Dollar-Less Iranians Discover Virtual Currency

Stacy Summary: Another story that Keiser Report was waaaaay ahead on, only Keiser Report can bring out the hate that revolutionary new ideas attract. We first covered bitcoin, two years ago. Now Businessweek is covering it because they have to. For as predicted on Keiser Report, the payment method allows individual freedom from capital controls and banking restrictions. Okay, now bring on the hate below . . . but, before you do, at yourself first and ask why you are so angry about and threatened by a currency that you are FREE to IGNORE, you do not have to use it nor will you ever have to bail out an entity transacting in the currency. Are you threatened by the last vestiges of economic freedom that remains for these Iranians in this story, what!?! Tell me:

Dollar-Less Iranians Discover Virtual Currency

Under sanctions imposed by the U.S. and its allies, dollars are hard to come by in Iran. The rial fell from 20,160 against the greenback on the street market in August to 36,500 rials to the dollar in October. It’s settled, for now, around 27,000. The central bank’s fixed official rate is 12,260. Yet there’s one currency in Iran that has kept its value and can be used to purchase goods from abroad: bitcoins, the online-only currency.

10 comments on “Dollar-Less Iranians Discover Virtual Currency
  1. Kevin Eshbach says:

    While people bring on the hate I’m bringing out the popcorn. :-)

  2. Marc Authier says:

    It would be a fantastic idea to introduce this also in Cuba, Greece, Belarussia, Ukraine or Argentina for example. The concept really works and would constiture a fantastic insurance the rats that are central banksters.

    You can imagnie. With this system it is IMPOSSIBLE to have bank holidays or bank runs.

  3. Nat says:

    Have I missed something? Are there some sad bar stewards who have found something new to hate?

  4. wauhoo says:

    Max/Stacy,
    You guys are right up there with Gerald Celente in letting us know what is coming down the pike. Good show!

  5. Silver Phoenix says:

    Bitcoins will be deemed a tool of terrorism and a crime to use in 3 .. 2..

    A benefit of bitcoins is it’s virtual, which allows for easy transaction, and a problem with bitcoins is it’s virtual, like farmville “money,” and fiat currencies.

  6. badsey says:

    I thought all fiat currencies with no backing were virtual?
    -Back bitcoin up with something and more people will bite. I agree that bitcoin is much better than openly criminal/fraudulent Federal Reserve notes. I expect Iranians that cannot get gold/assets thru Turkey are going bitcoin etc.

    Iran Silver/Gold coinns:
    “The first coins of the second rial currency were in denominations of 1, 2, 5, 10 and 25 dinar, ½, 1, 2 and 5 rial, with the ½ to 5 rial coins minted in silver. Gold coins denominated in pahlavi were also issued, initially valued at 100 rial. In 1944, the silver coinage was reduced in size, with the smallest silver coins being 1 rial pieces. This year also saw the cessation of minting of all denominations below 25 dinar. In 1945, silver 10 rial coins were introduced. In 1953, silver coins ceased to be minted,”

  7. Sir Tagio says:

    I am not angry, don’t hate it, am not threatened by it and I do ignore it, quite successfully, thank you.

  8. aka says:

    Who controls information/internet controls bitcoin…

  9. Bruce says:

    Kevin Eshbach | November 30, 2012 at 2:16 pm |
    While people bring on the hate I’m bringing out the popcorn.
    ~~~~~~
    People use Bitcoin??????????????????????????
    ;)

    Seriously though, I’m all for decentralised currency but I need to hypnotize someone that actually has something worth trading before they can learn about this and accept this. Obviously the most action will be seen from countries with pop-o-matic currencies rather than bubble-o-matic ones like we currently see in Australia.

  10. Ilia says:

    Here is a somewhat relevant story regarding the US government trying to control Pretty Good Privacy (PGP) – software that allows anyone in the world to converse in private:
    http://en.wikipedia.org/wiki/Pretty_Good_Privacy#Criminal_investigation

    “Cryptosystems using keys larger than 40 bits were then considered munitions within the definition of the US export regulations …

    Zimmermann challenged these regulations in a curious way. He published the entire source code of PGP in a hardback book,[13] via MIT Press, which was distributed and sold widely. Anybody wishing to build their own copy of PGP could buy the $60 book, cut off the covers, separate the pages, and scan them using an OCR program, creating a set of source code text files. One could then build the application using the freely available GNU Compiler Collection. PGP would thus be available anywhere in the world. The claimed principle was simple: export of munitions—guns, bombs, planes, and software—was (and remains) restricted; but the export of books is protected by the First Amendment. The question was never tested in court with respect to PGP. ”

    Internet 1 US government 0 !