Iranian gold-backed state cryptocurrency turning out to be fake

[Unblock_news]

A supposed Iranian gold-backed state cryptocurrency called Paymon was widely reported, but it is now emerging that a lot of details about the cryptocurrency are false.

Paymon was reported to be a gold-backed cryptocurrency supported by an over-the-counter cryptocurrency exchange called Iran Fara Bourse, with an expected release of one billion coins that will be used to tokenize properties and assets.

However, BeInCrypto writer Alexander Fred said in an article published on 20 February 2019 that a lot of details about the supposed Iranian state cryptocurrency were faked.

Click the link for more details: https://www.unblock.news/news/iranian-gold-backed-state-cryptocurrency-turning-out-to-be-fake

[Jating]

I didn't click on the article buy what do you expect?

Remember Maduro's Petro? The supposedly Venezuelan crypto put up by him to circumvent the trade embargo against his country? And it was reported to have raised $300 million to 1 billion or more but turns out to be bogus as well as reported?

So I guess Iranian crypto will be something similar to Petro coin.

[mrdeposit]

I didn't click on the article buy what do you expect?

Remember Maduro's Petro? The supposedly Venezuelan crypto put up by him to circumvent the trade embargo against his country? And it was reported to have raised $300 million to 1 billion or more but turns out to be bogus as well as reported?

So I guess Iranian crypto will be something similar to Petro coin.

Backing coin with gold doesn't work and governments want to test their luck with such coins.IMO it will be better to issue oil-backed crypto for oil country. Iran is not a democratic country and they have strict problems with strong countries.  Iranian crypto will not be successful for a single reason, it is not fully decentralized and it can be speculated by creators.

[Jating]

I didn't click on the article buy what do you expect?

Remember Maduro's Petro? The supposedly Venezuelan crypto put up by him to circumvent the trade embargo against his country? And it was reported to have raised $300 million to 1 billion or more but turns out to be bogus as well as reported?

So I guess Iranian crypto will be something similar to Petro coin.

Backing coin with gold doesn't work and governments want to test their luck with such coins.IMO it will be better to issue oil-backed crypto for oil country. Iran is not a democratic country and they have strict problems with strong countries.  Iranian crypto will not be successful for a single reason, it is not fully decentralized and it can be speculated by creators.

You just have to look at what are the primary reasons for having this coins in the first place and why it will fail. They created them just to get around those embargo from the US and other countries. It doesn't need to be "to issue oil-backed crypto for oil country", doesn't make sense, who would you think are going to invest on them? Russians?

They already back out from Maduro's Petro so I don't think that they are willing to invest on this Iranians coins as well.

[hugeblack]

I do not know why many are trying to add more articles about Iran, South Korea or Russia when it comes to cryptocurrencies? I have already read such news from Russia.
I do not think countries support cryptos like what is described in these articles. Many of these countries have political and economic problems, but that does not mean that they will solve their problems in highly transparent currencies.

Also, the concept of cryptocurrency backed by gold, oil or other is incorrect because it converts those currencies into mere electronic money" eCash money."

[davis196]

Every government backed cryptocurrency project is fake news.The Iranian government doesn't have the best developers that could create a working and secure blockchain from scratch.
The real question is,why would somebody fake such news?What's the point?

[kryptqnick]

The supposedly Venezuelan crypto put up by him to circumvent the trade embargo against his country? And it was reported to have raised $300 million to 1 billion or more but turns out to be bogus as well as reported?

So I guess Iranian crypto will be something similar to Petro coin.

But Venezuela and Iran are not the same. Venezuela is a dangerous overcorrupted country that was ruined my a driver that thought that ruling a country is something he'd be good at. Iran is not perfect, but its economy is not that shitty. The biggest problem with Iran is terrible freedom of press situation and centralization of all the main spheres (economy, education, media). It's very corrupted but not as corrupted as Venezuela.
Now to the article. Paymon was caught on some misrepresentation of information and having ties with Russia (although it's unclear whether it's the Paymon team's fault of the Sputnik's fault). Maybe it's a project supported by both governments trying to bypass sanctions from the Western world. The coin is not a proven scam yet, though.

[LUCKMCFLY]

You should always be careful with those projects, if they are actually cryptocurrencies or tokens, apart from reading every detail that is present in the whitepapers, analyzing if they have the burning algorithms and what security they offer, if it is backed by gold, or anything should do more research yet. And if it will be in an Exchange, if it is Level 1, because if it is a supported currency it must have sufficient reliability to be in a good Exchange, it would not be a problem.

[stompix]

Remember Maduro's Petro? The supposedly Venezuelan crypto put up by him to circumvent the trade embargo against his country? And it was reported to have raised $300 million to 1 billion or more but turns out to be bogus as well as reported?

So I guess Iranian crypto will be something similar to Petro coin.

There is a small difference

The Petro was a scam that was created by the government.
This one is a scam coin that claimed it had government backing.

But both will end dead with zero value.

But Venezuela and Iran are not the same. Venezuela is a dangerous overcorrupted country that was ruined my a driver that thought that ruling a country is something he'd be good at. Iran is not perfect, but its economy is not that shitty. The biggest problem with Iran is terrible freedom of press situation and centralization of all the main spheres (economy, education, media). It's very corrupted but not as corrupted as Venezuela.

When you have a guy that claims jeans are evil and you ban pet ownership, I don't think the leaders of Iran have the edge over a taxi driver, and the economy is shitty, depending on oil revenues, 40% inflation, 15% unemployment.

[BrewMaster]

surprise surprise another bullshit article from an even more bullshit website posted here purely for traffic!

A supposed Iranian gold-backed state cryptocurrency called Paymon was widely reported, but it is now emerging that a lot of details about the cryptocurrency are false.

"widely reported"?!! there isn't that much information about it. it doesn't even have 1/1000 of the hype of Petro, it is not even released yet. how can something that is not even released be false

over-the-counter cryptocurrency exchange called Iran Fara Bourse,

it is not over-the-counter. it literary means "stock market". it has no attribute of being OTC.

However, BeInCrypto writer Alexander Fred said in an article published on 20 February 2019 that a lot of details about the supposed Iranian state cryptocurrency were faked.

well it is no surprise when his source is websites like yours who have no idea what is going on in the world

40% inflation, 15% unemployment.

these two numbers are missing a couple of zeros ...

[sheenshane]

Paymon was reported to be a gold-backed cryptocurrency supported by an over-the-counter cryptocurrency exchange called Iran Fara Bourse, with an expected release of one billion coins that will be used to tokenize properties and assets.

What do we expect? Paymon could have a decent and convincing whitepaper and considered as gold backed states cryptocurrency platform but everyone in Iran could do it as a scam. Backing coin with gold is just beta testing and would require great speculation to work but
it is not yet convincing.

I still remember the article that I read about the CEO of a big corporation. He tried to run away with the investments he earned from his investors in an IPO, then tried to return it as cryptocurrency with his ICO.

Do you know what happened? The government wanted to get his company down so they refused every option he did for his company even his ICO was rejected and stopped.

surprise surprise another bullshit article from an even more bullshit website posted here purely for traffic!

Lol, Thumps up mate.

[Crypdon]

The one from iran is going to be the crypto rial not something backed by gold. They don't have much of it so no reason to use gold, it will probably be oil backed instead

[tippytoes]

I didn't click on the article buy what do you expect?

Remember Maduro's Petro? The supposedly Venezuelan crypto put up by him to circumvent the trade embargo against his country? And it was reported to have raised $300 million to 1 billion or more but turns out to be bogus as well as reported?

So I guess Iranian crypto will be something similar to Petro coin.

Most of the gold-backed projects that I've encountered in 2017 & 2018 were really fraud at its best. You will know their tactics, enticing potential investors with the luster of gold and huge profit but they couldn't provide any single proof of their holdings.

[stompix]

surprise surprise another bullshit article from an even more bullshit website posted here purely for traffic!

At least this guy isn't posting that stupid cartoons like coinidol or what's his name is

40% inflation, 15% unemployment.

these two numbers are missing a couple of zeros ...

Just one, those are the 0fficial rates .
But even on paper, their economy is heading for disaster and just like the others, even if they do create a crypto coin it won't help them a bit.

The one from iran is going to be the crypto rial not something backed by gold. They don't have much of it so no reason to use gold, it will probably be oil backed instead

Because it makes total sense to back a coin by the oil reserves you pump out and sell, right?
I should start a beercoin backed by the 2 six-packs in my fridge .

[TheCoinGrabber]

So apparently Paymon is a Russian coin. I wonder who floated the idea that an Iranian crypto was underway.

Still, I wouldn't be surprised if Iran would think of making one to bypass sanctions. I'm not sure about these cryptos being backed by oil though. Would they set aside some of the oil they pumped for it?

[darewaller]

"Gold backed crypto currency" has been tried before, and also in many countries under many names as well. It never works out because people who create those currencies says if the funding is there they will buy gold to back it up but it doesn't work that way, you have to have the gold first and than sell it later with a chance of selling your crypto for gold whenever you want to.

Dollar backed tokens like usdt works because you can literally get dollar for your usdt and that makes it actually worth 1 usdt to 1 dollar, but if you fail to give people gold like that than it will never worth it. It always starts out the same and ends up with currency not worthing anything. Iran is no different, you do not get 1 billion funding and buy gold later, you need to have 1 billion dollar worth gold and than spread currency for it.

[BrewMaster]

40% inflation, 15% unemployment.

these two numbers are missing a couple of zeros ...

Just one, those are the 0fficial rates .
But even on paper, their economy is heading for disaster and just like the others, even if they do create a crypto coin it won't help them a bit.

haha, i was only half exaggerating; the official rates are mainly for fun. if we look at those rates it still says 1 USD = 42000 IRR but the reality is 1 USD = 130000 IRR right now which is about 210% rise in about a year. and inflation is following that at a nearly similar pace.

[Febo]

Paymon was reported to be a gold-backed cryptocurrency supported by an over-the-counter cryptocurrency exchange called Iran Fara Bourse, with an expected release of one billion coins that will be used to tokenize properties and assets.

Gold backed cryptocurencies are extremely dumb idea.  1. Who grantee you that that gold actually exist and who grantee you that it will be given to you if you will want to claim it?  So why on earth I would rather have someone else holding my gold an I get a token instead of me have my gold under my pillow and asses it any second.   Anyone buying into this is super dumb.

[Upgrade00]

Iranian crypto will not be successful for a single reason, it is not fully decentralized and it can be speculated by creators.

There can not be full decentralization in an Iranian owned currency or that if any other country, especially when it is a stable currency and needs to be collaterized in a tangible asset which has to be stored as a central facility.

[LUCKMCFLY]

Iranian crypto will not be successful for a single reason, it is not fully decentralized and it can be speculated by creators.

There can not be full decentralization in an Iranian owned currency or that if any other country, especially when it is a stable currency and needs to be collaterized in a tangible asset which has to be stored as a central facility.

It is correct, a currency that is developed in Iran can not provide decentralization completely, it must have control, that way it can keep it stable.

[jossiel]

At least this guy isn't posting that stupid cartoons like coinidol or what's his name is

Vladdirescu87

I remember those coins that said to be gold-backed up but never made it so special and popular. So when I hear a project that basically boasts of they are backed up by gold or some assets, I won't believe quickly unless proven and stably operating.

[audaciousbeing]

A supposed Iranian gold-backed state cryptocurrency called Paymon was widely reported, but it is now emerging that a lot of details about the cryptocurrency are false.

Paymon was reported to be a gold-backed cryptocurrency supported by an over-the-counter cryptocurrency exchange called Iran Fara Bourse, with an expected release of one billion coins that will be used to tokenize properties and assets.

However, BeInCrypto writer Alexander Fred said in an article published on 20 February 2019 that a lot of details about the supposed Iranian state cryptocurrency were faked.

Click the link for more details: https://www.unblock.news/news/iranian-gold-backed-state-cryptocurrency-turning-out-to-be-fake

Unfortunately in 2019 we are still battling with news like this in the crypto world. Its really something disheartening that a market that the expectation at this point should be all effort geared towards increasing popularity and by extension the penetration which would inevitably increase the price of bitcoin but what are we seeing here some people making frantic efforts in ensuring that the market is being brought down by all means by actions like this. The pity is to people who would have made some investment decisions because of the ''State'' backed declarations.

[magneto]

I would argue that even if the news was real, it wouldn't affect anything.

The fact is that state-issued cryptocurrencies are centralised, and that totally goes against what decentralised cryptocurrencies are going to go for in the first place in terms of controlling the currency supply without an entity that may make unwise decisions, and processing payments without a central entity that may manipulate them.

Also, think about what Petro, which is claimed to be "backed" by oil issued by the Venezuelan government has achieved thus far. Apart from potentially ripping off investors (unconfirmed, don't quote me on that), there is no evidence of any activity. Furthermore, think about who supports the peg between the underlying asset and the crypto here - the government. If they fail to deliver on their promises, there is no value. That's why I think no one should have gotten excited over this Iranian government crypto in the first place.

[sana54210]

It reminds me of how much the coin was hyped in 2018, and I knew deep down me that it was never going to be real.
The first question that came in my mind was “Does Iranian government have developers that can create a secure and working block chain from scratch ?

Although this is not to say that it’s not possible but it’s so obvious they just aren’t ready for this and I have no idea why anyone will come up with such news. I can just imagine the number of people that would have probably falling for this. I always advise investors to be watchful.

[NeuroticFish]

I remember those coins that said to be gold-backed up but never made it so special and popular. So when I hear a project that basically boasts of they are backed up by gold or some assets, I won't believe quickly unless proven and stably operating.

Exactly. I've seen a number of "gold backed" coins. I think that one was for real, but all the rest were fakes.
Basically that's also why I am wary/super-cautious about stable coins, I tend to put them in the same basket with these gold-backed coins.