The National Cyber Space Center of Iran has unveiled the outlines of its national cryptocurrency.
By the way, the National Cyber Space is responsible for media censorship in the country by blocking some Western content. We won’t blame them because facebook, google do the same thing and in France we now have a law on “fake news”. Long live freedom of expression…
In short, Iran has just revealed a majestic SHITCOIN as little is done since it had to respect the wishes of President Hassan Rouhani, an authoritarian leader under the orders of an Islamic clergy. We do better at the decentralization level…
As a reminder, Iran is developing a cryptocurrency in order to circumvent the American economic and financial embargo. Uncle Sam forbids the whole world to buy Iranian oil and even less in Dollar. Iranian banks will again be disconnected from the SWIFT network and therefore isolated from the rest of the financial world.
This “cryptocurrency” developed by the Linux Foundation will be “similar” to Bitcoin in the sense that it will be built from a blockchain or in other words, a registry containing all transactions. But the similarity stops there…
The coins will be pre-mined and can be mined infinitely
Pre-mined? It reminds us of the shitcoin Ripple whose fans have made its creators billionaires in the blink of an eye…
But above all, what is interesting here is that in the absence of miners, no solid proof of work, no decentralisation, ridiculous security, etc…
The number of coins will be decided by the government and its value will be linked to that of the national currency, the Rial.
It just keeps getting better and better. While the great advantage of Bitcoin is that its money supply is non-inflationary, i.e. it is limited (21 M) the Iranian “cryptocurrency” will be completely inflationary and pegged to a currency that is itself extremely inflationary (mainly because of the US embargo, let’s be honest).
It is not because we are an Islamist republic that we will deprive ourselves of the right to fleece the people through inflation…
The transactions will not be public
Just because you are an Islamic republic does not mean you have nothing to hide…
In short, Iran would have done better to adopt Bitcoin than to make a fool of itself in this way. We had little hope because we must remain optimistic but as expected, it is a bitter disappointment.
The “national” cryptocurrency, the antithesis of cryptocurrency
Iran initially planned to use “Rial Digital” as an interbank means of payment to bypass the SWIFT network. But in a second phase, it is also planned to spread this shitcoin to local exchanges.
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In other words, Iran has announced its intention to replace paper money with a shitcoin. This is very serious!
To turn the national currency into a shitcoin whose money supply is infinite and not anonymous is a deadly trap for the people. Why is that? Why make cash disappear by replacing it with digital money?
So that you can no longer protect yourself against the racketeering of an insolvent monetary system. All the banks are technically bankrupt and the day the banking system goes into crisis again, the banks want to be sure that you can not have the bad idea to come and get your money back at the counter.
Never forget that when your bank says “You have money in your account”, it actually means “We owe you”. And yes, because of the fractional reserve system that is a feature of the modern banking system, the majority of money is counterfeit money. In other words, if everyone came to claim their money at the same time, the banks would be very far from being able to return the money of all depositors.
The number one objective of the banks is to make paper money disappear and they think seriously about camouflaging their Machiavellian plan by presenting it in the form of “cryptomoney. Hold it for you to say.
And beyond the imperative need to prevent us from withdrawing our money in cash, bankers will also know how we spend ALL our money.
Will you see the show of a transgressive comedian, will you make a donation to such or such militant association if that can harm you to obtain a job or a housing?…
Banks will not hesitate to make cash disappear if they can. But more probably, it is the private companies that will refuse the cash because it should not give the impression that this idea comes from the banks themselves…
Decentralized cryptocurrency will be indispensable in the near future, particularly because of the programmed end of cash. Never fall for a national cryptocurrency. Poisons…
The war against cash has already begun
In Sweden, the share of cash payments went from 40% to 20% in just 5 years. Sweden is one of the most advanced countries in the ban on cash. They even implant microchips under the skin. A little naive these Swedes… Who said that the Scandinavian countries are a model of society? Not Sweden in all cases…
Visa, supplier of a payment system in a quasi-monopoly position with Mastercard is already on the warpath. Several New York restaurants have already been offered to ban cash payments in exchange for $10,000. In France or Italy, it is now forbidden to pay in cash when the price exceeds 1000 euros. In Denmark, traders are no longer obliged to accept cash. It has become impossible to withdraw large sums of money without warning your banker well in advance and everyone can see the weekly withdrawal limits that banks impose on us…
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