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Iran starts Bitcoin-backed ship insurance for Hormuz strait

bloomberg.com

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

#141

Post by ifwinterco »

deadeye wrote: post #100
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…

Or is it posible this administration just took a win-win-win position? 1 - US oil and gas companies make money as oil proces rise. The US is the largest producer in the world. 2 - China loses it's major source of oil and gas. 3 - Iran gets neutralized. It may not look like it now, but it will probably end up that way.

People can try to come up with 4D chess explanations for the Trump admin's actions here all they want, but the truth is this is 0D chess.

Just a massive strategic blunder, one for the history books.

Any minor damage to China is tiny compared to the strategic loss America has undergone here

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

#142

Post by LorenPechtel »

wrs wrote: post #37
nuancebydefault wrote: post #29

Earlier quoted context omitted.

Anything anyone wants to spend money on, can be converted into dollars. The currency has no tell in what it is used for.

The hypothetical was that the US "bans" bitcoin, presumably meaning it becomes illegal for US financial institutions (or US-dependent ones, which is nearly all of them) to convert bitcoin to dollars. Somebody else might give you dollars for bitcoin, but then it becomes their problem. As the saying goes, "you can't eat bitcoin".

It's not like the Dollar is the only worthwhile currency.

Convert it into Euros. Or Yen. Or Yuan.

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

#143

Post by myko »

colordrops wrote: post #64
stormking wrote: post #61

[flagged]

Is the US or Israel asking for blockchain payments for access? "terror state". I would have hoped that HN users would be smarter than to parrot FOX news propaganda.

I agree with your perspective on the US and Israel but the Iranian regime has been far worse _to their own people_ and the world would be better off if moderates were in charge there.

Too bad trump and Hegseth killed them all as they were wantonly blasting targets in Iran and now there is nobody in a good position to take over.

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

#144

Post by asdff »

throwaway27448 wrote: post #139
asdff wrote: post #138

Earlier quoted context omitted.

Are they not commingled with Al Shabaab, Daesh, and the Houthis?

Sir do you just think all muslims are the same people? What else ties these groups together?

No? I'm talking about who is sponsoring the somali pirates. I'm not connecting them to these groups. They are already connected to these groups in particular. I didn't just name three random terrorist organizations. These groups are all operating in somalia right now.

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

#145

Post by myko »

nkrisc wrote: post #46
bradley13 wrote: post #22

Iran could easily have garnered a lot of international sympathy and support. Instead, they attacked their neighbors, impacted the world economy, and now are basically asking for blackmail money: "nice ship you have there...". Maybe Trump should bomb them some more?

Well the strait was open and freely navigable before trump bombed them. What Iran has learned from this is they don’t need sympathy, they need to exercise the leverage they do have, and there’s no way they’re ever going to willingly give that leverage up - they’ve seen what would happen.

Some idiot tore up the JCPOA, the only thing really preventing Iran from getting nukes. The lesson here is: get nukes

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

#146

Post by tootie »

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…

Side note that the US offered the same plan as Iran. Selling insurance (in USD) to shippers to transit the Strait. They have done $0 in business.

https://www.ft.com/content/eabadd1a-a712-4b44-99bf-bb50eb753...

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

#148

Post by _DeadFred_ »

asdff wrote: post #135
_DeadFred_ wrote: post #122

Earlier quoted context omitted.

I mean that is ignoring the American military experience with Islamic pirates and Islamic slavers. https://en.wikipedia.org/wiki/Barbary_corsairs

That also supports the government capacity argument. The US was able to make peace with the barbary states and extract a right of safe passage assurance from them. Why? Because the leadership of these states had enough government capacity to compel their domestic pirates into agreeing to the terms their government dictated. Today, in Somalia, we see what the lack of government capacity manifests as. I'm sure the gove…

The Islamic governments there always had the capacity though contrary to your central point. As evidenced by the many treaties there were entered into by those governments, not by the Islamic pirates/slavers.

From the writings at the time 'Muslim sources, however, sometimes refer to the "Islamic naval jihad"—casting the conflicts as part of a sacred mission of war under Allah'

These Islamic pirate/slavers are the SPECIFIC pirates that "The Barbary threat led directly to the United States founding the United States Navy in March 1794.". These are the specific type of pirates that the US Navy was founded to combat to protect ships being seized and their crews sold into slavery.

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

#149

Post by throw9394048 »

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.

Why is US blocking hormuz straits then?

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

#150

Post by throwaway27448 »

asdff wrote: post #144
throwaway27448 wrote: post #139

Earlier quoted context omitted.

Sir do you just think all muslims are the same people? What else ties these groups together?

No? I'm talking about who is sponsoring the somali pirates. I'm not connecting them to these groups. They are already connected to these groups in particular. I didn't just name three random terrorist organizations. These groups are all operating in somalia right now.

I'm not sure the extent to which either Daesh or Andar Allah are formally operating in Somalia, but I apologize if I cast unfair aspersions. I don't believe there are any formal or uniform or centralized funding of the pirates at all, though—many were simply fisherman who could no longer make a living. This is just my understanding however. I'm also open to the idea that the pirates aren't just from Somalia.
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