"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

Trump Reportedly Makes Decision On VP Pick, Says Running Mate Will Be At Debate

Former President Donald Trump has made a decision on his vice presidential nominee for the forthcoming election.

A Silent Invasion of America - Ad

America's southern border is in chaos, but a more alarming invasion is occurring nationwide. This unprecedented event will reshape the country dramatically, equating to 300 years of change in just 24 months. I've discovered startling facts that every American must know before it's too late.

Trump Vs. Biden: New 2024 Election Poll Show Tie, But Here's Who Independent Voters Favor

A new 2024 election poll shows Donald Trump and Joe Biden tied. The poll shows inflation a key concern for voters moving forward.

Google CEO: This Is likely Bigger Than Electricity - Ad

Electricity reshaped the economy, creating the FAANG stocks and boosting GDP by over 4,900%. AI is going to do it again.

Tesla Model 3 Long Range Now Qualifies For Full $7,500 Tax Credit

Tesla Inc (NASDAQ: TSLA) announced the new Model 3 Long Range (LR) now qualifies for the full $7,500 federal tax credit in the

The Nanotech Startup on a Mission to Save Millions of Lives - Ad

With a groundbreaking technology that repels deadly pathogens, this tiny company is taking on the global threat. Their innovative approach could transform infection control forever.

Judges hear Elizabeth Holmes' appeal of fraud conviction while she remains in Texas prison

SAN FRANCISCO (AP) — A panel of federal judges spent two hours on Tuesday wrestling with a series of legal issues raised in an attempt to overturn a fraud conviction that sent Theranos CEO Elizabeth Holmes to prison after a meteoric rise to Silicon Valley stardom.

Where Buffett, Gates, and Bezos Are Investing Now - Ad

Billionaires are plowing millions of dollars into a new technology that early estimates say could generate more wealth than A.I. -- and determine the future of companies like Microsoft. The problem? Most investors have no idea it's happening, or how to profit on it. This expert just went public with all the details, including which stocks to jump on immediately.

Will Your iPhone Support New Apple Intelligence Features? Here's What You Need To Know

Apple has announced a suite of AI-powered features for iPhones, calling it Apple Intelligence. However, these features will be limited to select iPhones.

Florida jury finds Chiquita Brands liable for Colombia deaths, must pay $38.3M to family members

Banana giant Chiquita Brands must pay $38.3 million to 16 family members of people killed during Colombia's long civil war by a violent right-wing paramilitary group funded by the company, a federal jury in Florida decided.

Ex-CIA Insider Exposes How Dems Could Rig the Election - Ad

In 2016, surveys were giving Hillary Clinton more than 99% chance of winning right up until election night. But right before the election... Former advisor to the CIA, Jim Rickards predicted Trump would win. You won't believe what he's predicting now. And it could have huge implications for the financial markets.

Micro communities for the homeless sprout in US cities eager for small, quick and cheap solutions

ATLANTA (AP) — In a dreary part of downtown Atlanta, shipping containers have been transformed into an oasis for dozens of previously unsheltered people who now proudly call a former parking lot home.

Visa's Mark Nelsen wants to make your plastic credit card obsolete

Mark Nelsen, Visa’s global head of consumer payments, sees a world where the plastic card in your wallet becomes increasingly obsolete and the standard 16-digit account number becomes worthless.

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.

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.

Michigan couple, attorney announced as winners of $842.4 million Powerball jackpot

GRAND BLANC TOWNSHIP, Mich. (AP) — A mid-Michigan couple and a lawyer from the west side of the state were announced Tuesday as winners of an $842.4 million Powerball lottery jackpot from a ticket purchased on New Year's Day.

Don't Pay a Dime for Marc Lichtenfeld's Top AI Picks - Ad

Marc Lichtenfeld's has a brand-new "AI Income Playbook", absolutely FREE! Inside, you'll find Marc's favorite AI dividend stocks... Poised to profit from the fastest-growing technology in history... and pay you bigger and bigger cash dividends along the way! And it's all yours, free of charge.

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.

One Billionaire's Genius Plan to Save the US Dollar From Collapse? - Ad

If you're holding any US dollars, you need to see what this tech titan is up to now... This could be the biggest change to our financial system since the creation of the Federal Reserve in 1913. Hurry... He has said he could flip the switch "as early as mid 2024."

Stock market today: Asian shares lower after Wall Street closes another winning week

HONG KONG (AP) — Asian shares were mostly lower Monday after U.S. stocks coasted to the close of their latest winning week on Friday, even as ’s stock cooled further from its startling, supernova run.

Expert: The Most Important Message You'll See in 2024 - Ad

In short, America is being invaded...The invasion spreading across America is coming from the ports, highways, and railroads. AND it's being invited in by the White House. Many will be blindsided, but if you prepare today, you could come out far ahead.

Four Cornell College Educators Stabbed In Northeast China, Say US Officials: Report

Four American educators from a small Iowa university were reportedly stabbed in a public park in northeast China's Jilin province over the weekend, according to U.S. media and U.S. government officials.

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..." - Ad

The former Goldman Sachs VP -- who called everything from Microsoft's 1,100% surge... to the death of the 60/40 portfolio -- is now stepping forward with his most explicit message yet: "Make this ONE STOCK the cornerstone of your portfolio."

Sprint great Michael Johnson launching 'Grand Slam Track' league with $100K first prizes

Sprinting great Michael Johnson is launching a track league that looks to assemble nearly 100 of the sport's top performers four times a year to compete for $12.6 million in prize money over its first season.

Dog fight! Joey Chestnut out of July 4 hot dog eating contest due to deal with rival brand

NEW YORK (AP) — America’s perennial hot dog swallowing champion won’t compete in this year’s Independence Day competition due to a contract dispute, organizers said Tuesday.

Elon Musk's Crazy New Experiment...REVEALED - Ad

On January 28th of 2024... Elon Musk launched a crazy AI experiment involving a real human in California. Elon already invested $100 million of his own money into this AI project... Because he knows the profits here could be ridiculous.

Toyota's Certification Crisis Extends Beyond Japan, Could Impact EU Operations

Toyota Motor Corp. faces severe implications worldwide after discrepancies in vehicle certifications breach United Nations standards, impacting operations across 62 countries including the EU.

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.

Supreme Court rules California man can't trademark 'Trump too small'

WASHINGTON (AP) — The on Thursday ruled against a man who wants to “Trump too small.”

American investor Martin Shkreli accused of copying and sharing one-of-a-kind Wu-Tang Clan album

NEW YORK (AP) — American investor Martin Shkreli is facing a new lawsuit for allegedly retaining and sharing recordings from a one-of-a-kind Wu-Tang Clan album that he was forced to sell following his 2017 conviction on .

Wall St. Legend: Millions of Americans About to Fall Out of the 1% - Ad

Wall Street insider reveals the financial tidal wave about to knock millions of Americans out of the One Percent. Predicts it will be far worse for everyone else. Warns EVERYONE to seek higher ground now!

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 finstrategist.com
Privacy Policy | Terms of Service