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Iran Demands Bitcoin For Ships Passing Hormuz During Ceasefire (slashdot.org)
submitted 7 months ago by to c/technology@lemmy.world
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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.

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[–] 13 points 7 months ago (12 children)

How could that work? Doesn't it take some time for a bitcoin transaction to get pulled into the chain?

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  • [–] 16 points 7 months ago

    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

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  • [–] 14 points 7 months ago (3 children)

    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.

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  • [–] 1 point 7 months ago (1 child)

    Yeah, but the article says they have seconds to pay with bitcoin.

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  • [–] 3 points 7 months ago

    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.

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  • [–] 6 points 7 months ago (2 children)

    A couple minutes?

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  • [–] 3 points 7 months ago (2 children)

    Layer 2 networks like the lightning network operated in the milliseconds time frame.

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  • [–] 2 points 7 months ago (1 child)

    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.

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