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Title: Kuwait finance firm suggests trading oil in bitcoins Post by: cryptocurrencylive on July 01, 2014, 01:34:52 PM Kuwait finance firm suggests trading oil in bitcoins
http://www.gulf-times.com/eco.-bus.%20news/256/details/398622/kuwait-finance-firm-suggests-trading-oil-in-bitcoins Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Dogtanian on July 01, 2014, 01:56:42 PM Now that would be a great success for bitcoins if oil companies started trading in them. Makes me excited to see what other industries could take advantage or deal in btc.
Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: protokol on July 01, 2014, 02:08:45 PM Quote Before any barrel will ever be paid for in bitcoins, it will be the Chinese yuan that has taken on the role as the dollar’s challenger. China already pays Russia’s and Iran’s oil in yuan and is busy setting up yuan clearing houses in major financial centres all over the world to facilitate the global money flow of its currency. This is, for now, probably a much better solution until the world knows what will rally happen to bitcoin. Freudian slip?? ;D Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Carlton Banks on July 01, 2014, 02:19:10 PM One way or another, the US establishment will suggest not to. I hope they do it though.
Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Justine on July 01, 2014, 02:35:57 PM US might invade Kuwait for abandoning dollar for bitcoin.
Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Marlo Stanfield on July 01, 2014, 03:24:26 PM That will be the day. Good idea but the chances of this happening any time soon are close to zero I think.
It would be interesting to see what would happen though. Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: waldox on July 01, 2014, 03:37:25 PM watch the usa invade kuwait for not selling their oil with usd fiat
on trumped up terrorist actions Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: ArticMine on July 01, 2014, 03:42:05 PM One way or another, the US establishment will suggest not to. I hope they do it though. Would Make sense for US to do this as they are sitting on 144k of DPRs coins that cant be sold to public until case is over. Image if the 29k coins just sold where traded for oil instead of at public auction. The scenario is that after being tied up in the courts for years the 144K BTC from DPR finally become the property of the US Government. In the meantime the price of bitcoin goes to say 2,000,000 USD in 2014 USD and the 144K BTC now owned by the US treasury are worth more than all the gold the US treasury "supposedly" owns. Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: jbrnt on July 01, 2014, 03:57:22 PM Imagine crude and brent oil are quoted in bitcoin! The day that happens, gold quotes in bitcoin is not far away. That will be a heavy blow to the dollar. Oil traders would have to buy our bitcoin to buy crude oil! I know quote in bitcoin doesn't mean settlement in bitcoin, but then just the thought of that is mind blowing. :o
Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: IIOII on July 01, 2014, 04:30:45 PM That is really encouraging news!
watch the usa invade kuwait for not selling their oil with usd fiat on trumped up terrorist actions Unfortunately this really could happen if kuwait has no powerful allies. But I think they will form a coalition with other countries before taking any steps to replace the USD as trade currency. Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: DannyElfman on July 01, 2014, 05:10:53 PM I would doubt this would ever happen. The reason oil is traded in dollars is because the dollar is so widely traded and the dollar market is so liquid.
There is more oil traded in a day (in terms of market price) then the market cap of bitcoin is. This would result in constant huge swings in price of bitcoin as people try to move in and out of oil. Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: IIOII on July 01, 2014, 05:34:47 PM I would doubt this would ever happen. The reason oil is traded in dollars is because the dollar is so widely traded and the dollar market is so liquid. There is more oil traded in a day (in terms of market price) then the market cap of bitcoin is. This would result in constant huge swings in price of bitcoin as people try to move in and out of oil. These factors will change. The dollar will loose liquidity and bitcoin will gain liquidity (massively). Of course this will not happen overnight. Step by step "apostate" countries will leave the dollar sphere, thereby decreasing the importance of USD as reserve currency. You're reversing cause and effect in your argument: The USD is widely traded and liquid, because oil is traded in dollars. Not the other way around. Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Marlo Stanfield on July 01, 2014, 05:41:02 PM I would doubt this would ever happen. The reason oil is traded in dollars is because the dollar is so widely traded and the dollar market is so liquid. There is more oil traded in a day (in terms of market price) then the market cap of bitcoin is. This would result in constant huge swings in price of bitcoin as people try to move in and out of oil. These factors will change. The dollar will loose liquidity and bitcoin will gain liquidity (massively). Of course this will not happen overnight. Step by step "apostate" countries will leave the dollar sphere, thereby decreasing the importance of USD as reserve currency. You're reversing cause and effect in your argument: The USD is widely traded and liquid, because oil is traded in dollars. Not the other way around. Yeah, things would be quite a bit different if oil was traded in a currency other than USD. That is definitely one of the major things that support the USD's spot as the world reserve currency. Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: beetcoin on July 01, 2014, 05:54:32 PM this makes me think that if putin really wants to give a "fuck you" to the US, then he'll possibly try to implement this. i think he's already made an agreement to trade in chinese yuan though. if that happens, though, it might turn the US government against bitcoin.. since oil is a really, really big industry.
Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Ron~Popeil on July 01, 2014, 05:56:58 PM This would be the big moment everyone is waiting for. That much sudden demand would drive the up the price at an incredible rate.
Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Skele on July 01, 2014, 06:04:18 PM This would be the big moment everyone is waiting for. That much sudden demand would drive the up the price at an incredible rate. Indeed Those will be movements of millions of millions of dollars, ::) hope that Kuwait suggestion becomes reality and so it will; after Bitcoin enters to Nasdaq everything would be possible... Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Pente on July 01, 2014, 06:13:09 PM US FTFY Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: LiteCoinGuy on July 01, 2014, 06:31:42 PM i guess at this point in history the story is a storm in the water glass. maybe...maybe we will see this in 5-10 years.
Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Beliathon on July 01, 2014, 06:52:33 PM One way or another, the US establishment will suggest not to. I hope they do it though. I'm inclined to agree.One way [read: coercion] -or- another [read: violence AKA "force" in 1984-speak] Protip: If you want to control how people think, control their language. Thought is structured by language. This is what the Nation-State has done. Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: aztecminer on July 01, 2014, 10:00:08 PM Kuwait finance firm suggests trading oil in bitcoins http://www.gulf-times.com/eco.-bus.%20news/256/details/398622/kuwait-finance-firm-suggests-trading-oil-in-bitcoins US finance firm suggests trading oil in bitcoins Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: DannyElfman on July 01, 2014, 10:05:57 PM I would doubt this would ever happen. The reason oil is traded in dollars is because the dollar is so widely traded and the dollar market is so liquid. There is more oil traded in a day (in terms of market price) then the market cap of bitcoin is. This would result in constant huge swings in price of bitcoin as people try to move in and out of oil. These factors will change. The dollar will loose liquidity and bitcoin will gain liquidity (massively). Of course this will not happen overnight. Step by step "apostate" countries will leave the dollar sphere, thereby decreasing the importance of USD as reserve currency. You're reversing cause and effect in your argument: The USD is widely traded and liquid, because oil is traded in dollars. Not the other way around. The dollar is heavily traded and liquid because it is backed by the US economy and the US economy is very big. Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Meuh6879 on July 01, 2014, 10:15:09 PM ;D with bitcoin, you "can do".
like buy a 1000L of fuel for storage ... with bitcoin. :D welcome in 2015. you can bypass the petrolium industry ... with bitcoin. :P Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Ron~Popeil on July 01, 2014, 11:21:54 PM I would doubt this would ever happen. The reason oil is traded in dollars is because the dollar is so widely traded and the dollar market is so liquid. There is more oil traded in a day (in terms of market price) then the market cap of bitcoin is. This would result in constant huge swings in price of bitcoin as people try to move in and out of oil. These factors will change. The dollar will loose liquidity and bitcoin will gain liquidity (massively). Of course this will not happen overnight. Step by step "apostate" countries will leave the dollar sphere, thereby decreasing the importance of USD as reserve currency. You're reversing cause and effect in your argument: The USD is widely traded and liquid, because oil is traded in dollars. Not the other way around. The dollar is heavily traded and liquid because it is backed by the US economy and the US economy is very big. Even a portion of that 9 billion of capital flowing into bit coin would be huge for us. That would undoubtedly reverberate widely in western economies. Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: DannyElfman on July 02, 2014, 05:01:26 AM I would doubt this would ever happen. The reason oil is traded in dollars is because the dollar is so widely traded and the dollar market is so liquid. There is more oil traded in a day (in terms of market price) then the market cap of bitcoin is. This would result in constant huge swings in price of bitcoin as people try to move in and out of oil. These factors will change. The dollar will loose liquidity and bitcoin will gain liquidity (massively). Of course this will not happen overnight. Step by step "apostate" countries will leave the dollar sphere, thereby decreasing the importance of USD as reserve currency. You're reversing cause and effect in your argument: The USD is widely traded and liquid, because oil is traded in dollars. Not the other way around. The dollar is heavily traded and liquid because it is backed by the US economy and the US economy is very big. Even a portion of that 9 billion of capital flowing into bit coin would be huge for us. That would undoubtedly reverberate widely in western economies. In order for something to be traded in a certain unit of measure the unit of measure (currency) needs to already be trading at volumes that vastly exceed the additional trading volume that this something would create. Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: beetcoin on July 02, 2014, 05:03:46 AM the USD is like the nanny you had sex with, and it's too late now because she can threaten to tell your wife unless you concede to her.. you are at her every whim because she has the power to fuck you up, and there's nothing you can do with it ;D
Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: NotAtOld on July 07, 2014, 10:30:51 AM The US government will have some views on this. Having the USD as the currency for oil is the way the USA has been able to finance their current account deficit for decades.
Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: evoked22 on July 07, 2014, 11:10:15 AM Haha USD is not going to be very happy. First China now this :D
Good work peoples Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Teka on July 07, 2014, 11:20:59 AM Sorry but this unlikely to happen for a very long time. If it helps though, I can tell you that there are oil company investors who have money in Bitcoin and an altcoin or two. Some of them are actually currently looking into coinkite/ similiar service for accepting bitcoin at gas stations but so far it's not worth the cost due to the low intreset in the country in question.
Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Marlo Stanfield on July 07, 2014, 01:46:50 PM the USD is like the nanny you had sex with, and it's too late now because she can threaten to tell your wife unless you concede to her.. you are at her every whim because she has the power to fuck you up, and there's nothing you can do with it ;D That is definitely one of the more unique analogies I have ever read regarding the USD. Lol. Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: BTCIndia on July 20, 2014, 08:59:06 AM Can you please provide us with URL link to official report? I couldn't find it on Markaz website.
Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: bryant.coleman on July 20, 2014, 11:56:24 AM The proposal is not practical, at least for now. The daily transaction volume of Bitcoin is worth just around $50 million. If we subtract all those transactions related to gambling, mining.etc, we will be left with far less.
On the other hand, the daily turnover in the crude oil sector is around $6 billion, which is hundreds of times higher. Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: Catmoonglow on July 20, 2014, 04:07:33 PM if this were to happen, you can kiss the US support of bitcoin goodbye. there would be a pretty hard crackdown.
Title: Re: Kuwait finance firm suggests trading oil in bitcoins Post by: lihuajkl on July 20, 2014, 04:27:29 PM The US wouldnot be happy to see it. It is impossible in the near soon. The US is still one of the largest importers of oil.
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