Important news for Iranians

[mr_ROBOTT]

The sudden news is that the entire Iranian financial system will be sanctioned tomorrow.
Hypotheses of $ 35,000 and above are extremely strong.
We are at one of the entry points in Rials and become Tether.
The chart for most Altcoins is currently declining.
So I personally suggest converting Rials to Tether and Bitcoin or finally ETH.
Good luck.

source:
https://www.usnews.com/news/business/articles/2020-10-08/us-to-hit-all-of-irans-financial-sector-with-sanctions

[Indymoney]

The sudden news is that the entire Iranian financial system will be sanctioned tomorrow.
Hypotheses of $ 35,000 and above are extremely strong.
We are at one of the entry points in Rials and become Tether.
The chart for most Altcoins is currently declining.
So I personally suggest converting Rials to Tether and Bitcoin or finally ETH.
Good luck.

Can you post source of this news why is this going to happen but one thing is good as right now most of altcoins are declining so this could be very helpful for investors as they can buy some good amount of coins for good profit in near future.

[exstasie]

The sudden news is that the entire Iranian financial system will be sanctioned tomorrow.
Hypotheses of $ 35,000 and above are extremely strong.
We are at one of the entry points in Rials and become Tether.
The chart for most Altcoins is currently declining.
So I personally suggest converting Rials to Tether and Bitcoin or finally ETH.
Good luck.

Can you post source of this news

US sanctions Iran’s entire financial sector

The BTCIRR chart looks just like BTCUSD. Not sure whether to expect any major deviation. Iranian Localbitcoins volume jumped a bit, but still nothing worth hyping up: https://coin.dance/volume/localbitcoins/IRR

[stompix]

Can you post source of this news why is this going to happen

The sanction part is yesterday news:
https://www.usnews.com/news/business/articles/2020-10-08/us-to-hit-all-of-irans-financial-sector-with-sanctions

About the price, nobody cares really,  assuming Iranians would switch to bitcoin, in the first place why would they do so, and second how would they be able to do this en masse with a bank ban?
Besides, how would they purchase with a falling currency enough bitcoins to move the price to that level? A few hundred dollars, that might be possible but 30k is out of discussion.

as right now most of altcoins are declining

Probably we're looking at different websites but the top part of coinmarketcap is green, the more solid altcoins are as always timidly following bitcoin.

LE: as a ninja was summoned 

Iranian Localbitcoins volume jumped a bit, but still nothing worth hyping up: https://coin.dance/volume/localbitcoins/IRR

If we switch to BTC, wow, 3 whole BTC traded ina week, that's a 300% increase from the last week when one(!) BTC was traded. Paxful is banned in Iran? As I see no stats for them.

[2double0]

If you think that switching to Bitcoins is easier, please go and watch out the available sell orders and you will see that the number has grown exponentially. The entire country's money will not be able to manipulate even 1/5th of the price upwards because it is a falling economy and nobody is so stupid to buy their currency when they know they will be in big loss. Now there is too much competition as well for buying Bitcoins, so this will not help them if they don't get buyers for their currency.

[2double0]

Can you post source of this news why is this going to happen but one thing is good as right now most of altcoins are declining so this could be very helpful for investors as they can buy some good amount of coins for good profit in near future.

I am the source of this news and I know that the flow of thought must be controlled in this situation.
Also, as you said, you can take a look at altcoins.

What? Are you saying that Iranians are pumping the altcoins?
Or that news is helping BTC to skyrocket? No. International stocks plummeted badly after Trump news came out, followed by crypto later. After this decline, came a news that Bitmex CEO Arthur Hayes and a few other employees have been sentenced to jail for not complying with AML regulations. Still there was no effect on btc and it remained stable, for which alts are now rallying up.

[usekevin]

All this three coin are trusted one.Many had a negative review on this tether,but it's a good project as like a Ethereum.It price had get some minor change,not only this all the project will have it.The Iranian economy will have it's effect on the market.So we need to wait till it had a effect on bitcoin market price.

[buwaytress]

I know a few Iranians already since 2018 at least been just converting rial to usd as much as possible, and then since last year bitcoin p2p trading picking up. Not quite into hyperinflation overdrive but it is definitely getting there after the failed sanctions lift.

One of many countries already recognising how shitty fiat future is going to be and how bright Bitcoin looks.

[Lucius]

Iran is constantly under sanctions, they are only sometimes expressed less, and sometimes when it is necessary to show who is the strongest in the world, then something like this happens. However, as for some ideas that the Iranians will switch to BTC overnight or start investing in some altcoin, there will be none of that - I guess the Iranian government will not allow the country to be ruled by a decentralized currency, as no other government will allow such move.

The stronger have always abused the weaker, sometimes for a reason, and in this case only because they can - fortunately Iran has a strong ally in China and Russia and some other countries that also suffer from aggressive policies coming from the world's largest democracy.

[buwaytress]

My friends also love bitcoin and I asked some of my Iranian friends about the situation in that country and they said that sanctions have made people think of making a profit and investing.
And because of these conditions in Iran, people have a relatively large number of bitcoins or extract them (but illegally!)
And if the government finds out, it will confiscate all the bitcoins and  miners!

Yeah, I had my partner spend almost a year in Tehran helping some companies to get their stuff all set up there and then all that hard work gone to hell as soon as Trump pulled the plug and sanctions returned. The rial somehow managed to hold up for a while but it's gone right down the sink over the past year. People already sending Bitcoins overseas (or the other way home) right now with p2p alive and well. Gov't can't find out if everyone keeps silent.

[hatshepsut93]

The good ol' "this is good for Bitcoin". I think 10 years of Bitcoin history is enough to learn that local financial crisis, of whatever nature it is, isn't causing any noticeable Bitcoin adoption. We have seen Venezuela, Zimbabwe, Argentina and other countries seeing problems with their economy and national currency, and it was always presented as an opportunity for Bitcoin, and then nothing came out of it.

[buwaytress]

So you understand the situation closely.
And this could indicate that the government does not want to eliminate the dependence on the rial and we have to wait and see if bitcoin will finally be recognized in Iran or not!

Yeah, seems it's my luck/bad luck that I myself live in a country where our currency's been in a slow death spiral ever since we depegged from the USD 2 decades ago, and then we're in the same "axis" of countries where fiat's just walking/running down this path of impending doom. In Iran at least we know the state's not absolutely against Bitcoin -- it just wants a cut from its citizens (shame on them but hey every state's like this).

[buwaytress]

You made a good point. Every  1$ in Iran is equal to the salary of a worker per day.
I think that if an Iranian enters the United States, his capital will be reduced 30 times.
And this shows that buying bitcoin in Iran is very risky because it invests in two things (bitcoin + dollar).

Forget the dollar conversions... earning X amount of fiat in countries like Iran, Lebanon, Venezuela, buys you less and less every passing day. So people there who receive salaries in their fiat have no choice but to spend everything the moment their pay hits their account, or they risk losing value on their money every day. Bitcoin allows them to preserve that value. 10,000 satoshi or $1 today will probably buy the same amount of bread or rice tomorrow and next month, next year.

[Artemis3]

This is why we find online jobs or mine bitcoin while we can. For starters, those never ending idiotic US sanctions that never change governments but hurt the population, don't let us access foreign currency in the first place.

Now that there is bitcoin, there is away around being unable to use paypal or internationally accepted credit/debit cards.

In Venezuela the monthly wage is now under 1 USD, but you just can't live from that. Both Iran and Venezuela have incredibly cheap electricity, so some of those S9s you are dumping in the thrash, make their way to these countries and can even feed a family. Some have to be used in secret as authorities don't exactly condone the practice.

They have to use VPN+tor etc to evade the local filters, and then to evade the international "sanctions" masking country of origin to try earn some money online. Normal people are getting bullied from both sides of the fence, while those in power have no problems at all.

[exstasie]

You made a good point. Every  1$ in Iran is equal to the salary of a worker per day.
I think that if an Iranian enters the United States, his capital will be reduced 30 times.
And this shows that buying bitcoin in Iran is very risky because it invests in two things (bitcoin + dollar).

Forget the dollar conversions... earning X amount of fiat in countries like Iran, Lebanon, Venezuela, buys you less and less every passing day. So people there who receive salaries in their fiat have no choice but to spend everything the moment their pay hits their account, or they risk losing value on their money every day. Bitcoin allows them to preserve that value. 10,000 satoshi or $1 today will probably buy the same amount of bread or rice tomorrow and next month, next year.

Depends if BTC is in a bull market or bear market. If you bought between December 2017 and December 2018, Bitcoin prices were in pretty much constant decline.

Obviously over the long term it has held value quite well, but its short and mid-term volatility is one of the reason why Tether got so big.

Chinese grey-market importers used to rely on bitcoin before the 2018 bear market, another OTC dealer, Roman Dobrynin, told CoinDesk. As the price was ever-growing, merchants and the intermediaries helping them buy crypto could make some extra money along the way.

But since the beginning of 2018, hoping that your bitcoin will still be worth the same or more at the end of the transfer became too risky.

“As the price was going down, tether became much more convenient to use,” said Dobrynin. “China is totally reliant on USDT, they trust in it a lot, plus it’s very liquid.” His own clients are mostly Chinese, and they usually find him by word of mouth, connecting via Telegram.

https://www.coindesk.com/tether-usdt-russia-china-importers

[hatshepsut93]

Of course, this is good for Bitcoin.
The economic crisis of any country causes the people of that country to invest more.
But the only problem is that if this is illegal in a country, it means investing with too much risk.

In what world does economic crisis stimulate investment? This has never ever happened, because in times of crisis people save whatever money they have, so they tend to actually dump their investments, especially investments on the risky side. They might put their money in safe haven assets, but Bitcoin is not a safe haven.

[stompix]

In what world does economic crisis stimulate investment? This has never ever happened, because in times of crisis people save whatever money they have, so they tend to actually dump their investments, especially investments on the risky side. They might put their money in safe haven assets, but Bitcoin is not a safe haven.

Lala Land?
It's in the same world where people who can barely afford food have enough money to invest in something or have enough money to use it for daily transactions.
Imagine a guy who, like Artemis3 said is making 1$ a day and he is planning on investing in BTC, he will need one week of work just to deal with the fees, using it daily? Probably not during the Monday-Friday period when the average confirmations fee would eat in the best case scenario 10-20% of his purchasing power...

But, let's throw all this aside, what influence could some people with little to none money have on the price?
The difference in real purchasing power is enormous, and that crappy GDP PPP is a stupid metric when it comes to investing in a currency like bitcoin.
Yeah, an average citizen from a 3rd world country can live with 300 $ like an American with 2000$, but, to purchase the same amount in BTC he will need to earn...well..the same

In Venezuela the monthly wage is now under 1 USD, but you just can't live from that. Both Iran and Venezuela have incredibly cheap electricity, so some of those S9s you are dumping in the thrash, make their way to these countries and can even feed a family. Some have to be used in secret as authorities don't exactly condone the practice.

I'm having a hard time picturing how a guy earning 1$ a day could afford to buy and pay for shipping for even the cheapest S9, it would still be at least 2 months of work, and no, nobody is really throwing them in the trash, they still sell even here in Europe where they are useless in most cases for at least 50+ As for meaning in secret, there is no way to really mine in secret. If the authorities would want to find out mingers they could do that easily, you just have to look for steady consumption at night, you really can't conceal even 1400W of continuous power usage. They let little miners slide because you bring in $ in the economy, and it's better to leave you alone rather than go hungry and start protesting, it was the same in my country during the late communism period.

[teosanru]

The sudden news is that the entire Iranian financial system will be sanctioned tomorrow.
Hypotheses of $ 35,000 and above are extremely strong.
We are at one of the entry points in Rials and become Tether.
The chart for most Altcoins is currently declining.
So I personally suggest converting Rials to Tether and Bitcoin or finally ETH.
Good luck.

source:
https://www.usnews.com/news/business/articles/2020-10-08/us-to-hit-all-of-irans-financial-sector-with-sanctions

I don't think this is much of a panic for any country. Yes Iran is in a bit of a mess now but still this can be rectified. Atleast they aren't printing more Rials to ensure to overcome the situation because that thing would lead to furhter devaluation of the currency leading to much larger problems for the country itself. Moreover I think Iran would get the pandemic advantage on their side and might get some assistance from International Institution or might even get an aid from China who tries to make ally with any country that US hits. So it can be considered a major setback but a collapse this soon looks unlikely.

[Spaffin]

I don't think this is much of a panic for any country. Yes Iran is in a bit of a mess now but still this can be rectified. Atleast they aren't printing more Rials to ensure to overcome the situation because that thing would lead to furhter devaluation of the currency leading to much larger problems for the country itself. Moreover I think Iran would get the pandemic advantage on their side and might get some assistance from International Institution or might even get an aid from China who tries to make ally with any country that US hits. So it can be considered a major setback but a collapse this soon looks unlikely.

30% increase in prices in just one month !!
This indicates the depth of the tragedy.
Cooperation with a powerful country like China may reduce the impact of sanctions.
But people need to be able to motivate themselves to buy bitcoins and in this situation
Knowing the right path is a bit misleading.

Perhaps, in the current situation, it is necessary to get close to the source of the existing problems, because of which Iran has sanctions. I don’t want to name the names and countries that practically force the Iranian government to stand on defense against the whole world. It is a pity that ordinary people suffer because of this. Although history has already shown how the dictators of many countries end their rule, and only after the people take power into their own hands, the situation will change.

[teosanru]

I don't think this is much of a panic for any country. Yes Iran is in a bit of a mess now but still this can be rectified. Atleast they aren't printing more Rials to ensure to overcome the situation because that thing would lead to furhter devaluation of the currency leading to much larger problems for the country itself. Moreover I think Iran would get the pandemic advantage on their side and might get some assistance from International Institution or might even get an aid from China who tries to make ally with any country that US hits. So it can be considered a major setback but a collapse this soon looks unlikely.

30% increase in prices in just one month !!
This indicates the depth of the tragedy.
Cooperation with a powerful country like China may reduce the impact of sanctions.
But people need to be able to motivate themselves to buy bitcoins and in this situation
Knowing the right path is a bit misleading.

Yes obviously there is no harm in keeping some bitcoins handy with you in this situation. Because even if your currency is devalued merely by 20% investing in bitcoin would just make you a bit more secure. But collapse is highly unlikely too. Except Zimbabwe we have no example of a collapse if fiat in recent history. Economies generally don't collapse this easily. Moreover if Bidden wins you might even find some change in stance of US towards Iran. i think there is more geopolitics involved in this than Economics.