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Iran demands Bitcoin fees for ships passing Hormuz during ceasefire

ft.com

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Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire

#61

Post by nprz »

OutOfHere wrote: post #25
FeloniousHam wrote: post #10

Finally, the Real World use case for Bitcoin!

Cryptocurrency has had many legal real world uses cases. It is used heavily in prediction markets. Serving as an inflation-resistant store of value that is orthogonal to gold also is an implicit real world use case. Permissionless and easy international transfer of funds between individuals has been the biggest real world use. It's not only for collecting and trading. Obviously, those wanting to suppress it will keep…

Lol at the downvotes. People get so mad if you say you prefer one imaginary ledger over another.

Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire

#64

Post by SilasX »

pokstad wrote: post #24
FeloniousHam wrote: post #10

Finally, the Real World use case for Bitcoin!

Ransomware payments, speculative trading, now paying off oil pirates!

Iran is a recognized national government, not a pirate.

Oh crud I just opened a can of worms with that, didn't I?

https://en.wikipedia.org/wiki/Pirates_and_Emperors

https://www.youtube.com/watch?v=UQBWGo7pef8

Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire

#66

Post by OutOfHere »

nprz wrote: post #61
OutOfHere wrote: post #25

Earlier quoted context omitted.

Cryptocurrency has had many legal real world uses cases. It is used heavily in prediction markets. Serving as an inflation-resistant store of value that is orthogonal to gold also is an implicit real world use case. Permissionless and easy international transfer of funds between individuals has been the biggest real world use. It's not only for collecting and trading. Obviously, those wanting to suppress it will keep…

Lol at the downvotes. People get so mad if you say you prefer one imaginary ledger over another.

The same people have no idea what's coming for them even when it's in their face as with the posted news article. If the US doesn't act now to restore the use of USD in Hormuz, it's the beginning of the end of the for the USD as a currency for international trade.

Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire

#67

Post by insane_dreamer »

tantalor wrote: post #48
pokstad wrote: post #28

Earlier quoted context omitted.

TBF, Iran is saying an exorbitant price right now, but in reality they will need to balance their price with demand to bring in the maximum possible revenue. The toll may work out in the long run.

The problem is the fee has nothing material to do with the straight itself. There are no maintenance costs for the open sea. Coordination is also not a big concern, you can tell because previously ships were able to pass without incident and coordinate among themselves. Actually, this is extortion. Meaning that it is done under threat of violence. Worse yet, the US military may end up enforcing this, and collecting o…

> extortion

not really; you would have to pay to run an oil pipeline through another country's territory even if that country wasn't bearing the cost of maintaining the oil pipeline

the strait isn't international waters -- it's part of Iran and Oman's territorial waters

Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire

#68

Post by insane_dreamer »

belorn wrote: post #39

Does this mean ceasefire is now broken? The 10 point plan was to be discussed later in the peace talks, but what was the exact conditions that predicated the ceasefire?

No - the Iranian's didn't say they were letting ships through for free

Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire

#69

Post by insane_dreamer »

deltoidmaximus wrote: post #9
pavlov wrote: post #2

”Hosseini said that each tanker must email authorities about its cargo, after which Iran will inform them of the toll to be paid in digital currencies. “He said that the tariff is $1 per barrel of oil, adding that empty tankers can pass freely. “‘Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions,’…

As bitcoin is quite traceable I don't see how this works if you're trying to avoid sanctions. For Iran it probably doesn't matter but for the vessel owners it probably does.

the issue is the US' ability to freeze USD bank accounts on its soil or pressuring other banks to do the same

Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire

#70

Post by _DeadFred_ »

OutOfHere wrote: post #25
FeloniousHam wrote: post #10

Finally, the Real World use case for Bitcoin!

Cryptocurrency has had many legal real world uses cases. It is used heavily in prediction markets. Serving as an inflation-resistant store of value that is orthogonal to gold also is an implicit real world use case. Permissionless and easy international transfer of funds between individuals has been the biggest real world use. It's not only for collecting and trading. Obviously, those wanting to suppress it will keep…

Defending crypto as legitimate by adding 'it's also useful for gambling to get around regulation' is wild.
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