He said that the tariff is $1 per barrel of oil, adding that empty tankers can pass freely. “Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” Hosseini added.
“can’t be traced” - it’s a public blockchain, though. Everyone can see and trace transactions.
When the money source is clear - it’s the shipping companies - you can trace their transactions.
Bitcoin is for dodging sanctions and the influence America has over the international banking and payment systems. It’s also may shield third parties from sanctions the US may impose on those who transact with Iran.
Reminder that bitcoin is not now nor has it ever been anonymous.
People who say that crypto has no application are just thinking inside the imperial bubble.
Nobody doubts that ransom is an application for crypto.
protection money, highway robbery
People have always known that crypto who is very good for crime.
Crime was the first adopting use, but not the last. Even the US recognizes its value by having a strategic reserve.
That says “proposed” - not implemented, though?
And if it’s under Trump’s administration, I can’t take anything like that as any indication of reason or sustainability.
Trump is part of crime.
I’m surprised Elon didn’t convince them to take the payments in Dogecoin…
That shit only works in white idiots
Why would they ever listen to that dumbass, who’s involved with the countries attacking them?
deleted by creator
Comparing his scamcoin to bitcoin is like comparing Flooz to a Visa gift card.
deleted by creator
I just don’t get many opportunities to make fun of Flooz 😆
Haha Trump Coin and Trump retarded model wife coin. Good one.
Wasn’t even a “real” coin, just a token on the Solana network
I know, but wasn’t “coin” in the name as I recall?
I didn’t mean to correct you on the name, just that it doesn’t live up to its name
Why not Monero?
they’re uneducated in this regard
Bitcoin finely found a use case that’s not crime. Take that crypto haters.
Technically it still is a crime since charging money for access to navigable waters is a violation of international law.
What about Panama Canal, Suez canal, St Lawrence Seaway? Is it fine to charge money for those waters?
They’re not natural waterways, somebody had to make them so the law doesn’t apply. Same for Great Lakes Waterway.
Besides, international law only applies to you if you agree to it. Both US and Iran do not agree with this.
US also has a law that say US can use military force against the ICC if any US citizen is arrested by the ICC.
That’s not true. Customary international law also applies to states, that are not themselves members of a treaty. In the case of international maritime war and international humanitarian laws this is widely accepted as such.
Maybe that used to be the case but the USA does it different
International law is more like a code of conduct. Also as with most laws, if you’re powerful enough you can ignore the law.
International laws have no meaning if nations don’t agree to it.
For example, the United States has laws and policies designed to prevent the arrest of U.S. personnel and its allies by the International Criminal Court (ICC). The 2002 American Service-Members’ Protection Act (ASPA) authorizes the US President to use “all means necessary and appropriate” to release U.S. or allied personnel detained by the ICC, often termed the “Hague Invasion Act”.
It’s not like international law protected them in the first place.
Which law?
This would be the United Nations Convention on the Law of the Sea (UNCLOS). It’s interesting that the US is among the nations that have never ratified the treaty.
Also, Denmark has a long 500+ year history of charging ships to transit in and out of the Baltic Sea, so this really isn’t a new concept (Sound Tolls).
All foreign ships passing through the strait, whether en route to or from Denmark or not, had to stop in Helsingør and pay a toll to the Danish Crown. If a ship refused to stop, cannons in both Helsingør and Helsingborg could open fire and sink it.
I thought they meant this law but wasn’t sure. That treaty has not been ratified by the US, Pissrael and most importantly, Iran! So it doesn’t apply and we are talking about a war where neither the invading nations nor the victim nation has signed it.
https://www.simplelaw.blog/p/the-strait-of-hormuz-a-3-minute-international
The (non-financial) crime is the best part.
I love taking estrogen I bought offa onion sites :)
Be careful with your sources. Laced drugs are dangerous. But I’m with you.
Purchasing drugs for yourself shouldn’t be a crime, so it’s awesome that cryptocurrencies exist for this purpose.
I heard they are also accepting iTunes gift cards.
Just make sure you don’t redeem them
DO NOT REDEEM!!!
WHY DID YOU REDEEEEEEEM!?!?
Do they accept Walmart gift cards?
No Uncle Sam’s paper dollars? ohh boy
That’s gonna upset Donny Boy
They own a bunch of it, though.
Honestly, the biggest mistake they’ve made here is that they’re not demanding Monero instead.
Yeah and writer has no idea what they are talking about. One of the core characteristics of Bitcoin is being publicly traceable
I mean it doesn’t even matter that it is. It’s not a secret who the money is going to.
The important part is that it can’t be reversed by a banking authority.
It’s easier for people to get Bitcoin, Iran could deal with the cleaning / mixing themselves after. This is already going to create friction so keeping it lower might help?
Oh, if they demanded Monero, people would figure out how to get it.
theres only like 6.5B usd worth of monero (compared to ~1Trilion BTC)
At 20Milion barrels of oil (/ dolars if its $1 a barrel) a day, theyd own all the monero within a year, meaning theyd have told pretty actively be selling it back onto the market for another currency to keep a supply for shippers to use. Compared to BTC where they’d need 136 years of hoarding to accumulate it all
Right? I was like dang you’re already half way there lol.
The reason though is that they probably don’t want to discourage payments because I have seen businesses refuse to use Monero in ransomware attacks because their insurance agreement complicates payout on a fundamentally untraceable currency. Even if Bitcoin is technically decentralized, they can report the transaction and specific currency blocks to whatever federal agency is responsible for fraud.
Still, why not offer both and put a 5% discount on Monero.
That idea of a 5% discount doesn’t sound like such a bad idea.
I’d absolutely use crypto if it was more available in anything I’d want to pay for. So far it’s mostly just VPNs and donations
People tried that, it failed. It’s too volatile.
It’s basically a way for people to think they are being sneaky and shit when it’s all trackable anyways.
Is it though? Obviously bitcoin, eth, etc. Arent, but xmr and zec would be, no?
Correct. Monero would be untraceable.
To an extent it is but with enough resources and knowhow anything is traceable.
It’s not always about direct traceability it’s the little bread crumbs that get left by everything. Nothing is absolute and everything we think is secure leaks like a mofo it’s just a matter of translating the data.
True, a place like Iran could keep it untraceable, although they would have to take some extra care in order to do so. But for your average person that’s not being looked at by a nation state, it is much easier to remain untraceable.
Did they give up using the yuan?
They’re doing both.
How could that work? Doesn’t it take some time for a bitcoin transaction to get pulled into the chain?
A couple minutes?
Yeah, and the article says the shippers are given a couple of seconds to pay in bitcoin.
I mean, all the steps leading up to that take way more than a few seconds, including…getting the email. This seems like someone misspeaking or not understanding what’s going on…
sigh
