What happens when new altcoins encourage religious, political and other agendas? - page 3.

beerlover

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Quote from: Cryptomultiplier on March 17, 2023, 06:48:44 AM

I stumbled upon this thread on Twitter talking about the emergence of islamiccoin. In the history of altcoins, I wonder who would try to create a religious coin and with what motive?
What happens when other religions and political offices and even other sections of power launch their own coins?
I know most already exist, is this move more to empower followers of such beliefs with a future proof and profitable financial instrument and should be encouraged or will this cause an even further divide with evolutionary complications?
Uganda is one of the nations who has embraced this development and is championing the cause to help their Muslim community redefine themselves through entrepreneurship and investment in both cryptocurrency.

It's just another hype attempt, a buzzword attempt and nothing more. Just like how people used "NFT" for a while to get the attention of investors and that is why it becomes a bit more like hyped and gets money. Same was for defi, or memes or anything else really, it was just buzzword and people invested because those things were hyped during that time.

However, when you look at this, it's Islam, or political stuff, or whatever else, those are all hype words for crypto devs as well, "if 3% of Islam world invests", is that it? Like what's the idea behind it though, why would the Islam world invest into it? What's the reason that would make them even invest? Just because it would be big if they do, then they should? Makes no sense.

Silberman

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Quote from: jacafbiz on March 23, 2023, 02:42:33 AM

Any coin or token trying to promote one religion, political party, or sentiment, and other stupid agendas which always cause division in the society will end up a failed project. I don't understand why someone would want to play this part, it is against everything Bitcoin and crypto stand for, money is money everywhere so why do you need to start causing division because you want to please one part of society or you want to encourage some partnto use crypto or you want to please another section of the community. This one for me is dead on arrival

I do not think the scammers behind this coin have any other aim but to make money out of naive investors, as we know money is nothing more but a tool that was created by humans to facilitate trade among us by giving us a common unit we could exchange for the goods we need and want, so any attempt to try to twist the reason for money to exist will always fail, as any form of money that is tied to some kind of religious or political identity will always fall behind to a form of money that does not hold those restrictions.

DapanasFruit

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I don't have details on Islamiccoin but I can sense this is not started by any religious organization but by someone or a group who just want to be taking advantage of the sympathy they can get from those belonging to Islam. In other words, this can soon turn out to be just another failed project because it is not getting the interest from a critical number of people or worst it can just be another scam whose developers will evaporate once they got the money they need. We have to be careful as we are in a scam-laced industry.

Luffygroove

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I came across a hybrid exchange project a few days ago that follows the Islamic principle of mudarabah (which indicates a revenue cooperation wherein one party contributes funds while the other party supplies skills and employment), eschewing staking and future trading, which are prohibited in Islam due to the haram nature of interest; though not exclusively for Moslems, the developers hope to attract them to invest in a shariah-compliant crypto project, but actually this concept provides protection for all investors (either Moslem and Non-Moslem) as profit shares and spot trading are less hazardous than staking and future trading. I believe the reason for the existence of such projects is because the Islamic viewpoint has its own guidance in financial aspects and investment, which is why some Moslem Developers want to attempt to develop a project that goes along with their beliefs.

jacafbiz

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Any coin or token trying to promote one religion, political party, or sentiment, and other stupid agendas which always cause division in the society will end up a failed project. I don't understand why someone would want to play this part, it is against everything Bitcoin and crypto stand for, money is money everywhere so why do you need to start causing division because you want to please one part of society or you want to encourage some partnto use crypto or you want to please another section of the community. This one for me is dead on arrival

jrrsparkles

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This is 21st century so deciveving people with the name of political or religious thoughts to scam money from them is not that easy and as per some Islamic countries any kind of cryptocurrency is against their laws then how can they say if they create one for their own its allowed? The laws applies to everything and anyone with common sense would not fall for such stupid scams.

Strongkored

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Quote from: Cryptomultiplier on March 17, 2023, 06:48:44 AM

What are your thoughts? Let's discuss!

The motivation is money and every coin that is created always has the main goal of making money for the developer. When someone uses religion to create a coin it happens because they see the potential to gain the trust of people who adhere to the religion that the developer uses in the name of their coin. The coin developer knows that many religious adherents don't have the intelligence to distinguish which ones are in accordance with their beliefs or are only used for profit, not because they are stupid but because they don't have access to correct information or it could be because they don't want to find out about information before finally deciding to invest in coins that use religious names or other famous people, and usually coins like this aim only to cheat after getting a lot of money, and those of us who already understand many forms of fraud must properly educate our community so they don't get caught up in this.

o48o

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Quote from: Cryptomultiplier on March 17, 2023, 06:48:44 AM

I stumbled upon this thread on Twitter talking about the emergence of islamiccoin. In the history of altcoins, I wonder who would try to create a religious coin and with what motive?
What happens when other religions and political offices and even other sections of power launch their own coins?
I know most already exist, is this move more to empower followers of such beliefs with a future proof and profitable financial instrument and should be encouraged or will this cause an even further divide with evolutionary complications?
Uganda is one of the nations who has embraced this development and is championing the cause to help their Muslim community redefine themselves through entrepreneurship and investment in both cryptocurrency.

Quote

If 3-4% of the Muslim online community will hold Islamic Coin, it will become a bitcoin-scale crypto asset!

Reference link:
https://twitter.com/Islamic_Coin/status/1620656062125719555
What are your thoughts? Let's discuss!

Stupid idea but i get why they are doing it. Getting a community in crypto space is hard and hijacking existing non-crypto community behind your cryptocurrency seems like logical step if you don't understand cryptocurrencies. I guess community tokens or coins always have some holders, but they are mostly annoying to most of the members of that community that they are trying to hijack.

Because just because someone makes a crypto, let's say about delivery industry workers, to unite them, most of the delivery industry workers see that as a money grab that doesn't represent them in any way. Just because i make the coin it doesn't make me any kind of spokesperson of that community.

LogitechMouse

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On my 5 years in the crypto industry, I didn't encounter any single token/coin that is related to religion that became successful... or it's because there's no project that has been created that is related to religion at all.

Either way, I don't see any good use-case to that kind of token at all. I mean how will it help us people who aren't an Islam. I don't see any benefit from us aside from capital appreciation of the token which is highly unlikely to happen.

I guess it would be better to just stay away and ignore projects that are related to religions or politics at all. All of these are shitcoins that aren't worthy of investing our money with. Just focus on Bitcoin, and maybe Ethereum.

isaac_clarke22

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Quote from: lovesmayfamilis on March 17, 2023, 07:34:23 AM

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Defining that "investment" as "loyalty" to the cult BS, lol. Although I never stumbled upon such coins like that back in 2018, I won't be surprised that there would be projects that would use religions as a means to lure out religious investors. It surely is just a money grab.

I am a religious person, but I have separation between my money and my religion. Even if the churches near me would even promote such projects which is highly unlikely, I would not think of it as something that I should do "as someone" with the same religion.

Kinda reminds me when people were asking if Bitcoin is like a religion in BTC Discussion section, lol.

Scripture

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Quote from: Marvell1 on March 18, 2023, 10:16:55 AM

I don't mean to offend any religion, I want to say scammers are willing to do anything as long as they can scam people and make a profit for them. In my opinion, we should stay away from those coins, it's a waste of time to learn and research about them. Religion is sacred to worship and worship, not something to be bought and sold or made for profit as these scam projects are creating. I hope the scammers creating these projects will soon be punished for what they are doing is insulting our god.

This is true, fake projects will attack those vulnerable and because of having that faith for sure you can easily fall for a fake project. Stay away from this as much as possible because this is not worth it and beside religions don't force their own people to invest on anything, because that is already beyond their jurisdiction and not on their belief. If a project uses any group to encourage people to invest, think again about that project and you'll see why you have to stay away from them.

Silberman

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Quote from: n0ne on March 17, 2023, 06:34:37 PM

This is just a gimmick to get the attention of particular community. These kind of practice easily reach the common man who doesn't have much knowledge about cryptocurrencies. Just for the religion we can see people getting interested over it and invest. As most users mentioned when something is focused with religion it is gonna be a scam that gets exposed immediately or in the long run. Already we were able to see similar coins like Jesus, biblepay, biblecoin, islamicoin and so on. Just to the list Islamic Coin gets added, nothing much gonna happen.

Scammers hold nothing sacred, they are the kind of people that could sell their mothers if they could win a couple of dollars by doing so, and as such it should not surprise us they are trying to use religion to scam investors out there, just as they used the name of televisions shows, movies, politicians and an unending list of offensive coins they have created just to improve their chances of scamming anyone naive enough to send them some money.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: GEMIN_M4 on March 18, 2023, 04:02:57 AM

We are in such a mess crazy world today, where anything can be encouraged, either good or bad, people don't think deeply anymore, many people have their inner delusions and when someone works toward it, their dream they rise up to support asap, most things that are happening today is all started by religions, I serve the master of this universe but I never get to a position where I let my someone else thoughts affects mine.

You do have to keep an open mindset though, that is what bitcoin has been an symbol for. To remove oppression and to stand on your own.

It is true that many religions have financial codes but these are made by humans and no being came from the sky and wrote them down on a block of cement. So feel free to enter any altcoin that you feel is worth investing in, but do this with diligence and not because they are promoting a certain propaganda. Consider your profit/loss and only then should you invest.

Or just be safe and invest in bitcoin, why bother shitcoins anyway? Roll Eyes

Marvell1

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I don't mean to offend any religion, I want to say scammers are willing to do anything as long as they can scam people and make a profit for them. In my opinion, we should stay away from those coins, it's a waste of time to learn and research about them. Religion is sacred to worship and worship, not something to be bought and sold or made for profit as these scam projects are creating. I hope the scammers creating these projects will soon be punished for what they are doing is insulting our god.

kamvreto

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Quote from: cryptoaddictchie on March 18, 2023, 04:15:05 AM

Quote from: Cryptomultiplier on March 17, 2023, 06:48:44 AM

What happens when other religions and political offices and even other sections of power launch their own coins?

In decentralized space rule they are actually free to do anything they wanted. No one forbids it and as far as I concern, people already got wise not to engage on such coin or token that only uses peoples money to attract power and fame. They may used blockchain as a business but only fool would follow them unless they are also can benefited on this coin.

If ever chance government would create one, I dont think people would get interested with the nature politician handle this things.

Freedom is everything, nothing prohibits doing anything including making new coins that are supported or supported by religious or political agendas.
Several years ago there were many new coins that emerged confident that the coins created were coins that many crypto users would choose because they were based on sharia and fully supported by the government. But in fact it's all nonsense, they just want to get the initial advantage and then leave it. and new altcoins created by well-known influencers also boomed, but eventually collapsed.
It is now widely known that new altcoin projects that are still sheltered under a religious or political agenda will never find a place, they will all end by themselves.

rokok lokal

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I think there are many different investment options, both sharia and conventional, all you have to do is believe in each one and be smart in choosing where to invest, in the end, all are equally profitable or unprofitable. and if we look at the Cryptocurrency Market this is very volatile and subject to fluctuations, and it is not clear whether this altcoin will be able to maintain its value and relevance over time.

cryptoaddictchie

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Quote from: Cryptomultiplier on March 17, 2023, 06:48:44 AM

What happens when other religions and political offices and even other sections of power launch their own coins?

In decentralized space rule they are actually free to do anything they wanted. No one forbids it and as far as I concern, people already got wise not to engage on such coin or token that only uses peoples money to attract power and fame. They may used blockchain as a business but only fool would follow them unless they are also can benefited on this coin.

If ever chance government would create one, I dont think people would get interested with the nature politician handle this things.

GEMIN_M4

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We are in such a mess crazy world today, where anything can be encouraged, either good or bad, people don't think deeply anymore, many people have their inner delusions and when someone works toward it, their dream they rise up to support asap, most things that are happening today is all started by religions, I serve the master of this universe but I never get to a position where I let my someone else thoughts affects mine.

zasad@

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Quote from: Cryptomultiplier on March 17, 2023, 06:48:44 AM

What are your thoughts? Let's discuss!

look at this project
[ANN] Mahraba(MRHB) - Sharia concept DeFi
https://bitcointalksearch.org/topic/ann-mahrabamrhb-sharia-concept-defi-5386468
No need to mix religion and business. If you are a religious person, then you must first acquire certain knowledge, and then go into business so that business does not contradict your religion. Sharia law does not prohibit cryptocurrencies now, but not all projects are allowed. There are a lot of good options for investments now, so I'm not very interested in religious projects

killerfrost

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An exaggeration from someone, and also nothing to think about because it's just a thought that comes and goes. Naturally OP mentioned religion with crypto, reminded me of a certain project with a Muslim team, and it's ironic that a Jewish side is protesting because the project is a scam. And they used their own religious conflicts to baselessly accuse each other, and to this day I haven't heard anything about it.

Let's focus on the economic, scientific,... don't bring elements of spiritual values into this field, that is considered a defamation, I know and believe in the metaphysical world , they won't need things like money and fame that we see as life.

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