2013-01-30 Is Bitcoin Sharia Compliant? - page 2.

ShadowOfHarbringer

legendary

Activity: 1470

Merit: 1006

Bringing Legendary Har® to you since 1952

Quote from: marcus_of_augustus on January 31, 2013, 03:49:49 PM

Quote from: ShadowOfHarbringer on January 31, 2013, 03:18:42 PM

The better question would be: Is Bitcoin Kosher ? Grin

Because if it is, there could be big money coming at us...

Lol ... coming at you in ways you could never imagine.

... someday you might want to notice who's sitting in the bull-pen of the opposition too.

Doesn't matter that there are some of them in the opposition.

If they would declare bitcoins kosher, that would mean the orthodox types would accept it as money.

ArticMine

legendary

Activity: 2282

Merit: 1050

Monero Core Team

A cursory review of the article and http://en.wikipedia.org/wiki/Islamic_banking would lead one to conclude that modern fiat currencies such as the USD are haraam since the creation of fiat money via fractional reserve banking is based entirely on debt (usuary), and that Bitcoin is a way better alternative for a Muslim wishing to be sharia compliant.

The implication of this over the long term for the Bitcoin price is huge when one considers that a very significant part of the worlds population is Muslim.

Puppet

legendary

Activity: 980

Merit: 1040

Interestingly (terrible pun intended), both Kosher and Islamic banking forbid usury. Though in both cases in practice its usually either ignored or sidestepped these days.
Now Im not a religious person nor do i claim to be too knowledgable about the subject, but it would seem to me that bitcoin might fit both religions better than most fiat currency.

cho

full member

Activity: 155

Merit: 100

Boar with me

As far as I understand islamic banking, bitcoins would be a lot more Halal than dollars. The most important point of islamic law regarding money is the forbidding of applying interests (usury). That can be achieved with dollars, as much as with bitcoins.
But islamic banking seems to attach more importance to the "real value" of money than to the "face value". This means you can (as far as I understand) ask for interests if the rate matches inflation rate. If the focus is on "real value", wouldn't that make bitcoin a better currency than fiat ?

For a much better and deeper post on that topic, read Joise :
https://bitcointalksearch.org/topic/gold-oil-fiat-money-and-the-islamic-law-28374
"In addition, Islamic law forbids the use of a promise of payment, such as the US dollar, as a medium of exchange. There is growing dissention among religious fundamentalists in Saudi Arabia regarding the exchange of oil for US dollars."

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

Quote from: ShadowOfHarbringer on January 31, 2013, 03:18:42 PM

The better question would be: Is Bitcoin Kosher ? Grin

Because if it is, there could be big money coming at us...

Lol ... coming at you in ways you could never imagine.

... someday you might want to notice who's sitting in the bull-pen of the opposition too.

ShadowOfHarbringer

legendary

Activity: 1470

Merit: 1006

Bringing Legendary Har® to you since 1952

The better question would be: Is Bitcoin Kosher ? Grin

Because if it is, there could be big money coming at us...

Transisto

donator

Activity: 1731

Merit: 1008

I've heard from good sources that even visiting bitcointalk is against Islam.

I wouldn't risk my god's allegiance for a few bitcoins.

Gabi

legendary

Activity: 1148

Merit: 1008

If you want to walk on water, get out of the boat

Actually no, it isn't exactly an important question Cheesy

UPENtXF

member

Activity: 125

Merit: 10

Yes, this is actually a very important question. So, who will be the final authority on this, and when can we expect the final verdict?

DobZombie

hero member

Activity: 896

Merit: 532

Former curator of The Bitcoin Museum

I hope it's non compliant to EVERYTHING (except Satoshi's White Paper)

Gabi

legendary

Activity: 1148

Merit: 1008

If you want to walk on water, get out of the boat

I understand what you mean, and indeed, same here!

But i think that these rich saudis won't really care about that. Wink

Piper67

legendary

Activity: 1106

Merit: 1001

Quote from: Gabi on January 31, 2013, 08:16:40 AM

Quote from: justusranvier on January 30, 2013, 10:36:03 PM

Next up, is bitcoin mining compatible with leprechaun farming?

+1

I hope it is not religion-compliant! And that it is not fantasy-compliant. And that is not horror movie-compliant. And so on.

Much as I share your lack of religious sentiment, I must say that the thought of some ultra-wealthy Saudis coming to the realisation that Bitcoin is Sharia compliant gives me a bit of a stir... in a good way.

Gabi

legendary

Activity: 1148

Merit: 1008

If you want to walk on water, get out of the boat

Quote from: justusranvier on January 30, 2013, 10:36:03 PM

Next up, is bitcoin mining compatible with leprechaun farming?

+1

I hope it is not religion-compliant! And that it is not fantasy-compliant. And that is not horror movie-compliant. And so on.

rebuilder

legendary

Activity: 1615

Merit: 1000

Quote from: StarfishPrime on January 31, 2013, 12:55:27 AM

Bitcoin has enough challenges as it is. The press is constantly associating bitcoin with SilkRoad, money laundering, etc etc... The last thing bitcoin needs is to become the official currency of the 'jihad'. Hopefully it's NOT sharia compliant in any way at all.

Fortunately, who you or anyone else thinks should use Bitcoin has little bearing on who is able to use it.

notme

legendary

Activity: 1904

Merit: 1002

Quote from: odolvlobo on January 31, 2013, 01:55:52 AM

Quote from: StarfishPrime on January 31, 2013, 01:26:24 AM

Quote from: odolvlobo on January 31, 2013, 01:08:19 AM

Quote from: StarfishPrime on January 31, 2013, 12:55:27 AM

The last thing bitcoin needs is to become the official currency of the 'jihad'. Hopefully it's NOT sharia compliant in any way at all.

Such an ugly ignorant comment.

This was posted under "press" - the comment is only in reference to the PR-implications for bitcoin. Nothing else. More specifically in reference to the comments to the original article.

Thanks for the clarification; however, you are still saying that you want Muslims to be excluded because Muslims using bitcoin will deter ignorant people.

Bitcoin is opt-in. If Muslims want to use it, that's great. If ignorant people don't want to use it, then they can swim in their cesspool of dollars, but maybe they could overcome their ignorance and prejudice instead.

+21,000,000

odolvlobo

legendary

Activity: 4522

Merit: 3426

Quote from: StarfishPrime on January 31, 2013, 01:26:24 AM

Quote from: odolvlobo on January 31, 2013, 01:08:19 AM

Quote from: StarfishPrime on January 31, 2013, 12:55:27 AM

The last thing bitcoin needs is to become the official currency of the 'jihad'. Hopefully it's NOT sharia compliant in any way at all.

Such an ugly ignorant comment.

This was posted under "press" - the comment is only in reference to the PR-implications for bitcoin. Nothing else. More specifically in reference to the comments to the original article.

Thanks for the clarification; however, you are still saying that you want Muslims to be excluded because Muslims using bitcoin will deter ignorant people.

Bitcoin is opt-in. If Muslims want to use it, that's great. If ignorant people don't want to use it, then they can swim in their cesspool of dollars, but maybe they could overcome their ignorance and prejudice instead.

notme

legendary

Activity: 1904

Merit: 1002

Quote from: StarfishPrime on January 31, 2013, 01:26:24 AM

Quote from: odolvlobo on January 31, 2013, 01:08:19 AM

Quote from: StarfishPrime on January 31, 2013, 12:55:27 AM

The last thing bitcoin needs is to become the official currency of the 'jihad'. Hopefully it's NOT sharia compliant in any way at all.

Such an ugly ignorant comment.

This was posted under "press" - the comment is only in reference to the PR-implications for bitcoin. Nothing else. More specifically in reference to the comments to the original article.

ig·no·rant
/ˈignərənt/
Adjective
Lacking knowledge or awareness in general; uneducated or unsophisticated.
Lacking knowledge, information, or awareness about something in particular: "ignorant of astronomy".

Maybe improve your knowledge rather than defending your ignorance.

StarfishPrime

sr. member

Activity: 358

Merit: 250

Quote from: odolvlobo on January 31, 2013, 01:08:19 AM

Quote from: StarfishPrime on January 31, 2013, 12:55:27 AM

The last thing bitcoin needs is to become the official currency of the 'jihad'. Hopefully it's NOT sharia compliant in any way at all.

Such an ugly ignorant comment.

This was posted under "press" - the comment is only in reference to the PR-implications for bitcoin. Nothing else. More specifically in reference to the comments to the original article.

odolvlobo

legendary

Activity: 4522

Merit: 3426

Quote from: StarfishPrime on January 31, 2013, 12:55:27 AM

The last thing bitcoin needs is to become the official currency of the 'jihad'. Hopefully it's NOT sharia compliant in any way at all.

Such an ugly ignorant comment.

notme

legendary

Activity: 1904

Merit: 1002

Quote from: StarfishPrime on January 31, 2013, 12:55:27 AM

Bitcoin has enough challenges as it is. The press is constantly associating bitcoin with SilkRoad, money laundering, etc etc... The last thing bitcoin needs is to become the official currency of the 'jihad'. Hopefully it's NOT sharia compliant in any way at all.

You're not just ignorant, you're an asshole. No I'm not a muslim.

Topic: 2013-01-30 Is Bitcoin Sharia Compliant? - page 2. (Read 3920 times)