Topic: Iran bans Bitcoin too - page 6. (Read 1248 times)
Iran contributed its shortage in electricity to the mining of Bitcoin then banned it to make for more electricity allocated in the solution of drought and civil comsumption. it's not Bitcoin to blame but Iran's impotency in electricity supply. in terms of its effect, I believe it will surly affect Bitcoin to some extent, but not as severely as China has done since Iran is not so big or influenncial as China...comparatively smaller one. Besides, China together with Iran will ban Bitcoin mining for a short run temporarily. if you are doing long-term investment, there's no need to worry about this. prohibition will retreat someday and it won't be too long. The two countries are just adjustment its policy to suit Bitcoin trend for a more lucrative future of Bitcoin
i don't see any significant effect from this news, In fact, for almost three days the market condition has continued to improve and is stable. maybe there the influence isn't too big so we don't need to worry about it
Iran only preserving what they knew can benefit them. They not totally against crypto, as you can read on the article its about the bitcoin mining, they wanted it to stop for a while and they even set the date for it. I'm not sure about it being a fud. Clearly they are still into crypto, it's not like China that have hidden agenda over the market. 
Elon Musk and the newly created North American Bitcoin Mining Union disagree with you.
https://www.businesstoday.in/current/corporate/bitcoin-price-recovers-to-38403-after-elon-musk-meeting-with-miners/story/439914.html
If their was no bitcoin PoW energy waste issue, their would have been no meeting.
Quote
Elon Musk and MicroStrategy chief executive Michael Saylor, held a meeting with Bitcoin miners in North America to appreciate their efforts
towards making operations greener.
towards making operations greener.
This will just be for North America. They are not the authority when it comes to mining, they may be able to persuade governments to ban BTC mining and provide licenses to miners but there will be more miners hiding instead, the motivation to earn BTC is just going to be alluring.
If I remember correctly a few months ago Iran confiscated all Bitcoin mining machines they could lay their hands on. And then turn around and started mining for themselves and now have declared Bitcoin mining illegal for everybody but The Government. And the reason for this is it gets around some of the sanctions applied to them
/Tinfoil off
/Tinfoil off
They've been sanctioned many times in the past and if BTC could get them around, it makes sense, it's good which means they really are going to adopt BTC.
i don't see any significant effect from this news, In fact, for almost three days the market condition has continued to improve and is stable. maybe there the influence isn't too big so we don't need to worry about it
If I remember correctly a few months ago Iran confiscated all Bitcoin mining machines they could lay their hands on. And then turn around and started mining for themselves and now have declared Bitcoin mining illegal for everybody but The Government. And the reason for this is it gets around some of the sanctions applied to them
/Tinfoil off
/Tinfoil off
Iran has long had (since 2018) a banking ban for Bitcoin, which prohibited any financial institutions to get involved with crypto. So I figure they never were much of fans. Basically, all they needed is a little push, a sign after which they would enforce a full ban.
And taking into account close economic relations between Iran and China (supported by the fact, that China put in billions of dollars to help Iran develop the oil industry) we can assume that there had been some kind of inside agreement between these countries, that made Iran follow the lead.
And taking into account close economic relations between Iran and China (supported by the fact, that China put in billions of dollars to help Iran develop the oil industry) we can assume that there had been some kind of inside agreement between these countries, that made Iran follow the lead.
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?
I doubt it's going to affect the market much. Even if it does, its going to be temporary. And like others said, they didn't ban bitcoin, they just banned mining to recover from power shortage which makes enough sense. It's even a temporary ban. So nothing big. No FUDs are being spread. But a thread title like yours spreads FUD. Change it to "Iran temporarily bans bitcoin mining", and you are good to go. 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?
Here may be the exact news about banning Bitcoin mining, not Bitcoin itself.
https://www.bbc.com/news/world-middle-east-57260829
The ban is caused by the energy consumption by mining cryptocurrency. This ban will run around 4 months later.
So, it seems that it is not a permanent ban. Maybe they will evaluate again whether the blackouts end or not after this banning.
Since this is just a temporary ban for bitcoin mining and not bitcoin itself, i think this won't affect the market that much. Unlike China that bitcoin as a currency is what they are banning so it probably leave a huge impact on the crypto market.https://www.bbc.com/news/world-middle-east-57260829
The ban is caused by the energy consumption by mining cryptocurrency. This ban will run around 4 months later.
So, it seems that it is not a permanent ban. Maybe they will evaluate again whether the blackouts end or not after this banning.
But as we all know, bitcoin may create a huge decline of price but it will always find its way to recover. We have witnessed its past struggles and it even made bitcoin gained more support from the community.
There are currently 14 big bitcoin mining "factories" in Iran, managed by Chinese. They consume together 450 MW.
https://www.computerbase.de/2021-02/bitcoin-ethereum-china-miner-iran/
At the beginning of the year, the idiots from the energy ministry of Iran even called it "BitCorn".
With the Corona Virus lockdown, currently the streetlights are also off in the night-time. It is simply dangerous to walk nights.
Currently every day Tehran has about 3 h blackout. The economical issues are bigger than any mining profit.
Imagine how many simple people get fucked by this, as their refridgerated food gets destroyed. In a country, where you have a minimum income of 3 Mio. Toman per month, while even the iranian parliament estimates that the poverty-line is about 10 Mio. Toman per month.
Also... in few weeks are presidential elections. So people have to be appeased... Thats perhaps why the ban is also limited till 22nd september...
https://www.computerbase.de/2021-02/bitcoin-ethereum-china-miner-iran/
At the beginning of the year, the idiots from the energy ministry of Iran even called it "BitCorn".
With the Corona Virus lockdown, currently the streetlights are also off in the night-time. It is simply dangerous to walk nights.
Currently every day Tehran has about 3 h blackout. The economical issues are bigger than any mining profit.
Imagine how many simple people get fucked by this, as their refridgerated food gets destroyed. In a country, where you have a minimum income of 3 Mio. Toman per month, while even the iranian parliament estimates that the poverty-line is about 10 Mio. Toman per month.
Also... in few weeks are presidential elections. So people have to be appeased... Thats perhaps why the ban is also limited till 22nd september...
Here may be the exact news about banning Bitcoin mining, not Bitcoin itself.
https://www.bbc.com/news/world-middle-east-57260829
The ban is caused by the energy consumption by mining cryptocurrency. This ban will run around 4 months later.
So, it seems that it is not a permanent ban. Maybe they will evaluate again whether the blackouts end or not after this banning.
https://www.bbc.com/news/world-middle-east-57260829
The ban is caused by the energy consumption by mining cryptocurrency. This ban will run around 4 months later.
So, it seems that it is not a permanent ban. Maybe they will evaluate again whether the blackouts end or not after this banning.
When it comes to governments, I might think that Iran's most recent ban is due to protect its investors or maybe it is because the elites, and some governments want to participate with bitcoin, and since bitcoin already had a high price. They have wanted get it down with these FUDs to get into the game.
This Cointelegraph post has cleared up some doubts on that topic for me.
This Cointelegraph post has cleared up some doubts on that topic for me.
Quote
The reporte also notes that this dynamic "has become all but an official policy. "In late April Iran passed laws that will enable banking entities to purchase imports with cryptocurrencies, and then in May the government appeared to try and strengthen its grip on crypto with a law banning the use of foreign-mined BTC for imports.
https://cointelegraph.com/news/report-iran-may-reap-upwards-of-1-billion-in-annual-bitcoin-mining-revenues/amp
https://cointelegraph.com/news/report-iran-may-reap-upwards-of-1-billion-in-annual-bitcoin-mining-revenues/amp
I believe FUD
Seriously, stop with the FUD nonsense.
Every time something bad happens everyone screams FUD even without checking what the news is about. Price goes down, it's FUD, it doesn't matter if they are really down for radical deniers even those charts, even the current price, even the high tx fees, everything is FUD.
People are repeating FUD even in this thread.
OP said that Iran banned Bitcoin right after China, but China did not ban bitcoin this month. It only reminded that the ban is in place. China banned bitcoin years ago by not allowing banks to work with cryptocurrency companies and stopping people from exchanging their fiat currency to bitcoin.
People act like it's a new thing that suddenly bitcoin is banned in China. Like it's such a big news that nobody could predict.
Last time I checked they only warned that coal mining will be banned in future, but people are saying that china is banning mining and panicking. This is what FUD is all about.
AFAIK Iran bans Bitcoin mining not bans Bitcoin itself, so people in Iran can still buy and use Bitcoin, they only can't mine again until September 22.
Iran is among top 10 mining countries, but it's only 4,5% from the world. I think it's only have less affect to the market or probably nothing.
CMIIW.
Iran, although it does not have much significance in the crypto segment, it still reserved the right to negative news. And they are most likely not doing it for fun, they have been at war for many years, and I think that the government sees some connection in cryptocurrencies. Iran is among top 10 mining countries, but it's only 4,5% from the world. I think it's only have less affect to the market or probably nothing.
CMIIW.
After China's actions, some other countries also started to impose a ban on Bitcoin. But I don't think that Iran can have an important affect on the market by this action. It could be another FUD.
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).
What i find amusing is that the countries that already banned BTCitcoin are banning them again and everyone is panicking that China and Iran and any other country that already banned a few years ago comes out with another statement:D.China recently started taking action against miners but some are reporting as if China banned BTCitcoin trading recently.
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.
I have seen some big players from Iran in the past but they were already facing issues trading in exchange for the past 4 years as many exchanges ban people from Iran trading in their exchanges and it was hard for them for several years and there are communities which engage in trading using escrows, so generally it wont have a huge impact on the market. 
I think this is real populism, because under sanctions, Bitcoin allowed Iran to buy a lot of goods and services. I think this will continue, perhaps Iran wants to play along with China in its global strike on bitcoin, but I do not see any reasonable reasons for this. When something is prohibited somewhere, it instantly creates a black market and takes money away from government control, which at least somehow could manage the process through regulation.
As you said, if the ban is temporary then sure, it's not a big deal since we a have to agree, electricity and environment>>>crypto. I don't think Iran will achieve anything good by banning crypto, but maybe they have reasons we don't know about, like lots of criminals using crypto for terror activities? Maybe, we don't know, hence can't comment. But if it's due to power restart, then why not, it's a good decision for the country
First time to hear that when they've implemented a ban, they've already said that it's temporary because of energy problems. In the community, it's not going to be a problem.
But in the market, there will be for sure backfire because of this news once it's published again by the media outlets.
But in the market, there will be for sure backfire because of this news once it's published again by the media outlets.
Are Bitcoiners such a Cult that they refuse to see what the news is plainly putting in their face?
Let me explain it then.
Proof of Work energy waste is causing too many problems for the environment and people living on the same power grids.
As such , to protect their people and power grids , Bans on PoW mining are happening.
It is that simple, it is not fud but FACT.
Until Bitcoiners solve the PoW energy Waste issue, more Government Bans of Bitcoin PoW mining will happen.
Before going on about the power used for mining BTC you *might* want to check some facts about it...
A couple good links regarding power usage:
Mining power usage
Power usage comparisons
On that comparisons page they looks at the power used in the US alone to power always-on but idle devices: result is that power used for idle devices would power the entire BTC network for 1.9 years.
Elon Musk and the newly created North American Bitcoin Mining Union disagree with you.
https://www.businesstoday.in/current/corporate/bitcoin-price-recovers-to-38403-after-elon-musk-meeting-with-miners/story/439914.html
If their was no bitcoin PoW energy waste issue, their would have been no meeting.
Quote
Elon Musk and MicroStrategy chief executive Michael Saylor, held a meeting with Bitcoin miners in North America to appreciate their efforts
towards making operations greener.
towards making operations greener.
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.
lets not rush to conclusions, lets wait for the dust to settle and get a clear pictureI'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?
but if you say there is a blackout does that not mean these guys are using alternative sources of electricity to mine??
Anyway not sure about the FUD part but If this is temporary then no need to be alarmed its just one way of sharing the available resources and a preventive measure to avoid an over load .
Jump to: