Replies (56)
they should have come up with their own "altcoin" to exploit. rookie crypto mistake. ;)
On chain fees about to go up?
Wait until they switch to #monero
Few seconds?! Better broadcast that thing quick, and hope the tx propagates fast π
and just last week you were all against Trump and the military.
It was always the plan to make bitcoin replace the petro dollar.
We stand with President Trump and the military
Did anyone tell them it takes 10 minutes?
If a typical tanker carries 1 million barrels, and it costs $1 per barrel,
and $1 = 1,300 satoshis,
Thatβs 13 BTC per tanker. π
View quoted note βMust be using some girthy Lightning channels π€
Perhaps. We'll see how this plays out.
Why would they do that?
Maybe the spokesperson doesn't understand the tech and that's fine π€
We don't need to encourage Shitcoining.
$HORMUZ
About 100ish ships per day before so even if everyone paid in btc thatβs not many more transactions.
1 block with room for a monkey jpeg even.
Bitcoin really is for everyone.
"can't be traced"? An indefinite number of $1M transactions? Good luck with that.
"...or confiscated"? No prob... at least not until the CRQC fantasy somehow becomes reality.
Those that control the media use the word "crypto" because they want to get the masses warmed up to the idea of digital surveillance CBDC and/or stablecoin.
Can't be traced unless someone fixes a transaction. Can't be confiscated unless someone uses a centralized exchange.
Yeah, being a bit silly. Wouldn't it be great is msm started covering block time, confirmations, and Poisson distributions! A boy can dream
Bitcoin taking out the petro dollar in real time, ship by shipπ
A few seconds eh? Guess they don't know about the block time and confirmation certainty. Ah to be young again.
This is the sad way.
No, but under normal circumstances 20M barrels a day pass through the Straight. That's another 20M dollars of transactions per day. Assuming Iran would hold the Bitcoin, that's 600M a month off the market. That's going to move the needle.
Itβs all positive. I can now add a barrel of oil to the list of things I can buy with βΏitcoin. Question is how many do I need
π€£ Touche.
Bro wer can I buy some!
We need to see it on chain.
It's not much at least for now. It would only be 20M a day if running at full capacity.
Lightning or onchain?
Give them time for the next "news" cycle. They will be back to following the rest of the π.
How will the ships sail?! They're gonna have to wait 10 minutes!!
and sometimes upwards of an hour :) but i guess they could wait for confirmations while they load'er up.
The Iranian government already requires licensed miners to sell their BTC directly to the Central Bank of Iran to fund imports, rather than selling on the open market.
Iran is the biggest hodler!
They can acquire bitcoin at a 98% discount compared to the rest of the world and already control 7.5% of bitcoins hashrate!
View quoted note βCan someone tell them about the silent payments? ;)
PS.
@Cake Walletoh wow. that's really interesting.
Nice article!
One to start. More if Saylor doesn't buy them first.
Telling this to my normie people in Germanyβ¦ itβs probably a scam and illegal π
Somebodyβs gotta go back to town and get a shitload of bitcoin!
Could it be Lightning, perhaps multiple Lightning payments?
How much money are we talking each time? I guess it's not practical if the amounts are large
How long does it take to cross the strait? If it's an hour or more, then that's plenty of time for a few confirmations
Even at 60 ships per day it would be a drop in the bucket. Trumps USD1 is in the mix, too. State department will push captains to use Tether where the funds can be confiscated after the ship is safe on the other side of the straight.
But ... price will go up if this use case for unconfiscatable money for enemies gets wider felt.
Like it or not this is a perfect usecase for corn
Will be interesting to see EU go through this π
Tell Iran that Bitcoin is a Ponzi scheme πππ
They use wallet of satoshi π
Would require some wumbo jumbo channels for 1-2M usd. I think it was just classic sloppy suit speaking about something they know little about. No clue how slow passage is, but prob slow...
Zero confirmation... My guess is ships will still be well within missile range should a payment happen to be reversed. π
NonRBF
Your question was about fees which is more related to number of transactions than to fiat price of a transaction. Unless each barrel of oil is its own bitcoin transaction, then weβre only talking about adding a hundred or so transactions to the block chain per month which will not move the fee needle.
Sorry it was Kierans org. Q but I was responding to D-Ross.
/sarcasm
