Topic: Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي - page 15. (Read 112785 times)

Thanks for the info.

I presumed you were going to changing worldwide banking, the first of a new breed, that animation on your banner where you roll over the other banks, crushing them beneath your giant logo, metaphorically.

I see now however by you'r method of determining trustworthiness that for now at least the bank will remain small, more of a resource just for those at the core of Bitcoin. A good idea but with different goals than I had thought.

Sorry if this stuff is already covered. I feel like a bit of a doche for not having read the whole thread but it's quite long.

How will you insure that I can't take out a 50BTC loan then forget about Islamic Bank of Bitcoin and ever paying it back, even if I'm just 1 in a thousand it's going to constitute a huge and continuous loss. I think however it's going to be more like 99%.

The name is going to put a lot of people off in England. The majority of thease will be irritating "casual" racists who unfortunatly make up a lot of the country and won't like the term "islam" being in the name. I'm sure unfortunatly Islamic countries feel the same in reverse, probbably for equally unhelpfull reasons. I've heard on the news the turms "little" and "big" Satan to describe the UK and the US. I remember people on the Now show on Radio 4 expressing their disappointment that the US won on Satan size, showing that they didn't take the criticism seriously.

However a fair chunk of the remaining people will be like me and be suspcious of religious affiliation in general, reguardless of the religion, our recent sensus show a majority of non-religious people, I remember Jedi winning one of them, the belief in the Star Wars series of films. I think we may have devided it up now so that atheism or not is a different part of the from to religion.

Fortunatly, unlike the first group described above, the latter group will be easily convinced that the name dosn't matter if the product is good.

What is the ETA for posting regular updates to your own website ?

This is so annoying.

How did you earn a gratuity on arbitrage?

Edit : Was replying to senbonzakura's deleted post.

I don't know much on IBB accountings but Is it correct to compare the revenue for the month of December to the daily output of a single 5970 graphic card ?

Like people gambling at poker with pennies to learn the game ?

Do you mail internationally? Will there be extra mailing fees (e.g. for European customers)? Any discounts for bulk orders?

 

Has IBB made any loans recently? It looks like it's a stock-trading company now...

Remember that bitcoin only goes down to 8 decimal points and GLBSE does not support any more.

Income / Revenue

• CheaperinBitcoins-Stocks shares = 0.0332916 BTC  03/11/11
• MergedMining shares = 0.0276240 BTC  06/11/11
• MergedMining shares = 0.0288558 BTC  13/11/11
• MergedMining shares = 0.0290088 BTC  19/11/11
• FPGA.contract shares = 0.0017319   BTC  20/11/11
• MergedMining shares = 0.0281102 BTC  24/11/11
• LIF.CX shares = 0.0410233 BTC  25/11/11
• MergedMining = 0.0279493 BTC  26/11/11
• FPGA.contract shares = 0.0021890   BTC  28/11/11

Loans

• -------------------------------Repaid----------------------------------------------------------------------------------------
• none
• --------------------------------Default---------------------------------------------------------------------------------------
• none

Gratuity /Revenue so far from loans:-




Donations:-

 0.21569353
 0.015
 1.86


Income/Revenue from shares:-


0.0332916 CheaperinBitcoins-Stocks 3 nov
0.0276240 MergedMining 6 nov
0.0288558 MergedMining 13 nov
0.0290088 MergedMining 19 nov
0.0017319 FPGA.contract 20 nov
0.0281102 MergedMining 24 nov
0.0410233 LIF.CX 25 nov
0.0279493 MergedMining 26 Nov
0.0021890 FPGA.contract 28 Nov


Expenses:-

0.05660903 * towards buying shares
2.00 * towards purchasing 4 shares of LIF.CX



total =1.29886840 profit/revenue->$3.89 @ current market rate
{6.5057277 BTC dividends paid on 30/8/11} (6.5057277/1000=0.0065057277 per share)
{2.0077597 BTC dividends paid on 30/9/11} (2.0077597/1000=0.0020077597 per share)
{2.0065126 BTC dividends paid on 01/11/11} (2.0065126/1000=0.0020065126 per share)


Dividends will be paid on 30th November -1.29886840 BTC will be paid (1.29886840/1000=0.0012988684 per share) *subject to change*

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Great! Thanks!

Sen, my banner dosent work, the link dead now ?

That's just the problem though... everyone in this community who is capable already has their head in at least one project.  Exciting times ahead .

Thank you for the clarification.  That makes me more comfortable with the premium on the share price.

Extra losses maybe... Loans have not been profitable overall.

Which ones?  Bit Starter and Bit Over were on glbse last I looked.  The arbitrage software perhaps?  It's certainly worth a little bit, but does it explain the entire premium?  Maybe I should sell my small holding of shares before I post this, but I'm not going to.  There have been huge losses, but I haven't seen a drop in price beyond the retraction from the initial overinflation.

I do hold a few shares of IBB, but I don't buy your reasoning.  All of their assets are publically available, so wouldn't it be more prudent to just invest in the assets directly in the same proportion?

Being basically non religous, I really enjoy learning about yours.