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Iran starts Bitcoin-backed ship insurance for Hormuz strait

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

#51
post #41

Earlier quoted context omitted.

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?

American destroyers and aircraft carriers have been chased away from the Strait multiple times now.

Hilariously the USS George HW Bush had to go the long way around Africa rather than risk transiting the Bab El Mandeb after the Houthis defeated the US Navy last year.

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

#52

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

The reason the US is blockading is because Iran is only partially blockading it. If Iran wasn't blockading at all then America wouldn't either. But it's pretty clear that "only shops whose countries pay a lot of money to Iran" would help Iran.

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

#53

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 was attacked by the US and Israel (the state committing genocide right now). International law, rules and agreements don't seem to matter when it comes to the US and Israel. Fortunately, the world is becoming more and more multi-polar, and the decline of the US (which to a certain extent is probably caused by how Israel is dragging them to wars) is necessary to have some world peace. I do have to note that I feel sorry for the bulk of Americans who are just trying to live their lives.

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

#55
post #33

I 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 ban…

It's a lot easier to carry bitcoins than suitcases full of foreign cash or gold bars too. In China, they moved to digital currencies in part I believe to defeat CIA bags of cash (no point in getting stacks of paper money you can't use...). However, censorship resistant digital currencies allow them to continue their sneaky tricks.

This kind of thing explains in part why despite being an obvious scam, the government allowed cryptocurrencies to grow so large that eventually they formed their own feedback loop so strong that crypto bros were the biggest funders the 2024 presidential campaigns.

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

#56

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 could easily have garnered a lot of international sympathy and support"

What? I understand sympathy but I am not understanding what the path could've been to meaningful support against US aggression here.

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

#57
post #6
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.

> How do you ban this? In America? KYC would suffice.

[deleted]

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

#58
post #8

Bitcoin does make the transaction publicly traceable. Either they have not realised that, seems unlikely, or they prefer it that way.

I mean, kind of. If I give you an address to use to send me money, and I don't tell anyone else that address, and you don't tell anyone else that address, then nobody else can be sure who is behind the transaction.

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

#59

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 don't know enough about the current state of naval warfare but I've assumed this is related to the asymmetry that's emerged around protecting capital warships, especially in the scenario of a very narrow strait and a long enemy-controlled coastline. They can shoot relatively low-cost, short-range guided missiles from anywhere along the coast. Even if a warship stops the vast majority of them, only one has to get through to sink a multi-billion dollar ship that takes a decade to replace.

There are now similar asymmetries emerging across war-fighting and even though warships can still be effective (and less vulnerable) in other scenarios, this specific one seems especially bad. The other factor is that most of what ships carry through the straight isn't going directly to the U.S. so the impact on the U.S. is mostly secondary, reducing the risk the U.S. is willing to take. Of course, all this was known beforehand by military strategists which makes this all look even worse for the U.S. administration.

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