Topic: Iran bans Bitcoin too (Read 1248 times)

This is a bad move for them since their economy is not doing well and they are looking to this kind of opportunity like bitcoin to divert their assets. With their decision, the only people will suffer are their citizen because they've just lost one opportunity that might turn the table of their current situations.

These are the games from the big players in the market. Elon Musk who is well known for his profit making plans. Where there is money, he'll make big money out of it. A plan of execution is his words.

China being a big market for cryptocurrency, particularly for mining has got big power to make disturbance in the market. Possibly soon we can expect some inspection to be done by the Chinese government on exchanges.

Followed by that is the Iran's ban on bitcoin. Do you think just on the ban people stop using bitcoin. The same volume can be seen on Iran trading platform even after the ban. So, these are ways of market manipulation.

I don't care about the news or the FUDs, but I saw it really brings impacts to crypto prices. It is the real problem, buddy. As long as the FUDs won't impact the crypto prices, we can ignore it. However, FUDs are everywhere right now, even Elon Musk is spreading FUDs with his tweets. For me, it is a serious problem and we should care about it. Moreover, it is not only Iran, big countries like the USA and China also spread FUDs currently.

It is amazing, that whenever any news not good for bitcoin comes out,
all a bitcoiner cultist mind can answer with is fud.  

In a bitcoiner cultist mind, when a government bans a PoW mining process,
it is because that government is trying to scam the market so they can buy bitcoin cheaper.

How stupid are you bitcoiners?
* Note: Many have been warning of Bitcoin Proof of Waste since 2013, don't be surprised that the bans are starting in 2021.
After 8 years Bitcoiners have ignored the ever growing power waste problems and now governments are having to shut your ignoring wasteful mining arses down to protect their people.

That you think Governments of China & Iran & New York have nothing better to do that manipulate your coin price.
They ban bitcoin mining , because the bitcoin mining is causing the local power infrastructure problems such as potential blackouts.
It is nothing more than that.

Fix Bitcoin lousy Proof of Waste issues, and the bannings stop.
Keep crying fud like a bunch of retards claiming Proof of Waste is not straining power grids,
and the bans and falling price will continue.
It is that simple.


FYI:
Solutions to Proof of Waste
Best Solution:  Proof of Stake  (Like Ethereum Devs are smart enough to recognize.)

If however , the stupidly to remain with PoW is that great, other options are available.
1. WorldWide Regulation on the # of ASICS and the locations allowed to mine bitcoin
Agreed upon limited number amount of Wasteful ASICS.
Number of ASICS world wide would have to be regulated and divided per power grid,
so at no point are they ever a threat to crashing that power grid,
even during stress period like heat waves or sub-zero temps.

2. Find and Design a new Energy efficient Proof of work that is not based on electricity wasted.

Bitcoiners need to get off their collective arses and choose a solution, before no one cares.

Personally I don't care , as Cardano is already appearing to be the Proof of Stake that will unseat bitcoin on CMK,
and it has performance and features that bitcoin will never even dream of.  

Choices are being made Bitcoiners, make yours, before others make it for you.

Undoubtedly it is a FUD. At first Elon Musk created FUD to say that coal is used in Bitcoin mining which is not Eco-friendly. Shortly afterwards, China banned companies trading in Bitcoin, and the next day Iran's FUD of crypto bans was heard. It is clear that these are pre-planned, everyone is simultaneously spreading FUDs so that the price of Bitcoin goes down and they can buy more deep.

It is true that there is so many people who mines crypto in Iran almost 5% of miners came from them, but the electricity consumption could be critical since the fossil fuels scarcity are pretty rough the governments really have no choice but to take actions and the fact that some can illegally manipulate electricity and use it for mining is affecting their electricity circulation meaning there would always be an outage in some place if there are a lot of miners in one place.


This is a good option but I think police confiscates some rigs and probably give it back after the problem being solved.

That may be true, but it needs to be seen whether the miners can recover from this extended period of closedown. Even if they are not allowed to operate, they need to take care of other expenses such as rent, maintenance and upkeep. For a while, they may be able to survive by selling their reserve coins. But eventually that will run out and they will be forced to make some tough decisions. One option would be to take a loan, which will be risky since we don't know whether or not the ban will be reimposed after 3 months. Another option is obviously to sell their mining rigs and make the exit.

hopefully what you say can happen in accordance with what can be expected for the miners there, electricity problems always create their own obstacles for miners, they should create solar electricity so that they are not dependent on the state electricity supply.

The main problem in a country that consumes a lot of electricity by large miners is indeed felt, such as China has also experienced this and almost all countries whose miners are indeed very large. The solar electricity solution carried out by the US is certainly very reliable, while the price of crypto is indeed high so that it can cover the cost of making solar electricity which is clearly not cheap, but can be prolonged.

it's true like you said mate, iran only banned bitcoin mining for a while, because of the electricity in their place being repaired, but once everything is back to normal, maybe they won't ban bitcoin miners anymore, because in iran is a crypto paradise, if iran continues to ban bitcoin mining , I think th

maybe in their country there are many who mine bitcoin, the government bans botcoins for a while maybe this only lasts temporarily as long as electricity repairs run if electricity is normal then ban it and withdraw it again.

I stand corrected. It's just that they're only banning the mining of bitcoin. I have no idea with their electricity facilities but if they think that it's the reason and it is disrupting their whole countries, electricity supply.
Then, they shouldn't look only to bitcoin mining but also in other industries that's consuming a lot of electricity.

Even though Iran has banned bitcoin, I don't think the current situation will last long. the price will recover. Iran is not a country to be reckoned with in the crypto world. Everything needs a process.

it banned Bitcoin mining, not Bitcoin. and it just banned Bitcoin mining for a short time. the ultimate reason behind this is Iran's weakness in power provision, not mining to blame I'm sure it will reopen it soon when electrical problem get resolved, so is China. unless the world and explore another thing to take place Bitcoin in function, otherwise Bitcoin is an unstoppable trend, anyone who bucks the trend will bear the consequence followed. no need to get affected by those negative talk, hold your coin and await Bitcoin is on the way to renaissance and it's just a matter of time

So basically they want to keep out of bitcoin production but still keep the circulation right? We should start looking into renewable energy and nuclear energy so we don't experience any power outages anymore.

Do you have any proof on this? As far as I know, the ban covers only the mining activity. Trading is not prohibited by the regime. And I do believe that this is a temporary measure, because from what I have heard, Bitcoin is one of the few options available for the regime to get their hand on some foreign currency. So if they are able to regulate the industry, it can benefit the Iranian economy in a big way. But it was really surprising to hear that Iran is facing power outages, despite being so rich in petroleum resources.

The world in general is looking towards any way to cut down on carbon emissions. Bitcoin mining is a huge target and will be the undoing of Bitcoin if not properly evolved to a more environmentally conscious Bitcoin

Yes, it's temporary. It's stated on those articles how long the stoppage will be made. It's not all about banning bitcoin but they're just giving a way to their country to preserve their electricity.
And so far there are no other countries that has done this but the bad news is that instead of temporary ban on mining for the sake of electricity consumption, they're really banning bitcoin.

That means that sooner or later, mining companies will turn back to their normal operation. I hope this will never take so long as it wasted a lot of time with no income and I believe these people are in need of money especially during this crisis time.

I do believe that Iran government are also doing their part to legalize crypto/Bitcoin. And by giving their support towards crypto industry the more it gives opportunities for their people and helps improve their living. I hope this could be their mindset, not being greedy to collect taxes for small market players.

I've said in my past post here that you guys are right and OP probably have forgotten to conclude that it's about a temporary bitcoin mining ban. But there's no outright ban of bitcoin on Iran.
And that's actually a good news because they're recognizing the power of bitcoin on their country and they're doing something to make their country better and didn't just put a total ban on it.

The title given by the OP was wrong, because Iran never banned Bitcoin ownership or trading. All they did was to temporarily prohibit the mining of Bitcoin for a specific duration due to power shortage. When posting these sort of news, the users need to be careful (or rather more honest). Here a ban on the mining of Bitcoin is given as an overall ban on BTC. The OP might have received a large number of replies and views, but in the long term these sort of posts are not good for us.

But there are a few other things that need to keep in mind. According to the Iranian government, 85% of the mining is being done illegally. The authorities need to check why this proportion is so high. Perhaps the licensing system is corrupt or inefficient and that is why most of the mining is done in a discrete way.