And the most worthless fiat currency of 2023 was: The Iranian Rial!

[Obim34]

the us dollar has long been a strong and stable currency because it is supported by the strong us economy. moreover the us dollar is used by many countries globally in their trade and the private sector also prefers to transact using dollars compared to other currencies. from this alone we can see how the us dollar is still in demand by many parties and keeps its value strong, even when the dedollarization campaign is underway.

and so with bitcoin, its value continues to increase along with people's demand for it. even though there is a lot of speculation about bitcoin and many people are worried about its regulation, this does not mean that bitcoin's value has decreased, in fact its value has increased even hundreds of times compared to what the currencies of countries in the world have achieved in recent years.

that's why people in countries with unstable economies and prone to conflict should save their money in bitcoin, so that they can prevent the value of their savings from decreasing drastically when their country's currency decreases in value.

In my country the US dollar has appreciated by 10% against our country currency, may not look too good but at a point it becomes in advantage to those who earn in the US dollars.
Holding investment as Bitcoin and nevertheless as also the US dollars would have been a better option considering the percentage raise which would have given profits by now.

Investment on Bitcoin would totally have been the best, many people took the advantage and some were too relentful not knowing Bitcoin will appreciate against the US Dollars with a 25% difference. So now imagine a 25% and then US dollar also appreciating against country currency by 10% then check out the profits to be made.

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[Samlucky O]

Want to be a billionaire? Just buy 0.04 BTC!

Definately if bitcoin continue to rise endlessly i think In the future 0.04BTC will become x4 or x10 or evenore in price comperad to the current price.

The morals of the story:
- no matter how much value you think the dollar is losing, there is something doing that 1 million times worse
- no matter how worthless you think a Satoshi is, it will still top a fiat currency that goes down the drain

That is absolutely correct. You got the analysis correctly. just some weeks ago I bought USDT with Fiat on binance when my country Fiat was lesser and checking out on binance now, with the  inflation on, Fiat if i decide to sell that same USDT back to Fiat, I would make a hopping some of amount. of about %30 profit just like who invested $100 to get in return $130. That is to tell you that in the nearest future even the smallest part of bitcoin will be needed.

But most importantly, if you think one can't deal with Satoshi, there are proof millions are dealing daily with smaller denomination, so with Bitcoin going higher and higher, soon rather than thinking of mBTC we might have to think of mili satoshi!

Bitcoin is limited in supply and that makes it relatively scars and a time will come when 1 SATs will even be equated to $1 and if the price continues rising SAT will start a new journey of bitcoin when people will start to accumulate bitcoin in SATs. Check out the growth of sat over the years if sat is accounted in millions and it hit $1 it could worth millions of dollars. For example now you buy 100million sats at the rate of $43600 at the current price, and sat manage to hit $1 in the future, you will make yourself $43.6million

One most important thing we need to understand is that anything that becomes very big today started from scratch or morover a foundation. and hence the foundation of bitcoin can not be underestimated because no SAT no bitcoin.

[pinggoki]

Just buy 0.04 BTC!

I'm almost there, my next goal would be to get to 0.1 BTC, then I would be living like a king there in Iran.

I wish I can achieve this through signature campaigns. 😁

You probably can, Bitvest is a pretty sturdy campaign to be a part of so a little hard work might get you there or just don't spend what you're earning in the campaign.

How is the currency of Iran so low though? Aren't they an oil country? Regarding your talk about being pessimist about USD, I do think that it's profound but at the same time the truth, a lot of people sometimes forgets that USD is still the global currency that's used for a lot of international market trades so it's really difficult to think that they'd be collapsing anytime soon because a lot of people and institutes are keeping it afloat because their interests aligns with the USD if not the US government.

[Poker Player]

How is the currency of Iran so low though? Aren't they an oil country?

It's not so much what they have as what they do with it. The country with the most reserves in the world is Venezuela:

https://www.worldometers.info/oil/oil-reserves-by-country/

But if you have a shitty policy that attacks business, expels talent, suffocates private initiative with taxes and gives subsidies to people for not working, which you finance by printing money at a much faster speed than the dollar or the euro, in the end what you have is a shitty country where there has been a mass exodus by the millions, where the population is starving, and in the top of the most dangerous in the world among those where there is no war. But politicians keep criticizing the US and the dollar, as if theirs were much better.

In this case I am talking about Venezuela, because I am not so familiar with the situation in Iran, but I am sure that some of the exposed applies to Iran as well.

[pinggoki]

~

It's not so much what they have as what they do with it. The country with the most reserves in the world is Venezuela:

https://www.worldometers.info/oil/oil-reserves-by-country/

But if you have a shitty policy that attacks business, expels talent, suffocates private initiative with taxes and gives subsidies to people for not working, which you finance by printing money at a much faster speed than the dollar or the euro, in the end what you have is a shitty country where there has been a mass exodus by the millions, where the population is starving, and in the top of the most dangerous in the world among those where there is no war. But politicians keep criticizing the US and the dollar, as if theirs were much better.

In this case I am talking about Venezuela, because I am not so familiar with the situation in Iran, but I am sure that some of the exposed applies to Iran as well.

I don't know about the business part and the brain drain part but I think that taxation there seems to be a good thing and those policies isn't that shitty if you have a really good way of managing it. Maybe because they're actively trying to root out people that are antagonistic against the government and continuous abuse on women's rights that they're experiencing this, I think that the Iranian revolution shouldn't have happened because they were doing fine back then before the revolution right? They're criticizing the US and US dollar because they think that's their enemy and at the same time they don't want to be exposed in public that they still care about the dollar because I'm sure that they still need it like DPRK.

[DrBeer]

The news about Iran is not surprising, of course. It would be surprising if there was stability, growth or a normal standard of living there.... But that's their problem.

I am interested in another question - are cryptocurrencies allowed in Iran at all?
What is the question ?  Please do not regard it as a provocation based on religion. Absolutely not, the question is really interesting.
As we know, Iran is a very religious country. And there are many nuances in relation to money described in the Koran. From their halal nature, to ownership and other things.
Question: the concept of a decentralized, fully independent, non-material monetary unit, which is "born" without human participation, which is generated only by technology, does not contradict the canons of Islam?

[Dunamisx]

I wish there could be a statistics that we could see to show the numbers of currencies with their respective countries and how they have loosed value in 2023, I know we have them in their numbers, the economy was well affected although last year and even the US are not left out being affected by inflation, but however, some countries had suffered much of these consequences than the others, their currency has dropped down below the normal at the cause in respect to the USD.

[tsaroz]

The news about Iran is not surprising, of course. It would be surprising if there was stability, growth or a normal standard of living there.... But that's their problem.

I am interested in another question - are cryptocurrencies allowed in Iran at all?
What is the question ?  Please do not regard it as a provocation based on religion. Absolutely not, the question is really interesting.
As we know, Iran is a very religious country. And there are many nuances in relation to money described in the Koran. From their halal nature, to ownership and other things.
Question: the concept of a decentralized, fully independent, non-material monetary unit, which is "born" without human participation, which is generated only by technology, does not contradict the canons of Islam?

There were news of Iran being one of the hotspot of miners for their cheap electricity cost and news about people illegally mining inside a mosque.
Iran is a prime example of how to destroy a potential economy. Iran had always been a economic powerhouse in the past and there might have been some external influences that shaped the future but they themselves closed their country and made it difficult for the normal people to live a normal life. The politics is working against their own people and religious extremism and fake messenger are holding back the nation in dark ages.

[el kaka22]

I would guess that, you can't really compare it like that, it is not about the amount, it is about the purchasing power. Now, don't get me wrong I have absolutely zero understanding or knowledge about the purchasing power of Iranian Rial, maybe it is a good one, maybe it is not, an ordinary worker may live a good life, that should be the most important part.

I believe that we are going to end up not realizing what amount really means. If you just look at that part, one Japanese yen is 0.0069 dollars, does that mean Japan has a very terrible finance? Of course not, that is not really the point of it, there is really nothing that you should be considering like that. I personally believe that you should look at the purchasing power of workers.

[DrBeer]

The news about Iran is not surprising, of course. It would be surprising if there was stability, growth or a normal standard of living there.... But that's their problem.

I am interested in another question - are cryptocurrencies allowed in Iran at all?
What is the question ?  Please do not regard it as a provocation based on religion. Absolutely not, the question is really interesting.
As we know, Iran is a very religious country. And there are many nuances in relation to money described in the Koran. From their halal nature, to ownership and other things.
Question: the concept of a decentralized, fully independent, non-material monetary unit, which is "born" without human participation, which is generated only by technology, does not contradict the canons of Islam?

There were news of Iran being one of the hotspot of miners for their cheap electricity cost and news about people illegally mining inside a mosque.
Iran is a prime example of how to destroy a potential economy. Iran had always been a economic powerhouse in the past and there might have been some external influences that shaped the future but they themselves closed their country and made it difficult for the normal people to live a normal life. The politics is working against their own people and religious extremism and fake messenger are holding back the nation in dark ages.

I am not ready to confirm or deny mining in Iran, but based on the logic that Iran is a totalitarian terrorist regime, if there is mining, it is under the control of the state, and for the purposes of the state.

Regarding Irna's economy - I am not an expert on Iran, but I have read a lot of materials about the development of Iran in the 20th century, until the moment of violent, illegal coup, when Iran from the path of democracy, development, progress, turned aside and even went in the opposite direction. I pity the people who did not support the coup.... I look at the pictures of Iran at that time - a beautiful progressive country with excellent prospects....

[stompix]

How is the currency of Iran so low though? Aren't they an oil country?

Just having oil doesn't make one successful as oil doesn't come with brains also!
And when you have some religious nutcase in charge of everything one can be sure that 1:500 000 is just the beginning.

I wish there could be a statistics that we could see to show the numbers of currencies with their respective countries and how they have loosed value in 2023,

Not that easy to use but you can start from here:
https://fxtop.com/en/forex-trends.php

If you just look at that part, one Japanese yen is 0.0069 dollars, does that mean Japan has a very terrible finance? Of course not, that is not really the point of it, there is really nothing that you should be considering like that. I personally believe that you should look at the purchasing power of workers.

Yeah, but a yen was $0.0043 in 1984!
The same dollar was worth 70 rials in 1984 and it's not wroth 505600 ! Oh my bad, since the topic started it's gone to 517 000!

As for the purchasing power of workers, it's something like this:
- 100 lashes for wearing jeans
- 200 lashes for not wearing a hijab
- $150 a month minimum wage!

Or in BTC:
Days you need to work your ass at minimum wage for a BTC, by country
~
113 Iran
~

[Kelward]

You'd think that an oil producing country like Iran, will have a valued currency, due to the need and demand of their product worldwide, but reverse is the case according to the OP information, which brings me to wonder that having natural resources that is very profitable does not guarantee stability and robust economy of producing countries. Other oil producing countries like Nigeria and Venezuela, also have currencies that are greatly devalued, despite their rich natural resources. I guess it all comes down to good management of economies by competent leaders, because I know that there are many countries that don't have any profitable natural resources, yet their economies are functioning better than some of these oil rich countries.

[stompix]

Other oil producing countries like Nigeria and Venezuela, also have currencies that are greatly devalued, despite their rich natural resources. I guess it all comes down to good management of economies by competent leaders, because I know that there are many countries that don't have any profitable natural resources, yet their economies are functioning better than some of these oil rich countries.

A taxi driver as dictator or a mullah that thinks jeans and dogs are a sign of decadence insulting god, see the pattern?
If not, then here's the outcome:
Iran Enforces Nationwide Bread Rations
vs
Hard to find bread in shortage-stricken Venezuela


Bumping this as the shitiest of all fiat shitcoins just lost another 10% in a a week, so from my opening post at 1:505600 it's now 1:552000.
Funny thing, if you have hold rials instead of Bitcoins, even with this dump you would have been better with BTC!

At last BTC can go back up!

[DrBeer]

It certainly looks wild in the modern world - some bans from the Stone Age, wild customs, religious obscurantism, a willful desire to degrade and reject the developed world.... And this is despite the fact that not so long ago Iran was a fully developed country in all respects, a regional leader and had great prospects.... And how it all then came to the current state of degradation, powerless and starving population, pariah status. This is subject to the availability of resources and the former power of politics and economy....  On the one hand I feel very sorry for the population of Iran, and on the other hand - they made this choice themselves, or did not resist such "changes"

[Haunebu]

Holy smokes! Iran's currency is pretty much useless now and I guess their economy has gone to shit. This is all news to me since I don't know much about that country honestly speaking.

However, USD depreciated? How? It's actually worth way more in so many countries around the world and that doesn't seem like it will change anytime soon.