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.
A million a ship on avg, high sea piracy is back.
3 to 8 ships have paid in last 72hrs. Normally 320-600ships would have gone thru for free in that window.
I mean… this happened after an illegal war, with probably hundreds of war crimes committed to Iran and hundreds of thousands from israel/US in totality across the region.
This toll is nothing in comparison to that and I prefer this as Iran’s form of retaliation compared to more killing.
Cool, now we can add global extortion to cryptocurrency benefits.
it’s a fucking toll you dingus those are iranian waters
No it’s not it’s an international trade route they’re just being Pricks because anything to piss off maga
Those iran’s waters. These ships are literally passing through their country, I think you’re confused with “territorial waters” as defined in UNCLOS as well but neither Iran nor the US nor pissrael ratified that treaty. Here is a good opinion on why the UNCLOS doesn’t really apply
https://www.simplelaw.blog/p/the-strait-of-hormuz-a-3-minute-international
I heard they are also accepting iTunes gift cards.
Just make sure you don’t redeem them
DO NOT REDEEM!!!
Bitcoin finely found a use case that’s not crime. Take that crypto haters.
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.
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.
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.
There used to be hundreds of cases of charges for transit. Led to wars too.
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
It’s not like international law protected them in the first place.
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.
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 never even considered the insurance side there. But it is legit proof of delivery and it gives them at least a chance of recovery if someone fucks up cleaning them.
It’s all about whether Binance lets them cash out or not, but mixing within BRICS is sure to make it clean enough, as Binance getting/keeping sovereign clients is good for Binance, and not worth appeasing US BS to turn it away.
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
The huge demand spike would increase the value of any coins quite a bit so your napkin math doesn’t quite hold. It would basically make monero a new petro backed currency.
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.
Doesn’t need to be it’s just irreversible. That’s why north korean randsomeware has worked forever.
It wouldn’t have anything to do with tracing transactions to North Korea being pointless and unactionable I’m sure.
Neither is a bank account though either. And one is sanction proof, the other isn’t.
It also means that if there’s a secondary deal trump’s Bitcoin account get it’s cut right after Iran takes theirs
Preferred crypto payment is USDT (Thether) stable coin. Which is the least US regulated, and most popular, US $ equivalent/backed stable coin. They are unlikely to refuse bitcoin, though.
No Uncle Sam’s paper dollars? ohh boy
That’s gonna upset Donny Boy
They own a bunch of it, though.
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?
It’s ok because the binance CEO guy purchased a pardon in helping Iran laundering their BTC
Richard Teng?
Did they give up using the yuan?
They’re doing both.
People who say that crypto has no application are just thinking inside the imperial bubble.
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.
But there are very good reasons why Bitcoin is very far from mass adoption as an actual currency.
The problem is the volatility. It would destroy most people.
How could that work? Doesn’t it take some time for a bitcoin transaction to get pulled into the chain?
Layer 2 networks like the lightning network operated in the milliseconds time frame.
Doesn’t that require trust in the provider hosting the off chain transactions? And lightning transactions can get preempted by conflicting moves from a wallet, and invalidated? I’m no expert, but it seems like these big regular transactions would be targets for abuse.
Yes, as far as I understand it. No you create a mutisignature wallet first that holds the funds that can be moved around the layer 2 network.
On chain makes more sense for this application to me too
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…
At the size of transactions they’d be doing, it’d probably be worth it to set a high fee so that it gets picked up and processed faster. Should still be peanuts compared to the value of cargo these tankers are carrying
It takes 10 minutes to get a single confirmation, but I’m assuming that it takes more than 10 minutes for a ship to transit this waterway, so it wouldn’t matter.
Yeah, but the article says they have seconds to pay with bitcoin.
Something tells me the article doesn’t understand the way Bitcoin works. A transaction takes 10 minutes to clear on-chain, unless you’re using the lightning network, and the lightning network is fucking terrible, especially for high-value transactions like this. Because you can be rug-pulled. That and you can’t send high-value transactions on a lightning network because every link in the chain has to have the proper amount of liquidity to make that transaction occur.
I don’t imagine trying to trick Iran out of their money is a particularly good long-term strategy anyway. Nothing unless you’re going to turn up in a new ship every time.
The ships can wait, I guess.
This is good for bitcoin.
and so also for Trump
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Halal scamming.
