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Iran demands Bitcoin fees for ships passing Hormuz during ceasefire

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

#131

Post by arduanika »

wongarsu wrote: post #6

I was under the impression that they were asking for payment in stablecoins, not bitcoin? Did they change their mind?

No. Welcome to the petrobitcoin economy.

Edit: Piecing together from other comments, it sounds like these tolls are denominated in USD ($1 per barrel), but as an implementation detail, they're charging in BTC as the instrument of choice, not a stablecoin.

They phrase the tolls in USD "so the price is stable", and since the whole transaction is quick, BTC entails "just a small carry risk while holding". They sidestep the stablecoin technology, which is "risky for Iran because the top stablecoins could be freezed. They are centralized."

The latter comment was downvoted, possibly for paranoia, but Iran can't afford not to be paranoid. The major stablecoins at least claim to be custodied in Western institutions in a quasi-compliant-ish manner. If the USG started strong-arming Cantor, and so forth, who knows where that would end. Iran would much rather live with a tiny taste of BTC price volatility.

https://news.ycombinator.com/item?id=47692874

https://news.ycombinator.com/item?id=47691369

So my read of this is:

- Iran is threading the needle, working within the limited options they have in a US-dominated world economy.

- The death of the petrodollar is slightly exaggerated here, although it's a small symbolic step, and obviously the broader war is going to have implications for US hegemony.

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

#132

Post by bobomonkey »

grumple wrote: post #85
xeromal wrote: post #80

Earlier quoted context omitted.

Why would Iran give the US fees?

Behind the scenes, they may have already conceded to paying Trump off just like the other gulf states.

I like Trump, but this could very well be true. He's getting rich off of something.

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

#133

Post by surgical_fire »

SilentM68 wrote: post #127
mvkel wrote: post #62

[flagged]

Another possibility is that what's left of the regime has been given a certain time to flee and thus are plotting their exit and trying to pocket every last cent of wealth to take with them before they go into exile.

Are you talking about the US or Iran here?

You might be talking about Israel too.

I truly cannot say.

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

#134

Post by bradleyankrom »

Pay08 wrote: post #128
bradleyankrom wrote: post #125

Earlier quoted context omitted.

I've found Al Jazeera's (English) coverage of the region to be informative. YMMV.

Perhaps informative as a study of institutional bias and government interference.

No? Sources? It's possible that Qatar's government has some editorial control over the Arabic content, but my understanding is that the English operations are separate.

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

#135

Post by surgical_fire »

Pay08 wrote: post #96
Hendrikto wrote: post #19

Earlier quoted context omitted.

Given that 99% of stablecoins are USD-denominated, and that the vast, vast majority of those are custodial, Bitcoin makes much more sense for Iran.

With Iran's hyperinflation, why wouldn't USD make sense?

I think they don't want strengthen USD, nor risk having their assets frozen by sanctions.

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

#136

Post by varispeed »

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?

There was never going to be a ceasefire. It was just Taco Tuesday and yet another market manipulation day. Republicans and Democrats ruled by whoever has original Epstein files are just filling their boots.

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

#137

Post by bryceneal »

Pay08 wrote: post #96
Hendrikto wrote: post #19

Earlier quoted context omitted.

Given that 99% of stablecoins are USD-denominated, and that the vast, vast majority of those are custodial, Bitcoin makes much more sense for Iran.

With Iran's hyperinflation, why wouldn't USD make sense?

To add more context to what I believe the parent commenter was referring to, the vast majority of USD stablecoins are custodial, meaning the funds can be frozen arbitrarily at any time by the custodian (i.e. Circle).

This is why when cyberthreat actors steal millions in USD stablecoins by hacking a protocol or a large wallet, the very first thing they do is convert those stablecoins to something else.

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

#138

Post by M_bara »

bradleyankrom wrote: post #125
Pay08 wrote: post #94

Earlier quoted context omitted.

Lebanon has also said that the ceasefire doesn't apply to Hezbollah, since they insist that both them and Israel are at war with Hezbollah, not with each other. The only parties that say it does are Hezbollah and Pakistan. Also, I really wouldn't suggest using aljazeera.

I've found Al Jazeera's (English) coverage of the region to be informative. YMMV.

Honestly, it’s a good counter to get both sides of the coin. At the moment you’ll find BBC, CNN, NYT et al on one end and Al Jazeera on the other. I also look at DW for a more balanced approach. Don’t consume from one camp!

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

#139

Post by halflife »

wodenokoto wrote: post #42
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?

Isn't it broken with Israel continuing their war against Lebanon?

[flagged]
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