I have not reviewed the entire Jak concept but a cursory glance at it makes sense. The longer a member has had a savings deposit with the bank the more available loan credits they are entitled to. Is this the general premise? I will review the entire concept a little later but it looks promising.
I have been thinking of another way to encourage loan repayment and community/bank participation and subsequent trust reward but I have to think it through a bit more before I post it here.
@senbonzakura I can send 3 BTC now of my conditional 10 BTC pledge if you would like. I would just consider it lending you 3 BTC for the moment at 0% interest until you get the shares/etc worked out and convert it into shares. You can use it for expenditures as needed and if the project dies I will accept a shared loss. If you have another proposal I am open to it.
If you want me to send 3 BTC now please post an address I should send to publicly here on this thread to make such transaction transparent.
-DiamondPlus
Topic: Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي - page 22. (Read 112785 times)
Well, I wouldnt mind having half my money "safeguarded" with bit bills. But someothers certainly might, I thinks it's a good idea
The difference I would expect in such an arrangement, is that the BTC deposited into the "savings account" would not be at risk (beyond the risk that the bank fails completely and becomes bankrupt / insolvent OR the owners vanish with all the money) ... whereas the share price could easily be below that at which I bought when I need to sell (equivalent to withdrawing my savings from my savings account).
Once IBB is of a sufficient size, I could easily see them offering, if the religious restrictions permit it, such a savings account which pays a much lower interest than the dividends (e.g. 10% of what you would receive as dividends from an equivalent amount invested in the IBB shares) with the savings deposited (equivalent to capital invested in shares) not being at risk at all.
You can get exactly the same level of risk vs reward by investing just 10% of the amount you would have deposited as savings into the IBB shares.
Just curious, why not just buy shares in this case?
Once IBB is of a sufficient size, I could easily see them offering, if the religious restrictions permit it, such a savings account which pays a much lower interest than the dividends (e.g. 10% of what you would receive as dividends from an equivalent amount invested in the IBB shares) with the savings deposited (equivalent to capital invested in shares) not being at risk at all.
You can get exactly the same level of risk vs reward by investing just 10% of the amount you would have deposited as savings into the IBB shares.
Do you guys got somthing like savings accounts, somthign where i leave a bit of my money with you, you use it on profitable things and then some time later i can get my money back plus a small fraction of the profits? Or are such agreements considered just as bad as charging interests on loans?
Just curious, why not just buy shares in this case?
Do you guys got somthing like savings accounts, somthign where i leave a bit of my money with you, you use it on profitable things and then some time later i can get my money back plus a small fraction of the profits? Or are such agreements considered just as bad as charging interests on loans?
Just curious, why not just buy shares in this case?
Do you guys got somthing like savings accounts, somthign where i leave a bit of my money with you, you use it on profitable things and then some time later i can get my money back plus a small fraction of the profits? Or are such agreements considered just as bad as charging interests on loans?
Good question, it means that all IBB assets on GBSE will be frozen, including bitcoin in their account. Shareholders will not be able to trade IBB (or their subcompanies) until they resolve the issue.
FYI on the companies page IBB don't have to fill in ALL the details, just what they have.
I know this is not the case but what if he wanted to interrupt trade for a while? Rather off topic, but it would be a good idea to implement GLBSE in a distributed manner so that no one can prevent me from trading my property for any reason. Are there any plans to do this, or else can you redirect me to a thread where I can discuss this and not be off-topic? FYI on the companies page IBB don't have to fill in ALL the details, just what they have.
(I remember a concept like this from early this year, but couldn't find the thread.)
It's great that senbonzakura keeps everyone updated and informed on the status of IBB, however he needs to fill in the company information at https://companies.herokuapp.com/company/2
And for several other IBB companies listed on GLBSE
I've contacted him plenty of times and given him the needed links to get this done, but as you can see it's not happened.
Failure to update IBB and IBB owned pages by Friday will result in them being delisted from GLBSE.
Nefario.
And for several other IBB companies listed on GLBSE
I've contacted him plenty of times and given him the needed links to get this done, but as you can see it's not happened.
Failure to update IBB and IBB owned pages by Friday will result in them being delisted from GLBSE.
Nefario.
Eek, sounds like somebody is annoyed?
By "delisted", do you mean the companies will be taken off the "Listed company" information page, or that they will be removed entirely from the exchange? How would that work with people who own shares of said companies?
Good question, it means that all IBB assets on GBSE will be frozen, including bitcoin in their account. Shareholders will not be able to trade IBB (or their subcompanies) until they resolve the issue.
FYI on the companies page IBB don't have to fill in ALL the details, just what they have.
It's great that senbonzakura keeps everyone updated and informed on the status of IBB, however he needs to fill in the company information at https://companies.herokuapp.com/company/2
And for several other IBB companies listed on GLBSE
I've contacted him plenty of times and given him the needed links to get this done, but as you can see it's not happened.
Failure to update IBB and IBB owned pages by Friday will result in them being delisted from GLBSE.
Nefario.
And for several other IBB companies listed on GLBSE
I've contacted him plenty of times and given him the needed links to get this done, but as you can see it's not happened.
Failure to update IBB and IBB owned pages by Friday will result in them being delisted from GLBSE.
Nefario.
We want to wish you the very best of success Islamic Bank of Bitcoin
Hello Senbonzakura
i recently sent you a pm about commissioning some services from IBB
and i wondered if you received or checked the pm yet.
Thanks
i recently sent you a pm about commissioning some services from IBB
and i wondered if you received or checked the pm yet.
Thanks
Nope, not at all. I merely thought that, as an apparently fellow open-minded person with regards to economics / finance, you might enjoy reading/debating on a forum that has a greater focus in those areas too.
I am starting to re-consider my support for the concept of "interest" and explore other solutions to the issues it seeks to address - hence my support for and investment in IBB.
I am starting to re-consider my support for the concept of "interest" and explore other solutions to the issues it seeks to address - hence my support for and investment in IBB.
Ok, thanks. Sorry if I've been rude. Maybe you should take a look into freicoin and Silvio Gesell.
I'd want a loan so I can short bitcoin (as currently the options market - bitoption.org is under development and lacks volume).
Loans effectively let you short bitcoin without having to put up any margin.
If you set this up fully, I bet a bunch of your bank customers are going to be speculators.
Loans effectively let you short bitcoin without having to put up any margin.
If you set this up fully, I bet a bunch of your bank customers are going to be speculators.
Those two weren't translated by the same person, were they?
Nope, not at all. I merely thought that, as an apparently fellow open-minded person with regards to economics / finance, you might enjoy reading/debating on a forum that has a greater focus in those areas too.
I am starting to re-consider my support for the concept of "interest" and explore other solutions to the issues it seeks to address - hence my support for and investment in IBB.
I guess you think I don't understand economics because I think interest is bad. Am I right?
I understand the housing bubble. This documentary gives some interesting details about some of its causes, but I still think that most of its commentators don't really understand all the effects of interest in society.
The means I propose to lower interest rates are very different from the ones that central banks use: the effects are also very different.
I am starting to re-consider my support for the concept of "interest" and explore other solutions to the issues it seeks to address - hence my support for and investment in IBB.
If you aren't on it already, head over to housepricecrash.co.uk. The forums there are very rich for those looking to expand their understanding of economics and current affairs relating to it.
I am often there, though post only infrequently (PatientlyWaiting).
As with any forum there are some "more curious" posters but we learn to live with them ;O)
I am often there, though post only infrequently (PatientlyWaiting).
As with any forum there are some "more curious" posters but we learn to live with them ;O)
I guess you think I don't understand economics because I think interest is bad. Am I right?
I understand the housing bubble. This documentary gives some interesting details about some of its causes, but I still think that most of its commentators don't really understand all the effects of interest in society.
The means I propose to lower interest rates are very different from the ones that central banks use: the effects are also very different.
I would just feel very far on the thankful side and feel that simple typed words as gratitude atop of giving you the new fish back later wouldnt be enough.
I would still feel alittle indebt for your generosity and unless one insisted that it need not be neccesary
I would still feel alittle indebt for your generosity and unless one insisted that it need not be neccesary
But you're making good for him too. His fish would be rotten if he didn't lend it to you.
You need it now and he needs it later, but the value of the fish at the moment of giving it (smaller) and at the moment of receiving it (higher) could be the same for both parties.
You don't see it this way because you believe in time preference, but is not applicable to all goods, just to money.
In fact, just to scarce everlasting moneys. You shouldn't feel bad for borrowing freicoins or LETS/ripple IOUs at zero interest.
Why would the chance that it might generate a small return, cause the price to go up by a factor of EIGHT?
Price is a signal of confidence. People obviously have a relatively high confidence that IBB is a good investment.
Why would the chance that it might generate a small return, cause the price to go up by a factor of EIGHT?
The only way you can make that kind of money is by being a loan shark. Very un-Islamic.
The only way you can make that kind of money is by being a loan shark. Very un-Islamic.
So you're saying that in our view being generous is way more valuable than what you're being generous with?
Very good point to make...
So you're saying that in our view being generous is way more valuable than what you're being generous with?
Anyway, that is what the gratuity is for, to say "thanx" with cash
Anyway, that is what the gratuity is for, to say "thanx" with cash
I would just feel very far on the thankful side and feel that simple typed words as gratitude atop of giving you the new fish back later wouldnt be enough.
I would still feel alittle indebt for your generosity and unless one insisted that it need not be neccesary
I would still feel alittle indebt for your generosity and unless one insisted that it need not be neccesary
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