Topic: Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي - page 23. (Read 112785 times)

Why should you feel bad about it?

If I give you 20 fish today and you give me 20 fish next month, how is your fish worse than mine?

AHAHAHHA THATS SO FUNNY, I CAME HERE FOR THE 0% AND AT THE BOTTOM IS A LINK TO ME REJECTING 0%'S!
AHAHHAHAHAAAAAAAAAAA

But that was because i felt bad for Taking money and only giving it back later without Giving anything to he whom Gave to me.

BTW: Im looking for a Loan from IBB, How do we goabout doing this?

I assumed it was somthing like that when i read that msg; when i talked about sin i meant "haram" (or however that is spelled), against the rules of the religion that rule how islamic banking works; i was wondering if there was a rule that somehow applied to buying tools to mint money or somthing.

I'm fascinated by the development of the project (and I enjoyed the link to the Scandinavian alternative bank).  Personally, I'd love to see democratic banks that are owned and controlled by regular people.

I hate to say it, but based on the current level of fraud and lack of accountability in the bitcoin economy, I'm extremely skeptical about everything.  It is crazy that the IBB stock price went up to ten times the initial price (and is now still at eight time that price).   That is a bubble.

To reduce the speculative bubble, I'd recommend issuing shares at 0.1 as a better way of allowing people to put money into this than having them buy the overpriced at 0.8 on GLBSE -- however I'm not sure I want to see more money going into it.  And it might be too late to do this (as current share holders will be annoyed). 

Alternatively issuing more shares at the current price would at least dilute the bubble (say if you managed to double the cash assets of IBB by offering more shares, then your assets would be worth 50-60% of the market value - whereas right now the assets are worth 12.5% of the market value).  If you took this to an extreme (issued tons of new shares), you could approach a situation of assets being worth 90% of the market value and then hope that other revenues would start coming in.

I think the stock price surge is due to your intelligent posts and that people like the idea.  The price doesn't match the financial fundamentals.

Personally, I think the company will be lucky to get its money back from loans.  Fraud is systematic and unfortunately you don't have a good way of stopping it. 

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.

Because you were talking about a stock and other people thought you were talking about the act of sin.

That "SIN" was a stock on glbse.com. LOL.

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'm not religious, but I also see interest as a dab thing for society.
I believe many religious prohibitions had a practical reason that has been and are later maintained by tradition and dogma.
The prohibition of pork probably prevented the propagation of diseases related to its consumption.
The reason why many religions have prohibited interest is to prevent some effects that make them see it as inherently bad.
I don't think interest can be defeated through morals though. As long as money is both scarce and everlasting, interest is going to be there.
But I think we can free money from interest by making it abundant or perishable.

I just looked this thread over, and I have to say that I think this is a great idea. I am not religious in any way, but I do believe in fellowship and helping others out, and those seem to be the ideas behind this enterprise (and probably most of the major religious texts in the world, though it is easy to forget that sometimes).

Let me know if you need any assistance.

Ah, i see, thanx for the clarification

Yea, as a shareholder in IBB I have been asked on occasion to give a thumbs up or thumbs down on a project. I like to see original ideas/projects but as important is a business plan that makes sense from an investment point of view. I don't think we want to throw BTC at every project that comes along. This is in reference to joint venture investments, loans are a different matter and are very short term and maximum of 5 BTC IIRC.

if it were parts for Yet Another Mining Project, I'd wholeheartedly agree with the decision. i want to see original business ideas receive loans/investment from IBB. also I believe they require something in the way of a business plan.

Help me understand this please. A guy said you guys refused to loan him some money because he was gonna use the loan to buy computer parts; is that true? Why exactly would that be a sin? Or did you reject the loan for some reason other than what he was gonna do with the money?

Report July 2011



Income / Revenue

• Dividend 2x SIN shares = 0.01518 BTC 27/7/11

Loans

• 2 BTC loan to 'bitmole'  pay back -  25/8/2011 {paid back + 0.20 gratuity}
• 5 BTC loan to 'shakaru' pay back -  8/9/2011 http://forum.bitcoin.org/index.php?topic=32039.msg401598#msg401598
• 5 BTC loan to 'Yuusha'  pay back -  9/9/2011 http://forum.bitcoin.org/index.php?topic=32192.20
• 3 BTC loan to 'Ryuguy' pay back - 17/8/2011 http://forum.bitcoin.org/index.php?topic=33268.0
• 5 BTC loan to 'dub0matic' pay back - 5/8/11 https://bitcointalksearch.org/topic/in-need-of-a-loan-33472 {paid back + 0.20 gratuity}
• 1 BTC loan to 'Electronic Chaos ' pay back - 8/8/11 https://bitcointalksearch.org/topic/another-small-personal-loan-thread-33479 {paid back + 0.05 gratuity}
• 1 BTC loan to 'whirlpool ' pay back - 8/8/11 https://bitcointalksearch.org/topic/looking-for-a-small-loan-33547 {paid back + 0.021818 gratuity}
• 5 BTC loan to 'NoValues ' pay back - 29/8/11 https://bitcointalksearch.org/topic/need-a-loan-33548
• 5 BTC loan to 'mc_lovin' pay back - 8/8/11 https://bitcointalksearch.org/topic/loan-declaration-33558 {paid back}
• 5 BTC loan to 'seanpd16' pay back - 8/8/11 https://bitcointalksearch.org/topic/--34019
• 5 BTC loan to 'JackRabiit' pay back - 13/8/11 https://bitcointalksearch.org/topic/closedibb-loaning-requestclosed-34123
• 5 BTC loan to 'lolcat' pay back - 21/8/11 https://bitcointalksearch.org/topic/loan-request-34144
• 5 BTC loan to 'shlft' pay back - 23/8/11 https://bitcointalksearch.org/topic/closed-loan-request-34656
• 5 BTC loan to 'DannyM' pay back - 8/8/11 https://bitcointalksearch.org/topic/loan-request-34739 {paid back + 0.05 gratuity}
• 4 BTC loan to 'ladyum' pay back - 13/8/11 https://bitcointalksearch.org/topic/need-a-loaninvestment-read-for-details-34509
• 5 BTC loan to 'ex0420' pay back - 10/8/11 https://bitcointalksearch.org/topic/loan-request-35678
  
  

Donations

• 0.05 BTC
• 2 x      SIN       shares
• 1 x DISHWARA shares

Joint Ventures - Musharakah

• Bitcoin Starter - www.bitcoinstarter.com -  ticker symbol - BST 40% ownership
• BitOver           -    www.bitover.com       -  ticker symbol - BO  45% ownership (revised)

[/list]

IBB shares back up to 1.44


Also, 30 day volume (BTC) is the highest for IBB.

How is the website coming along ?

I can see remnants of some site here through Google search - www.geoblip.pl/Default.aspx - but I am assuming that was just a development draft of some sort.

Good news for 

Can I donate some Dishwara and SIN shares? How?

IBB is following bitcoin's growth pattern, 12x growth from IPO price!