Why is everyone obsessed with US military when the news seems to be Bitcoin? Just like that the US Dollar suffered because clearly a crypto currency may well become what the US Dollar was, a commodity to exchange value in a way that nobody can reasonably refuse. Whether that is for better or worse, I think that is bigger news then whose got the bigger gun.
Iran starts Bitcoin-backed ship insurance for Hormuz strait
271–280 of 737 posts
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#272Earlier quoted context omitted.
I think this is incorrect. The point is to show that if Iran does this, then they will not be the only ones that can do it. The last thing that should happen is to reward Iran for rent seeking on the Strait. Others can also seek rent then, and the whole strait gets shut down..which encompassed around 90% of all Iranian oil exports, which in turn was about 90% of their economic exports.
There is truth to this but it's basically we'll hurt ourselves to hurt you more. This is a lose-lose strategy.
[1] https://www.visualcapitalist.com/charted-oil-trade-through-t...
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#273Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#274Earlier quoted context omitted.
Well why do you think they want to raid these ships? To buy more RPG-7s, of course! But seriously, if they were being funded by other groups, why pirate in the first place?
Same reasons as the context of this photo (1). One party would like to advance some geopolitical interest, another party is willing to do it if they are paid and supported as such. No different than any other business deal. 1. https://upload.wikimedia.org/wikipedia/commons/b/b8/Reagan_s...
I think it's much more likely it's just easy money and is relatively cheap to pull off.
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#275Earlier quoted context omitted.
> It's all the same capital and resources that prior administrations had. Is it? Depending on how far back into "prior administrations" you go, the modern US Navy is a shadow of itself.
This leads to an interesting thought experiment. Using conventional weapons only, what prior year's US Navy could beat the 2026 US Navy in combat?
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#276Much 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…
> The fact that this outcome is surprising represents a very loud and public failure on the administration's part.
You can't teach stupid!! The coward, sleepy, dementia ridden, pretentious commander-in-chief declared victory over Iran the next day after starting the war.
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#277Much 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…
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Fast forward to today and the US has sustained billions and billions of dollars costs. To still not have any clear success, or to even have any promise of success possible. Nothing seems like it will be better in the end. Freedom of Navigation (Carter, 1979) seems off the table for the world now. Oil production facilities in the region have been massively impacted. The US doesn't seem able to deal with mines. And with US intelligence saying there's still vast reserves of Iranian drones and missiles to cause ongoing problems. https://www.washingtonpost.com/national-security/2026/05/07/...
The tough talk perspective would be vaguely endurable if there were any signs of planning or competency, if there were any possible actual ways things were going to get better here. It just looks like more blustering bullying, but there was no plan, and no objectives ever get met, have any chance to get met. Trump threw away peace long ago, sat around doing nothing while protesters were getting slaughtered, and then engaged in a very pointless act that by all indicators he thought would be a clear victory like Venezuela. Tough or not, it's ridiculously frelling stupid.
Meanwhile the US continues to itself engage in lawless international savagery on the high seas, blowing up boats at a steady pace in the Caribbean. And starving Cuba & denying them electricity. All this anti-woke anti-"mollycoddling" looks deranged, and has been actively terrible for the world, achieving nothing, and is empty fury bearing nothing.
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#278Earlier quoted context omitted.
> somali terrorists Pirates are many things, maybe even criminals under international law, but terrorists they are certainly not.
Are they not commingled with Al Shabaab, Daesh, and the Houthis?
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#279Much 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…
The US is now exporting more oil than it has in a decade.
Why can none of these supposedly smart people see this plan?
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#280Isn't this bad for bitcoin? I expect the US will immediately say "No don't pay that" and start prosecuting people that pay via bitcoin, because of course it's traceable. Am I missing something?
Using it to pay off a shipping protection racket is prettymuch par for the course.