Topic: Staking is not for Muslims - page 7. (Read 1255 times)

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.

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.

Now lastly, here is however an article made by a mufti and some imams.

https://islamqa.org/hanafi/daruliftaa-birmingham/136838

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.

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.

As already mentioned by several members here, staking and lending are different. If the purpose of your post is to give a warning to other members who are also Muslims, you should also include such a reference to the verse in your holy book, so that what you say becomes stronger.

Religion and Haram and Halal in Islam are always influenced by people and time. Middle-east once was a center of science and technology, early Muslim text are filled with brewing techniques and praises about alcohol, women had a much prominent role in the family and it all co-existed with Islam. But with change in leaders and their preferences, there's no more place for those things.

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.

I am surprised, this is the first time I saw a post about crypto being related or connected to religion. If you stake you don't actually lend your coin/token, you hold it in a certain wallet where it would gain a certain interest in a period. I am not familar about muslim law and religious belief, but if you think it is against your belief, feel free to stay away from it.

They're likely similar but both of them are different, don't confuse between staking and lending.

In simple understanding staking and mining are same, but staking doesn't need huge electricity and costly machine to generate new coin. Staking doesn't make the other person (miner or etc) balance is decreasing.

While lending you don't even need to do anything, what you do is expecting the borrower to pay you more on the agreement and make the borrower balance is decreasing.

Before you want to jump in cryptospace, you may need to think cryptocurrency is speculative. Muslim law are prohibited of any kind speculation things.

I have Muslim friends and I think crypto staking does not violate Muslim norms...
What violates Muslim norms is when a Muslim stakes in fiat money, for example, bank deposits, where the money must be used by the bank for their usury. However, the concept of crypto is different from fiat, so crypto staking does not violate Muslim norms.

When I searched for this topic, I stumbled upon many articles and seen that interest is banned on their finance. So I'm not sure how banks operate in the major Muslim countries, but how do they make money?

Like the other members said, Staking and Lending are different features depending on the coin/token. Maybe specify a more specific scenario?

With those few posts above, I guess, he should already learn a thing or two about staking.
Maybe he has not staked even one coin so he has no full grasp the use of it.
But anyway, it is good that we are in this forum, exchanging ideas so people will enlighten what they are thinking about a specific topic.
And yes, even if you do have Muslim brothers here, let them decide what they want for their life.
We are in this age, where everyone should be free thinkers already.

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.

That should be it. Telling them that it's another investment that they can earn from since it's a very common investment scheme in crypto. But we shall not intervene if that's what they really think about it. Although they should check and consider first the description of staking before concluding that it's sort of lending. Well, in some exchanges there's that feature and that's what they should avoid.

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.

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’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?

I admire Muslims who are really devoted, and good to their words and actions. This is indeed cryptocurrency is for everyone who wants to use it, I hope that it didn’t stop you from buying and selling.

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.