How was this not mentioned..

[spazzdla]

http://www.gulf-times.com/eco.-bus.%20news/256/details/398622/kuwait-finance-firm-suggests-trading-oil-in-bitcoins

?

[hodlmybtc]

This has been mentioned for sure.

Maybe not in this subforum tho.

Quick search: https://bitcointalk.org/index.php?topic=672965.0

[keithers]

Oil and gas for BTC has been discussed in several threads

[CEG5952]

I've seen this idea floating around quite a bit. It's a ways off from becoming a reality, though, given bitcoin's current market cap.

[hacknoid]

I was on it!  (At least in press section)

https://bitcointalk.org/index.php?topic=674819

[Malin Keshar]

I've seen it at least in the press section and in the bitcoin discussion section.

For me its still from little to no effect, because its a possibility but without any concrete move or at least plan to implement it.

If in the future we have concrete moves to make it happens, it can cause the price to skyrocket or drop, depending of the reactions against the new system.

[novacn]

Mate, it's old news

[counter]

http://www.gulf-times.com/eco.-bus.%20news/256/details/398622/kuwait-finance-firm-suggests-trading-oil-in-bitcoins

?

I was talking about this yesterday on this forum and when I find the link I'll edit my post.  So the question now is where have you been? 

[bajlox]

That why in my country gasoline price goes up for 5%.

[okthen]

I've seen this idea floating around quite a bit. It's a ways off from becoming a reality, though, given bitcoin's current market cap.

Still a long way to get this to work, I agree.
Maybe in a couple of years, when wallstreet is part of the game.

[Benjig]

I cant wait to see governements trading oil or gas with bitcoin, you can expect a huge raise with that just because they will need to buy at least a reserve of 100,000 btcs to do that.

[efreeti]

Won't happen.

There isn't enough bitcoin around to let country buy oil at country level.

[maker88]

Won't happen.

There isn't enough bitcoin around to let country buy oil at country level.

sure there is. after all they're infinitely dividable and can be worth anything. including a million/billion dollars a coin. so yeah theres defiantly enough bitcoins around for countries to use it for oil. will they do it? who knows

[smoothie]

If this happens anyone holding a Bitcoin will be a millionaire if not close to being one.

[okthen]

If this happens anyone holding a Bitcoin will be a millionaire if not close to being one.

At least this news should help awaken the rich oil sheikhs!
Oil has its days counted, they must buy btc while they can!

[notme]

Won't happen.

There isn't enough bitcoin around to let country buy oil at country level.

sure there is. after all they're infinitely dividable and can be worth anything. including a million/billion dollars a coin. so yeah theres defiantly enough bitcoins around for countries to use it for oil. will they do it? who knows

Bitcoin is only divisible to 8 decimal places without a hard fork.  Hard forks are very difficult to orchestrate, so although extending the number of decimal places is technical feasible, it will be difficult in practice and will never happen before it is agreed to be an absolute necessity.

[Brewins]

Think its more likely they make their own crypto to this kind of trades than make another one.

[Benjig]

With 8 decimals you get trillions of "units" why would you need more ? 8 decimals is pretty enough i think

[notme]

With 8 decimals you get trillions of "units" why would you need more ? 8 decimals is pretty enough i think

I don't know that we ever will, I was merely contesting the claim it was infinitely divisible.  However, in the case of bitcoin being used as a global reserve currency (as was hinted at by denominating oil trade in BTC), 21,000,000 BTC * 100,000,000 / 7,000,000,000 = 300,000 satoshi's per person.  Using our current unit of account, which has 2 decimals that's equivalent to $3000 per person.  And that is neglecting all nonperson entities (businesses, governments, nonprofits), and the fact that we'll probably be at 8 billion people before we ever reach that point of adoption (if ever.... BIG if).

[hacknoid]

Won't happen.

There isn't enough bitcoin around to let country buy oil at country level.

sure there is. after all they're infinitely dividable and can be worth anything. including a million/billion dollars a coin. so yeah theres defiantly enough bitcoins around for countries to use it for oil. will they do it? who knows

Bitcoin is only divisible to 8 decimal places without a hard fork.  Hard forks are very difficult to orchestrate, so although extending the number of decimal places is technical feasible, it will be difficult in practice and will never happen before it is agreed to be an absolute necessity.

When bitcoin first rolled out it was 4 decimal places.  Back in 2011 they decided that 8 were needed and it came out as part of a core update.  Similar thing with the view on "dust" last year.  Those sorts of updates are pretty minimal and don't require a big change.  Changing the hashing algorithm or moving to PoS or something would be a big deal.  So if more than 8 decimal places are required, I think it will happen without causing any issues.