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

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.

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"

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!

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.

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.


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


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
~

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....

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.

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 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.

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?

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.

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'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.
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.

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.

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.

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.

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.

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.

Those who invested in Bitcoin in the past year feel like they made the best decision at the beginning of this year. At the beginning of last year, the Bitcoin market was around $17000 and investing at that time was a really smart decision for investors. Dollar has depreciated in various countries worldwide and after the dollar depreciated those who have trusted and invested in some other coins including Bitcoin are now successful in catching up. People who understand the real fun of investing never save their money but believe in investing. Fear of inflation, many may have withdrawn money from the bank and saved that money with themselves. However, those who invested with some risk of money without keeping the money for themselves, but at this time, they definitely feel that their decision is right.

I can probably guess which side this person is from
It's all about the fact that in some countries, people do not live for the sake of the future, setting goals and achieving them, forming a quality life ... They live for the joy or expectation of problems in others. The reason for this behavior is banal - understanding of hopelessness in their country, understanding that nothing depends on you, understanding that you can not change anything and you will ALWAYS be bad. And plus primitive envy that others CAN change, improve, earn money. Such mentality was in the USSR - self-indulgence that "living badly is good" and "all capitalists are jealous of us and soon their countries will collapse". And then we waited for mayonnaise or good sausage to appear in the store once a year by New Year's Eve, or dreamed of having time to buy butter, as it was a very scarce product....
But the Western developed world, according to their worldview - "envied us" and the Western way of life had only disadvantages against the background of "beautiful life in the USSR, which has almost half of all the world's resources"! Let's put it this way - don't try to understand their behavior, as to me, it is a psychiatric deviation, as a result of deformation of consciousness of a person living in a totalitarian society

They have trying ditching it a long time ago, but nobody wants to touch their currency and by putting together the whorls shitiest currencies, who do you think will touch them?

You know the difference between the euro and the brics currency?
Before there was the euro the franc, the deutsche mark, even the lira or the escudo were stable currencies, there was no 600% devaluation against the dollar in a year for any of them, and even with that it triggered a few problems, imagine now the rial and the rupee together!


Not going to happen you know why his topics are moderated?

Because I kept calling out his lies, like when they destroyed 1 trillion of us army equipment in one Iranian attack on us bases, we all know what happened afterwards when it was daylight, there was no trillion damage but it was a civilian planed downed by their own army on their own airport.   
I always put numbers in my topics, he pushes fantasy Iranian propaganda, and he's so insecure about it that he needs to censor any other opinion!


Because they can't! That's it!
That is why they hate the US and the western world, like a child that can't draw and the first thing they do is to try to destroy the other kids drawings.
It's envy grown from impotence, they see everything around them going to dust and they can't blame themselves, they need an enemy!


Oh yeah, and all this while counting in $ how much his coins are worth!

Now there will be someone who will tell how good it is to live in Iran, and how they will soon create their own currency together with Russia, and then the dollar will definitely collapse )))
Yes, Iran is still under sanctions, and even managed to establish many "forbidden" technologies and solutions, but ... to live in order to kill someone else - such a goal ... Well, and no matter how you look at it - the country is a pariah, has a very specific place in the world economy, and has a specific economy, not strongly oriented to the prosperity of the population, because most of the funds go to "fight against external enemies", which eventually affects the value of the local currency and the standard of living of the local population....
In short - nothing unexpected happened to the real

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!