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  1. Today
  2. Last film you watched?

    Apocalypto. I really like this movie.
  3. Yesterday
  4. "Helping one person may not change the world. But it could change the world for one person." 

  5. Transgender at 11

    There already is and its a can of worms https://genderneutralpronoun.wordpress.com/tag/ze-and-zir/
  6. Last week
  7. Transgender at 11

    It's nice to see that this discussion has already been started on MM. So, last year I went to a talk given by a transgender woman and it was interesting to say the least. (I can't remember if I've posted about it on here already). This person has also written a book about their experiences and about their transition. Now, obviously, not having gone through this it is difficult for me to understand and sometimes (and perhaps more often than not) the questions asked may be worded in a way is unintentionally harmful. For example, I asked how she knew that she was female and even though she was polite and just said she knew that didn't really answer my question, but then again I did not explain myself too well. As someone who grew up as very much one of the boys and who has always hated wearing dresses and skirts and makeup and basically shunned all things that give off the feminine image, I have never thought that I was or identified as male. I have, for the most part, generally been uncomfortable in my own body but again, nothing pushed me toward to saying I am actually male and neither do I feel that way now. So, it might be the wrong question to ask, but how does a person know that they aren't male if born in a male body. Also, how do they even know that they are female without having experienced what it is to be female? I've only just started the book and I'm hoping that by the end of it I'll have a better understanding about what this whole thing is about Also, why can't non-binary people come up with a new pronoun? They is a plural in my head and it gets a bit annoying to read they for a single person.
  8. I'd rather be real than get paid for being fake.

  9. Thanks- that's helpful info. I'll have to read more about the dot-com bubble. If nothing else, cryptocurrencies have piqued my interested in financed. Obviously you know a lot more about the subject than I do. For the record, I do think a vast majority of cryptos will (and should) fail.
  10. All companies that survived the bubble had immense financial discipline. Amazon is the greatest example of this, and there are in depth financial analyses into the operation which Jeff Bezos ran but the key takeaway is he was one of the few to go 'slow and steady'. Google didn't have its IPO (initial public offering, where shares become available to the public on exchanges) until 2004 which was well after the crash and all investors prior were the same institutional investors who are warning against Bitcoin today. Some companies survived the bubble its true, but let us look at some of those survivors: Yahoo had a price of $108.7 at the peak of the dotcom bubble, when the bubble burst and settled, it had a price of around $5, representing a loss of 95.5% on investment. It never recovered. Amazon was valued at $106.7 at the bubbles peak, but when it settled was valued at around $15, an 86% loss on investment. Today it is valued at $1294.58, which would be an annual return of 15.87% compounded. Comparatively, DJIA has had a 5.24% annual return over the same period. Ebay doubled in share price over the year preceding the bubble, however, rather than losing more than 90% of its value, it simply returned to the price it held previously, with natural growth/loss occurring over time. However those who bought it at the peak lost 50% of their investment. Ebay has had a 8.73% compounded annual return since then until now. Analysing the information, sure what investors bought was not worthless, but it was excessively overvalued and they suffered massive losses. Of the few companies that survived, most declined further or flatlined. Of around 2800 companies that went public during the dot-com bubble and the events preceding it, Amazon and Ebay were the exceptions with the rest all being losing investments. Given then, the enormous amount of risk, it is difficult to say that Amazon or Ebay really paid off on a risk-adjusted basis. Yes, they offered higher returns on the market, but the failure rate of the industry they were in was incredibly high. Now lets add another fact to the mix: listed companies are very transparent, with annual reporting every year revealing their cash flows and growth, from which analysts can deduce valuations. Cryptocurrencies on the other hand don't have cashflows (unless it is a proof of stake model like Ethereum where validators use their 'stake' to validate a transaction and charge a fee). This means their value is tied to being a modicum of exchange (in the case of proof of work like Bitcoin or Dogecoin) or network facilitator (like in the case of Ripple). The first can be estimated based on the volume of transactions on the ledger, but the second is quite opaque because the valuation of the network facilitation capacity of the Ripple network isn't in the public domain. This means that from a financial standpoint at the very least, cryptocurrencies could be considered even more risky than tech companies in the dot-com era boom. Right now there are 1469 cryptocurrencies with a market cap of $630bn. How many do you think will survive, given the survival rate of the dot-com bubble, and on a risk adjusted basis, are any of them even worth it? That is ultimately for you to gauge. Of course I have the benefit of hindsight, but many notable investors (Warren Buffet of course comes to mind) refused to buy into the craze. From an Islamic perspective I would argue the situation of investing in the tech bubble would've garnered different answers from different scholars at the time, but if we are trying to objectively measure gharar then crypto definitely presents a larger risk than the dot-com bubble did and the fact it is even less transparent, and even more so that unlike the dot-com bubble, most market analysts actually view crypto as a bubble. I would probably say yeah, it would've been haram to invest in the dot-com bubble based on my perception of what constitutes extreme gharar. Ultimately what it comes down to is what your expectations are of the situation because every single investor has their own preferences and perception of risk. The fatwa was a generalised one (given the consensus of most finance professionals on the matter), but if you don't view crypto as having extreme gharar based on your own conclusions, nobody can really force you to adopt another conclusion. The general person isn't a finance professional or tech expert and for them investing in crypto ultimately has to by definition pose extreme gharar. tl;dr: The fatwa was a general one Crypto bubble is more risky than the dot-com bubble for investors (thus more gharar) It is difficult to answer things in hindsight Gharar itself is a subjective matter (just like risk)
  11. Not really. We've already established an investment, even a speculative one, is not gambling, right? With Amazon or Google, you'd have to actually look at the company, see what they have to offer, and decide whether it seems like it will be valuable. The same is true of cryptos -- a lot of them are totally worthless, but some of them actually seem to provide useful services and possibilities.
  12. Cryptocurrencies: THE FUTURE IS HERE

    Isn't this like asking weather or not it's halal to buy a winning lottery ticket?
  13. Chinese babies though...so cute. :wub:

  14. That's fair. But if you are comparing cryptos to the dotcom bubble (a comparison which I don't disagree with), would it have been haram to invest in Amazon or Google in '99?
  15. 1. The thing is, it is behaving exactly as a bubble does. There is a broad consensus on this amongst financial professionals. It highly resembles Dotcom bubble of the 90s albeit at a far more limited scope (for now). 2. Bridgewater is a hedge fund. They aim to invest in high risk strategies to get a return and they don't advise others. They use numerous strategies but their hallmark strategies are all quant strategies, which means they really don't care for the underlying asset type but are focused on maximising returns independent of market risk. Cryptocurrencies are very much the type of product they would use in building their portfolio (using both long and short positions). Most hedge funds using quant strategies like Bridgewater's typically invest in bubbles because they can use these products to adjust the risk of their portfolio with less capital than traditional investments require. 3. It isn't that it is only ok if global corporations say the product is fine, it is the fact that amongst finance experts the broad consensus is that Bitcoin is a bubble, and that bubbles are genuinely accepted as being markets of extreme gharar.
  16. Anyway, in terms of my own feelings re: investing now, after getting lots of opinions, I'll probably wait until more scholars have more to say. It seems a very fresh topic and the scholarship is not fully up to speed. I have seen opinions supportive, and, at least from Mo's source, opinions opposed. But I feel very unconvinced. My main concern is that, if tomorrow a currency were to BOOM, it wouldn't feel like honest money to me. I'm not sure that any investment would, though. That said, I did put a very small amount into Ripple when it hit its *probable* rock bottom. I feel pretty confident that Ripple is in a league of its own. It's more out of personal interest in seeing how it all works.
  17. I think this is Mo's point though, not his. He didn't say anything about uncertainty or a bubble. Your right that his final fatwa is pending; he is unsympathetic to the first opinion. But I guess we'll see what he ultimately says--if he publishes more.
  18. I think you misunderstood him. Using bit coin as currency is okay according to some scholars, but final fatwa is pending. Investing in bitcoin (buy now and sell later) involves lot of uncertainty and hence extreme gharar. Otherwise it is like investing in currency, but with the uncertainty/bubble factor. I am not too sure about investing in traditional currency my self.
  19. To Mo, because I feel like I'm being pulled into an argument I wasn't going for at this point: -What I noted in the beginning (and which everyone knows) is that the future of cryptocurrency is uncertain. Even if cryptos take off--or if blockchain does--that means nothing of the future, for example, of Bitcoin, which is simply the first--not the most efficient. So yeah, it's based on a lot of excitement; the thing is, the value has flailed a lot in the last few months, but it will ultimately correct itself. I think that reflects that there is a lot of *real* money in there and people are going to let it sit. Right now a lot of it is driven by people fearing they will miss out--that's the nature of it being new, now mainstream, and quite easy to buy-in. But we don't know it's future. You might *think* it's a bubble. You don't know it's a bubble. -Well, I definitely do not think that a firm like Bridgewater is going to be investing their clients or advising others to invest in Bitcoin. There's no doubt it's a risky investment, which I've noted from the very beginning. (though, their clients would not have been complaining had they had the foresight to invest a few years ago, would they?) However--and this is based on subjective experience--there are 'tons' of young people working at companies like Bridgewater who are personally investing in Bitcoin. This I know from friends who work at similar firms in New York. While I don't know much about finance, since I've become intrigued, I have you on your anti-crypto crusade, but I do also have them whispering in my ear too. They're obviously not putting all their money in cryptos; but they are diversifying within the crypto world and betting on it to work out. -But none of this really addresses the issues I have. I have no delusions about whether cryptos are a *safe* investment. But where's the hadith that says it's only OK to invest if global investment corporations A-Okay it? Oh, but he himself doesn't seem to make that point at all. Just the opposite, he says: "The fact that people are using them as investments does not negate their currency feature. It just gives them similarity to investing in foreign currencies." I figured this implies Bitcoin is like a currency --> you can invest in a currency --> therefore that people use it as an investment is not problematic, right? Or did I misunderstand it? And this is the point. I don't think there's much a consensus on Bitcoin/cryptos.
  20. Good Islamic books

    It is mandatory on every adult male and female Muslim to gain knowledge. In the past people used to go in the Islamic library for the sake of knowledge in a peaceful environment. Therefore he should read good Islamic books from an Islamic library so that he will get to know about the teachings of Sharia.
  21. Islamic Books Library

    Islamic Books Library has many unique features. Users can also make any book as his favorite which will make it even easier to find that particular book. After marking any book as favorite that particular book will show in the favorite section. Use this wonderful service and persuade others for making most of it.
  22. first we have to stop people from being stupid. you should lead
  23. 1. Amateur investors are what we call retail investors, i.e. nurses, cashier clerks, student hobbyists, etc., using their own money to invest. Professional investors are people who make their living off investing other people's money for them, such as fund managers who work in private equity, venture capital, hedge funds, etc. Most jurisdictions also have a legal term for people they refer to as qualified investors, but this is usually simply determined by net worth. The foremost investors in blockchain have been large financial institutions (which is why a lot of them are working with Ripple and have hired the Ethereum team to consult for them), contrary to what you stated they in fact know a lot about cryptocurrencies, it is technically their job to know. The article states: These are the people driving the speculative Bitcoin bubble (and the same for wider crypto). The reason financial institutions are getting involved with Bitcoin itself isn't because they are buying into Bitcoin, but because there is a profit to be made from providing the service of clearing Bitcoin futures, of selling Bitcoin to the handful of people who plan to open 'cryptocurrency funds', etc. Veterans of finance like Ray Dalio (CEO of Bridgewater, the world's largest hedgefund) and Larry Fink (CEO of Blackrock, the world's largest asset manager with nearly $6 trillion assets under management) have both declared Bitcoin as a bubble and kept away from crypto in general. Of course Bitcoin industry insiders will be bullish, they think that Bitcoin is going to be adopted as a global currency. But ask yourself this question: do you think the governments of the world which unanimously use a central banking system are going to forego their monopoly on money? Not a chance. 2. The creators of Ripple don't expect people to go out and buy stuff using Ripple, and the manner in which it is designed (private network, proof of consensus, limited supply), means it doesn't operate as a currency. It is an essential part of the communication protocol, but people using the Ripple Network won't transfer in XRP, they'll be transferring USD, GBP, Euros, etc. XRP will only be used by financial institutions for clearing.
  24. Cryptocurrencies: THE FUTURE IS HERE

    Do you actually believe people who consume bitcoin are willing to pay those crazy prices for it - or do you think the prices are being driven up by excited investors such as yourself. That will determine weather or not bitcoins a bubble.
  25. Cryptocurrencies: THE FUTURE IS HERE

    ahh that makes so much sense. I wonder how we can stop bubbles tho
  26. extreme gharar comes from Mo. Using bit coin as currency might be okay comes from the article where they list 3 main opinions.
  27. Listening to...

    I wished that that summer vacation of 2007 never ended.
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