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  1. 1 point

    Cryptocurrencies: THE FUTURE IS HERE

    I've been doing a lot of research on cryptocurrencies over the last few days. The most popular of these currencies is obviously Bitcoin, which has been in the news much. Many feel that they are too late to the game- but there are a ton of currencies out there that are just beginning to surge, and actually provide much more promising models than Bitcoin (which happens simply to be the first and therefore has name-recognition, but is not necessarily the best). Now, I don't have much money to actually invest, but I also don't have many expenses, so I am thinking to invest a very [very] modest amount. Anyone investing in cryptocurrencies should tread carefully and acknowledge that we do not know the futures of these currencies. They could all crash. Or, we could have a situation as with Bitcoin, where people who invested hundreds could today be millionaires. Of course, it will probably be something more modest and nuanced. I would be happy to share insightful articles/forecasts if others are interested. My major hold-back at this point, however, is the Islamic issue -- whether they are halal, haram, or something in between. I have seen mixed [though vague and maybe unqualified] opinions from scholars, none of which have really made me feel convinced either way. I just came across this article, which I have not yet read, but which I think Okays Bitcoins at least for certain usages. This thread is just to open a general discussion about cryptocurrencies. My first question for Mo- or others who know about cryptocurrencies: What would be your major arguments for it being haram? Let's start there, and then I'll have some more pointed questions depending on your responses.
  2. 1 point

    Cryptocurrencies: THE FUTURE IS HERE

    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.
  3. 1 point

    Cryptocurrencies: THE FUTURE IS HERE

    I would like to add, blockchain itself and the concepts around it are generally very innovative and could lead to some major changes in the way we handle transactions by enhancing speed, security and allowing for a return to decentralization (similar to the free banking era of the past). The main issue with this of course is how it will affect government finances who are dependent on measures like quantitative easing/tightening where they can effectively print money or burn money. We've had central banks for the good part of the past century and they are essential for the existence of big governments.
  4. 1 point

    Cryptocurrencies: THE FUTURE IS HERE

    We have to define the differences between the two primary sorts of speculation: 1. Speculative investing (halal), 2. Gambling (haram). An example of speculative investment, for example, would be purchasing Exxon Mobil stock because you believe that they will outperform their peers and the market. This means that you inherently believe that the company is going to generate value for you over time and that is why you want to own its stock. An example of gambling, would be purchasing Exxon Mobil stock because you think the price will go up. Not because you inherently believe the company will generate value in the future, but simply because you are of the belief that the price of the stock itself will go up as a result of market momentum or another market force unrelated to underlying value. Now you're probably asking "didn't both examples contain the same action?". Of course, but the intentions were different. How do you then apply this rule to Bitcoin? In the case of Bitcoin, or cryptocurrency in general, it isn't generating any value. Any movements it makes are driven by market momentum in one direction or another and are unrelated to any sort of underlying value. Why? Because Bitcoin isn't a value generating asset (like a house that can be rented, a company that produces goods or services, a cow that produces milk, etc.) in the traditional sense, in that you as an owner can't do anything with it that would generate value. The only way to generate value with cryptocurrencies is through the ones that operate a proof-of-stake model, but very few people would be able to acquire the amount of necessary cryptocurrency in a reputable PoS network. tl;dr unless you have enough for PoS on a reputable network, crypto is effectively gambling.
  5. 1 point

    Cryptocurrencies: THE FUTURE IS HERE

    one reason why there is a bubble (a bubble it is) on crypto currencies is that it is used very widely for criminal activities in the darkweb, thus driving the demand.
  6. 1 point

    Last film you watched?

    Jumanji WAY BETTER THAN I THOUGHT ITD BE. I had fun watching this movie.
  7. 1 point
    Abdul Rahman

    Islam and the Theory of Evolution

    Well. I certainly believe in de evolution now.