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Topic: Staking is not for Muslims - page 6. (Read 1206 times)

hero member
Activity: 854
Merit: 506
March 18, 2021, 03:47:58 PM
#36
KryptoKings, do you have an Islamic financial education?
Quote
By holding in wallet, you don't get any surplus tokesn. So it is allowed

I think that Muslims will not keep coins like porno coin in their wallet. It turns out that not all coins and tokens are allowed by Sharia law?

Explain the difference between POS mining and staking?
Several investors decided to organize a node.
They bought or rented a server, set up a node on it, and receive a reward as node owners. The node does some work on the network, so the profit is reasonable.
If the node does not work, then you will not receive profit.
It is allowed?

What do you think about the work of pools such as Uniswap?
You provide liquidity and receive a reward for it
Islamic Financial education?? What's that?
Yes of course any gambling and porn coins are haram but every muslim know it is haram.
It is staking that is confusing as they do not consider it as interst.
full member
Activity: 1190
Merit: 123
★Bitvest.io★ Play Plinko or Invest!
March 18, 2021, 02:31:47 PM
#35
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
And since when did staking in crypto become a religious thing?, I don't know about the Muslim laws though, but is there any laws that says you guys should not earn money? cause that's exactly how this sounds like, I'm a Christian and I don't see anything wrong with making profits from staking, nothing bad in upholding the Muslim laws, but I think you are getting it all wrong, regardless of which religion you are staking is for everyone, I don't see any bad thing about it.
sr. member
Activity: 1092
Merit: 250
March 18, 2021, 01:28:43 PM
#34
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

staking in crypto is completely different with interest in fiat mate
you should understand about how staking work first before you wrote about this thread buddy
i saw few people's gave you a good link to read about staking, please read more about that my friend
legendary
Activity: 2030
Merit: 1189
March 18, 2021, 01:00:18 PM
#33
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
By that logic you shouldn't be in crypto either. As the profit you make is from other peoples' losses (this is if the market doesn't shoot up overall). And what about bank interest rates? How do you deal with that, do you give the money to charity?
full member
Activity: 936
Merit: 100
March 18, 2021, 12:56:10 PM
#32
why take issue with religion in crypto? I think anyone can do. So my advice is never to mix religion with crypto, you do your own work. crypto was created not for certain circles, but for all humans on earth. don't do these talks to Muslims. this includes racism
sr. member
Activity: 2128
Merit: 259
SOL.BIOKRIPT.COM
March 18, 2021, 12:17:03 PM
#31
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
Muslim religion interest in Fiat or bank is completely haram. Actually staking is just like interest on Fiat which is seems to muslims community as Haram. Staking with apy just on kind of interest.
Yeah, if i'm not wrong if you will get a certain amount of money without any losses instead of your holding money that is interest and definitely it will Haram. I'm a little bit confusing about staking and usury although staking it’s seem without doing anything will be profit but if cryptocurrency isn’t stable so for staking will not be profit always.
legendary
Activity: 1736
Merit: 4270
March 18, 2021, 11:26:49 AM
#30
KryptoKings, do you have an Islamic financial education?
Quote
By holding in wallet, you don't get any surplus tokesn. So it is allowed

I think that Muslims will not keep coins like porno coin in their wallet. It turns out that not all coins and tokens are allowed by Sharia law?

Explain the difference between POS mining and staking?
Several investors decided to organize a node.
They bought or rented a server, set up a node on it, and receive a reward as node owners. The node does some work on the network, so the profit is reasonable.
If the node does not work, then you will not receive profit.
It is allowed?

What do you think about the work of pools such as Uniswap?
You provide liquidity and receive a reward for it
Ucy
sr. member
Activity: 2576
Merit: 401
March 18, 2021, 11:07:33 AM
#29
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

I thought only lending money to people for interest isn't permitted by Islam?

Wonder what Muslims think about "Holding" to earn from increase in price of coin in the future. That feels more moral than typical staking.
sr. member
Activity: 1386
Merit: 252
Keep it Simple guys :)
March 18, 2021, 10:53:35 AM
#28
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.

my friend, i think you don't understand about staking

Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.

you can read this article to understand more about staking and how does staking work
https://help.coinbase.com/en/coinbase/trading-and-funding/staking/staking-on-coinbase
and in my opinion all muslims can stake their coins
regards
hero member
Activity: 2114
Merit: 740
Leading Crypto Sports Betting & Casino Platform
March 18, 2021, 10:44:33 AM
#27
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
Honestly, I just came across topics like this that discuss religious elements. To my knowledge, Islam strictly prohibits usury, and the law is haram. After reading this topic, the question arose in my heart, Does it belong to the category of usury if a trader is risking their money with the aim of getting the profit?
sr. member
Activity: 1092
Merit: 284
March 18, 2021, 10:32:58 AM
#26
how is the real concept of usury?
because if you refer to interest in a straight line it would seem forbidden to Muslims. however usury also has certain characteristics. to generalize just for the sake of having interest is clearly very imprecise.
because this discussion is quite narrowed into the realm of religion, so I will not be too broad. it is very vulnerable and also regarding the law added to our expertise in the field of religion.

maybe you can give us a little discussion regarding what usury is and also transactions that are included in the realm of usury types.
hero member
Activity: 2604
Merit: 816
🐺Spinarium.com🐺 - iGaming casino
March 18, 2021, 09:52:59 AM
#25
I can not say too much about this matter because every people will have their own decision. And about Halal and Haram, I think that is very risky to discuss because that can trigger to become a long debate. If people know about Halal and Haram, they will not try to use staking, and they will figure out how to make money from other things. So let people decide what they do about staking.
sr. member
Activity: 882
Merit: 269
March 18, 2021, 09:00:58 AM
#24
Sorry but I don't understand your religion, but how does it affect the thinking that the OP might say such things. It seems that you are misunderstanding your own problem, what is staking? OP, do you really understand it? I realize that people are judging you rather than agreeing with your point of view in this space.

I didn't think so that staking should belong only on a specific religion. We should have a proper and fair point of view for each and everyone whatever may the religion they are belong. Also, in fact the blockchain of cryptocurrency doesn't stated that staking or trading shouldn't belong to our muslim brotherhood. I am not a muslim, but i guess this thread only leads to a descrimination that in the first place shouldn't be an issue here.
hero member
Activity: 2856
Merit: 667
March 18, 2021, 08:48:51 AM
#23
So lending is prohibited in Islam (muslim religion) ?

I'm not a muslim so I would not know but I believe that Muslims are very obedient with their God and their law, therefore if it's against their law, they should not do it. I think I need to make a research on this, it's quite interesting because personally I don't think that lending is against the law since I know some muslim friends who borrow money from lending company, so how is it different?
sr. member
Activity: 2310
Merit: 366
March 18, 2021, 08:45:04 AM
#22
Not a muslim here. Neither have I studied muslim laws and beliefs but if this is true it is very weird. If this is true and if all muslims are strictly adhering to this, does this mean there are no lenders among muslims? Does this also mean there are no loans, credits, and so many other forms of investments which involve letting others borrow money temporarily for a certain interest together with the payment?

But staking is not lending. Others have already mentioned this. Staking is not letting others use your crypto. It is for validation purposes.
sr. member
Activity: 1960
Merit: 273
★Bitvest.io★ Play Plinko or Invest!
March 18, 2021, 08:40:58 AM
#21
In fact, this is tantamount to putting your money in the bank in a certain amount and getting compensation for the money that you put into the bank every month.
If you were compensated by the savings you had, would you refuse the money?
just do it, if you fear sin. then you can give the money to the mosque. it will be more useful than you have to question it.
trading on an exchange is also like gambling. Do you do that?
legendary
Activity: 2338
Merit: 1354
CoinPoker.com
March 18, 2021, 08:34:06 AM
#20
OMG, I am surprised by this. We all know that staking is also like gambling since you cannot be guaranteed sometimes profits, there are also some staking that needed pools and some may result in impermanent losses, then it is still Haram.
It's kinda confusing for some since there are a lot of ways that are kinda doing gambling, just like buying cryptocurrencies or stocks, but as far as I know, it is NOT haram but at the same time it is like gambling since you may also lose your money.
sr. member
Activity: 1204
Merit: 250
March 18, 2021, 08:20:30 AM
#19
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
Yes, thank you for this very valuable warning because I am also a Muslim here and as long as I am in crypto, I always avoid programs that smell of usury and that smell of gambling, so that I don't like games, betting, and also stake.
hero member
Activity: 2240
Merit: 953
Temporary forum vacation
March 18, 2021, 06:05:51 AM
#18
Thank god I do not have to compete with 1/6th of the world now to stake my coins, phew! But then wait,,, is it not also illegal for many other religions?

But seriously, how anyone could see staking and PoS rewards as equivalent to usury, for me begs wonderment. Need to check up on your definitions,,, dear mullah OP;)
hero member
Activity: 854
Merit: 506
March 18, 2021, 05:24:31 AM
#17
I’m not sure with the Muslim law but does it mean you guys don’t hold as well since it can also be considered as staking over time though profit is not guaranteed when you just hold?

By holding in wallet, you don't get any surplus tokesn. So it is allowed
You're understanding staking in the wrong way. Staking isn't about lending your crypto and earning interest from it. You only have to put your crypto that supports staking into your wallet without doing anything. It's like mining where you only need to hold your coins and that will be the one to validate transactions and confirm them for other people.
(https://academy.binance.com/en/articles/what-is-staking)
You give your coins to validators who pay you for that. Similar to you give your money to Banks and they pay you interest.
You're understanding staking in the wrong way. Staking isn't about lending your crypto and earning interest from it. You only have to put your crypto that supports staking into your wallet without doing anything. It's like mining where you only need to hold your coins and that will be the one to validate transactions and confirm them for other people.
(https://academy.binance.com/en/articles/what-is-staking)

I was actually surprised that the OP is also a hero member himself. I mean why are you even here if you are not already engaged in cryptocurrency activities despite your religious inclinations? You are a hero member which means you have been here for a long time. Unless what I am thinking is correct, you should actually encouraging people your fellow Muslims to uplift their lives by investing and participating in cryptocurrency. The previous fella, has explained staking very well so I should assume that you should understood it completely by now. Each and every person is entitled to their opinion, but in a decentralized society you have no power over other person's decisions in crypto.
I am also surprised that like most people here, you also didn't understand my post properly. I didn't say crypto is Haram in Islam. I said not to stake. Though one can buy and sell any crypto because that's a different think then staking them.
Learn more as a hero member and it's a big shame for you because you didn't even know the difference between staking and lending.
Staking means you are staking your coin to help the network just like miners, miners being replaced with the stakers that will earn the reward from the fees collected by the network. Lending is a different service.
People have their own decision.
Staking may not works just like lending but both pays you interest.
Before you want to jump in cryptospace, you may need to think cryptocurrency is speculative. Muslim law are prohibited of any kind speculation things.
Muslims should stay away from speculation but that doetmakes crypto prohibited.
Similar one can buy, sell and hold any coins, just do not stake them.
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
So no muslims are investing in stocks and getting their dividends and there is no muslim country allowing the people to buy the stocks of their oil companies and paying dividends?

Stupidity to the core. Roll Eyes
Please first learn the difference between dividend and interest before calling someone stupid.
As a muslim I have to give a counterreply.

The idea of staking is in my opinion much better because the even if it is a lesser evil, it is a lesser evil which nullifies the greater evil and that is big banks.
So in order to clarify this, I believe that PoS will eventually give less fundings to big banks who do use the money for things like usury and even other non religious but immoral things like bribing, corruption and so forth. The more decentralised our funds get, the better for everyone and that even includes muslims.
I am not against decentralization. If I am not liking one feature of something don't imply I am against whole as well
Now thirdly, why is this a wrong thing to post? Because you are not a scholar, and why that matters is due to the fact that this issue is very new, so saying its haram or halal is actually haram because there is barely any Ijma (Consensus) among islamic scholar on crypto, because the issue is so modern.
In the absense of ijma can we do Ijtihaad?.
That is my Ijtihaad.

Quote from: babaner link=topic=5324612.msg56591818#msg56591818 date=1616046178
Now lastly, here is however an article made by a mufti and some imams.

[url
https://islamqa.org/hanafi/daruliftaa-birmingham/136838[/url]

And they conclude that investing in bitcoin and profiting from it is halal, but that they should be very wary of the currency because at the time of the article, crypto was not yet a independently and legally accepted currency, and it still is not to some extent. The reason for that is because Islamic laws dictates that there needs to be inherent accepted value to a currency in order to prevent scams and such things, which is totally fair and actually what any reasonable mind would think.

Man again I am not against crypto and am aware of those rulings.
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