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The App Destroying Iran's Currency (foreignpolicy.com)
Iranians are using the messaging app Telegram to spread fake news about the rial -- and make a profit for themselves. From a report: Iranian President Hassan Rouhani owes his re-election in large part to the messaging app Telegram. During Iran's 2017 presidential election, Iranians relied on the app as a rare source of uncensored news about the race, in which Rouhani was not the candidate most favored by hard-liners. Just one year later, Telegram may end up becoming Rouhani's downfall. The app is at the center of Iran's accelerating currency crash.
The Iranian rial was generally acknowledged to have been on a stable path until May, when U.S. President Donald Trump exited the Iran nuclear deal. Prior to the U.S. withdrawal, one U.S. dollar was worth around 37,000 rials; immediately afterwards, a single dollar jumped to around 44,000 rials. The rial has continued to slump ever since, dropping to 50,000 to the dollar, and then 80,000 rials, and then 190,000 during Rouhani's speech at the United Nations General Assembly in September. Right now, it is at 120,500 rials. But it isn't just U.S. sanctions and the fundamental weaknesses of the Iranian economy that have contributed to Iran's currency freefall. It's also the deliberate circulation of rumors and fake news on Telegram by Iranian currency traders and middlemen out to make a profit.
The Iranian rial was generally acknowledged to have been on a stable path until May, when U.S. President Donald Trump exited the Iran nuclear deal. Prior to the U.S. withdrawal, one U.S. dollar was worth around 37,000 rials; immediately afterwards, a single dollar jumped to around 44,000 rials. The rial has continued to slump ever since, dropping to 50,000 to the dollar, and then 80,000 rials, and then 190,000 during Rouhani's speech at the United Nations General Assembly in September. Right now, it is at 120,500 rials. But it isn't just U.S. sanctions and the fundamental weaknesses of the Iranian economy that have contributed to Iran's currency freefall. It's also the deliberate circulation of rumors and fake news on Telegram by Iranian currency traders and middlemen out to make a profit.
âoeThis is an outrage! I was going to destroy that currency!â
Did he mean to say fake as in not rial?
Intersting that slashdot has taken up shitposting to skip the middle-man. The story has one link, which leads back to this slashdot page.
On the story I think the US sanctions might have somewhat more to do with the currency value than a few people on Telegram.
"But it isn't just U.S. sanctions and the fundamental weaknesses of the Iranian economy..."
What's this "fundamental weakness", aren't the US sanctions the problem ?
Iran should switch to Bitcoin!
Then, once the next cryptocurrency hack cleans out the Iranian treasury, the entire country will be flat on its back. No more nuclear weapons program!
Stuxnet couldn't hold a candle to the damage that BTC would do to Iran. :-)
Either too soon or too late. About $3-4k seems like a reasonable target for bitcoin once the get rich quick speculators withdraw. Good riddance too, all they do is destabilize the currency.
An app isn't killing their currency, the United States reckless foreign policy is. It's pretty obvious, what with the sanctions and us backing out of the deal that was and is still working that we've decided it's time for a "regime change". It's the same bloody thing we did in Iraq with the added bonus that we're going to wreck their economy first.
What bothers me is that not only is it so transparent what we're doing but that nobody particularity cares. You'd think Americans on all sides would be pretty angry that we're overthrowing gov'ts left and right. Outside of a few left wing news outlets and the BBC I don't see anyone talking about it.
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Even the summary says what is really destroying the currency - " deliberate circulation of rumors and fake news". Telegram (the app) is not at fault. It might be ENABLING the destruction of the currency, but it's not CAUSING it.
The " fake news on Telegram" is no more fake then the government propaganda pretending that everything is fine and dandy. Everyone knows the government and the tightly controlled media is lying, they have no choice but to seek the truth elsewhere which makes them a easy target for manipulators and scammers
How on earth do you calculate that as the reasonable level?
"First they came for the slanderers and i said nothing."
Hamas upgrading the rockets they bombard Israel with daily to be nuclear...
Israel and Palestine are so close they would essentially be nuking themselves.
Meh, Iran with nuclear weapons would probably be one of the most stabilizing events that could happen in the region, even if it did hurt the US's feelings that the country which embarrassed them still refuses to do as it is told.
that "Plane full of cash and gold" was us giving them back money that was theirs. We'd gotten ahold of about $6 billion of their money and basically stole it. You can do that if you're at war. We're not.
And they don't have nukes. Even after Trump reneged on the deal they keep following it. Just like Iraq there are no weapons of mass destruction. We've got independent investigators confirming that.
Fact it, Trump wants a war. Just like Bush needed one to stay in power. You know this. You're either Trolling or being paid to Troll. Either way it pisses me off. We're spending trillions overthrowing governments. Meanwhile we don't have universal healthcare and tuition free college. Both of which are killing us on the competitive world stage.
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If it continues to drop, it will collapse. Currently, the search "what is the cost of mining bitcoin" on google says that the cost of mining a bitcoin in the US is around $4750, depending on your cost of electricity. Venezuela and many Middle East and nearby countries have costs of half as much, but there are only a couple of dozen where the current cost makes it feasible long term unless something changes. After all, if the cost drops below the cost of electricity, then the miners that help transactions be completed should eventually quit, destroying the processing network. Of course, if they do, mining costs per coin could go down as fewer miners remain active, and those that stay get may get more coins for the same total costs, spreading the costs across more coins.
Some technical analysts may think they can predict the market for various coins. Maybe they can, but the price has been in a slide for nearly a year, and it's always important to respect the trend, which means the price is more likely to go down than up, meaning I wouldn't buy at any price ever until their was good reason to see a turn around, and I'd just as soon have my money in a company that actually has revenues and profits that provide a floor for prices.
USA's attempts at meddling several decades ago is how Khomeini got into power. Meddling backfires more often than not. You make it sound like a sure-shot thing. The newer crew always think they are better at meddling.
The rest of your accusations are too vague to evaluate. No negotiations will give us everything we want; we'll have to make trade-offs. To think one can magically get everything they want without making concessions to the other side is silly and/or arrogant.
Table-ized A.I.
If you want Real currency you have to go to Brazil.
Sounds like you saw news about people dying in Yemen, and just assumed that the bogeyman of the year must be to blame, like an obedient sheeple.
Seriously. The reason for the Clergy being so prevalent in Iran is that when we overthrew their democratically elected gov't and installed the Shah the one place their people could foment a rebellion was in the Mosques. So we've got ourselves to thank for radicalizing Iran.
As for the Military, the most powerful nation on earth has repeatedly signaled a desire to invade. They're gonna want a strong military. They can't win, but they can hope to give us a bloody enough nose that we turn around and go home.
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After all, if the cost drops below the cost of electricity, then the miners that help transactions be completed should eventually quit, destroying the processing network.
That wouldn't destroy the processing network.
"First they came for the slanderers and i said nothing."
They do not want to destroy their own holy lands. That would defeat their purpose.