Honestly, the biggest mistake they've made here is that they're not demanding Monero instead.
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No Uncle Sam's paper dollars? ohh boy
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.
It also means that if there's a secondary deal trump's Bitcoin account get it's cut right after Iran takes theirs
I heard they are also accepting iTunes gift cards.
Did they give up using the yuan?
It's ok because the binance CEO guy purchased a pardon in helping Iran laundering their BTC
How could that work? Doesn't it take some time for a bitcoin transaction to get pulled into the chain?
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.
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.
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.
A couple minutes?
Yeah, and the article says the shippers are given a couple of seconds to pay in bitcoin.
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.
Bitcoin finely found a use case that's not crime. Take that crypto haters.
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.
Maybe that used to be the case but the USA does it different
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".
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
There used to be hundreds of cases of charges for transit. Led to wars too.
The (non-financial) crime is the best part.
I love taking estrogen I bought offa onion sites :)
I'm surprised Elon didn't convince them to take the payments in Dogecoin....
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?
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.
This is good for bitcoin.
People who say that crypto has no application are just thinking inside the imperial bubble.
But there are very good reasons why Bitcoin is very far from mass adoption as an actual currency.
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.
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
yes
Iran is right about which rules are universal (innocent passage, not transit passage). ... The U.S. is also not a party to UNCLOS.
** Iran is right about which rules are universal **
I don't know how much clearer it gets??? Who's gonna argue that UNCLOS is universal anyway? The US or pissrael? Neither of which are party to the UNCLOS and who very much assert authority outside their territorial waters?
International law has no meaning if nations don't participate.
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".
Up to 200 nautical miles from the coast is nation's territory.
Why not Monero?
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.
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.
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