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
Iran starts Bitcoin-backed ship insurance for Hormuz strait
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Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#32Earlier quoted context omitted.
It's not about traceability, it's about not having to use the dollar as currency.
That's significant messaging though -- we don't have anything to hide, down with the dollar. I have read many comments that the regime wants to money launder the inflow. Bitcoin would be rather inconvenient for that.
What would be a reason to money launder the inflow?!?
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#33I had fairly deep knowledge about the bitcoin code base 7 years ago and I got a weird vibe from it as I've seen government code before. When I learned that Tor was funded by the Navy something clicked. Just as it makes sense to have a large onion network to allow spies abroad to surf the web anonymously, it would make sense to also have a currency you can use to fund agents or groups abroad that lived outside the banking system. Bitcoin makes sense for that purpose. If you have a large border-less digital currency with many people on it, even if it is traceable, it's still less risky then using cash which you would have to launder.
The fact that many states are now using it for funding purposes to get around the banking system further adds proof to bitcoin's potential origin.
Also, it doesn't help that Satoshi Nakamoto means basically central intelligence in Japanese...
I'm not saying Bitcoin was created by the government, but if it was there are signs...
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#34Iran 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?
Sympathy gets you Gaza, West Bank and a few refugee camps.
Geopolitics understands one language alone.
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#35Earlier quoted context omitted.
How do you ban this? It’s not part of swift or any us govt. backed global financial rails. If Iran(a sanctioned entity) supports this then this is more proof that the thing works.
China already bans crypto. If America and Europe followed suit, the market for crypto would quickly collapse
China has banned crypto about a 100 times now.
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#36Earlier quoted context omitted.
That's significant messaging though -- we don't have anything to hide, down with the dollar. I have read many comments that the regime wants to money launder the inflow. Bitcoin would be rather inconvenient for that.
What would be a reason to money launder the inflow?!?
I have no clue.
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#37Earlier quoted context omitted.
It's supported and influenced by the USA in the sense that if you can't ever turn it into dollars it becomes much less interesting.
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".
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#38There's no insurance scheme the IRGC can concoct that protects against the US navy hitting your rudder with a 20mm gun.
US Navy has shown particular strength in this conflict against Iran, sitting in the international waters many (many, many) miles away and chillin :)
I would have never realised that things would have taken such an Onion worthy scatological turn.
s/n/d/6
Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#39Much 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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Re: Iran starts Bitcoin-backed ship insurance for Hormuz strait
#40Iran 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?
International law, much less "international sympathy", is a meaningless phrase in 2026.