with the new and old testament both strongly attacking and forbidding usury and yet christians have no problems with present fiat, fractional reserve systems.

Usury is not the same thing as tiny amounts of interest, which is inherent to the fiat system. Usury would be like taking a loan denominated in bitcoin, and having to pay it back in bitcoin after it has gone to the moon (effectively shorting an exponentially growing asset).

Overall, bitcoin is more usurious than fiat.

[E.exchanger]

OK iran is regulation bitcoins so what's the sign of concern here ? its good though atleast there are countries who are promoting bitcoins unlike russia usa etc !!!

[Ozymandias]

Indeed! Although religion, free from logic, does not have to follow its own rules. Isn't Rial a fractional reserve currency?

Regarding usury this is also very true for christianity as well, with the new and old testament both strongly attacking and forbidding usury and yet christians have no problems with present fiat, fractional reserve systems.

Usury is not the same thing as tiny amounts of interest, which is inherent to the fiat system. Usury would be like taking a loan denominated in bitcoin, and having to pay it back in bitcoin after it has gone to the moon (effectively shorting an exponentially growing asset).

Overall, bitcoin is more usurious than fiat.

This doesn't make sense... at all. Was it usurious to denominate loans in just about any currency but the german mark in the several years following world war I since those same currencies went "to da moon" with respect to the mark? How about denominating loans in any currency but the Zimbabwean dollar during its period of hyperinflation? Just because one currency outperforms another does not make loans denominated in the more successful currency usurious.

[Dalmar]

This doesn't make sense... at all. Was it usurious to denominate loans in just about any currency but the german mark in the several years following world war I since those same currencies went "to da moon" with respect to the mark? How about denominating loans in any currency but the Zimbabwean dollar during its period of hyperinflation? Just because one currency outperforms another does not make loans denominated in the more successful currency usurious.

A 1000 BTC loan in 2011 that had to be paid back today, would be considered usurious by any standard of the definition.

Taking mid-to-long term loans in bitcoin - if the trend still holds - is the most usurious thing ever.

[Griegura]

OK iran is regulation bitcoins so what's the sign of concern here ? its good though atleast there are countries who are promoting bitcoins unlike russia usa etc !!!

A stronger market, If there are a couple cities in Iran where companies can make deals in bitcoins and have a determined legal covering that will give bitcoin a strong push and will force Iran's regional competitors to embrece Bitcoin as well.

[Ozymandias]

This doesn't make sense... at all. Was it usurious to denominate loans in just about any currency but the german mark in the several years following world war I since those same currencies went "to da moon" with respect to the mark? How about denominating loans in any currency but the Zimbabwean dollar during its period of hyperinflation? Just because one currency outperforms another does not make loans denominated in the more successful currency usurious.

A 1000 BTC loan in 2011 that had to be paid back today, would be considered usurious by any standard of the definition.

Taking mid-to-long term loans in bitcoin - if the trend still holds - is the most usurious thing ever.

We may be disagreeing on definitions then. I understand usury as something that unfairly enriches the loaning party at the expense of the one taking the loan. Would you agree with this?

If you would, then lets have a little thought experiment: Alice wants to borrow 1000btc from Bob. Bob is a nice guy and decides to lend Alice the 1000btc and not even charge interest for it! When it comes time to repay the 1000btc that Alice borrowed what number of btc (the currency in which the loan was denominated) would it be fair for her to repay?

A) Greater than 1000btc (strange since Bob didn't ask for any interest)
B) 1000btc (as per the terms of the loan to which they mutually agreed)
C) Less than 1000btc (in which case Bob has lost money on his loan)

EDIT: to put it a simpler way, why should Bob be held responsible for Alice's gambling on weaker currencies? If in 1919 Alice had borrowed $1000 and invested them in german marks, then a year or two later paid Bob pack $0.01 on the basis of that's how many dollars her current marks were worth, would you claim that as anything but fraud?

[Dalmar]

We may be disagreeing on definitions then. I understand usury as something that unfairly enriches the loaning party at the expense of the one taking the loan. Would you agree with this?

If you would, then lets have a little thought experiment: Alice wants to borrow 1000btc from Bob. Bob is a nice guy and decides to lend Alice the 1000btc and not even charge interest for it! When it comes time to repay the 1000btc that Alice borrowed what number of btc (the currency in which the loan was denominated) would it be fair for her to repay?

A) Greater than 1000btc (strange since Bob didn't ask for any interest)
B) 1000btc (as per the terms of the loan to which they mutually agreed)
C) Less than 1000btc (in which case Bob has lost money on his loan)

The problem is that at the present almost nobody receives wages in bitcoin nor do living costs correlate to bitcoin prices. Unless Alice is using that 1k BTC loan to fool around with altcoins, most other economic activities are totally unrelated to bitcoin. So, if she took that loan and used it in the 'real world' she effectively got goxed (screwed over) even if no interest is charged. I would consider this usurious.

[S4VV4S]

It's the kind of think that could save Iranian Rial, and I don't see why the Iranian Gov would be against it. Iran is religiously controlled not Bank controlled as we are here in Europe.

LOL 
Religion has a lot of control but not even close to the kind of control the Banks have.
Don't forget ALL of our churches here in Europe are money driven

Look at all the bling bling the priests are wearing then ask your self again, who controls what?

[IrishFutbol]

Wouldn't this be bad for bitcoin?  If Iran tried to use them to get around sanctions, it would pretty much be a given that every major country participating in the sanctions would go after bitcoin.

[gentlemand]

Just in time to launch DeathToAmericaCoin.

[slaveforanunnak1]

one word....eheeeeooOIL
what would happen to price of bitcoin if Iran says " ok.. sure.. i'll sell you oil in BTC"

[S4VV4S]

one word....eheeeeooOIL
what would happen to price of bitcoin if Iran says " ok.. sure.. i'll sell you oil in BTC"

Imagine what would Iran say when a smart guy asks for a huge amount of oil supply but to pay with Bitcoins
Would they not accept it then?

[Lauda]

No one cares about Iran.

This is correct. I expected some better news at least.