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by FeloniousHam 68 days ago
Finally, the Real World use case for Bitcoin!
3 comments

Ransomware payments, speculative trading, now paying off oil pirates!
Iran is a recognized national government, not a pirate.

Oh crud I just opened a can of worms with that, didn't I?

https://en.wikipedia.org/wiki/Pirates_and_Emperors

https://www.youtube.com/watch?v=UQBWGo7pef8

I am afraid that soon, actual sea pirates, e.g. in Central and South America, Africa, etc. will start using naval mines in their regional seas, demanding crypto payment from passing ships.
If it was just to 'hide' payments then they could just use USD and using crypto would just be an improvement in convenience. A bigger reason is that they won't be indirectly attacked with monetary policy and that the acceptance of USD with entities willing to do business with them is probably low right now.
I'm not sure most people have the strength of conviction in their God to stare down the us navy like Iran does.
It doesn't have to be a US Navy ship that they target. They could target anyone else. The mines are intelligent in who they target.
If they're dropping mines then the navy will be the targets eventually.
Do drones need conviction?
The person launching them sure does. This scenario reminds me of the time Russian hackers took over a US pipeline a couple years ago then immediately apologized saying they didn't want to cause a international incident and they would vet their targets better in the future. There are not many people who want that kind of heat. Like the first ayatollah is dead and the second is reportedly in a coma. The Iranian government is willing to pay that price and that's why they won. How many pirate leaders do you think are willing to pay their life so that their third of fourth successors can maybe collect a toll? Or how many are like Venezuela and you can kidnap one guy and the whole house folds.
Things that have never happened with USD. Glad we have a truly clean pure money that is incorruptible unlike bitcoin.
Should just pay in pure cocaine, cut out the crypto middlemen.
Cryptocurrency has had many legal real world uses cases. It is used heavily in prediction markets. Serving as an inflation-resistant store of value that is orthogonal to gold also is an implicit real world use case. Permissionless and easy international transfer of funds between individuals has been the biggest real world use. It's not only for collecting and trading. Obviously, those wanting to suppress it will keep finding excuses.
Defending crypto as legitimate by adding 'it's also useful for gambling to get around regulation' is wild.
Some bets are less gambling than others. For example, if you bet "no" on the US leaving NATO this year, just how much of a gamble is that? There are many such bets, some a lot less uncertain than this example. Anything can happen in today's environment as yesterday's ceasefire showed, but in aggregate, statistics and commonsense are not lost. The regulation you speak of is oppressive, legally unchallenged, and is considered undesirable by people who appreciate personal freedom.
'It's not gambling. Look at what a sure thing this bet is!'. Again, wild.

The regulation is often at the state level, the most representative form of legislation possible, often varying from state to state creating the freest system/market where you can chose to live in a less or more regulated state.

When at the federal level it is as the DIRECT result of the social impact it previously caused not because the government just wanted to restrict freedom but freedom was tried and in this situation not sustainable on a societal level.

Lol at the downvotes. People get so mad if you say you prefer one imaginary ledger over another.
The same people have no idea what's coming for them even when it's in their face as with the posted news article. If the US doesn't act now to restore the use of USD in Hormuz, it's the beginning of the end of the for the USD as a currency for international trade.
I confess I'm not entirely sure if this is satire or if you are a true believer. Well done!