"America's No. 1 Retirement Stock" (Name Inside)

According to the former Goldman Sachs VP -- who wrote a best-selling book on retirement -- one single stock stands head-and-shoulders above all others. And it should be the cornerstone of your portfolio. Have you heard of it?

'Hamster' crypto craze has taken Iran. It highlights economic malaise ahead of presidential election

JON GAMBRELL and NASSER KARIMI
June 24, 2024

DUBAI, United Arab Emirates (AP) -- Cab drivers and bikers tap away furiously on their mobile phones as they wait at red lights in the Iranian capital during an early June heatwave. Some pedestrians in Tehran are doing the same. They all believe they could get rich.

The object of their rapt attention? The "Hamster Kombat" app.

A wider crypto craze aside, the app's rise in Iran highlights a harsher truth facing the Islamic Republic ahead of Friday's presidential election to replace late President Ebrahim Raisi, who died in a helicopter crash in May: an economy hobbled by Western sanctions, stubbornly high inflation and a lack of jobs.

Even as presidential candidates make promises about restoring the country's economy, Iranians, who have been hearing for years about bitcoin, are now piling into this app out of sheer hope it might one day pay off -- without knowing much about who is behind it.

"It's a sign of being desperate, honestly," said Amir Rashidi, the director of digital rights and security at the Miaan Group who is an expert on Iran. It's about "trying to hang on to anything you have a tiny hope that might some day turn to something valuable."

Those able to divest from holdings in Iran's beleaguered currency, the rial, have purchased property, art, vehicles, precious metals and other hard assets since the collapse of Tehran's 2015 nuclear deal with world powers.

At the time of the deal, the exchange rate was 32,000 rials to $1. Today, it's nearing 580,000 rials to the dollar -- and many have found the value of their bank accounts, retirement funds and other holdings gouged by years of rapid depreciation.

Meanwhile, prices of fruits and vegetables have jumped 50% since last year while the price of meat has risen 70%. The cost of a ride in a shared taxi, common in the Iranian capital, has almost doubled. Even rides in Tehran's Metro, still the cheapest option for the city's commuters, are up some 30%.

"Since morning, I had three visitors to my shop, none of them bought anything," said Mohammad Reza Tabrizi, who runs a clothing shop in downtown Tehran. "Most customers prefer buying from peddlers or pre-owned items in other places."

In underground walkways and other areas of the city, peddlers sell nearly anything they can get their hands on. It's this desperate environment that has seen the public's interest in cryptocurrency and mobile games offering coins rise.

The proliferation of smartphones across Iran, as well as the relatively low cost of mobile service compared to other nations, makes accessing apps like "Hamster Kombat" attractive.

The app is accessed through the messaging app Telegram, which remains popular in Iran despite efforts by the authorities trying to block access to it. It functions like an incremental or a "clicker" game -- users repeatedly click on an object or complete repetitive tasks to earn points.

In "Hamster Kombat," users believe they may be able to access a purported cryptocurrency associated with the game that's still not traded publicly.

In an email, individuals describing themselves as the game's developers declined to answer questions about their identities or business plans, but insisted they were "not offering any cryptocurrency in the game."

"We are educating our audience about crypto through gaming mechanics," the email claimed.

Still, the game resembles another app that did offer Iranians cryptocurrency in the past -- and it seems that just the promise of what could be free money can drive some Iranians to distraction.

Jokes online show one man tapping on a gravestone as if it were a mobile phone. Another uses a massage gun to rapidly punch a Hamster on the screen.

But the public's fascination with the game has also drawn the attention of authorities.

Rear Adm. Habibollah Sayyari, the deputy chief of Iran's military, described the app as part of the West's "soft war" against Iran's theocracy ahead of the election.

"One of the features of the soft war by the enemy is the 'Hamster' game," Sayyari said, according to the state-run IRNA news agency. He theorized that the "enemy" is popularizing the game so that people would be distracted and not "pay attention to plans of presidential candidates."

"Then (the people) fail to choose the best candidates," Sayyari said. Hard-line pundits in Iran have voiced similar opinions.

The daily JameJam, published by Iran's state television, also warned the ever-increasing interest in the game was a sign of "the dream of becoming rich overnight and gaining wealth without effort." It said those playing range from "builders, mechanics and refrigerator repairmen to colleagues and classmates in university."

"A society that instead of working and trying to succeed and earn money turns to such games and looks for shortcuts and windfalls gradually loses the culture of effort and entrepreneurship and moves towards convenience," the newspaper said, without acknowledging that the country's economic woes were potentially driving the interest in the app.

The app has even drawn the attention of a 97-year-old Shiite religious scholar, Ayatollah Nasser Makarem Shirazi, who is known for his fatwas declaring things "haram," or "forbidden," from his office in the holy city of Qom, Iran's center of Shiite learning, packed with religious schools and revered shrines.

Calling cryptocurrency "the source of many abuses," Shirazi said people shouldn't use the "Hamster Kombat" app or others like it involving bitcoin.

Iran isn't alone in having concerns about the game.

Authorities in Ukraine, locked in a devastating war with Iranian-armed Russia since Moscow's 2022 invasion, warned that users' data remains stored in Russia and could potentially put them at risk.

Then there's the wider risk of malware exposure as consumers in Iran often cannot purchase new software legally or even access legitimate app stores. They also face the risk of state-sponsored hackers targeting them for their political views.

Meanwhile, as Iran's election campaign goes on, presidential candidates are using Instagram, X and Telegram -- all services previously banned by the theocracy after rounds of nationwide protests.

"As long as you are able to pay the price, everything is available," said Rashidi, the Iran expert.

___

Karimi reported from Tehran, Iran.

Continue Reading...

Popular

Crypto Weekend Round-Up: Kiyosaki Forecasts Crash, Crypto Bettors Back Harris, Trump's Potential Impact On Crypto And More

This past week was a whirlwind of activity in the world of cryptocurrencies, finance, and politics. From Robert Kiyosaki’s dire market predictions to the shifting odds in the 2024 presidential race, it was a week to remember. Let’s dive into the top stories. Robert Kiyosaki Predicts ‘Biggest Crash in History’

Nagging Feeling That Something Is Off in America? - Ad

The REAL truth behind what's happening in America right now is even worse than you thought. In fact, new evidence points to a secret Election Day shakeup, involving a sleeper candidate for President nobody is talking about... a controversial Chinese-owned app... and the most famous celebrity in the world today.

These Are The Top Democratic Contenders Who Could Succeed Biden If President Were To Bow Out Of

In the wake of a debate performance that drew widespread criticism, speculation has been reignited about whether President Joe Biden should bow out before the November election.

The Presidential Candidate You Should Really Be Worried About - Ad

Most Americans are overlooking the seemingly impossible candidate that should worry you. It's not Biden... Trump... Newsom... or even Michelle. It's someone even worse. New evidence of a secret plan indicates he could soon return, and finish what he started.

Top 3 Materials Stocks That May Explode In Q2

Here's the latest list of major oversold players in this sector, having an RSI near or below 30.

The Washington Post's leaders are taking heat for journalism in Britain that wouldn't fly in the US

NEW YORK (AP) — of The Washington Post are being haunted by their pasts, with ethical questions raised about their actions as journalists in London that illustrate very different press traditions in the United States and England.

Nvidia Is Now Part of $3 Trillion Market Cap Club - Ad

Nvidia has become the third company ever to have a market cap greater than $3 trillion. And now, Nvidia is pivoting to the next AI frontier it plans to conquer. This recent move is valued at $1 trillion... at least. A small handful of Nvidia's other partners could see their own stocks benefit from it.

Joe Biden's Debate Performance Triggers Democratic Panic: 'Biden Sounds Hoarse, Looks Tired And Is Babbling'

President Joe Biden faced a challenging time during the recent presidential debate, leaving Democrats anxious about his ability to secure a second term.

The 7th Trillion Dollar Company? - Ad

There are six American companies worth over $1 trillion. Could there be a seventh soon? This company signed a massive deal with Apple until 2040 and is also involved with Nvidia, Google, and Samsung. Could this be the next trillion-dollar company? A top stock expertpicker thinks so.

What's Going On With Archer Aviation Stock?

Archer Aviation shares are trading higher Friday. The company announced a planned air mobility network in the San Francisco Bay Area on Thursday. Here's a look at what to know:

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

This factory of 53,000 employees, in Burbank, CA, was camouflaged to look like a sleepy suburb (with the help of artists, set designers, and painters from nearby Hollywood movie studios). The mysterious company behind this disappearing act is now being called "America's No. 1 Retirement Stock".

Crypto Allegedly Associated With Donald Trump Shoots Up To $150M In Market Cap — A New Strategy For The Presidential Race?

Former President Donald Trump is rumored to be directly stepping into the cryptocurrency world with a new token, “Trump Coin“, as he ramps up his campaign for the upcoming November presidential election.

This Is Where the World's Richest Men Are Putting Their Money - Ad

Bill Gates, Peter Thiel, Mark Zuckerberg -- they're pouring millions into something we call Imperium technology. And you can invest in this tech alongside them starting with just $10. Bill Gates called Imperium "one of the most powerful technologies of the 21st century."

This week's televised debate is crucial for Biden and Trump — and for CNN as well

NEW YORK (AP) — Joe Biden and Donald Trump won't be alone at . Moderators Dana Bash and Jake Tapper of CNN will be on camera, too, and there's a lot on the line for their network as it fights for relevance in a changing media environment.

Get This Bitcoin ETF Before July 29 (18%+ Dividend Yield Up for Grabs) - Ad

A massive Bitcoin dividend was just announced... And if you act today, you'll receive $2.05 per SHARE. That's 161% BIGGER than the highest-yielding dividend aristocrats... But you have to get in before the July 29 cutoff date.

State Street Technology ETF To Put Nvidia Before Apple In Revamp

Tech ETF to boost Nvidia exposure at Apple's expense, triggering billions in trading volume. Rebalance to reflect Nvidia's market value surpassing Apple's.

Powerball Winnings Gone: What Happens To Unclaimed Lottery Tickets

Powerball winners often take home tens to hundreds of millions of dollars. Tickets that are lost or not claimed in time end in a different result.

Exposed: 3 Cent Crypto to Explode July 22nd? - Ad

Chris Rowe, the man who spotted 44 different coins that have returned over 100%, is now making the biggest crypto call of his ENTIRE career.... Because a powerful crypto event will trigger on June 24th... Sending hundreds of tiny cryptos soaring 5X, 50X, even 100X -- in just days.

Something BIG's About to Happen in America - Ad

The REAL truth behind what's happening in America right now is even worse than you thought. In fact, new evidence points to a secret Election Day shakeup, involving a sleeper candidate for President nobody is talking about... a controversial Chinese-owned app... and the most famous celebrity in the world today.

Stocks Stall As Chip Sector Struggles To Rebound; Dollar Eyes 7-Week Peak, Gold, Bitcoin Retreat: What's Driving Markets Friday?

Wall Street is experiencing a subdued and low volatility trading day Friday, despite the session coinciding with the “triple witching” day, with over $5.1 trillion of notional options exposure expiring, surpassing the previous record

US Supreme Court refuses to take up challenge to Florida's online sports betting compact

FORT LAUDERDALE, Fla. (AP) — The U.S. Supreme Court on Monday refused to take up a challenge to exclusive rights to handle online sports betting in Florida, dealing a blow to the deal's opponents.

America Has New Type of Money, Making Some Rich...Should You Get It? - Ad

One of America's most controversial CEOs says, "A new form of money in America is making some people (including Elon Musk, Jeff Bezos, and 17 of America's 25 wealthiest individuals), rich. It has nothing to do with gold, bitcoin, or anything like that, but it's 100% legal. The problem? Few Americans have a real understanding of how it works.

Snowline Gold's Valley Deposit Emerges As High-Grade Gold Resource In Yukon

Snowline Gold Corp announces highly anticipated initial assessment for Valley deposit in Yukon Territory, Canada, with significant potential for growth and future development.

Bitcoin Fails To Get A Mention In The Fiery Trump-Biden Presidential Debate, Coins Themed Around The Two Tumble

The first 2024 presidential debate between incumbent Joe Biden and challenger Donald Trump turned out to be a dampener for cryptocurrency enthusiasts, with no mention of Bitcoin (CRYPTO: BTC) or significant policy issues surrounding what many anticipated to be a key election to

Discover "U.S.'s New Money" Before Biden Wins - Ad

A new form of money has emerged in America, and it's making some folks wildly rich... (Musk and Bezos both use it). Find out how you can too in this free video.

Stocks Show Modest Gains Ahead Of Fed's Inflation Report; Chipmakers Struggle, While Gold And Bitcoin Rebound: What's Driving Markets Thursday?

Wall Street experienced a subdued trading day on Thursday, as traders likely chose to remain on the sidelines in anticipation of Friday’s release of the Federal Reserve’s preferred inflation gauge.

Forget AI, Imperium Is Expected to Grow 320,000% In 3 Years - Ad

Three of the world's biggest AI companies -- Google, Nvidia and Intel -- have even partnered with my No. 1 Imperium company to get on this massive mega trend. The average investor hasn't caught on yet, but you can still invest in my No. 1 Imperium company for just $10 a share.

Chinese premier focuses on critical minerals and clean energy during Australian visit

MELBOURNE, Australia (AP) — Chinese Premier ends his Australian tour on Tuesday in the west coast city of Perth where he will focus on China’s investment in critical minerals and clean energy.

Seven Unknown AI Stocks That Could Dominate the Next Six Years - Ad

The original "Magnificent Seven" stocks generated 16,800% over the last 20 years. But now a new set of AI stocks is set to take over. Alex Green dubs them "The Next Magnificent Seven." And he's arguing that just $1,000 in each could turn into more than $1 million in less than six years.

Gen Z, Millennial High-Net-Worth Investors Abandon Traditional Investments

Gen Z and Millennials are turning to alternative investments, with 72% seeing traditional stocks and bonds as insufficient for high returns.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright systemtrading.ca
Privacy Policy | Terms of Service