Kuwait finance firm suggests trading oil in bitcoins

[Cicero2.0]

My block eruptors would make a small fortune if OPEC adopted BTC. We'd look back at $1200 and laugh at the little bump and make jokes about everybody who panicked and sold out at $400. And the professor dude who predicted $10, I'd hate to be in his shoes.

I think a lot of people would turn the old miners back on at that point. Oil being backed by a stable deflationary currency would also reduce the number of conflicts among oil producing and oil importing countries.

[R4v37]

My block eruptors would make a small fortune if OPEC adopted BTC. We'd look back at $1200 and laugh at the little bump and make jokes about everybody who panicked and sold out at $400. And the professor dude who predicted $10, I'd hate to be in his shoes.

I think a lot of people would turn the old miners back on at that point. Oil being backed by a stable deflationary currency would also reduce the number of conflicts among oil producing and oil importing countries.

yeah... after BTC jumped to $1200 each
the BE cube wont making any profits... extremely high diff. haha
but, anyway hope we can do something with Block eruptors... 

[Ron~Popeil]

My block eruptors would make a small fortune if OPEC adopted BTC. We'd look back at $1200 and laugh at the little bump and make jokes about everybody who panicked and sold out at $400. And the professor dude who predicted $10, I'd hate to be in his shoes.

I think a lot of people would turn the old miners back on at that point. Oil being backed by a stable deflationary currency would also reduce the number of conflicts among oil producing and oil importing countries.

yeah... after BTC jumped to $1200 each
the BE cube wont making any profits... extremely high diff. haha
but, anyway hope we can do something with Block eruptors...  

If it hits 1200 I am turning my 100 gh block erupted blade set back on for sure. It pained me to turn it off but the electricity bill was even more painful.

[ipnone5only]

Oh, this would be genius. There's been talks of moving away from the petrodollar for years now. What if Bitcoin was the new petrodollar? Moon Andromeda galaxy, here we come!

As rich as we would be, the countries we live in would be in a bad way. Let's do it!

[hollowframe]

Oh, this would be genius. There's been talks of moving away from the petrodollar for years now. What if Bitcoin was the new petrodollar? Moon Andromeda galaxy, here we come!

Bitcoin doesn't have enough liquidity to be the currency that oil trades in, nor does it have a large enough market cap.


....Maybe in a few years though

[nwfella]

Oh, this would be genius. There's been talks of moving away from the petrodollar for years now. What if Bitcoin was the new petrodollar? Moon Andromeda galaxy, here we come!

Bitcoin doesn't have enough liquidity to be the currency that oil trades in, nor does it have a large enough market cap.


....Maybe in a few years though

Agree completely.  I suspect bitcoin will need at least a 15-20X increase in current market cap for any serious OPEC players to really consider using in lieu of USD.  Just more saber rattling by the oil-jockeys imho.

[Bit_Happy]

Oh, this would be genius. There's been talks of moving away from the petrodollar for years now. What if Bitcoin was the new petrodollar? Moon Andromeda galaxy, here we come!

Bitcoin doesn't have enough liquidity to be the currency that oil trades in, nor does it have a large enough market cap.


....Maybe in a few years though

This is one of the most surprising stories in recent memory, and 'yes' it does seem a bit too early.

[EnterReturn]

Oh, this would be genius. There's been talks of moving away from the petrodollar for years now. What if Bitcoin was the new petrodollar? Moon Andromeda galaxy, here we come!

As rich as we would be, the countries we live in would be in a bad way. Let's do it!

We can't be rich if everyone else is poor as shit. The Internet would be shut down.

[neverminer77]

The US government wouldn't be happy about that. One of the things that supports the US Dollars position in the world is it's near ubiquitous use in the oil trade. It would be beyond huge for Bitcoin though.

[scryptasicminer]

The US government wouldn't be happy about that. One of the things that supports the US Dollars position in the world is it's near ubiquitous use in the oil trade. It would be beyond huge for Bitcoin though.

Bitcoin is also priced in USD. So pricing oil in bitcoin is not that much different than pricing oil in USD.

[hollowframe]

Oh, this would be genius. There's been talks of moving away from the petrodollar for years now. What if Bitcoin was the new petrodollar? Moon Andromeda galaxy, here we come!

Bitcoin doesn't have enough liquidity to be the currency that oil trades in, nor does it have a large enough market cap.


....Maybe in a few years though

This is one of the most surprising stories in recent memory, and 'yes' it does seem a bit too early.

I think it is just the oil minister (IIRC?) showing his frustration with the US dollar and the US government.

[zeetubes]

The recent russia-china nat gas deal is around $20B - $30B a year I think. Most inter country oil deals would probably be pretty massive but they'd no doubt start with small transactions to test things out. Daily dollar transactions are in trillions of dollars so oil transactions don't disrupt the dollar index. Baby steps.

[counter]

The US government wouldn't be happy about that. One of the things that supports the US Dollars position in the world is it's near ubiquitous use in the oil trade. It would be beyond huge for Bitcoin though.

Bitcoin is also priced in USD. So pricing oil in bitcoin is not that much different than pricing oil in USD.

That really isn't correct because The Dollar has had a proven track record for a while before the debasement of the currency it was found to be the best option for transactions around the world.

[giveBTCpls]

Oil has been measured to expire earlier than expected in 50 years aprox. If I was big in the oil game I would move a legit chunk of my money in BTC.