Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Iran starts Bitcoin-backed ship insurance for Hormuz strait

bloomberg.com

Post reply on HN
Print view View original

101–110 of 737 posts

Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait

#101

Post by jltsiren »

int32_64 wrote: post #25

There's no insurance scheme the IRGC can concoct that protects against the US navy hitting your rudder with a 20mm gun.

Military history is full of quotes like "war is too important to be left to the generals". When you put people who focus on technical matters in charge, they often make poor decisions, as they are not looking at the big picture.

The question is not about whether the US can blockade the Hormuz Strait but who gets blamed for the blockade. Iran is messaging that it is making serious attempts to reopen the strait, while China and Russia are probably reinforcing the message. When people around the world suffer from the consequences of the blockade, they are more likely to blame America for their troubles. Or at least that's what Iran is trying to achieve.

Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait

#102

Post by FireBeyond »

Pay08 wrote: post #84
AnonC wrote: post #67

Earlier quoted context omitted.

> United States using its military to keep international waters open Being a little pedantic, as per my knowledge, the Strait of Hormuz is not “international waters”. It’s territorial waters belonging to Iran and Oman. AFAIK, Iran hasn’t ratified UNCLOS either, and claims it is not subject to it.

No, the Strait is international waters and always have been.

The Strait may well have some, but the traffic separation scheme for shipping is absolutely in Omani territorial waters, and another part of traversing the Strait includes passing through Iranian territorial waters.

Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait

#103

Post by WorkerBee28474 »

bpodgursky wrote: post #96
AnonC wrote: post #67

Earlier quoted context omitted.

> United States using its military to keep international waters open Being a little pedantic, as per my knowledge, the Strait of Hormuz is not “international waters”. It’s territorial waters belonging to Iran and Oman. AFAIK, Iran hasn’t ratified UNCLOS either, and claims it is not subject to it.

All straits other than the Bosporus (which has some additional rights to Turkey given the proximity to a major city) are international waters for the purposes of free transit, under the Montreux Convention.

The Montreux Convention only covers the Bosporus and Dardanelles straits. Not all straits in the world.

Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait

#104

Post by FireBeyond »

baq wrote: post #31
int32_64 wrote: post #25

There's no insurance scheme the IRGC can concoct that protects against the US navy hitting your rudder with a 20mm gun.

Just wait for CENTCOM bulletin with their USDC blockade insurance address

Hah, far more likely that it would be $TRUMP or $PATRIOT shitcoins. Gotta skim somehow.

Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait

#106

Post by asdff »

everdrive wrote: post #20

Much of the post-WW2 American-led world order was founded partially on the United States using its military to keep international waters open. It would be quite stunning Iran defeated the united states in this sense. The military might is there, but this administration clearly had no idea what they were getting themselves into and did not plan accordingly. (and does not have the will or public support to do so) The b…

Seems like piracy is more about the land than the sea. I can't think of any major american military action against piracy aside from actions against somali terrorists. Seems piracy as it was known historically died out as the old historic pirate havens of say Tortuga or Outer Banks went from places of anarchy to places that were controlled by some government in some capacity. And that is exactly where we see the somali piracy today: here is a state that is unable to govern its land mass and thus there is piracy, even with the american navy directly taking action against this piracy. Seemingly this has nothing to do with the american navy at all, even though that is supposedly one of its mandates and it takes actions in the spirit of advancing these anti piracy goals. The fundamentals of why piracy does and doesn't occur don't really change. It seems it comes down to government capacity on land, not from projecting naval power.

Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait

#107

Post by Jensson »

jltsiren wrote: post #101
int32_64 wrote: post #25

There's no insurance scheme the IRGC can concoct that protects against the US navy hitting your rudder with a 20mm gun.

Military history is full of quotes like "war is too important to be left to the generals". When you put people who focus on technical matters in charge, they often make poor decisions, as they are not looking at the big picture. The question is not about whether the US can blockade the Hormuz Strait but who gets blamed for the blockade. Iran is messaging that it is making serious attempts to reopen the strait, while…

No government have accepted Iranian tolls so far, that is just not going to fly ever. If every country controlling a strait started taking out such tolls that would cause much worse issues than we are seeing currently, nobody will have that.

Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait

#108

Post by Jensson »

srean wrote: post #98
Jensson wrote: post #94

Earlier quoted context omitted.

In what way? What do you think would be different if Iran didn't block the strait?

Trump's tweets gave a clear indication of what's coming their way next.

Yes, USA will bomb Iran, so how did blocking the strait help them?

Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait

#110

Post by asdff »

daft_pink wrote: post #105

I’m not convinced that bitcoin is stable enough to use in insurance products. The currency volatility risk is too high to reasonably cover the covered losses which will need to be covered in some other currency to do things like replace boats etc.

The volatility is only an issue if you need to convert the bitcoin in the near future. If you are willing to wait, volatility goes in your advantage. Bitcoin is volatile enough that if you wait for maybe a few years you will probably hit a pump that will far exceed the growth of most other investments. You don't even need to sell at the high to do this, the run up is often plenty enough gain.
Post reply on HN