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Iran starts Bitcoin-backed ship insurance for Hormuz strait

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271–280 of 737 posts

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

#271
post #155

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.

One thing I'd wonder is whether using bitcoin actually involves real de-dollarization. Most stable coin is dollar based and other stable-coin don't seem like strong US competitors. China bans bitcoin trading so any Yuan/rmb based stable coin is marginal. So bitcoin seems strongly related to dollars.

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

#272

Earlier 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.

I am not sure if in the long term it is our interest to allow Iran to extract rent from this trade route, which would only strengthen China. It seems to me that the hurt is spread around the world quite widely, with inordinate impacts on Iran and China, not the U.S. or Europe [1].

[1] https://www.visualcapitalist.com/charted-oil-trade-through-t...

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

#274
post #242

Earlier 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...

Is there any evidence of this? Why would pirates not advance this claim?

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

#275
post #230

Earlier 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?

That doesn't seem like the relevant question. A navy barely progressing as the technology progresses by leaps and bounds is just as problematic when you're measuring its strength compared to its adversaries.

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

#276

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…

> It would be quite stunning Iran defeated the united states in this sense.

> 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

#277

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…

[flagged]

The US has killed a lot of people, but it seems like everything gets much much worse every time Trump intervenes. Iran had agreed to not build nuclear weapons. Trump just didn't like that it was work done by Obama, and—in a typical act of petty spite—withdrew. https://en.wikipedia.org/wiki/United_States_withdrawal_from_...

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

#278
post #138

Earlier 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?

By that standard, pretty much every nation state in the world would be considered terrorist. I'm not against that definition, but i'm rather sure you didn't mean it.

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

#279

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…

The plan was for it to stay closed and have the US sell oil.

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

#280

Isn'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?

How is this a change from status quo? Bitcoin has been the currency of crime since soon after its inception. Back when you could mine on a CPU it was the way to monetize stolen compute. It was the way to buy illegal things on the now-pardoned silk road. It was the way to pay off ransomware. It is now the currency of dark influence money.

Using it to pay off a shipping protection racket is prettymuch par for the course.

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