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Iran Becomes First Country to Embrace Bitcoin as Medium of Exchange
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The Central Bank of Iran (CBI) announced Thursday that it would be utilizing legally mined cryptocurrency to pay for imports.

Bitcoin, which political dissidents in the United States and beyond have been using after being locked out of banking services, will be mined by Iranians with subsidized electricity from three of the nation’s power plants. They are the first nation to declare the currency an official medium of exchange.

Iran is taking these measures due to aggressive attacks on its economy by the United States Treasury, which is controlled by Jewish investment bankers Steve Mnuchin and Justin Muzinich.

Under the auspices of Special Representative to Iran and Venezuela, Zionist neo-conservative Elliot Abrams led the sale of $40 million in stolen Iranian oil this week. According to the federal government, the money will be put into the “U.S. Victims of State Sponsored Terrorism Fund.”

In an estimate of damage done by Abrams, US sanctions and seizures have cost the country $70 billion dollars so far.

Iran has been attempting different strategies to circumvent the hegemony of the US Dollar, which the Trump administration has weaponized more than any government before it to try and collapse the economies of foreign nations. Targeted countries, whose currencies have been rapidly losing value due to attacks from international finance and more recently the coronavirus pandemic, are beginning to look for alternatives. Last December the CBI announced that it would begin transitioning to the Chinese Yuan as its reserve currency.

As a nation with massive energy reserves, combining these strategies with Bitcoin could allow the Persian state to sell its oil without having to deal with deplatforming at the hands of Mnuchin, Muzinich, Abrams, Mike Pompeo and Trump in defense of Israeli geopolitical interests.

While many in the cryptocurrency community are excited to see this development and believe Iran will be the first of many states to use Bitcoin, it’s more likely that the US government and Jewish finance will seek to outlaw it. If world powers like Russia and China and regional powers like Iran begin designing an independent economic architecture, the calls for a crypto dollar will increase.

The value of the US dollar has skyrocketed in 2020, so cryptocurrency is not registering on Washington’s radar. Nonetheless, representatives of New York money power have started ringing alarm bells about Chinese cryptocurrency’s potential for overthrowing the Dollar.

(Republished from National Justice by permission of author or representative)
 
• Category: Economics, Foreign Policy • Tags: Bitcoin, Iran 
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  1. Rahan says:

    When trying to figure what makes which country tick, it pays to remember who used to be a civilization center in the past 200-300 years, and who hasn’t.

    For example Iran is the contracted center of a specific civilization.

    Iraq isn’t. At least not in terms of close history. Just like Egypt and Macedonia aren’t in terms of close history (although even the minuscule remains from millennia ago still provide a certain meta-national strength for Egypt, for example).

    Whereas Turkey is also a shrunken civilizational center that used to be the cat’s pajamas just 200 years ago.

    As is Russia.

    India is a civilization center, China is also a civilizational center.

    Tiny countries Austria and Hungaria are also former very recent civilizational centers. Slovakia or Finland–no. Surface similarities can be misleading.

    (Possibly countries like Mexico, Brazil, Indonesia, the Philippines, Nigeria, and such, are gestating future civilizational centers)

    The point is: it’s one thing to try to crush a country that’s “just a country”. Especially if it’s relatively new one, or its modern layer has not yet managed to connect itself to deeper roots. It’s another thing to try and crush a present or recent civilizational center.

    Hungary isn’t playing an “outsized role” inside the EU today randomly. Hungary is the shrunken core of a specific European civilization, that for centuries was a Great Power and center of high culture.

    So yeah. Today Pakistan and Bangladesh have populations larger than those of Russia, but (at least to an external observer and not to a native patriot) they are not civilizational core countries. They’re “just countries”. Taking them out would be easier than taking out a civilizational core nation.

    Iran is not as easy a target as may seem. It may seem like just another country that’s basically no different from Libya or Egypt or Iraq or Pakistan or Algeria or what have you, but there is a second layer of fundamental differences just below the surface.

    • Thanks: Ann Nonny Mouse
    • Replies: @showmethereal
  2. Realist says:

    Iran Becomes First Country to Embrace Bitcoin as Medium of Exchange

    Big mistake.

  3. Chris Moore says: • Website

    Iran is taking these measures due to aggressive attacks on its economy by the United States Treasury, which is controlled by Jewish investment bankers Steve Mnuchin and Justin Muzinich.

    The Jews have adeptly maneuvered themselves into control of the Empire’s chokepoints (using the Zionist made-up “Holocaust” to gain sympathy and a goyim-financed power-base in Israel) but their reach has exceeded their grasp. Every day, U.S. Empire’s power declines, and hence so does Jewish power. In fact, U.S. Empire’s power (which could have been a force for good, had it not been infiltrated by evil Jews) is declining so rapidly because of Jewish power.

    • Agree: mark green
  4. anonymous[400] • Disclaimer says:

    begin transitioning to the Chinese Yuan as its reserve currency.

    The more things like sanctions are used as economic weapons the more those targeted will look to escape US dollar hegemony. Others will eye doing the same as they fear they could be next. The dollar being the world’s reserve currency is what props up the US economy. It’s considered by many that China has the world’s largest economy, being based on real creation of real goods whereas the US GDP is inflated by things such as the multi-billion valuation of things like Facebook, etc. Them providing an alternative by being a competitor is what’s caused all this fury about China being an “enemy”. Linking themselves to the Yuan and other currency schemes are pretty much the logical outcome.

    “U.S. Victims of State Sponsored Terrorism Fund.”

    So who is going to cash in and receive money from this fund?

    • Agree: Realist, showmethereal
    • Replies: @showmethereal
  5. Yaaaay – massive fees, energy use, and lengthy transaction confirmations. This once Iran is being dumb. Better currencies out there already.

  6. @anonymous

    Using the dollar as a weapon against major states is the worst thing that those who want to keep the dollar the reserve currency could do. Russia is also moving away. If I’m not mistaken they sold all of their US treasuries and bought gold. Check out the New Development Bank. It was founded by the BRICS countries (Brazil-Russia-India-China-South Africa) and is based in China. The goal is to make loans to all the member countries in their own currencies and not the US dollar.

  7. @Rahan

    Good points. “Economic Hitmen” are nothing new. There have literally been books written about it. It works well against small nations like Chile and Ecuador and Jamaica – but not so good against major nations or “civilizations” as you put it. Ghaddafi was killed because his sin was to want Africa to move to a gold backed currency. But yeah – Iran is more difficult to overthrow than Libya. The fallout would be worse than Libya (9 years later and there is finally a ceasefire in the civil war that erupted after killing Ghaddafi) and Iraq.

  8. I figured that sooner or later, the Fed Gov would stomp on Bitcoin and all the other digital currencies. With Iran now using Bitcoin, that’s just one more reason to nuke it, at least inside the US.

    The Fed is talking about FedCoin and every USian having a digital wallet for that new digital currency. Since almost no merchant accepts Bitcoin, once FedCoin is released and captures 100% of the payment market in the US, the demand for BitCoin will diminish as the writing on the wall becomes clear to everyone. Once there’s a law that makes it illegal to use anything but the Fed’s digital fiat, Bitcoin will revert to its intrinsic value of vaporware.

    Bitcoin is the modern tulip craze.

    • Replies: @Biff
  9. Biff says:
    @RoatanBill

    FedCoin is released and captures 100% of the payment market in the US, the demand for BitCoin will diminish as the writing on the wall becomes clear to everyone.

    The “US” isn’t the whole world although it likes to think it is. BitCoin demand will not diminish just because the Federal Reserve doesn’t like it – it has a global following.

    If only the western world realize what a shitty banking system they’ve been living with, and understand the possibilities that already exist they could possibly make a political change in their life rather than wasting time in a voting booth – it’s their money.

    • Replies: @RoatanBill
  10. @Biff

    The worlds central banks are in collusion with each other to roll out a digital currency or currencies. The BIS in Switzerland is hot on the idea and is coordinating the effort.

    So, although I focused on the US, the bulk of the world is headed in the same direction. The only thing to stop this is if China and / or Russia introduce a currency backed by gold or silver, or after this fiat digital dollar crashes and burns just like the paper dollar is in the process of doing now.

    Since converting to a digital dollar changes nothing about growing entitlement spending, growing military spending and all forms of deficit spending in general, the digital currency is just as flawed as the paper one it is designed to replace.

    Since the aim is to track every penny everyone spends and saves, allowing a Bitcoin or other alternative currency to survive is just not realistic. My bet is that Bitcoin will become a casualty once the gov’ts decide they don’t want any competition.

  11. @RoatanBill

    Since the aim is to track every penny everyone spends and saves

    In other words, digital technology has pretty much invalidated the Austrian-economic argument about the “impossibility” of finding and centralizing dispersed information from across an entire economy.

    • Replies: @RoatanBill
  12. @advancedatheist

    Since all of economics is a fraud, I never bothered to get into the nuance between the various versions of that BS.

    Common sense should tell anyone that once currency is digital, every transaction can be analyzed and therefore only transactions outside the system won’t be tracked. I don’t think there will be too much activity trading a chicken for pair of shoes, so in practical terms everything gets tracked.

    The real sinister aspect in this comes when your attempt to purchase some .223 ammo gets denied or when you are fined for some new manufactured offense, like visiting this site, and the funds are automatically deducted from your account. If you’re not spending at the demanded rate, you’ll just lose some of your funds to make up for you not getting with the inflation and velocity of money program. Because you already purchased your monthly allotment of meat and beer, you’ll be unable to purchase them till next month and because you’re 30 lbs overweight, your monthly health insurance premium just went up and there’s not a damned thing you can do about it. To help you lose weight, you’ll be expected to bicycle to work because you’ll only be able to buy half the fuel you’ll need for that frowned on SUV. With the IOT push, your electricity bill will go up because you use more than your fair share of heating / cooling fuel in that decadent single family home you live in.

    The whole idea is to target people who don’t conform to the new rules that your trusted representatives will make up. Just remember, you voted for this and it’s for your own good and that of the collective, comrade.

    • Replies: @Cloudswrest
  13. @RoatanBill

    Bitcoin logs every transaction in a public ledger, including the amount, and a pseudonymous account # for both parties. If you value anonymity, seems way too dangerous to me. Not only that, if a network analysis of your current bitcoins (even if they don’t know who you are) shows they were “tainted” in the past by illegal activity, including theft or extortion, the potential exists for them to be “blacklisted”. So Bitcoin is NOT fully fungible!!!! Monero solved these issue with additional encryption features.

    4. Monero (XMR)

    If you value your privacy when transacting online, Monero is designed with you in mind. Launched in April 2014, this peer-to-peer currency is designed to provide anonymous and untraceable transactions.

    Through the use of several privacy-focused technologies, Monero allows holders to send and receive funds without the origin, amount or destination of a transaction visible to anyone else. Meanwhile, although bitcoin is commonly perceived as allowing private transactions, it’s possible for payments sent through the bitcoin network to be de-anonymized.

    This means that while individual bitcoins can be tainted through their association with previous transactions, for example, if they were stolen from an exchange, each XMR is essentially the same as the next.

    Another key difference between bitcoin and Monero is that while the former is battling mining centralization, Monero’s CryptoNight algorithm is designed to suit mining by ordinary CPUs and GPUs. In fact, Monero was even hard forked in April 2018 to prevent expensive ASIC machines from mining the network.

  14. @RoatanBill

    I believe Bitcoin is a Fed. beta test.

    Note that it is not broadly owned, and that now there is a Bitcoin futures contract. This way the banks can manipulate it just like silver. It’s a trading vehicle for the banks that have unlimited fiat.

    If the banks get tired of rigging Bitcoin and making money off it, or if it becomes broadly adopted so that it infringes on the bank’s fiat power, they can just outlaw it.

    Ultimately, it looks like a fools game to me.

    • Agree: RoatanBill
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