Bitcoin and the risk to becoming the "oil currency"

[aoluain]

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.

I think the more pertinent question is But is it really a REALITY?
Whatever oil is coming out of the middle east is pretty much being traded in Rial, Ruble or Yuan,
So the focus isnt going to be on Bitcoin.

Whatever happened in the last 30 years has been under the influence and control of Israel, the US
and England, that this year has changed and their time in the middle east is coming to a close, so
too is the petro dollar.

Everything we have been listening to about the middle east since the 70's and 80's by western medis
has been utter nonsense. those times are over.

[Nathrixxx]

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.

If anyone could decide to attack Bitcoin, then their first target must be the creator, who is Satoshi Nakamoto, but we all know that this is impossible to achieve because you cannot apprehend someone who is anonymous, which I really applaud Satoshi for this great achievement with Bitcoin for its privacy benefits. We cannot also assume that the attacks and wars happening in different countries and the recent attacks on hardware wallets were the result of an indirect attack on Bitcoin.

[Multani Boy]

As far as I can tell that was a scam run by the US regime to extort some cryptocurrencies from ships!

If you check the source of this rumor, you can find it only in the US mouthpieces such as WSJ (everywhere else are referring to those). I personally didn't find any official statement from Iran that indicates Iran (eg. the Persian Gulf Strait Authority or http://www.pgsa.ir/) receives the toll in cryptocurrencies (there were suggestions from individuals but never turned into regulations).

I also found a warning issued by Iran's Financial Intelligence Unit (FIU) about this scam from about 6 months ago saying that some entities impersonating Iranian authorities are contacting vessels and are demanding payments in cryptocurrencies! This was released roughly 10 days after the rumor started in the Western mouthpieces.

The actual bills the legislative body (majles meaning parliament) passed also clearly indicate that the priority to receive the toll payments is in Iran's national currency. For example in the bill called طرح اقدام راهبردی تامین امنیت و پیشرفت پایدار تنگه هرمز و خلیج فارس (means Strategic Action Plan for Ensuring Security and Sustainable Progress in the Strait of Hormuz and the Persian Gulf) https://rc.majlis.ir/fa/legal_draft/show/1860568 (page 4 article 3).
Another bill called طرح جبران هزینه های خدمات در تنگه هرمز (Plans of Payment of Cost of Services in Strait of Hormuz) sets the rate at 3 euros per ton for cargo ships and 2 euros for fuel tankers https://rc.majlis.ir/fa/legal_draft/show/1860822 (page 4 article 1). In other words it is not per barrel and it is not $1.

I would not take as fact reports of ships having been asked to pay a toll in Bitcoin until there is some checkable proof that there is actually been some toll collected in Bitcoin by some approved Iranian group, or proof of an official Iranian policy calling for tolls to be paid in Bitcoin.

It is not that there is any proof that Iran has started a policy of calling for tolls to be paid in Bitcoin. It is just that there are media reports about some ships being asked to pay in Bitcoin. Those are two different claims, and the second needs more proof than a bunch of media reports built off of each other.

I am not saying there is no chance that some ships have made some kind of toll payment in Bitcoin. It is just that it does not seem to fit with the official documents linked above (thanks pooya87), which seem to call for different amounts and give priority to payment in Iran’s national currency.

[Antotena]

I don’t think theres any need for bitcoin to replace the dollar to have a role in international trade. If it can offer certain buyers and sellers a a settlement option then that alone could be useful. But does the benefit outweigh the volatility, liquidity and regulatory challenges even if it can challenge the dollar politically?

International trade will be hard. See, it's not even a discussion, the US will rather see Bitcoin scavenge around without adoption than let it replace dollar for international trade. I hope you know that been a settlement in international trade gives your currency valuation over other currency. If today Bitcoin is announce that it will be accepted as settlement of trades, that statement alone means that Bitcoin is now a commodity for trade worldwide, that's more than the legal tender many are advocating.

You think the US is happy that some countries are selling crude oil to China with settlement in Yuan? It's not like they have choice though. I want you to know that China that want to be out of the shadow of United state don't want Bitcoin, they literally ban Bitcoin, don't forget that. We can like the way countries want US dollar out of sight for international trades but if today US dollar is out, another country will be happy to make their currency as alternative, they won't want Bitcoin. Everyone is just fighting for their self interest.

[Pablo-wood]

I don’t think theres any need for bitcoin to replace the dollar to have a role in international trade. If it can offer certain buyers and sellers a a settlement option then that alone could be useful. But does the benefit outweigh the volatility, liquidity and regulatory challenges even if it can challenge the dollar politically?

International trade will be hard. See, it's not even a discussion, the US will rather see Bitcoin scavenge around without adoption than let it replace dollar for international trade. I hope you know that been a settlement in international trade gives your currency valuation over other currency. If today Bitcoin is announce that it will be accepted as settlement of trades, that statement alone means that Bitcoin is now a commodity for trade worldwide, that's more than the legal tender many are advocating.

You think the US is happy that some countries are selling crude oil to China with settlement in Yuan? It's not like they have choice though. I want you to know that China that want to be out of the shadow of United state don't want Bitcoin, they literally ban Bitcoin, don't forget that. We can like the way countries want US dollar out of sight for international trades but if today US dollar is out, another country will be happy to make their currency as alternative, they won't want Bitcoin. Everyone is just fighting for their self interest.

It all balls down to leadership if we get a leader who doesn't mind giving the world freedom to own their assets then the possibilities of Bitcoin becoming a medium of exchange in the international market becomes a reality and besides we still have merchandise who accept bitcoin and make it their preferred mode of payment across different boarders. The US having concerns about China oil deals in Yaun is only because the leadership at the moment feels entitled. The US dollar can coexist with bitcoin as authorised mode of payment if we have a leader in the future that cares so much about Bitcoin and believe in it's technology.

[Cryptomultiplier]

I don’t think theres any need for bitcoin to replace the dollar to have a role in international trade. If it can offer certain buyers and sellers a a settlement option then that alone could be useful. But does the benefit outweigh the volatility, liquidity and regulatory challenges even if it can challenge the dollar politically?

International trade will be hard. See, it's not even a discussion, the US will rather see Bitcoin scavenge around without adoption than let it replace dollar for international trade. I hope you know that been a settlement in international trade gives your currency valuation over other currency. If today Bitcoin is announce that it will be accepted as settlement of trades, that statement alone means that Bitcoin is now a commodity for trade worldwide, that's more than the legal tender many are advocating.

You think the US is happy that some countries are selling crude oil to China with settlement in Yuan? It's not like they have choice though. I want you to know that China that want to be out of the shadow of United state don't want Bitcoin, they literally ban Bitcoin, don't forget that. We can like the way countries want US dollar out of sight for international trades but if today US dollar is out, another country will be happy to make their currency as alternative, they won't want Bitcoin. Everyone is just fighting for their self interest.

It all balls down to leadership if we get a leader who doesn't mind giving the world freedom to own their assets then the possibilities of Bitcoin becoming a medium of exchange in the international market becomes a reality and besides we still have merchandise who accept bitcoin and make it their preferred mode of payment across different boarders. The US having concerns about China oil deals in Yaun is only because the leadership at the moment feels entitled. The US dollar can coexist with bitcoin as authorised mode of payment if we have a leader in the future that cares so much about Bitcoin and believe in it's technology.

I still see Bitcoin's volatility as an issue and that's why using it for daily commodity pricing might pose as serious concern.
Ultimately, the U.S still wants the dollar as the leading currency and will do anything to keep it that way and that's why Bitcoin becoming an oil currency might be harder than we think.
Instead, Bitcoin supports the role as a reserve asset well, being digital gold and a better standard for self soverignty and control.

[Cryptoprincess101]

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.

This is not the first time that cryptocurrency is facing attacks but crypto enthusiasts still get back stronger after each attacks. It is true that the US do not want any other currency to outshine the US dollar but the reality is that they cannot fight Bitcoin and win because they do not have power over it. They can only cause an uproar, just like Donald Trump has been doing but it will never hinder its growth.

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.

It raises concerns actually because the Coldcard hardware wallet hack was indeed massive and caused a lot of tension and the weirdest one was the stealing of home addresses from customer shipping databases. Honestly, the whole hardware wallets attack is the strangest because I never really imagined that hardware wallets could be hacked so easily. The fact remains that even if the attacks were pioneered by the US government, it won't stop cryptocurrency from existing.

[hyudien]

I still see Bitcoin's volatility as an issue and that's why using it for daily commodity pricing might pose as serious concern.
Ultimately, the U.S still wants the dollar as the leading currency and will do anything to keep it that way and that's why Bitcoin becoming an oil currency might be harder than we think.
Instead, Bitcoin supports the role as a reserve asset well, being digital gold and a better standard for self soverignty and control.

In this article https://www.spglobal.com/en/research-insights/special-reports/bitcoin-volatility-trends-deep-dive?utm_source. Bitcoin volatility is declining, which means that there is hope that bitcoin can be used as oil money, but at some point it may take a long time or not at all, however, if you want bitcoin as oil money, you still need the US as the main role, and with the dollar they have dominated they will not make such a decision, so I agree that bitcoin is more likely to be used only as a reserve asset. Its potential as a store of value and an alternative reserve asset may be more realistic than its adoption as the primary currency for pricing and settlement of oil transactions around the world.

[henmark]

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.

I think the more pertinent question is But is it really a REALITY?
Whatever oil is coming out of the middle east is pretty much being traded in Rial, Ruble or Yuan,
So the focus isnt going to be on Bitcoin.

Whatever happened in the last 30 years has been under the influence and control of Israel, the US
and England, that this year has changed and their time in the middle east is coming to a close, so
too is the petro dollar.

Everything we have been listening to about the middle east since the 70's and 80's by western medis
has been utter nonsense. those times are over.

To be fair, that was because of cultural differences. Middle east has been the next "colonialism" by the West, back in the day, the USA a bit, but mostly Europe has gone all over the world and took their riches and because those places were not living up to their standards, they assumed they were doing a fine job. Went to Africa, Asia, and even the entire American continent was built on it. Obviously, they couldn't do that anymore; try to go to India and China to steal and murder today, and you will be cast aside.

So you can't just go and do that anymore, so what do you do? Well media helped shape the cultural differences: "women can't drive there", "they stone adulterers" and "they pray five times a day and blow themselves up" etc etc. They did that, so that it would be possible for them to actually kill and steal their gold, money and oil. They couldn't just go out and say, "Our rich overlords want more money, so we are going to go kill some Arabs to take their money" that would not be possible. I respect Saudi Arabia for that sense, while they did the sinister, terrible thing, they turned their backs on all other Arabic countries and partnered up with the west, and look how well they are doing thanks to it.

[Finebone]

I still see Bitcoin's volatility as an issue and that's why using it for daily commodity pricing might pose as serious concern.
Ultimately, the U.S still wants the dollar as the leading currency and will do anything to keep it that way and that's why Bitcoin becoming an oil currency might be harder than we think.

We live in a world where nothing is impossible, so I cannot be saying that since Bitcoin is a volatile currency, it can't be used to facilitate payments among these sanctioned nations.

 I heard that these countries are now making payments through the Chinese currency yuan, so Bitcoin it's just an alternative currency that can also be used, but I doubt if they will mainly focus on the usage of Bitcoin, since the Chinese yuan or the Russian ruble serves their best interest during trades.

[pooya87]

I respect Saudi Arabia for that sense, while they did the sinister, terrible thing, they turned their backs on all other Arabic countries and partnered up with the west, and look how well they are doing thanks to it.

You mean the dictatorship the US regime refers to as The cash-cow that has highest poverty rate and practically no technology and no infrastructure? That's not doing well, that is modern version of being colonized.

The Arabs in the Arabian Peninsula have a lot of natural resources so the colonizers installed a bunch of corrupt and brutal family dictatorships to rule over those resources. The dictator that was installed over Hijaz, Najd, etc. even changed the name to its tribe name: Saudi.
These families (al-Saud, al-Nahyan, al-Thani, al-Sabah, al-Khalifah) are allowed to remain in power as long as they hand over their resources to the colonizers. Since the dictators get rich too, they don't mind. And their people are too oppressed to do anything about it and if they make any move, they'll be silenced one way or another by CIA/MI6/Mossad and the dictators.

Then these dictatorships are only allowed to use the money they get from selling those resources to purchase goods (usually weapons) from the colonizers (hence the term Pedophile POTUS uses for them: cash-cows). In other words they are not allowed to invest that money in their own infrastructure or spend it on development.
They are not allowed to use the weapons they buy either. They are buying weapons and ammunitions for the colonizers too! For example the air-defense the Arab dictators bought were taken from them and brought to occupied Palestine to protect Zionist colonizers against Iranian retaliations!!!

P.S. It is worth mentioning that Iran was once like these dictatorships! Had a dictator installed by the English and was once the cash-cow of the colonizers. It ended when Iranians overthrew that dictatorship in 1979 and the situation for Iranians have been improving significantly ever since... and Iran is going back to its glorious days. Something Arabs need to learn from

[Ishicryptic]

I still see Bitcoin's volatility as an issue and that's why using it for daily commodity pricing might pose as serious concern.
Ultimately, the U.S still wants the dollar as the leading currency and will do anything to keep it that way and that's why Bitcoin becoming an oil currency might be harder than we think.

We live in a world where nothing is impossible, so I cannot be saying that since Bitcoin is a volatile currency, it can't be used to facilitate payments among these sanctioned nations.

 I heard that these countries are now making payments through the Chinese currency yuan, so Bitcoin it's just an alternative currency that can also be used, but I doubt if they will mainly focus on the usage of Bitcoin, since the Chinese yuan or the Russian ruble serves their best interest during trades.

Aside from these theories about how America, will surpress any country's currency that has any potentials to unseat the USD as a major global currency for oil exports, for now USD still remains the dominant force thanks to their status as a world power. Bitcoin could have been a major rival to the USD owing to the fact that it is not owned by any country but a big question mark for Bitcoin is that it is a volatile currency. I believe that global trades would work more effectively with currencies that are quite stable so aside from any theories that we might want to attach why Bitcoin cannot overtake USD it's volatility will always pose a chalange for it. Bitcoin is an alternative to fiat and if gradually some countries will be trading with it as an alternative I believe that in the future if more countries becomes comfortable with Bitcoin there is nothing USA can do about it.

[YOSHIE]

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.

Any country after signing a contract in oil trading, the country that buys and sells is already a producer in determining volatility and profit margins in budget planning when determining the selling price per barrel, So with the risk of Bitcoin being used as the world's oil transaction currency, it will certainly trigger various problems that will occur in the country's economy, whether it be geopolitical factors, macroeconomic policies and so on, moreover, we all know that the price of Bitcoin in general is very volatile, when after buying Bitcoin in that hour or day the price of Bitcoin drops, then who is responsible, I'm sure no country wants to take the risk of loss, waiting for the price of Bitcoin to rise again for a long time, while oil has to be traded every hour, day and so on.

Not to mention other risks, such as legal and security issues, technical risks and so on, when a liquidity crisis occurs, who is responsible, My understanding is that oil trading must be done with fiat, Bitcoin cannot maintain domestic economic stability, basically Bitcoin is decentralized and neutral.

[Wind_FURY]

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?

From the viewpoint of the United States that if they're done accumulating Bitcoin for their Strategic Bitcoin Reserve, they would allow it side by side with the U.S. Dollar.

Because they will HODL a massive amount of Bitcoin in their vaults, then they are incentivized to support it and help bring more utility/adoption towards it.

 

[Agbe]

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.

Yes bitcoin is the only option to deliver the world Monopoly of dollar. And the best way to go about it is using of only Blockchain and not exchanges and for that the attacks will not be successful because the transactions will be done through non custodial wallets. And another thing that will affect the user of bitcoin is the rate and it volatile nature.

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?

If the transactions are carrying out from non custodial wallets, the attacks will not be successful unless the owner of the wallets leak information unknowingly. USA can only attack centralized exchanges and not the Blockchain.

[knuckey]

The US will not be silent, my thoughts are that the US will not attack bitcoin aggressively but will buy it in large quantities first so that they remain the market leader, the US will always take action when it comes to trade, especially when it will disrupt their currency, not to mention bitcoin, they will become the largest owner if bitcoin is used as a tool to buy oil

[Supreme Donvic]

I don’t think theres any need for bitcoin to replace the dollar to have a role in international trade. If it can offer certain buyers and sellers a a settlement option then that alone could be useful. But does the benefit outweigh the volatility, liquidity and regulatory challenges even if it can challenge the dollar politically?

International trade will be hard. See, it's not even a discussion, the US will rather see Bitcoin scavenge around without adoption than let it replace dollar for international trade. I hope you know that been a settlement in international trade gives your currency valuation over other currency. If today Bitcoin is announce that it will be accepted as settlement of trades, that statement alone means that Bitcoin is now a commodity for trade worldwide, that's more than the legal tender many are advocating.

You think the US is happy that some countries are selling crude oil to China with settlement in Yuan? It's not like they have choice though. I want you to know that China that want to be out of the shadow of United state don't want Bitcoin, they literally ban Bitcoin, don't forget that. We can like the way countries want US dollar out of sight for international trades but if today US dollar is out, another country will be happy to make their currency as alternative, they won't want Bitcoin. Everyone is just fighting for their self interest.

It all balls down to leadership if we get a leader who doesn't mind giving the world freedom to own their assets then the possibilities of Bitcoin becoming a medium of exchange in the international market becomes a reality and besides we still have merchandise who accept bitcoin and make it their preferred mode of payment across different boarders. The US having concerns about China oil deals in Yaun is only because the leadership at the moment feels entitled. The US dollar can coexist with bitcoin as authorised mode of payment if we have a leader in the future that cares so much about Bitcoin and believe in it's technology.

I still see Bitcoin's volatility as an issue and that's why using it for daily commodity pricing might pose as serious concern.
Ultimately, the U.S still wants the dollar as the leading currency and will do anything to keep it that way and that's why Bitcoin becoming an oil currency might be harder than we think.
Instead, Bitcoin supports the role as a reserve asset well, being digital gold and a better standard for self soverignty and control.

Volatility is a very big problem for the use of Bitcoin in purchasing commodity in a daily basis, this is the reason why a lot of people don't use Bitcoin for exchange, I don't think Bitcoin will ever be used or seen as the best or world currency because of its volatile nature, it will always be seen as an investment.

I agree with you, the US are going to do everything possible to make sure that the dollar will always remain the best in the world.
For me I think Bitcoin is okay the way it is, bitcoin being seen as an investment is the best for it growth.

[avp2306]

The US will not be silent, my thoughts are that the US will not attack bitcoin aggressively but will buy it in large quantities first so that they remain the market leader, the US will always take action when it comes to trade, especially when it will disrupt their currency, not to mention bitcoin, they will become the largest owner if bitcoin is used as a tool to buy oil

They usually think about doing strategic approach, when the dominance of USD is at stake.

Instead of planning to attack Bitcoin at clear sight. In fact they try to establish this bill https://www.govinfo.gov/content/pkg/BILLS-119hr8957ih/pdf/BILLS-119hr8957ih.pdf which they plan to established their Bitcoin reserve. Then try to position their country on possible changes on global financial scene.

If they became the biggest holder, they could probably use it as leverage and with this they can continue to protect the value of USD in the market.

[Josefjix]

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.

This sounds so intelligent, should US bomb digital world for accepting Bitcoin to buying oil. Since Bitcoin is a digital product with no Central authority. The body who declares the authorization will be burned, and what body could it be, the SEC?

It seems like it's impossible because of the nature of Bitcoin, since no ones or government owns it, where the attacks gonna go?

[Die_empty]

I still see Bitcoin's volatility as an issue and that's why using it for daily commodity pricing might pose as serious concern.
Ultimately, the U.S still wants the dollar as the leading currency and will do anything to keep it that way and that's why Bitcoin becoming an oil currency might be harder than we think.
Instead, Bitcoin supports the role as a reserve asset well, being digital gold and a better standard for self soverignty and control.

From the historical analysis of Bitcoin, it is obvious that the currency is becoming less volatile. Some analysts predict it may become more stable in the future. It has been stated many times that Bitcoin is not designed to replace fiat. Rather, it is created to be an alternative to the fiat financial system. Bitcoin is freedom, and it offers everyone equal opportunity to use it the way they want. So I am comfortable for it to be used as a currency, asset, and reserve currency.