Iran Buying Bitcoin’ Narrative Quashed by LocalBitcoins Data

[bbc.reporter]

I am honestly not certain if the data from localbitcoins.com represents what the article is implying, however, I am also not certain who the hypey news artists are anymore. The bitcoin maximalists creating fake storyboards or the ICO altcoin pumpers who do it also.



If the narrative peddled by those most optimistic for Bitcoin’s adoption as a hedge against political instability was true, you would expect to see a sudden spike in interest on LocalBitcoins, the planet’s largest peer-to-peer Bitcoin exchange. However, with just US$708 worth of the digital currency changing hands over the last week, clearly, the reality isn’t matching up to the expectations of some.

Read in full https://beincrypto.com/iran-buying-bitcoin-narrative-quashed-localbitcoins-data/

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[Kyraishi]

I remember something along the lines of this for the Venezuelan storyline as well, when in reality there was barely a noticeable jump in volume at least on localbitcoins.

Perhaps Iranians are buying BTC elsewhere, but to say that there is a surge in demand of BTC without any tangible proof is just ridiculous in my opinion, even as somewhat of a bitcoin maximalist myself.

What is undeniably true though is the fact that bitcoin likely trades at a premium in these countries where capital controls are significantly higher. However, that doesn't imply the fact that volume is also significantly higher now.

[CryptoBry]

I am a believer that whenever there can be some economic and political instability, the situation can possible be helping push the price of Bitcoin upwards. However, this can be true if the situation can be translated into a big avalanche of demand, otherwise things are just hypes nothing more nothing less. And whenever we are just depending on hypes or even fake news to prop up the value of something then there must be wrong somewhere.

[hendra147]

local news from iran >> https://cryptomonday.de/fake-news-bitcoin-kurs-im-iran-ist-nicht-auf-24-000-dollar-gestiegen/
international news >> https://www.forbes.com/sites/billybambrough/2020/01/04/no-bitcoin-isnt-going-for-anywhere-near-24000-in-iran-heres-why/

i think this fakenews must be stop.
bitcoin is unique currency, no people can stop, if the price in iran rising to $24.000 in other place bitcoin must be $24k too, because bitcoin is decentralization market.

[gentlemand]

Bitcoin fans do not have a very good record for thinking through an actual truth if there's an eye catching headline to be spun out of it. In fact it is 100% guaranteed and those few voices who point it out get told to put a sock in it. Whatever truth there was is eternally forgotten and the horseshit becomes Bitcoin lore.

Most people can't read to the end of a headline before making up their mind, let alone investigating any actual facts, let alone attempting to process them.

Localbitcoins can't account for a piece of shit currency with an official exchange and then the real one. There are quite a few out there. 

[stompix]

The bitcoin maximalists creating fake storyboards or the ICO altcoin pumpers who do it also.

It's the garbage crypto press that is desperate for anything that can bring a click, all this "press" centered around bitcoin and cryptos has become more toxic that the worst garbage tabloids.

Fake story after fake story after fake story, every kid with a blog wants to be an author, every freelancer is forced to write at least x number of articles per week, they need a lot of garbage to fill up their websites.
A dealership out of 3000 in the UK accepts BTC  we have the news, BMW accepts BTC!
And not even talking about the false surveys, 20% of the Turkish population owns BTC!

Bitcoin fans do not have a very good record for thinking through an actual truth if there's an eye catching headline to be spun out of it. In fact it is 100% guaranteed and those few voices who point it out get told to put a sock in it. Whatever truth there was is eternally forgotten and the horseshit becomes Bitcoin lore.

What's even more disturbing is those people that right now are one step away from saying a ww3 is good for bitcoin.
I'm starting to see this radical cult of bitcoinship taking over and everyone who is a bit moderate in opinion will be thrown aside, just like some new fanatical religion.

[gentlemand]

What's even more disturbing is those people that right now are one step away from saying a ww3 is good for bitcoin.
I'm starting to see this radical cult of bitcoinship taking over and everyone who is a bit moderate in opinion will be thrown aside, just like some new fanatical religion.

I wouldn't call it a moderate opinion, I would call it the sustainable and realistic opinion. Anything built on bilge ultimately means nothing.

It doesn't really matter if pitiful lies are spun or wishful thinking reigns. It won't have any actual effect other than potential short term pumps that burn every moron who buys into them.

[bbc.reporter]

@stompix. Also, many of those people would post and share on social media that the future of bitcoin is no regultions, however, they also shout on many other projects that they are illegal securities hehehe.

[cr1776]

The entire article is based on stupidity and hype from a clickbait source, note the facts:
  
* In May 2019 Localbitcoins "officially shut off service for Iran-based users"  (https://www.coindesk.com/localbitcoins-bans-bitcoin-buying-in-iran-in-blow-to-rising-crypto-commerce ).

* Localbitcoins still says:  "Unfortunately LocalBitcoins is currently not available in your selected region. Please look for other location or come back later." whenever you click on the buy bitcoins in Iran.

* The article is quoting the trading volume IN Iranian rial.  NOT that takes place in Iran, but that is priced and transacted in the rial. And the author didn't understand the difference between them.  Are there many people outside Iran using the rial?  Sure, but not a lot it seems.

Inside Iran is the volume that matters because that is where people want to protect their wealth or where they want to convert the rial into something that can bypass capital and currency controls.  LocalBitcoins doesn't allow that right now.

As far as you "not [being] certain if the data from localbitcoins.com represents what the article is implying", you were right to be skeptical, it doesn't represent anything like what the article is implying.  No one is buying bitcoin inside Iran using localbitcoins because it is not allowed on the localbitcoins platform.  What is allowed is people using the rial to buy bitcoin if they are outside of Iran.

Without good data showing what is being bought and sold inside Iran (and even whether it is permitted) the statement that people are or are not purchasing bitcoin to protect in Iran their wealth isn't verifiable or falsifiable.  I don't doubt that IF localbitcoins was allowing transactions inside Iran, there would be many people attempting to convert their wealth into something that they can then take outside of Iran.

[bbc.reporter]

@cr1776. Do the storyboards influence the price or does the price create the storyboards? The bitcoin news media would say anything to capture our eyes and get our clicks hehe.

It is entertaintment, however.

[cr1776]

@cr1776. Do the storyboards influence the price or does the price create the storyboards? The bitcoin news media would say anything to capture our eyes and get our clicks hehe.

It is entertaintment, however.

Agreed and it may be a feedback loop.  Whatever gets clicks, no matter how inaccurate, is their goal.