Bitcoin and the risk to becoming the "oil currency"

[Italian Panic]

At least over the past year, I have heard people say very often that Bitcoin could be the currency that allows for global oil trading instead of the dollar and eventually, the alternative currencies that the BRICS countries are developing.

But is it really a good idea? Look at what has happened over the past 30 years whenever someone has considered an alternative to the dollar in the oil and gas sector.

Iraq (2003): In 2000 Saddam Hussein proposed selling oil in euro, causing the euro to appreciate against the dollar. In 2003, the USA invaded Iraq under the pretext of weapons of mass destruction that were never found. The Saddam Hussein regime’s euro account was converted back into dollars before the new government took office.

Libya (2011): Gheddafi proposed halting global oil purchases in dollars and switching to an African currency pegged to gold. At thisp oint, the United States, with France complicity, bombed Libya, kill Gheddafi, and the proposal for the gold dinar was scrapped.

Iran (2026): A proposal is made to sell oil in chinese yuan and indian rupes; then under the pretext of Iran’s nuclear program, the USA bombs Iranian infrastructure and blocks the Strait of Hormuz, so who is without raw materials (like europe) will have to buy them from the USA causing the dollar to strengthen again.

So, is it a good idea to propose Bitcoin as an alternative to the dollar for oil? Of course, Bitcoin has no state or central bank, but it could be subject to severe attacks.

What if the attacks we have been seeing on hardware wallets in recent months were something much more serious and actually linked to this bizarre new narrative? In effect, it could be the only way for the USA to attack Bitcoin.

Guys, what do you think?

[_act_]

All I think about the attacks recently is about bad people are now able to easily see vulnerabilities in things related to cryptocurrencies and not only bitcoin, although those of altcoins are most frequent even before AI become something like this.

Bitcoin is an alternative to fiat. It is not competing. They even kind of serve different purposes in many aspects.

Bitcoin has not been seen as a replacement of the United States dollar. It is not a threat.

[stompix]

Look at what has happened over the past 30 years whenever someone has considered an alternative to the dollar in the oil and gas sector.
Guys, what do you think?

That you should really try a new model, like pitching oil for tinfoil as an exchange, seems like the whole industry is booming right now, if only I knew how to make hats out o I would be richer than Satoshi!

Have you considered why, well, Russia hasn't tried selling oil for rubles?
Or why China is still dealing in $ for most of it?

All those dictators tried to pich this nonsense model just because they were bankrupt!

Iraq never recovered its oil production; Libya was already losing 20% of its production and oil prices were down the drain after the 2008 crisis.
Their whole idea was about blaming someone else for the falling revenue: the reptilians, the jews, the Illuminati, the CIA, the muhaverks, the wotufus, the gozzbinis etc.

As for Iran, for God's sake, they were selling oil only to China even before this war, what stopped them from dealing in yuan?
Oh, reality stopped them because every single failed country needs $!

What if the attacks we have been seeing on hardware wallets in recent months were something much more serious and actually linked to this bizarre new narrative? In effect, it could be the only way for the USA to attack Bitcoin.

Meds, now!

[viljy]

For the dollar system to exist and for debt to grow, this debt must be backed by some kind of promise of future profit. That’s what the petrodollar is for. If oil starts being sold for another currency, the debts will become a major problem for the US.

If you’d like, read L. Krutakov’s book "Oil and the World", although I don’t know whether it has been translated into English (though nowadays translating a book using AI isn’t difficult). The book is completely new; it seems that the second part is still only being prepared for publication. The first part has already been published. So, in the situation with wallets, Bitcoin has nothing to do with oil and the dollar. And the attack on wallets is simply an attempt to steal bitcoins from people.

[Fiatless]

Have you considered why, well, Russia hasn't tried selling oil for rubles?
Or why China is still dealing in $ for most of it?

It's because the world is highly dollarized. So they need the dollar to trade with other countries. If the world has an alternative to the USD, China and Russia will have options.

All those dictators tried to pich this nonsense model just because they were bankrupt!

Iraq never recovered its oil production; Libya was already losing 20% of its production and oil prices were down the drain after the 2008 crisis.
Their whole idea was about blaming someone else for the falling revenue: the reptilians, the jews, the Illuminati, the CIA, the muhaverks, the wotufus, the gozzbinis etc.

The US would have left them and not attacked them. Weapons of mass destruction were never discovered in Iraq, and Libya was not a threat to any nation. Are those countries now better after the invasion and destruction? All of them were in better condition before the invasion. Libya is now a slave market.