Iran bans Bitcoin too - page 3. | Bitcointalksearch.org

grabpopcorn536

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Quote from: Vishnu.Reang on May 30, 2021, 08:49:10 AM

Quote from: grabpopcorn536 on May 30, 2021, 07:21:59 AM

They don't ban Bitcoin, they just ban Bitcoin mining for a few months. I found that the news that Iran banned Bitcoin mining did not affect the market too much. The market has fallen deeply in the last two weeks, the recovery in June is expected by a lot of people right now.

Yes, they banned only the mining activity. But it will be too early to claim that it will not be having any impact on the market. Because Iran had a considerable share of the mining power. And I am more worried about the miners there, who made huge investments in terms of mining equipment and cooling systems. If they are forced to suspend the operations for 3 months, then they will be short of cash. These miners will be forced to sell whatever reserves they have, and it will further push down the Bitcoin prices.

Your opinion is correct, miners will dump their crypto holdings to maintain warehousing, staffing and other costs. The market can freeze for a short time. I trust they will pass soon as they have been mining Bitcoin for a long time so they will be fine.

BETTY B

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This ban will be lifted because the Bitcoin market is a general trend.

molsewid

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Quote from: virasog on May 29, 2021, 06:30:25 AM

Iran only banned bitcoin mining and that too for only few months of summer. They never banned bitcoin itself. I don't understand why media always gives fake news only to create attentions towards them. Also its people fault who do not read the whole news and start to believe in the fud.

Good thing that Iran only banned a bitcoin mining and not the bitcoin itself also for a short period of time only. Though we may tell that it may not greatly affect the cryptocurrency market but it has still an impact. Like what happen when China announced to banned the legal circulation of bitcoin in their market and Tesla announced that they would not going to accept bitcoin as a payment to purchased Tesla car it really made a huge impact to the market. I just hoping for a day to come that bitcoin will be accepted all over the globe not just bitcoin but the whole cryptocurrency market.

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Quote from: Vishnu.Reang on May 30, 2021, 08:49:10 AM

Quote from: grabpopcorn536 on May 30, 2021, 07:21:59 AM

They don't ban Bitcoin, they just ban Bitcoin mining for a few months. I found that the news that Iran banned Bitcoin mining did not affect the market too much. The market has fallen deeply in the last two weeks, the recovery in June is expected by a lot of people right now.

Yes, they banned only the mining activity. But it will be too early to claim that it will not be having any impact on the market. Because Iran had a considerable share of the mining power. And I am more worried about the miners there, who made huge investments in terms of mining equipment and cooling systems. If they are forced to suspend the operations for 3 months, then they will be short of cash. These miners will be forced to sell whatever reserves they have, and it will further push down the Bitcoin prices.

Well, that span of banning mining activities could certainly affect the market price but that was not what I worried about, I care about the financial support that these miners might be in trouble. I mean, where they could get their daily necessities if that be going to happen, I hope they could back up more but during this covid-19 time, it was pretty challenging. And might be you're right, they will sell their mining equipment before they will resume their operation.

Vishnu.Reang

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Quote from: grabpopcorn536 on May 30, 2021, 07:21:59 AM

They don't ban Bitcoin, they just ban Bitcoin mining for a few months. I found that the news that Iran banned Bitcoin mining did not affect the market too much. The market has fallen deeply in the last two weeks, the recovery in June is expected by a lot of people right now.

Yes, they banned only the mining activity. But it will be too early to claim that it will not be having any impact on the market. Because Iran had a considerable share of the mining power. And I am more worried about the miners there, who made huge investments in terms of mining equipment and cooling systems. If they are forced to suspend the operations for 3 months, then they will be short of cash. These miners will be forced to sell whatever reserves they have, and it will further push down the Bitcoin prices.

iTradeChips

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I am not going to read the comments here and I am going to give my own opinion first based on what I have understood about the issues with China and cryptocurrency. Now for one, we all know how close the ties are between Persia and China right now. The have a common enemy, the West, and they have already forged some military related ties together. Now China has been bragging lately about their development of the Digital Yuan, which in my understanding is the reason why they want bitcoin out in China. Iran being an ally of China, or maybe at the behest of China is also doing the same tactic to help their ally be able to achieve their goals in cryptospace and maybe Iran might be able to get a sizable chunk of Chinese support.

mrongoz22

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Iran does not prohibit bitcoin mining, but Iran prohibits bitcoin mining, because of the blackout problem in that country, Iran and China are compact in banning bitcoin mining, maybe in the future Iran will provide more opportunities for bitcoin miners, because we see Iran as the crypto money of Syria. .
even though without them I think bitcoin will be fine, because bitcoin has been working for 13 years, and will find solutions to all the problems that exist ..

grabpopcorn536

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They don't ban Bitcoin, they just ban Bitcoin mining for a few months. I found that the news that Iran banned Bitcoin mining did not affect the market too much. The market has fallen deeply in the last two weeks, the recovery in June is expected by a lot of people right now.

bryant.coleman

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Quote from: PonZZ on May 30, 2021, 05:26:35 AM

More than a half of Bitcoin miners were located in China.n I don't think that Bitcoin ban in Iran will lead to such consequences.

Recently anywhere from 4% to 5% of the mining hashpower was coming from Iran. For the Iranians, Bitcoin was one of the ways to circumvent the sanctions and embargoes. But now it looks as if the mining farms were using too much electricity and the other users were complaining about it. Hopefully, this measure is a temporary one, and as soon as Iran finds a way to convert a part of its surplus petroleum to electricity, these mining farms will be back to operation. It makes sense, doesn't it? They can't sell their crude oil and natural gas as a result of sanctions. Then why can't they use these resources to mine Bitcoin and profit from it?

PonZZ

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More than a half of Bitcoin miners were located in China.n I don't think that Bitcoin ban in Iran will lead to such consequences.

JohnBitCo

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Quote from: Naficopa on May 29, 2021, 06:15:06 PM

Bitcoin due to its speculative nature is greatly affected by news. Bitcoin has already gone down from 50k and now trading in between 30 to 40k. If Iran ban on bitcoin mining has some effect it would be visible by now but nothing has happened till now. So I too like others believe that it won't affect bitcoin in days to come.

This won't remain forever. Currently whales are holding majority of the bitcoin and they are able to manipulate the market with such news. Once the marketcap of bitcoin will reach near the gold and there are many more people holding bitcoin, the manipulation power for the whales will become lesser with time.

Naficopa

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Bitcoin due to its speculative nature is greatly affected by news. Bitcoin has already gone down from 50k and now trading in between 30 to 40k. If Iran ban on bitcoin mining has some effect it would be visible by now but nothing has happened till now. So I too like others believe that it won't affect bitcoin in days to come.

Rono

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Iran bans bitcoin this is not a new matter but we see small country came into crypto currency and accept it.In this time Iran left it there will be some political Issues or Mining crypto which has lots of electricity losses and they have not enough power supply in summer.Instead of all those things i think this Change will be not very affects on Bitcoin.Bitcoin Walk his own Way who wants to walk with will be benefitted.Since all thouse Years bitcoin is the king of all crypto currency.

perfect999

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Quote from: Mpamaegbu on May 27, 2021, 05:28:13 AM

According to report, the ban is a temporary one which will last only four months to enable the country correct its power blackout.

Do you think this ban from Iran is another FUD?

Nah, this is not going to be having any effect in the cryptocurrency. And also placing a ban on cryptocurrency cannot stop people in that country from making use of cryptocurrency. They can still buy and sell it at this time, so this is not an end. This is not the only country that we have seen this year that has banned cryptocurrency.

Nigeria is one of the big investors in cryptocurrency and they still ended up banning it, but that stop their citizens from investing in it, and it also didn’t cause the price to crash, the price continued to increase. Then we saw china ban it again of course that did affect the price and that’s because china holds a large percentage of mining Bitcoin. So none of these can really crash that price, and if they do , it is not going to be much.

MFahad

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Quote from: ziyaaa on May 29, 2021, 06:24:55 AM

We have seen so many FUDs lately and it is really frustrating. I think this should be enough already. Cryptocurrencies are already having a really unproductive period. There is no need to manipulate the market more, right? Grin

Maybe there is a need for the whales to manipulate the market to make bitcoin dump more. who knows Huh

Bitcoin is so much strong fundamentally and only fuds like these can bring the bitcoin price down temporarily.

virasog

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Quote from: Mpamaegbu on May 27, 2021, 05:28:13 AM

Iran bans Bitcoin a few days after China did. This is coming after what seemed like an aftereffect of the Chinese action that saw Bitcoin dip severely (it still hasn't recovered from it).

I'm wondering if there are going to be any side effects or consequences for the Bitcoin community with the action taken by the Iranian government or is it just another case of "the snail shouldn't talk where animals with horns are asked for opinions"? Iran isn't such a big name in the crypto space, by the way.

According to report, the ban is a temporary one which will last only four months to enable the country correct its power blackout.

Do you think this ban from Iran is another FUD?

Iran only banned bitcoin mining and that too for only few months of summer. They never banned bitcoin itself. I don't understand why media always gives fake news only to create attentions towards them. Also its people fault who do not read the whole news and start to believe in the fud.

ziyaaa

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We have seen so many FUDs lately and it is really frustrating. I think this should be enough already. Cryptocurrencies are already having a really unproductive period. There is no need to manipulate the market more, right? Grin

Nivea

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I will be surprised if they ban Bitcoin. I've read before that the Iranian government use Bitcoin to avoid international sanctions.

DatKing

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Even if the ban is a temporary one, I still don't find it right to do. They could have solved the blackout problems by imposing some restrictions on Bitcoin mining. But they just took the easy way out.

Ararbermas

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Its because of minig that always the reason of black out of many city in iran not the bitcoin itself mate. highly recommend to must use google before jumping to some fake news around the internet.. Because its not good and you will always looks like some of those fuds trying to spread some sort of negative when it comes bitcoin. No offence mate but that's true wherein always make research before making such post to prevent fakes news around the internet.. Regards

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