Topic: And the most worthless fiat currency of 2023 was: The Iranian Rial! - page 2. (Read 304 times)

Depreciation of the USD is not bad at all. The USD has been pretty stable for a long time and it did better than most even in 2022. I'm happy to see the ruble losing almost a third of purchasing power, but that's unfortunately, nowhere near enough to make a big negative impact on Russia's ability to continue waging a war against Ukraine.
Iran is a country making a lot of damage internationally and to its own citizens, so it's good to see that their currency is so worthless. I'm also truly surprised that a single satoshi is 230 of their currency.

You and pooya87 are like Yin and Yang. I would really love to see him in this thread You two have very interesting arguments @pooya87

I had one co-worker last year who was saying that Europeans won't be able to survive 2022-2023's winter or if we survived this one, the next one (this year) would be devastating. Finally, when I showed him the statistics of how my country was doing compared to his countries, he told me that you people aren't used to low quality of life and you won't survive small discomfort in life. There was 0 discomfort to be honest but I have no idea why do these people feel happy when we have some tiny problems while they have a huge problems in their country. For example, if there is 1% higher inflation in our country, they feel very happy and say how fked we are but they experience double digit inflation every year and don't worry about their country. Does it really make sense? First of all, take care of your country and don't come here if you dislike this place and people and second of all, why should you feel happy if someone has some problems, I don't get it.

true! Their are so many countries praying that the price of dollar should even loose more value because their currency has a value that's real shit and is literally 0.00005 of a dollar. Lucky for my country, it's value has always been between the range of 0.01:1 dollar which makes people that earn in dollar to always wish that the price of dollar would go high while the ones that are into importation and praying for the price of dollar to come down.

Unlike the volatile nature of btc that brings joy to all holders ones it value goes up, it's not same with the dollar because let's assume a dollar is around 10,000 of your local currency, would you pray for your currency to gain value it for dollar to gain value if you're earning in dollar?

Have you considered that the western sanctions against Iran has anything to do with it? This is why countries like Iran are joining economic groups like BRICS and also why these countries wants to ditch the US Dollar as a global reserve currency.

I am very curious to see if these BRICS countries will grow economically, after they dropped the US Dollar and starts to settle trades with their local Fiat currency or with some new digital currency.

Lately I've been having a lot of fun reading things on the forum. 

Also, let's guess what happens in these countries where the leaders talk bad about the dollar and want to ditch it. That they sure have a lot of dollars stashed away to protect themselves from the devaluation of the local currency. Do as I say but not as I do.

We have seen this in other threads on similar topics. As much as we complain about the devaluation of currencies like the dollar or euro, around the world most currencies devalue even more than they do, and some catastrophically, as in this case.

And then there are those who believe that Iran is economically strong. They think that Iran ditching the US dollar will have a huge impact on the USD's power and influence. They assume that Iran trading using its own currency is significantly detrimental to the USD and the US economy. These are delusional views.

Iran is more of the people of Iran than the rulers of Iran. So whether Iran's rulers are rich because the country is blessed with oil and it can finance armed groups including terrorists in other countries, it doesn't matter. More than half of Iranian citizens are living below the poverty line.

I'm not a fan of both the US and the USD, but let's call a spade a spade.

It's because you've have cut so many zeros and went though so many changes of name that right now it's not the weakest anymore, just as with the Zimbabwe dollar, if you cut enough zeros of it you make it super strong. Of course that would mean you also get paid 2-3 coins a month  
Actually quite curios, what's the real rate right now for whatever bolivar you have right now? If possible a medium wage vs a bottle of cola comparison?


Of course it makes sense.

Every failure of a government that is unable to keep its population fed will invent enemies, it will all be because of the US because of the west, because of women not covering their faces, because of jeans, because of rock music, you need to feed the population lies otherwise if you run out of virtual enemies their will turn to the real enemy, the idiotic government in charge of the country, they will look at the numbers and see that despite being rich in oil, gas, despite being the most that and that as propaganda claims they still earn $100 a month and their GDP is the size of Bulgaria.

Honestly, I would have expected to see by local currency, the Venezuelan Bolivar (VES) here in this thread. I guess it is good not being the case of being the most devaluated and shit FiAT of this past year. I still remember when our currency used to lose 50% of it's purchasing power in a single week or so.

Anyways, I agree on your statement about people sometimes giving much attention to the devaluation of the USA dollar when there are way worse cases of devaluation around the planet, and from countries which are quite regionally relevant, by the way.

Though, to be fair, one can easily understand why the USD receives more attention, it is a reserve currency after all. People give more importance and highlight to a percentage change of the USD of 2% than to a high percentage of fluctuation of a currency which does not have such a big important worldwide.

Now it starts to make more sense why you see them trying to stoke tensions in the Middle East. Apparently one of the only things of value, at least while the horrible religious leaders stay in charge, that they're able to export to anyone is oil. Which means they'll try to cause any chaos they can in an effort to make more money from this commodity. They stifle every other area of their economy with their religious crap and oppress women at every opportunity, it's a shame for the normal people in the country but the religious bullies are in charge. The sooner the government falls the better, but they have had their claws into everything for such a long time it will take a monumental effort to break free.

At the end of 2023, my country's local currency also depreciated by almost 95%, while the dollar was appreciated over our local currency. Despite the fact that the dollar is also devaluing, there are some currencies that devaluation has eaten so badly last year. An example is one of the three you mentioned.

Investing in Bitcoin was really a great choice for those who bought it earlier last year or those who saved up in USD since their currency was devaluing. Most people keep lump sums of money in the bank for just a little profit, which will still be of no serious value because of inflation. The purchasing power of the money will reduce.

The dollar remains the most influential currency in the world and it will be difficult for it to lose its dominance. The US has one of the most resilient economies, so the dollar will not lose value like other currencies. The US dollars also enjoy more benefits than other currencies since it is the major medium of payment in international trade. I am not surprised that the Iranian Rial is losing value because the economy of the country is going through a lot of problems because of sanctions. Without these sanctions, Iran would have had a better economy.


In my country, you have to pay as much as 800 of my country's currency for 2 litres of Coca-Cola. The US dollar has outperformed our currency and many youths are now using Bitcoin as a hedge against inflation. So it will be pleasing to see Bitcoin prices grow to the extent that many people in my country can ditch our local currency for Bitcoin.

I wish I can achieve this through signature campaigns. 😁

Yeah, the reason why people should start buying or hoarding Bitcoin right now. Because one day 1 Satoshi might be as important as having a car or something.

Dollar is far better than many fiat currencies in this world. That is why you will see people from Africa and other continents buying fiat-pegged coins like USDT and USDC despite the risk of having them. If you go through the inflation rate in most countries in the world, you will see how fiat should not be used for savings. Although there are good ones but which are still not worth holding, especially in time like this when we are expecting bull run.

As inflation persist in a country and as their fiat is becoming depreciating, what certain amount of fiat can buy in the past, it can no longer buy it in the present time. I remember when I was small, many years ago, what I can buy with ₦20 is what I will buy with ₦500 or more now. I can remember we have 50 kobo and ₦1 coins at the time. 100 kobo makes ₦1. But later, no more ₦1 coins. Recently, the common ₦5 and 10 are no more common anymore as goods and services are becoming more expensive. If inflation continues, the lower denominations may no longest exist. I am trying to point out the reason a sat may still be consider small in the countries with inflation as it will not still be able to afford food and services in the countries. Let us assume that the goods and services are not depreciating just for us to understand what I communicating, but the fiat is the one depreciating.

This is true, but I'll imagine it's very little succour to the American citizens. It doesn't make your situation better when you compare it with the economic crisis in places they cannot relate to. What the citizens use as a comparison is how it was 5,10, 20 years ago in the U.S.

What it does make evident is that globally there is financial crisis, so while there may have been some silly fiscal policies implemented, there has also been situations beyond the control of the government impeding growth.

And it's still at the budding stage.

Now that 2023 has ended in high spirits and Bitcoin is going up and up and up you have to think what bullet you have dodged with fiat currency!

You think the deprecation of the US is bad, just look at what others have experienced and you might start to thank god for at least saving in $ if not BTC other than:
- russian ruble, losing 31% purchasing power
- turkish lira losing 44%
- lebanese pound losing close to 700%!!!!

But when it comes to toilet paper few managed to rival Zimbabwe and Venezuela, till a new contender entered the scene , Iran!

Most of you know about the discussions on how hard it's to buy something in Satoshi price, for example a cup of coffee would cost here 7086.649 so, how hard would be to deal with that? But even that it's child play when dealing with something that is worth:
0.000019 of a dollar!

Think it's bad? No, it gets worse because that's the price for a toman, the rial is 1/10 of that so at a black market rate of 1:505600 against the usd a rial is worth shit..of wait, something close to it at 0.0000019 of a dollar or 0.00019 of a cent!

Which brings us to our smallest denomination, the satoshi:
One Bitcoin equal $45660 and at a rate of 1:505600 that makes one Bitcoin worth 23,085,696,000 that's billions rials.
So your considered by some worthless satoshi is 230 rials!
Want to be a billionaire? Just buy 0.04 BTC!

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

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!