Iran is cutting 4 zeros from the rial as they run out of space on their notes!

[stompix]

So now that on the black market the rial has hit up to 1:1 900 000 per dollar, here is a small update, and a bit of funny math about it!

The Bitcoin market cap is around $ 1.5 trillion!
Since one dollar is 1 900 000 rials, the market cap of Bitcoin is 2,945,000,000,000,000,000 rials!

Now let's assume we would have a 1 rial bank note!
One banknote would have a volume of 1cm³
All that money would need 2.9 trillion cubic meters!!!!!!!!

How big is something 2.9 trilion cubic meter?
The Empire State Building is 1.3 million cubic meters.

So if Iran were to print 1 rial banknotes, it would the volume of 2.4 million Empire State buildings to match the market cap of bitcoin!
Want something easier to picture? The pile would be 4 times bigger than Mount Everest!

[tygeade]

If you are looking at just zeros and zeros mean anything to you, you would probably imagine Japan is doing badly as well. 1 bitcoin is roughly like 12 or 13 million Japanese Yen? That means if we had 1 Japanese yen banknotes, we would need 12 million of them to have just one bitcoin, then times that with 21 millions to find how much the marketcap would be. Basically this is not the way to go if you really want to make it known that Iran economy isn't doing good. They are not doing good, but this is not a logical way to figure something like that out.

There are nations with many more zeros, doesn't mean they are doing worse, not everyone handles in small bills, and Japan is a great example of that, a strong economy, but they deal with millions and even billions, similar in Korea as well.

[stompix]

If you are looking at just zeros and zeros mean anything to you, you would probably imagine Japan is doing badly as well. 1 bitcoin is roughly like 12 or 13 million Japanese Yen? That means if we had 1 Japanese yen banknotes, we would need 12 million of them to have just one bitcoin, then times that with 21 millions to find how much the marketcap would be. Basically this is not the way to go if you really want to make it known that Iran economy isn't doing good.

Yeah yeah, so :
First, one Japanese yen is 9000 rials , lols!
Second, you picked the absolutely worst currency for comparison, absolutely worst!
https://fred.stlouisfed.org/series/DEXJPUS
The yen has appreciated since Bretton Woods in 1971 when the rate was ¥360 per $1 and it's till ¥160 for a dollar right now!
The rial was at ~75 rial for the dollar, now it's at 1,900,000!!!!!

Funny how you want to deflect the obvious with the worst arguments!

[WillyAp]

There are nations with many more zeros, doesn't mean they are doing worse, not everyone handles in small bills, and Japan is a great example of that, a strong economy, but they deal with millions and even billions, similar in Korea as well.

A nation illuminating their currency means usually they, or their people feel that something is pretty bad.
The history of Venezuelan bank notes: https://platform.keesingtechnologies.com/the-redenomination-of-venezuelas-banknotes-2008-2024/

[aoluain]

Of course, getting their ass kicked by Israel and the total humiliation didn't help so with inflation of over 35% a year, declining oil and gas production and price the rial is on such a freefall they can't even deal with normal numbers anymore.

Eh thats not what I heard. Is this the same Israel that pleaded and begged Iran to stop bombing
them in the12 day war last year?

Is this the same Israel which expended pretty much all of its Iron Dome and David Sling defense
trying to stop the Iranian drones and missiles?

Iran was doing the ass kicking!

I'm sure everyone is familiar with that picture of the USD losing value over a century but still that's nothing compared to this.

Imagine a currency that was 1.25% of the USD in 1980 becoming 0.000085% of it.
From a peg of 80 rials to a $ it has come down to 1,150,000 rials for a dollar.

Everyone should know that the picture is skewed a bit. Iran is/was the most heavily sanctioned
country in the world and it all started in November 1979, and Iran is the 5th wealthiest country in
the world in terms of resources.

I recon in the not so distant future they will be knocking off even more zero's from their bank notes
as their economy grows from the new world order which wont centre around the US $

[Cheema02]

If you are looking at just zeros and zeros mean anything to you, you would probably imagine Japan is doing badly as well. 1 bitcoin is roughly like 12 or 13 million Japanese Yen? That means if we had 1 Japanese yen banknotes, we would need 12 million of them to have just one bitcoin, then times that with 21 millions to find how much the marketcap would be. Basically this is not the way to go if you really want to make it known that Iran economy isn't doing good. They are not doing good, but this is not a logical way to figure something like that out.

There are nations with many more zeros, doesn't mean they are doing worse, not everyone handles in small bills, and Japan is a great example of that, a strong economy, but they deal with millions and even billions, similar in Korea as well.

Your point is very logical because by just counting the zeros you don't estimate the any countries economy. That are just numbers but the actual thing is that how a country units the finance system. Lets see Japan uses a large numbers like million of yuns but still it falls in the major economizes and same thing is for South Korea. So to learn why Iran or any other nation perform badly in economy is depends on inflation rate and unemployment and the major one is export and also analysis the stability of the currency. By counting just number of zeros just waste of time because every country works on different monetary system so the actual economic wealth is calculated through living standards of civilians and through production.