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Iran starts Bitcoin-backed ship insurance for Hormuz strait

bloomberg.com

41–50 of 737 posts

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

#41

There'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 :)

Whats weak about doing the smart thing?

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

#43
post #31

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

You mean that these mafia style insurances are a joke, but free (as in safe and not taxed) access to the seas is something many wars have been fought over. "Insurance" selling by navies was the norm until WW1 at least.

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

#44

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…

I would amend that to be that everyone thought Iran could close the straight, but now they _know_ they can close the straight.

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

#46

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.

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

#47

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?

> [Iran] now are basically asking for blackmail money: "nice ship you have there..."

This doesn't sound like the don to you? "hey Iran, nice country you have there..."

> Maybe Trump should bomb them some more?

If the USA is going to be bombing every country which doesn't give up their sovereignty and bend the knee to the don, then the USA is going to need more bombs.

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

#48

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…

Ironically the US has never ratified UNCLOS. The American professed interest in maintaining right of passage does not appear to require them to be held to the same standards.

Also the Strait of Hormuz is an international strait not international waters. The entire strait lies within Iranian and Omani waters. Frankly it's a bit absurd to complain that your ships can't transit a country's waters while you bomb them.

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

#49

There's no insurance scheme the IRGC can concoct that protects against the US navy hitting your rudder with a 20mm gun.

You realize that America "in theory" wants ships to transit the strait right? The US blockade is self-defeating.

You can't block the strait if we block the strait! lmao

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

#50
post #9
post #5

Earlier 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.

I’m not gonna comment on if it’s a good idea or not, but the US government could make it illegal for any financial institution that does business in America interacting with crypto. They could also make it illegal for any US financial institution to do business with any financial institution that interacts with crypto. They could probably also make it a crime to buy/sell crypto in America.

They could do all those things. But they won't. This administration is all-in on crypto, it's a key mechanism for receiving gift. They're not gonna cut it off.

Its also trivial to turn your crypto into yuan and your yuan into $. So I'm not sure such a ban would be even remotely effective.

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