I was under the impression that they were asking for payment in stablecoins, not bitcoin? Did they change their mind?
That would be very risky for Iran because the top stablecoins could be freezed. They are centralized.
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
#22”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,’…
So apart from all the geopolitics of it this line is interesting "few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions,’ Hosseini added" Maybe I'm ignorant of Bitcoin but isn't Bitcoin transactions recorded in a public cryptographically signed ledger? Isn't that literally the opposite of "can't be traced"?
And if you knew the manifests (quantity of oil) for the ship, just the value of the bitcount transaction could be used for tracking.
Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire
#23I think this war will be the moment that historians mark as the death of Pax Americana. The US failed to change the Iranian regime, failed to open the strait, and now a previously international waterway will be tolled in a currency other than the dollar. I wish it need not have happened in my time
No air war has changed a regime. The US government knows this. Trump knows this and never had regime change as an objective. Why are you saying that regime change was an objective, and how do you think it was going to happen in an air war when no air war has caused a regime change before?
Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire
#24Finally, the Real World use case for Bitcoin!
Ransomware payments, speculative trading, now paying off oil pirates!
Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire
#25Finally, 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 finding excuses.
Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire
#26I think this war will be the moment that historians mark as the death of Pax Americana. The US failed to change the Iranian regime, failed to open the strait, and now a previously international waterway will be tolled in a currency other than the dollar. I wish it need not have happened in my time
No air war has changed a regime. The US government knows this. Trump knows this and never had regime change as an objective. Why are you saying that regime change was an objective, and how do you think it was going to happen in an air war when no air war has caused a regime change before?
Trump was talking about the protests there and that the US would help them. And we kept killing Iranian leadership lol.
Why are you taking what the Trump admin says at face value, anyways? Are you still a fool after all these years? This is like "fool me a 10,000th time" by now haaha
Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire
#27”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,’…
Cannot get to the article, so: https://www.msn.com/en-us/news/world/iran-warns-tankers-they... What is to stop the ships from lying ? I wonder if Iran will do spot check of some ships to prevent this. And will boarding ships cause Trump to have yet another breakdown ?
Lying about their cargo? Can’t lie about the weight … Probably the savings from lying about the nature of the cargo is not worth the risk of exploding..
Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire
#28I think this war will be the moment that historians mark as the death of Pax Americana. The US failed to change the Iranian regime, failed to open the strait, and now a previously international waterway will be tolled in a currency other than the dollar. I wish it need not have happened in my time
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.
Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire
#29Finally, the Real World use case for Bitcoin!
Ransomware payments, speculative trading, now paying off oil pirates!
I am afraid that soon, actual sea pirates, e.g. in Central and South America, Africa, etc. will start using naval mines in their regional seas, demanding crypto payment from passing ships.
Re: Iran demands Bitcoin fees for ships passing Hormuz during ceasefire
#30Earlier quoted context omitted.
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.
Agreed, but I wonder it if matters in practice. It's not like one can boycott bitcoins by serial number or something, is it?