Quote from: NeuroticFish on September 06, 2018, 05:37:23 AM

Quote from: butka on September 06, 2018, 05:33:57 AM

I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.

This would be either temporary, either some smart Iranians will do that arbitrage until the price evens - more or less.
Interesting is the timing. Unless this is old news, it's surprising that Bitcoin spikes in Iran while it falls badly in the rest of the world (although this should be temporary too, I hope).

Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...

First thing I do when I see topics of thread with controversial subject like this coming at this time when the whole market is still trying to recover from the crash of over $1,000 that has happened in the past few days (above $7,000+ to now $6,000+). and now its just giving some unimaginably hope. Unfortunately there is no regulation in the crypto media because I am sure the article itself is borne out of shady and lazy journalism of a blogger who sits behind the computer to dish out content with the sole purpose of attracting traffic. That is the motive and nothing else.

Quote from: jseverson on September 06, 2018, 12:41:24 PM

For those claiming arbitrage potential and errors with decimal places, let me dispel that with a scenario:

Let's say you own 1 Bitcoin, and you sold it in Iran so you could earn from arbitrage. Localbitcoins says the rate per Bitcoin is currently 874,755,539.52 IRR, so let's say you ended up with 875m IRR.

Official exchanges say that you can buy $1 for 41,970.80 IRR. That would net you a whopping ~$21k! You've more than tripled your money! Mission accomplished, right?

Well no. Official exchanges are unlikely to sell you any USD because of economic and political reasons. So you're now stuck with a rapidly devaluing IRR.

If you really want to convert IRR to USD, you have to use unofficial exchanges, which offer a $1 for 140k IRR rate. If we use that instead, you're only going to end up with ~$6k, which is just about what Bitcoin is normally worth. The whole process will be pointless.

I hope people read this lol.

You have done a good analysis here which means the $24,000 claim is really a form of deceits and the greedy ones are actually going round looking for ways for them to sell their coins over there without taking into consideration on how it would be converted to bitcoin and for them to buy the same bitcoin over there, you will be paying above the amount you sold it for.