Ban bitcoin hardest in the future is more likely to be USA for the oil bitcoin

[yingfeng]

As we have know dollars, not any other currency, being used in Oil trading is the base of the dollar's hegemony in the world. But now, bitcoin might challenge it.

Recently, Kuwait-based investment banking and asset management firm Kuwait Financial Centre, released a new report (Disruptive Technology: Bitcoins, Currency Reinvented?) , also known as Markaz. Their research results show that : Oil producing countries, particularly in the GCC, could benefit if they would use bitcoin in oil trading, Markaz’ research department argues： http://www.gulf-times.com/eco.-bus.%20news/256/details/398622/kuwait-finance-firm-suggests-trading-oil-in-bitcoins

It is obvious that this report would lead to bitcoin would not rise within at least six months, and in the future, the hero who would ban the bitcoin most ruthlessly, is very likely to be America.

What I want to say is: this is a breaking news, which indicates that the development of bitcoin far beyond anyone's expectation, and even beyond the americans themselves', although they ever most highly anticipated it.

On one hand, if bitcoin could be used in oil trading, all oil producing countries, particularly in the GCC could benefit. At least they could no longer be ransacked by the devaluation of U.S. dollar. It goes without saying that the transaction costs could be reduced, transaction time could be greatly shortened also. But, the oil dollars, is absolutely the most important base of dollars, the foundation of the dollar's hegemony in the world. The USA won't ignor, much less let it go!  Therefore, I think the recent decline of bitcoin is likely to have a close relationship with the news. In this sense, baning bitcoin hardest in the futher, probably not China, is likely to be USA.

On the other hand, it is also an ultimate approval to the value of bitcoin. It is not a simple combination of the 0 and 1, but the most important currency in witch we can do large-scale, long-term, stable exchange with the most important resources in the world.

Of course, America would understand the whole situation later or finally, so the price of bitcion will not crash .
The key is that the world could not go back to the past. Bitcoin has so much currency value can even be used in oil trading that it can not be destroy by any institution. Even if some political powers can go with other central banks together to kill bitcoin, the world would not go back to yesterday. The world will not return to the past: dollar rule all the land, other currencies just kneeling lick. In fact, many currencies, even including the yen and the euro, are going to get a spin, not to mention the limelight strong RMB.

If they kill the bitcoin, the future would be likely to be RMB's world. With the rapid development of economy China, oil RMB will see within ten years, maybe even in 6-7 years. Therefore, I believe that Americans will understand this situation that the decline of the dollar is almost inevitable, and finally they will have to make a painful choice between RMB rule all the land or bitcoin rule all the land. No doubt the latter is more beneficial to them, because this game they do have plaied as early as 5 years ago, while most of other countries, other agencies are still hesitant until this year.

So, if the final choice is bitcoin rule all the land, it would be pretty unwise to suppress the bitcoin now, because it can only lower the threshold of entering the game,  and result in others benefiting. Drive the prices of bitcoin to raise the bar of this game should be more desirable, because everyone will have to play it in the near futher.

At last, to americans, I think they will understand this sooner or later, to other countries, organizations and individuals, I believe they just need to took the last opportunity to collect the chips ASAP, before the Americans wake up finally, and he price will fall first but most always rise.

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[yingfeng]

seem to remember iraq and libya wanted to use something other than the dollar to trade oil

It's only a little piece of an huge cake in the whole oil business in the world.  The main body of this cake is dollar.

[iluvpie60]

As we have know dollars, not any other currency, being used in Oil trading is the base of the dollar's hegemony in the world. But now, bitcoin might challenge it.

Recently, Kuwait-based investment banking and asset management firm Kuwait Financial Centre, released a new report (Disruptive Technology: Bitcoins, Currency Reinvented?) , also known as Markaz. Their research results show that : Oil producing countries, particularly in the GCC, could benefit if they would use bitcoin in oil trading, Markaz’ research department argues： http://www.gulf-times.com/eco.-bus.%20news/256/details/398622/kuwait-finance-firm-suggests-trading-oil-in-bitcoins

It is obvious that this report would lead to bitcoin would not rise within at least six months, and in the future, the hero who would ban the bitcoin most ruthlessly, is very likely America.

I want to say is: this is a breaking news, which indicates that the development of bitcoin far beyond anyone's expectation, and even beyond the americans themselves', although they ever most highly anticipated it.

On one hand, if bitcoin could be used in oil trading, all oil producing countries, particularly in the GCC could benefit. At least they could no longer be ransacked by the devaluation of U.S. dollar. It goes without saying that the transaction costs could be reduced, transaction time could be greatly shortened also. But, the oil dollars, is absolutely the most important base of dollars, the foundation of the dollar's hegemony in the world. The USA won't ignor, much less let it go!  Therefore, I think the recent decline of bitcoin is likely to have a close relationship with the news. In this sense, baning bitcoin hardest in the futher, probably not China, is likely to be USA.

On the other hand, it is also an ultimate approval to the value of bitcoin, which is not a simple combination of the 0 and 1, but the most important currency in witch we can do large-scale, long-term, stable exchange with the most important resources in the world.

Of course, America would understand the whole situation later or finally, so the price of bitcion will not crash .
The key is the world could not go back to the past. Bitcoin has so more currency value can even be used in oil trading that it can not be destroy by any institution. Even if some political powers can go with other central banks together to kill bitcoin, the world would not go back yesterday. The world will not return to the past: dollar rule all the land, other currencies just kneeling lick. In fact, many currencies even including the yen and the euro are going to get a spin, not to mention the limelight strong RMB.

If they kill the bitcoin, the future would be likely to be RMB's world. With the rapid development of economy China, oil RMB will see within ten years, maybe even in 6-7 years. Therefore, I believe that Americans will understand this situation that the decline of the dollar is almost inevitable, and they will have to make a painful choice between RMB rule all the land and bitcoin rule all the land sooner or later . No doubt the latter is more beneficial to them, because this game they do have plaied as early as 5 years ago, while most of other countries, other agencies are still hesitant until this year.

So, if the final choice is bitcoin rule all the land, it would be pretty unwise to suppress the bitcoin now, because it can only lower the threshold of entering the game,  and result in others benefiting. Drive the prices of bitcoin to raise the bar of this game should be more desirable, because everyone will have to play it in the near futher.

At last, to americans, I think they will understand this sooner or later, to other countries, organizations and individuals, I believe they just need to took the last opportunity to collect the chips ASAP, before the Americans wake up finally, and he price will fall first but most always rise.

First of all, we pretty much have NO IDEA what you typed. Since you can't really type in a comprehensive fashion might I recommend you visit one of the foreign language sub forums on here?

Second of all, America will never ban bitcoin because they can't, it is a private protocol and we are by law allowed to have private items/organizations/companies/protocols/works/jobs/industries/etc... You don't know what you are talking about and I honestly recommend you do more reading about the U.S. before you come in here with your foreign opinion that makes no sense.

[bigasic]

I read the article you posted and It will take much more time and world wide adoption before they start using bitcoin to buy oil. Its too volatile.

[jjc326]

Seems like Russia, India, and China are trying to get around the dollar but it's not by Bitcoin, it's using their own currencies.  I agree they're trying to avoid the dollar but it won't be with Bitcoin.

By the way the thread title is not proper English, I had no idea what you were trying to say.

[waldox]

if these small defenseless oil producing countries change their oil trading currency off of the usd the usa will invade them and change it back... just like iraq, afghanistan, libya.
they want to go into venuezuela, iran, syria because they are getting off the usd oil reserve system

[Beliathon]

if these small defenseless oil producing countries change their oil trading currency off of the usd the usa will invade them and change it back... just like iraq, afghanistan, libya.
they want to go into venuezuela, iran, syria because they are getting off the usd oil reserve system

Yeah but as people worldwide wake up to this unjustified aggression for profit, it gets politicially harder and harder for them to keep doing it. Their brainwashing is wearing off, the well-brainwashed baby-boomers are dying. Another 20-30 years and every adult will have been raised on the internet.

That's the certain end for them and their political hegemony, if they even last that long.

[spazzdla]

seem to remember iraq and libya wanted to use something other than the dollar to trade oil

It's only a little piece of an huge cake in the whole oil business in the world.  The main body of this cake is dollar.

America will burn any oil producing country to the ground that considers not accepting the dollar for oil.. 

[yingfeng]

seem to remember iraq and libya wanted to use something other than the dollar to trade oil

It's only a little piece of an huge cake in the whole oil business in the world.  The main body of this cake is dollar.

America will burn any oil producing country to the ground that considers not accepting the dollar for oil..  

Maybe you are right now，but how about another 10 years ？
Since anyone who underestimated the speed of China's development in the past 10 years has to  reflect on their own，does america can conquer China in next 10 years? It seems they ever tried in 1950，but failed.

In my opinion, America will have to make a painful choice between RMB rule all the land or bitcoin rule all the land finally.

[yingfeng]

First of all, we pretty much have NO IDEA what you typed. Since you can't really type in a comprehensive fashion might I recommend you visit one of the foreign language sub forums on here?

Second of all, America will never ban bitcoin because they can't, it is a private protocol and we are by law allowed to have private items/organizations/companies/protocols/works/jobs/industries/etc... You don't know what you are talking about and I honestly recommend you do more reading about the U.S. before you come in here with your foreign opinion that makes no sense.

I'm sorry for my poor English and thank you for your frank reply.
Maybe the word "ban" is not proper, i just want to say America will limits and constraints the bitcoin from now on, because it has the capacity to replace the oil dollar, which is the core of the dollar's hegemony in the world.

At the same time, since America will have to face the challenge of rapid growth of China and bitcoin，they would have to make a painful choice between RMB rule all the world or bitcoin rule all the world finally, once the oil dollar can't continue.

No doubt the latter is more beneficial to them.

[yingfeng]

It is happening...

[Merriweather]

If the US introduces heavy handed legislation that stifles innovation and hampers things like exchanges and other areas which are key for newcomers to bitcoin who don't know how to acquire and secure it themselves, that will certainly spell trouble. Bitcoin will live on but the US will be at a severe economic disadvantage. Hopefully people are taking note of what their local state and federal representatives position on bitcoin is and will vote accordingly. In fact, there should be a concerted effort by bitcoiners state by state as well as on local and federal levels to determine what those views of said representatives are relating to bitcoin and documenting them and creating awareness. Maybe even a database. I don't think at this point this is something that an otherwise competent elected official could/should be on the fence about since it has such tremendous implications. Therefore playing it safe and having no position should be viewed unfavorably. This, to ensure that we are voting for people who will keep us competitive in the global economy instead of taking us further down this path of destruction in order to serve their own self filling needs and those of the big banks who currently have them by the balls. Those who are not for bitcoin can vote for those who are against it, but those who want to see bitcoin grown can have a collective voice. Also, they should know we are ALL watching (and voting...collectively).

[Ron~Popeil]

The FEC gave us a huge advantage in this. Politicians can accept bit coin which means we can reward or punish politicians based on their bit coin policy positions. Citizens United in an indirect way also made bit coin protected speech.

[yingfeng]

Yeah, we should do something more.....

[abercrombie]

yingfeng, even though English isn't your first language it was a good read.

The United States cannot ban Bitcoin, however, they can regulate it like NYC's proposed bitlicense which will hurt that city's ability to innovate in cryptocurrency.

[yingfeng]

yingfeng, even though English isn't your first language it was a good read.

The United States cannot ban Bitcoin, however, they can regulate it like NYC's proposed bitlicense which will hurt that city's ability to innovate in cryptocurrency.

Thanks for your reply.
Maybe the United States do will not ban Bitcoin directly, but it can limit and constraint the bitcoin , even simply drive down the price of bitcoin just like this week.

I do think this broke of bitcoin is related to some special department of the United States. The cause is likely to be the oil bitcoin.

[yingfeng]

Every one was failed who underestimated China's development in the past 60 years including the USA, every one was failed also who underestimated Bitcoin's development in the past 5 years.

Since America will have to face the challenge of rapid growth of China and bitcoin, I do think they would have to make a painful choice between RMB rule all the world or bitcoin rule all the world finally, once the oil dollar can't continue.

If the latter is more beneficial to them, it would be far away from wise to suppress the bitcoin now.

[chennan]

It is not happening soon. The US is still the largest economy in the world. its oil dollar is still dominating the world. China is banning BTC now and trying to increase the status of RMB globally.

[yingfeng]

It is not happening soon. The US is still the largest economy in the world. its oil dollar is still dominating the world. China is banning BTC now and trying to increase the status of RMB globally.

If bitcoin die，RMB would dominate this world, that's all.

[Ron~Popeil]

Umm Chinese currency is as manipulated as the US Dollar. Why replace one devalued and manipulated currency with another one that is frankly even less stable?

[BTCTIME247]

China, Russia and all the other American hating countries have already set wheels in motion for an orderly transition from the dollar. Bitcoin or not, the us dollar is already dead.

[Beliathon]

China, Russia and all the other American hating countries have already set wheels in motion for an orderly transition from the dollar. Bitcoin or not, the us dollar is already dead.

So true.

[zedicus]

The FEC gave us a huge advantage in this. Politicians can accept bit coin which means we can reward or punish politicians based on their bit coin policy positions. Citizens United in an indirect way also made bit coin protected speech.

The ability to accept bitcoin does not affect people being able to hold politicians accountable for their bitcoin (or other) policy stance. If someone wanted to donate money to a politician's campaign they could simply sell their bitcoin for fiat and donate fiat to their campaign.

[yingfeng]

If Bitcoin is banned, there will be other cleverer 'Bitcoins' filling the vacuum.

If it happens, the America would lost all first mover advantages on bitcoin and would have to start playing another cleverer 'Bitcoins' with all other countries, institutions and individuals  at the same time .

[Kayex]

So would the btc value go down because the US hates it or will it go up because all of these other countries are going to use it for oil trades?

[yingfeng]

Putin said that Russia should aim to sell its oil and gas for rubles globally because the dollar monopoly in energy trade was damaging Russia's economy.

Does the America wake up？ Dollar has been in decline, they have to make a choice between bitcoin or something else....

Of cause, to other countries institutions and individuals, now it's the last opportunity to collect chips and build stockpiles.

[littlewizard]

It is nice to see the report, and hope the oil producing countries will use Bitcoin for the transactions

[yingfeng]

It is nice to see the report, and hope the oil producing countries will use Bitcoin for the transactions

I have to say it is impossible in the foreseeable future...

[annoyingorange]

I understand English is most likely not your 1st language... Reading this was painful and I gave up.

[Kayex]

It is nice to see the report, and hope the oil producing countries will use Bitcoin for the transactions

I have to say it is impossible in the foreseeable future...

I also agree with this statement.
Very hard to implement deals with btc transactions. Money via bank transfer or something of the sorts is much more reliable than using a fluctuating currency like bitcoin.

[botany]

The oil producing countries could dump some of their $ holding for bitcoins. That would have an effect on the price.

[dompsairs]

Disruptive technology makes some nations take dumb decissions that they regret years later.

[hyperdimension]

If Bitcoin is banned, there will be other cleverer 'Bitcoins' filling the vacuum.

This, but I dont think its possible Bitcoin leaves the first place anytime soon.

[Yakamoto]

If Bitcoin is banned, there will be other cleverer 'Bitcoins' filling the vacuum.

This, but I dont think its possible Bitcoin leaves the first place anytime soon.

Exactly. I seriously doubt that another coin would go and take Bitcoin's place without Bitcoin dying first. And even then, I doubt that bitcoin would die for a long while.

I wouldn't like a PetroCoin, but if it has to happen, it can happen.

[KJO]

I understand English is most likely not your 1st language... Reading this was painful and I gave up.

I understood every word he said and applaud Yingfeng for bringing it up regardless of any broken english or not.

[yingfeng]

It is nice to see the report, and hope the oil producing countries will use Bitcoin for the transactions

I have to say it is impossible in the foreseeable future...

I also agree with this statement.
Very hard to implement deals with btc transactions. Money via bank transfer or something of the sorts is much more reliable than using a fluctuating currency like bitcoin.

In my opinion, the only reason that bitcoin can not be used in oil trading is political needs. In fact, if we ignor the political factor, bitcoin would be advantageous in oil trading in almost all aspects.
At the same time, in some other areas in which the political factor is not very important , the situation would be different, bitcion could obtain fast development.

[yingfeng]

If Bitcoin is banned, there will be other cleverer 'Bitcoins' filling the vacuum.

This, but I dont think its possible Bitcoin leaves the first place anytime soon.

You said it.

[CoolBliss]

Google translate still has a long way to go. 

[PalmerLaura]

No sense his title making read badly confuse

[bornil267645]

Oil is the liquid gold of the century. And I doubt that the middle east will trade it for a virtual myth.

[Plank]

Its possible but chances are less. Good thing is that if its private company then it can avoid paying taxes to own's government.

[yingfeng]

Its possible but chances are less. Good thing is that if its private company then it can avoid paying taxes to own's government.

It is happening, those private companys do can benifit from it,  but the only reason that bitcoin can not be used in oil trading is political needs.

[RomertL]

For now, the Bitcoin-market is too shallow for it to be practical to use for trading for something as expensive as oil. Maybe in 5-10 years?

[yingfeng]

I understand English is most likely not your 1st language... Reading this was painful and I gave up.

I understood every word he said and applaud Yingfeng for bringing it up regardless of any broken english or not.

Thank you so much...

[Cream]

USA might use BTC to avoid dollar value loss during oil import trades. But that's only an assumption. There are no hints yet.

[yingfeng]

Is it right？