Europe Pub (PieFed)Iran demands $1 per barrel of oil passing through Strait of Hormuz, paid in crypto
CharlesDarwinthehill.com/policy/energy-environment/5821752-iā¦
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Onno (VK6FLAB)Interesting concept, no idea if this is sourced or validated, or what the agenda of the publication is.
At this time I suspect that this is a hoax rather than a real news report. That might change with more information.
d-RLY?Same here. Though I would imagine the real people benefiting would be people holding Bitcoin. Especially if true, since shit would jump the price massively while in effect.
Bitcoin Bros .. yeah, canāt say I considered those but Iād suspect thatās indeed a high probability.
MubelotixNot really, 2M$ per ship isnāt much compared with the size of Bitcoin 1410000M$
UnderpantsWeevil
ParagoneThen they are IDIOTS at understanding crypto.
Bitcoin is the ecologically-costliest/electricity-costliest/machine-costliest cryptocoin to standardize on: itās nearly used-up.
Theyād have been much saner to have standardized on some other crypto.
Iād prefer that Algorand-type ones were standard, but they can be attacked by country-level attackers.
For anybody who wants outside-the-hype-bubble view of what crypto is, & how its ecology works, PLEASE read https://www.kobo.com/us/en/ebook/attack-of-the-50-foot-blockchain-bitcoin-blockchain-ethereum-smart-contracts
The reason that Steampowered stopped taking crypto, is plain, in that book.
_ /\ _
( PS: Iād enforce that there be an Algorand-type crypto for recording accounting-records with, country-wide, so that books couldnāt be ācookedā between closout-of-the-books & reporting. & Iād want to make daily closeout normal, if possible. Cisco did that, years ago, so it is possible, but some will scream against such economic-integrity measures, of course.. )
CubitOomThe Trump Family is going to pull the rug hard on bitcoin.
Quokka
Another Shart of the Deal from the nine-dimensional chess player.
Itās almost like the dumbest fucking people all banded together to find one of the dumbest people they could find to āleadā this country. JFC. And they still love this asshole.
thoughts from beyond braindead
āHey, this guys a dumbass, and he made it to president, thereās time for me to sparkle yet mamaā
Crypto and oil, two things I would wish would just fuck off already. Religion too.
Crypto
Oil
Religion
All practically the same thing at this point.
Add bloodthirsty heads of state to the list, too.
āAnd I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the bitcoin.ā ā Revelation 6:6
Crypto? Crypto provides a viable alternative to the dollar for international transactions.
Want to engage in ecconomic activities, but youāre sanctioned by the US?
Well, hereās a tradable asset that the US canāt control because it is decentralized, and it has value in that it can be used by others as a vehicle for international trade like the dollar used to be. Gold does the same thing, but its really heavy, the US controls a HUGE supply of it, and you canāt prove the gold is yours if it gets stolen and melted. Cryptos sometimes get stolen too because the exchanges are hacked, but that isnāt really possible with a cold wallet for a host of technical reasons (if anything, you have to have a key/pin to use a cold wallet just like you do with a payment card).
So, basically thereās now an international vehicle of trade that isnāt subject to the arbitrary whims of
a Republicanthe US. It also cannot be duplicatedāthere will only ever be 20 or 21 million.A lot of people say bitcoin has no value, which is true on some level. But, neither does the dollar (other than its backing by the US government, but thatās arbitrary) or gold (goldās value is a combination of scarcity and the whims of the market, but the exact same can be said of crypto).
I mean, thereās a daily usage consideration like with the dollar and Visa/Mastercard/Amex. But, what happens if/when those CC suddenly allow you to pay with crypto? I mean, the US government is depreciating its dollar constantly. So, why wouldnāt they accept an alternative form of payment? I mean, what if/when everyone loses trust in the US because of
Trump/Republicansits politics so they let/demand Americans pay their bill in Euros? Yuan? BRICS money?Also, its worth noting there are 1:1 crypto:dollar coins that are secure like with a bank, canāt be stolen from a cold wallet, and appreciate with interest like if you opened a bank account.
In fact, banks are throwing a bitch at the regulatory level because Congressās crypto bill had a loophole in it that lets there be a viable dollar-Crypto alternative to bank accounts with a higher interest rate (savings accounts have like a 0.25 APY, but the crypto incarnaton of USD automatically appreciates at the Reserveās rate).
That doesnāt even get into Ethereum being able to serve as a viable alternative-network for the tokenization and exchange of real world assets (whats the difference between owning 1 physical stock certificate out of 100 for companyX and 1 ācoinā version of said stock certificate out of 100?). Ethereum has the added benefit of not closing like clearing houses do.
You canāt prove crypto is yours either. All you can prove is that you have, or once had, access to it. Authentication is not identity. In fact, crypto is designed to keep those two things separate.
Thatās far less arbitrary than the backing of some random collection of anonymous people saying ātrust me, bro.ā Just look at the history of crypto rug-pulls, market manipulation, exchanges vanishing overnight, etc.
Because know-your-customer laws are quite effective at finding the proceeds of crime and stopping money-laundering, and (in countries without Citizens United) preventing interference in politics by anonymous actors, often hostile states.
Right, and cold wallets are super fucking secure like banking is. Like, the cold wallets have the same level of security as banks (more so depending on which one you use). Its the exchanges youāre thinking of (you buy from an exchange and send to your cold wallet, and send back if you want to sell it or xfer from your cold wallet directly to the other personās wallet to pay them). Exchanges get hacked all the time, but you can sue/get recovery depending on the exhange (Robinhood is safe-ish).
Crypto is decentralized, so thatās not really a thing. Unless you mean like the global crypto user population, but at that point youāre basically at the same population of some countries, just more spread out. And, at that point, isnāt that the same thing as governments and their money?
Must be nice living in a country that cares about its people. But, even then, thereās no reason that an electric company canāt set up a unique wallet it controlls for every customer to pay into so the company can know its bills are being paid by monitoring said wallet addresses.
Ha! I got a moon to sell you.
Oh shit, itās one thing to be on the wrong side of the US Army. But the Iranians are about to be on the wrong side of Monero shills, who will loudly proclaim āBitcoin isnāt untraceable, they should use Monero insteadā from the comfort of their parentsā basementā¦.
I think the reporter is just misunderstanding. Iran and North Korea donāt have any reason to care if you can ātraceā the transaction. They just need confirmation which bitcoin is slow at so Iran should defiantly investigate better options. Ideally options that will be quantum secure by Q day
10 minutes is nothing in this context. Thereās so many Bitcoin exchanges that it canāt effectively be stopped.
Normally under optimal network conditions. Iran has a unique set of connections to the internet, is up against the PayPal mafia and trading with the countries who tie it into fiber. Itās a strange threat model
do people honestly think any crypto is fully anon? or are they just trolls?
There are several that are indeed designed for anonymity, such as Monero or Zcash. And others that have mechanisms for anonymity within them, such as Ethereumās Tornado Cash mixer or Aztec rollup.
Iran doing the hard pivot to become the new Singapore was not what I had on my 2026 Bingo Card.
Theyre gonna be the new global tax haven?
looks like they tried to cut oman in on the deal too but they refused
Could you imagine if this is what causes the US to finally go all-in on electric?? I mean, it wonāt because petrol companies own the government, but Iād still like to fantasize
Hardly, Western oil companies are making out like Bandits on this.
More likely in other countries. It will happen last in the U.S. Cause of the oligarchy and such
The politics of the thing aside, couldnāt they have found a currency that doesnāt burn fucktons of energy?
In the specific case of Iran and Bitcoin, using a currency that requires expenditure is actually a benefit. It increases demand for the very thing that theyāre selling.
More generally, though, there are plenty of cryptocurrencies that donāt burn significant quantities of energy. Anything running on Ethereum has been validated using proof-of-stake since 2022.
I have heard that at least drug dealers are using Monero now. At least the ones that I have second hand familiarity with.
Crypto is much more efficient than any FIAT currency.
I meant non-bitcoin crypto. Iām not 100% clear on this, but AFAIK there are less energy-intensive coins.
Yeah, that is the problem here.
It wonāt be long before it gets renegotiated to $5. Art of the Deal!
Haha! I can see Trump threatening over this, sending demands and walking away saying ājob doneā with the higher price as you point out. Priceless!
No price on LNG? Probably just left that out.
Aptitude in arrangements
I donāt know how many barrels of oil a ship holds, but this seems significantly less than the 2 million per tanker they were saying they were going to charge just a couple hours ago on the guardian at least.
A quick search turns up tanker capacity being between 300,000 to four million barrels. 1 to 2 million barrels being the moat common.
About 2-4 million barrels so the math checks out