Petro-Bitcoin? Global War and Money Games

whatsup in #hive-167922 • 3 years ago

Hey Everyone,

As the Global Leaders continue to escalate sanctions, war talk and try to cut off each other's financial supply chains, will Bitcoin become the new Petro dollar?

The financial sanctions are designed to put pressure on Putin to stop his Military Operation in Ukraine by cutting off funding for the war, but many seem to forget that money is a means of transacting for things that hold actual value. In this case Natural Gas.

It's difficult to cut off the value of the assets Russia hold and the fact that due to pressure on the energy supply chain his resources will still hold value due to demand and if USD is no longer a good trading instrument other means of value will be selected to pay for and transfer a valuable asset for which there is demand.

The key in this comment is "They have something the World needs". Hence it will be purchased and transferred the only question is what currency will pay for it. The natural laws of Supply and Demand say that energy resources are likely more valuable than the means of exchange.

During these times of Global unrest, Bitcoin is getting a lot of attention if not a lot of use yet. However, I think it is becoming clear to many global leaders why having some #BTC would be beneficial as a store of prudent reserve if for no other reason.

This morning Bitcoin touched $45,000 briefly before dipping back to the mid $44k levels. So, while many are talking about Bitcoin as a potential solution the Bitcoin Petro plan obviously hasn't been executed yet.

There is no doubt the conflict around Russia has forever changed the Petro Dollar and USD's value at the currency of exchange and the long term impacts of that will not be known or felt for some time, but it's likely to lower demand on USD in general causing it to lose value against other National currencies.

While I would much rather see peace, this disruption has already changed the way the world buys oil, likely forever.

I'm very bullish on Bitcoin as a result. Bitcoin as an inflation hedge and potentially a global means of exchange seem inevitable at this point.

What are your thoughts on what currencies will win in the conflict?

Other articles on the potential of a BTC Petro exchange
https://interestingengineering.com/russia-friendly-bitcoin-gas

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#bitcoin #russia #gas #oil #investment #war #vyb #leofinance

3 years ago in #hive-167922 by whatsup

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urun 3 years ago

Why bitcoin?

Could be an Oil barrel coin. More stable and would make the crypto market more robust.

BTC/OILCOIN / USD/OILCOIN and so on.

For this i could could really see a usecase.

whatsup 3 years ago

That' would be interesting and is not out of the question

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urun 3 years ago

´Remember Nuclear deal Iran/ Eu/ US? After US quit the deal Iran could not sell oil because of sanctions.

EU was trying to build something that allows trading and doesn't get hit by sanctions to continue the deal.

Nobody use the alternatives because of the fear of sanctions.

Back to those times, i thought the first time about a Pedro-crypto :D

I mean the units are the same, 1 barrel = 1 barrel. Like a stocksshare.

A perfect product for it.

But that's something degens can not build :D Maybe a scam version :D

whatsup 3 years ago

I remember

whatsup 3 years ago

2

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urun 3 years ago

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urun 3 years ago

idiosyncratic1 3 years ago

From Gold to Bitcoin... I believe Petro - Dollar system will turn into Petro - Crypto Dollar mechanism without changing the currency itself but changing the form of it.

Any other combination for Petro - x system may bring WW3 eventually 😪

whatsup 3 years ago

The first phase is the posturing, but if it drags on.. going to get pretty wild to see what the war for Oil turns into.

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jerrythefarmer 3 years ago

Putin being behind Bitcoin doesn't so so crazy now lol.

On a serious note, I think BTC is still too volatile to be used in such exchanges but if we give it enough time to consolidate... who knows.

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whatsup 3 years ago

I don't buy it.

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mistakili 3 years ago

I once said everything is bullish for Bitcoin. Back when I said it, I didn’t believe it as much as I do now.

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whatsup 3 years ago

I like that take. I agree, I remember when I used to get excited other were going to "hear of" Bitcoin.

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yieldgrower 3 years ago

well, thats the Catch 22 of Bitcoin and Crypto in General. You have to be okay with people you don't like or agree with using the same Protocol as you, since it's neutral. The new Cold War may be a Bitcoin Accumulation Race instead of an Arms Race.

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whatsup 3 years ago

Absolutely, but people I don't like also use USD. So, that wasn't an issue for me.

I'm down for Bitcoin Accumulation Race

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jfang003 3 years ago

I don't really think there will be a winner but I do think crypto will gain ground. Just being a legitimate alternative to fiat systems is paving a huge way forward and other companies/countries may follow.

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whatsup 3 years ago

I see several situations setting up that would benefit real use cases for Bitcoin besides store of value and speculation. So, I am speculating on those! LOL

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fabian98 3 years ago

To be honest, the strongest currencies are the ones that will win.

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whatsup 3 years ago

Yeah, well, it's kind of like MaaS, there are sometimes that other assets such as USD work well and times that Bitcoin is a winner.

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tamaralovelace 3 years ago

I heartily agree on the bullish stance for bitcoin. While it is sad to come to light in manner it has, the war will ultimately be a good thing for crypto.

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whatsup 3 years ago

Yeah, have no idea what the time frame is though, unfortunately

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tamaralovelace 3 years ago

How true. Crypto is wildly unpredictable just like global politics these days. Just gotta strap in and hold on I guess lol

enforcer48 3 years ago

We are watching de-dollarization in real time.

whatsup 3 years ago

That's what I think too

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emaxisonline 3 years ago

I agree with your conclusive agreement so far. As we already have seen the speculations grow on $BTC for commodities, the price of the coin sharply rose to 45000 within 2 days.

But, US executive order might come into action before such exchanges even be thought of, but eventually EU is the largest consumer here for Russian energy reserves, so they might try to open a backdoor policy for such things, because if they don't get energy, they'll eventually put $EUR in line of action to drop sharply.

Well, we hope that peace talks resumes and everything turns to normal.

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whatsup 3 years ago

I'm pretty sure the damage to USD has been done, but I would love to be wrong.

toofasteddie 3 years ago

First was GOLD-$
Second was PETRO-$
Third will PETRO-BTC?
New monetary world standard coming

whatsup 3 years ago

Very likely. But there is no question it will not go back to the USD Petro exchange anytime soon.

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acesontop 3 years ago

exactly.

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markkujantunen 3 years ago

The US and the EU could kill BTC as a mainstream financial instrument with a single decree. BTC is not ready to take on the most powerful entities of the world in a high-stakes game like this.

whatsup 3 years ago

No, they can't kill it. They could take it back in time to where it took a lot of technical ability to use it, thus hurting it.

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markkujantunen 3 years ago

Yes, they can kill it AS A MAINSTREAM FINANCIAL INSTRUMENT like I wrote.

It would be very easy to do. Just ban Bitcoin and other crypto assets from being traded or held and sanction any entity globally that does. What that would do is stop mainstream financial institutions from trading in crypto. Crypto would be back to 2011 in a heartbeat. Crypto currencies would only be traded on the black market. Forget about mass adoption. The price of Bitcoin would fall back to the double digits in dollars.

This does not seem very likely under normal circumstances. But suppose it became an urgent national security issue to shut down crypto. It would be done. No two ways about it.

whatsup 3 years ago

yeah it would take a hit for sure, but there would also be political response.

I agree under extreme circumstances it could create a tough issue and really push things backward.

decentraradar 3 years ago

That's one of the advantages of decentralization. I really hope that the war would just end instead of finding means to sustain it.

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whatsup 3 years ago

Agreed, I hate that it comes to war and the people who started it will not fight it. Ugly

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vlemon 3 years ago

Bitcoin and crypto as a whole begins to make sense to “normies”. I tell them: “The only Ukrainian that could leave with something to neighboring countries were ones with crypto”. Banks did not give money or you had to wait for a full day for $30.
Same on the Russian side, their money is worth less and they lack a lot of things. Wanting to help a friend what coul I do? Banks/ finance apps did not want to let me send a few $/€ to my friend. What was left? Bitcoin.

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whatsup 3 years ago

Nice!

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senorcoconut 3 years ago

I mean, the USD is on its way out anyway... These sanctions are almost a sure way to make sure the US Dollar will no longer be the "reserve currency". The US and the Federal Reserve are playing a strange game, they must know it's bad the the value of the dollar.

Yes BTC may take its place for a short time as the petro-dollar, but I think there is a race for who will be next top dog in the next world order. China is well placed to take over that role at the moment.

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whatsup 3 years ago

I don't disagree with anything you said, I mean I'd like for it to be different, but .. it is what it is.

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senorcoconut 3 years ago

I don't know, but we can probably think that BTC, well the technology behind it is being looked into along with USDC, by the federal reserve known as the Hamilton Project... I had a listen to Vin Armani talking about what they've developed so far.

It's pretty 1984! Not cryptocurrency but a digital currency that will have several aspects of crytography, though not on a blockchain, and they will have access to our ability to manage our own funds... Perhaps the race is about who whill hold the world's digital currency, who knows!!!!

Here's the document in question if you're interested: https://dci.mit.edu/opencbdc

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whatsup 3 years ago

I will check it out! Thanks

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acesontop 3 years ago

As you wrote on twitter today, bitcoin is basically keeping up with inflation and if the world believes that these sanctions with have any effect on stopping the war, they're delusional.

At some point someone will buy Russia's oil and gas and we will start from where we left once again. The war can end very quickly if Ukraine gives up on Donbass and Crimea which are mostly inhabited by Russians and stays neutral when it comes to EU and NATO.

They wouldn't benefit in any way from any of them... I see the news of Russia willing to accept Bitcoin for their natural resources as very bullish, a true mass adoption sign.

I know, that bitcoin could fund the war, but at the end of the day bitcoin is a neutral currency and can serve whoever wishes to use it.

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reonarudo 3 years ago

The totality of all the sanctions are crippling the Russian economy. Key interest rates are up by 100% and at 20% currently. The prices of basic goods are up by tens of percentage points in merely four weeks. Car parts are beginning to be impossible to get. Air travel is nearly dead. A lot of banks will most likely keel over in a few months. 70,000 IT specialists have already emigrated the country along with a total of 200,000, no doubt mostly educated people with career prospects abroad.

Russia's smart munition stockpiles are severely depleted already and it won't be able to replenish them because it relies on chips and other technology imported from guess where.

I love it when cruel and arrogant dictators who start massive wars in their hubris fall flat on their face like Putin has. This could be the end of him.

As a Romanian, you should be happy that your neighboring Ukraine has fought the initial assault of the criminal mafia state to a culmination and has slaughtered their laughably incompetent troops by five-digit numbers in just four short weeks. They haven't taken a single major city, yet.

Russia must be economically CRUSHED to a point where it tumbles back to the early 1990s. It is deliciously ironic that Putin sent his army to demilitarize Ukraine but that Russia seems to be rapidly demilitarizing itself.

Sveral elite VDV (air assault) and other formations have been wiped out. Out of the 20 generals in charge of the operation six have been turned into fertilizer along with one of Kadyrov's warlords. On top of that, about 20 colonels and lieutenant colonels are pushing sunflowers. The Russian forces have no encrypted communication! They're using cheap Chinese analog radios because corrupt commanders have sold everything. Much of the high-tech stuff only exists on paper.

That Russia's invasion has been so utterly botched is wonderful news for the security of Europe. May that evil peace of shit of an empire never recover!

acesontop 3 years ago

A lot of details here, but still there's a lot of blood shedding going on that could have been avoided.

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reonarudo 3 years ago

Putin's fault. He should've just stayed the fuck out of Ukraine. He was fed faulty intelligence because no one in the 5th service of the FSB dared to tell the big boss the bad news early enough. That happens in dictatorships.

Russia could also do some soul searching and give up for its paranoia. Nobody is posing Russia an existential threat. Russia has got nukes. It was doing much, much better being economically integrated with the West with its level of development going up. Now it's an international pariah and about to go back in time some 30-40 years.

But Muscovy will always be Muscovy. There have been several Russias in the last 1000 years. My favorite is the Republic of Novgorod, a democracy as much as a state was able to be in the 15th century. Too bad Muscovy crushed it. We can only live with Muscovy if it's firmly kept down and from becoming a threat. It can keep the territories it has. Nobody wants them. The last 32 years were an experiment that showed that Muscovy cannot become a democracy and a peaceful partner.

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whatsup 3 years ago

The media has been counterpointing it's self completely with the state of both Nations, one minute Russia is winning and they need all the money and weapons and the next minute they are losing..

I carefully avoided the details of the war because my interest is more in seeing the impact on Global Markets and Economies including Bitcoin and other means of exchange.

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reonarudo 3 years ago

The problem is that while Russia has revealed itself to be much weaker than everyone thought, and far too weak to actually conquer Ukraine and end its statehood as Putin initially declared Russia's goals were, it can still do a lot of damage particularly now that it has resorted to indiscriminately bombarding any and all fixed targets, particularly cities full of civilians. The attack has culminated but Russia is still occupying or surrounding many cities and villages in the north, east and the south. Ukraine needs help, including the lethal kind, to be able to expel the Russians from all of the country or at least to keep bleeding Russia at a rate it cannot tolerate for too long.

Physical security trumps crypto every time in importance. If crypto needs to go in order for the sactions to hold, then fuck crypto.

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whatsup 3 years ago

No, not fuck crypto, stupid world leaders have been warring before crypto and they will war int he future too.

It sucks, but has nothing to do with crypto.

And don't believe everything you hear about Russia's military, a lot of propaganda out there.

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reonarudo 3 years ago

No, not fuck crypto, stupid world leaders have been warring before crypto and they will war int he future too.

IF the choice is between crypto being banned or crippling sanctions against Russia holding, I will choose sanctions any time.

It sucks, but has nothing to do with crypto.

Not now. But if crypto becomes a major way for countries like Russia to evade sanctions it may.

And don't believe everything you hear about Russia's military, a lot of propaganda out there.

The stronger the Russian military, the more necessary strict sanctions will be. You'd actually better hope they're even weaker than they look now.

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whatsup 3 years ago

If there is no crypto, people will still need to buy Russian Oil, that's life.

When you own something valuable that other people need and require.. they have to exchange something of value for it.

Make no mistake poverty kills as well, your position isn't keeping anyone safe or saving lives. You sound very emotional about it.. Are you in the thick of it?

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reonarudo 3 years ago

If there is no crypto, people will still need to buy Russian Oil, that's life.

The existence of crypto or lack thereof has nothing to do with the need or lack thereof to buy Russian oil.

Besides, I don't think there is any need to buy Russian oil or gas in the long run. Fossil fuels have to be replaced with something CO₂ neutral anyway and that replacement will be renewables and nuclear.

When you own something valuable that other people need and require.. they have to exchange something of value for it.

What the world can do in the long run is wean itself off from the need to use Russian oil, gas or goal. In fact, in the long run Russia's very ability to extract oil and gas profitably will depend on foreign investment and technology. Their remaining reserves tend to be the kind that are technically difficult and expensive to extract. Endemic corruption is not helping.

Make no mistake poverty kills as well, your position isn't keeping anyone safe or saving lives.

The use of fossil fuels drives global warming. It is already affecting a lot of vulnerable countries - and killing people by causing crop failures due to dry weather conditions, for instance. Ice sheets melting is raising sea level and causing salt water instrusion into water tables in coastal areas. Continuing to use fossil fuels at the current scale is simply not possible without catastrophic consequences going forward. There are other, better ways to produce energy in bulk.

You sound very emotional about it.. Are you in the thick of it?

Crypto is of zero use to me if I'm dead or maimed.

williamtboy 3 years ago

I believe Bitcoin will still go back to their normal base because many countries are now adopting BTC and they are now seeing value on BTC.

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whatsup 3 years ago

Yeah seems clear that Bitcoin has a use case.

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williamtboy 3 years ago

Yes

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theonlysol 3 years ago

I have no doubt that the emerging means of exchange of value (crypto) will even mean more than the actual value (in this case, petro)... I'm sure of that... I think this will make the crypto market, especially the Bitcoin much more stable.

The recent events in the world testifies that the crypto market is still new and undervalued... After the war, there will be a market shift... What a time to be alive.

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whatsup 3 years ago

It's crazy how quickly the world can change.

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