Archive.is doesn't have an image of this article yet and it's behind a paywall, but the FT article seems to be the source for all the people saying they are gonna make people pay tolls in bitcoin.
It's quite possible that whats going on here is just Iranian officials not understanding how Bitcoin actually works. E.g. not understanding that speed isn't very important, because they incorrectly think Bitcoin is like USDT and can be frozen.
Also, if they're using coinjoin, like Wasabi, tracing is made pretty difficult in many threat models.
Iran spokesman says ships can pay in Bitcoin. Anyone have any txids?
So easy, I'm almost embarrassed to explain it in so many words: Simply vibe code a "Hormuz" skin for https://txrush.com/ then watch for ships that look like oil tankers. Case solved.
Iran plans to require shipping companies to pay transit tolls in Bitcoin for vessels passing through the Strait of Hormuz, according to a Financial Timesreport. This links bitcoin to one of the world’s most critical energy corridors and current events.
The policy would apply to oil tankers seeking passage during a two-week ceasefire between Iran and the United States, announced after a shift in posture from Donald Trump. The arrangement aims to reopen a route that handles a large share of global oil flows while allowing Tehran to maintain control over access.
"Terrorist financing" is the one major concern that will push CLARITY Act DeFi discussions on KYC/AML over the edge. And the biggest terrorist there is, according to the US, is the very country now demanding payment in BTC – explicitly to bypass sanctions and confiscation.
If you KYC every endpoint, BTC can be confiscated just as well as any other asset on earth: through the threat of force and violence. Ensuring freedom of transaction in the US (and arguably anywhere else) just became a hell of a lot harder.
The beginning of another circular economy in Bitcoin. Bitcoin for Iranian oil passage, they spend it on chinese consumer goods, the chinese spend it on russian gas, the russians spend it on Iranian drone/rocket tech. Not the proudest circle but another circle nontheless.
This isn’t crypto adoption. It’s a nation state trying to turn a global chokepoint into a sanction-resistant tollbooth. Bitcoin is the only thing in that sentence that isn’t broken.
This isn’t crypto adoption. It’s a nation state trying to turn a global chokepoint into a sanction-resistant tollbooth.
Lemme preface what's coming with I don't quite buy the news yet. The FT as only source certainly isn't trustworthy. Plus the particular phrasing of the snippets I've seen makes me think of how Warren's anti-crypto army would want it to be phrased. Wouldn't surprise me if that was written from a leak from that corner of the ring.
On to your statement: Erecting that tollbooth is not sanction-resistant. All sanctions enacted so far have not been disabled because of the existence or use of bitcoin. Only partially circumvented. Furthermore, nation states erecting tollbooths is a tale as old as time. That's what nation states do. Paying your income tax is a toll so your nation state allows you to move somewhat more freely than if you didn't pay up. Lastly, being permissionless means anyone can use Bitcoin. That includes nation states you don't like. You can't have one and disallow the other.
With that in mind, I'd argue using it as toll currency would be better adoption than any number of the hodl-borrow(-fiat)-die crowd could ever achieve.
It was going to happen sooner or later. I wonder how many ship have actually paid? I read today that about 25 ships have paid the toll but the article didn't say any more
That's not what happens. Trump uses this as a wartime justification to issue massive corona-scale subsidies and tax credits to Bitcoin-backed business, and declares it a second legal tender. This ensures that the US accumulates enough of it that Iran and North Korea's petty extortion efforts are negligible compared to the benefits we gain from early adoption.
It bankrupts USD in the process, but that's primarily a blue state, urban areas problem. Patriots will get the message.
It also guarantees that the PRC has to abandon its own fiat as well to compete economically, which they don't want to do, so they'll suffer the same collapse as our blue zones. With Bitcoin as the new world reserve currency, laissez-faire capitalists of all nations restore order in the ensuing chaos and usher in a new civilization capable of space travel.
the headline is loud, but the interesting bit is settlement. paying a toll in sats only works if someone can bridge fx, liquidity, and custody at the edge. that’s the same pain point we see all over cross-border payments.
The Strait of Hormuz handles roughly 20% of global oil. If Iran makes crypto a toll requirement, every tanker operator needs a crypto treasury whether they want one or not. That's not adoption by choice, it's adoption by geography. The interesting question is which chain. If it's Bitcoin, that's a nation-state forcing Lightning or on-chain settlement for physical trade. If it's a stablecoin on Ethereum, it's just SWIFT with extra steps.
Archive.is doesn't have an image of this article yet and it's behind a paywall, but the FT article seems to be the source for all the people saying they are gonna make people pay tolls in bitcoin.
Here's the screenshot that is circulating:
Can't be traced... riiight.
Something doesn't add up. Smells fishy.
P2P = Pier to Pier
this put a smile on my face. Thank you.
It's quite possible that whats going on here is just Iranian officials not understanding how Bitcoin actually works. E.g. not understanding that speed isn't very important, because they incorrectly think Bitcoin is like USDT and can be frozen.
Also, if they're using coinjoin, like Wasabi, tracing is made pretty difficult in many threat models.
Might be difficult to get tgat kind of liquidity when the cost is a few million dollars (>20 bitcoin).
Wasabi from what I can see on mempool... Has plenty of liquidity
For more than 20 BTC per ship? I don't think so
For lots of ships every day all day maybe not. But to get started some of those coinjoins are pretty big.
I can imagine if Iran starts using it then other countries/Russia/China will too and they will get bigger.
Just my opinion
Neha Narula asked for txids on X. It would be pretty impressive if someone provided one.
So easy, I'm almost embarrassed to explain it in so many words: Simply vibe code a "Hormuz" skin for https://txrush.com/ then watch for ships that look like oil tankers. Case solved.
https://twiiit.com/neha/status/2041893727610831131
Nah. They just don't know much about Bitcoin.
Please tell me someone has RBFed their payment after pass through the straight.
That would be funny, but it probably takes a lot more than 10 minutes to pass through lol
Here's a gift link for you, it's accurately rendered from FT
https://giftarticle.ft.com/giftarticle/actions/redeem/85955721-19b9-4e66-aca3-03ec41555ece
Legacy MediaLegacy Media
How it started:How it started:
Bitcoin is only used by criminals
How it's goingHow it's going
Bitcoin is only used by criminals....but it depends on how you define a criminal
Yeah no shit. Only bad people do things I disagree with... What's a bad person? They do things I disagree with!!
https://bitcoinmagazine.com/news/iran-to-accept-bitcoin-for-strait
This from Lola Leetz is interesting:
https://twiiit.com/L0laL33tz/status/2041942568959930409
🤣🤣🤣
lol this is gold
The beginning of another circular economy in Bitcoin. Bitcoin for Iranian oil passage, they spend it on chinese consumer goods, the chinese spend it on russian gas, the russians spend it on Iranian drone/rocket tech. Not the proudest circle but another circle nontheless.
Shouldn't be too hard to spot these spam transactions. $1 per barrel x ship capacity = more coins not going to me.
Paying for strait passage isn't spam
This isn’t crypto adoption. It’s a nation state trying to turn a global chokepoint into a sanction-resistant tollbooth. Bitcoin is the only thing in that sentence that isn’t broken.
Lemme preface what's coming with I don't quite buy the news yet. The FT as only source certainly isn't trustworthy. Plus the particular phrasing of the snippets I've seen makes me think of how Warren's anti-crypto army would want it to be phrased. Wouldn't surprise me if that was written from a leak from that corner of the ring.
On to your statement:
Erecting that tollbooth is not sanction-resistant. All sanctions enacted so far have not been disabled because of the existence or use of bitcoin. Only partially circumvented.
Furthermore, nation states erecting tollbooths is a tale as old as time. That's what nation states do. Paying your income tax is a toll so your nation state allows you to move somewhat more freely than if you didn't pay up.
Lastly, being permissionless means anyone can use Bitcoin. That includes nation states you don't like. You can't have one and disallow the other.
With that in mind, I'd argue using it as toll currency would be better adoption than any number of the hodl-borrow(-fiat)-die crowd could ever achieve.
I guess any adoption is better than none. :) There was talk of Panama doing this too, maybe that is where they got the idea.
Looks like Bitcoin is about to be tested IRL for it's censorship resistance properties.
It was going to happen sooner or later. I wonder how many ship have actually paid? I read today that about 25 ships have paid the toll but the article didn't say any more
The BTC transactions should be easy to track based on ship flows? That would be interesting...
This will end well
pretty good reply from Szabo here:
source
https://twiiit.com/NickSzabo4/status/2041940704289812763
President trump is one of the best... And the worst things to ever happen to Bitcoin but not for the reasons maga thinks.
Just an observation
Fake News?
In Strait of Hormuz, Iran and China take aim at US petrodollar hegemony-
The ANT division at Fort Meade rn
Very confusing event
I guess it's time to ban bitcoin 😀
That's not what happens. Trump uses this as a wartime justification to issue massive corona-scale subsidies and tax credits to Bitcoin-backed business, and declares it a second legal tender. This ensures that the US accumulates enough of it that Iran and North Korea's petty extortion efforts are negligible compared to the benefits we gain from early adoption.
It bankrupts USD in the process, but that's primarily a blue state, urban areas problem. Patriots will get the message.
It also guarantees that the PRC has to abandon its own fiat as well to compete economically, which they don't want to do, so they'll suffer the same collapse as our blue zones. With Bitcoin as the new world reserve currency, laissez-faire capitalists of all nations restore order in the ensuing chaos and usher in a new civilization capable of space travel.
Doomers will never recover.
pretty crazy news if it's actually true! Great news for bitcoin even
the headline is loud, but the interesting bit is settlement. paying a toll in sats only works if someone can bridge fx, liquidity, and custody at the edge. that’s the same pain point we see all over cross-border payments.
The Strait of Hormuz handles roughly 20% of global oil. If Iran makes crypto a toll requirement, every tanker operator needs a crypto treasury whether they want one or not. That's not adoption by choice, it's adoption by geography. The interesting question is which chain. If it's Bitcoin, that's a nation-state forcing Lightning or on-chain settlement for physical trade. If it's a stablecoin on Ethereum, it's just SWIFT with extra steps.