Bitcoin 101 - Ep 7 "Conclusion"
Вставка
- Опубліковано 12 чер 2024
- My final thoughts on Bitcoin & Conclusion.
Topics:
0:00 Introduction
2:35 Store of value argument
4:58 Is it like stocks?
6:38 Is it like gold?
6:57 Can you switch it off?
8:03 Circular "hot and cold" argument
10:00 Crypto did expose problems
10:43 Good money and objectives of Shari'ah
13:01 Positives from crypto
13:58 My final thoughts
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ua-cam.com/video/SDBbjsNJc4g/v-deo.html
JazakAllah khair. I thought I knew cryptocurrency good enough but I was wrong. This series expanded by knowledge and vision. Thanks.
ما شاء اللّه
thank you very much for your sharing sir
An excellent summation! Thank you!
Thank you I feel better about this matter now. Alhumdulillah
All episodes available at "Bitcoin 101" playlist > ua-cam.com/play/PL648OdKhWVX-jYMmBvAfwtEEF3bJyDEr8.html
Wonderful arguments. May Allah SWT bless you.
Episode 4 You mentioned that contrary to popular beliefs Wall Street would prefer a crypto-based banking system to avoid governments regulations... And now see how BlackRock is amassing Bitcoin as much they can. Jazakallah khair Sheik Almir.
Great video. Thanks
Thank you!
Jazzak Allah khair
mashallah.
❤️ Alhamdullilah
Impresive. The sun of islamic culture is arising, a better world for generations to come soon come. Allahu akbar.
I would like to see a follow up video on Bitcoin. What do you think the future looks like considering what's happened lately and the present turmoil?
Anyone who wills can create crypto-"currencies"! That alone should be a sign!
Anyone also can open a company, but will it succeed?! some cryptos are really trying to build a better system, take Cardano or Algorand for example.
@@evanlebzu1 Cardano is doing great work in Africa my brother. Excited for the launch of smart contracts :)
Incidently, I was thinking about this yesterday. If you buy, let's say BHP shares, you know for sure that It is real, you receive dividends, It is regulated and most of all they make things they can sell worldwide. And in the worse case scenario you sell those shares. One thing that I might add is that the potential resides in the technology used in crypto, Block Chain, that will eventually be used in other fields. Thank you brother Almir for this video.
When you own crypto you dont own the underlying technology. You have zero equity. Also if the technology is game changing, IBM, Apple, Microsoft and others will develop them in house for their own use and IP. None of them have because having a centralised system is far more efficient at scale.
Asalamun alaykun brother agree with you when it come to bitcoin but some of the blockchain have good value for human development like vetchain to farmers and business to track the good and ada cardano to help the 3th world country with data colection and track studian record etc...... thank you asalamun alaykun
What about other cryptos? smart contracts for example? where you can build an eco-system of useful decentralized apps on top of it.
We will see what actual problems they (smart contracts) solve and judge on that. Regarding decentralised finance and apps we talked about defi in ep 4, ua-cam.com/video/MxXeHtltLak/v-deo.html
I would judge all other coins on the concluding points that were raised in summary of what makes "good money".
Thanks for asking
السلام عليكم ورحمة الله ❤
Brother can u update us on this matter since Kaspa, a POW that solves the trilemma of scalability, decentralization and security. And is used by many merchants for buying goods and growing
Jzakla for taking the time to explain in 7 episodes of ur thoughts on BitCoins. But I wished you'd given solutions from the Sunnah & the SAHABA. But now I must find Ibn Taymiyya's book on finance. I'd like to know if bringing back Gold & Silver for trade & transactions like in the time amongst the Salaf is a practical solution for today? Thanks again in advance for your gracious reply.
Waiyakum brother, those recommendations if taken seriously can lead to solution - in short - creation of currency of any kind should be effort led by government and paid by public treasury so that it remains independent - after that policy should be to monitor erosion of value in currency as well as to ensure supply match the need and ensures just prices in the market. Once you have that, the rest is easy. Whether that has to be gold and silver or something else is seperate discussion.
@@AlmirColan Definitely Sheikh. inshAllah let's work towards it. But having said that I understand that 1400 years on, no society or group of ppl have come up with that solution putting into practice yes? if you know of any country who's implementing it of a niche group that is following that islamic line of finance model do enlighten us. wa salam.
Thank you for spending all the time and research on this debated topic. However, in my opinion with Bitcoin it comes down your intention. If you look at it primarily as a commodity and store of value because you know taxes and inflation are going up all around the world and you want to provide security for your family and ummah I don't see the problem buying bitcoin and selling it later at a higher price. Yes, bitcoin is manipulated. So are gold and silver. A gold miner could delay the discovery of new gold to increase profits. Also, gold has in the past been made illegal by governments, just like bitcoin could be made illegal. When it comes to bitcoin as a currency today it is definitely used as a medium of exchange.
Gold does have physical properties. It is difficult to say that bitcoin has physical properties. It is rather intellectual property because when you store it in a hard wallet you can only retrieve your bitcoin by entering a seed phrase that only you know.
I believe the intention that you have when you use Bitcoin is what ultimately counts. Only Allah knows in the end.
From country to country Cryptocurrencies are not really classified as money. In Germany Cryptos are classified as speculation asset like an Oldtimer or painting (same tax). The argument "making money from money" by holding Bitcoin or other Cryptos and selling at higher price is inapplicable in my opinion. Rather it is a digital asset class with missing regulation in many countries.
Not sure if you understand my point. What do you think that sentence is saying within argument? Argument is that if we want to have good money then it should be paid by us - it should be collective effort without commercial incentives. Regardless of how legally one country classifies bitcoin - whatever it is - people to various degree use it as medium of exchange. Incentives create different kind of a problem that we talked in previous episodes. So larger argument is about independence of money as a "judge" of other commodities and how commercialisation of it can not be for public good.
@@AlmirColan you are assuming that Bitcoin is a medium of exchange from the view of the majority of people, really? I am assuming that you are talking only about Bitcoin not of other Cryptocurrencies.
@@zarterkerl I am talking about Bitcoin - but even if we talk other coins - people use them for pump and dump so that is technically medium of exchange to get fiat or other coins like bitcoin... but all that is the side issue and not important for me. Focus on the larger point. What is it that we have created? Dont just look at the brick, but look at the building. From illegal commerce to making money by false pretences and unregulated financial products that can inflict massive potential for harm - that is where unethical ecosystem rises. How others use cryptos for speculation or illegal commerce or some other symbolic transactions does not matter individually. It is not a matter also what is bitcoin classified as, but what have we built with it.
@@AlmirColan If your yardstick is ethics, ditch the fiat. Dollar is the most unethical. But that, critics won't.
Crypto is used for alot of good too. Cardano for example onboarded millions of Ethiopians and will provide infrastructure in collaboration with education ministry. Why ignore the good? All arguments you make can easily be tailored back at you to your currenr systems. Crypto have thr potential to end or atleast bypass dollar hegemony.
Is creating and selling NFTs haram? Or do you see it to be immoral like cryptocurrency? Please respond brother because I have no idea.
Best to look at examples of NTFs and see if there is anything useful or need in it or its just for vanity.
Almir Colan JazakAllahukhrain brother I think understand, I really appreciate your response
Salam bro
When you make the case against by saying people holding crypto are waiting for the next buyer to come in and pay a higher price, do you realise this applies to for e.g gold and stocks as well? If my mom holds gold in Pakistan, she only does that so in the future she can sell it at a higher fiat price. So according to you this is ponzi? Doesn't make any sense.
Then you go onto say but crypto is not lile gold because gold can't be banned, nobody controls it, well gold is highly manipulated and most of it is just paper gold anyway. Also bitcoin cannot be banned. That is incorrect. YOU can only ban YOURSELF from it, as China has done. Bitcoin network kept running regardless. That is a moot point.
You say Islamic govt can mint money. Well then you should focus on that. Why not make the case for muslim countries to go the El Salvador route and mine Bitcoin? This will bring censorship resistant money to muslims that can bypass US hegemony. Think about it, in the future, if the Islamic Khalifah decides to either mint money on a blockchain and distribute it by allowing 1:1 swaps with curren fiat, or even adopt the Bitcoin standard and mine wealth, what problems would you then have?
Sure dirham and dinar were prevalent during the sahaba, but where exactly is it written in the Quran and Sunnah that ONLY gold or silver is money?
You have no idea. With Stocks the value of the share price rises because the business is making a profit i.e selling goods and services which are in demand by society. Also you mother is not speculating with Gold, there is fundemental demand which has remained constant for centuries underpinned by industrial and commercial uses. It is the most perfect metal which doesn't erode or decay. It is intrinsic.
@@Rayman96 you are not even replying to me. But a strawman in your head.
If in your naivety you think stock prices go up because profits only, then I've got news for you: NGMI
Tesla wasn't profitable for what 15 years? More? Even now they sell credits. You denying the speculative price action of gold further displays your ignorance. And no, you're wrong again, my mother IS speculating on the price of gold. She has no idea and does not care whether gold has intrinsic value, used for centuries etc etc. She aims to speculative, so do many more. And oh the 'fundamental demand' of gold lol. Its performance for years has been a joke even when bugs like Schiff have been trumping the financial doomsday trumpets. What has on the other hand happened is more and more Bitcoin and crypto adoption along with 1000% gains. So by all means you can have your never eroding shiny rocks with the strawmans that you construct.
Gold has intrinsic value.. i.e. Your mom or somebody else can use Gold as ornaments. I know many people who use Gold as ornaments. jewelry and even other functions. The difference with crypto currencies is that they have no intrinsic value.. That is they cannot be used for anything else other than holding and selling them that is the main difference.
@@wiilsharaban Don't bother replying to him. He is brainless. Hope his worthless Crypto holdings are doing well.
@@Rayman96 brother, we need to try our best to show our brothers the correct reasoning and distinctions so that they may make a good decision... No need to give up without at least trying..
If you transact in FIAT or anything else than gold and silver then you are a hypocrite
But you don t understand BTC nor you have a better solution
I think you started of years back on the negative and are busy justifying yourself without using Allah said and The prophet saws said. I will tell you central banking is not as old as you think and income tax is haraam. Stop protecting a system unwittingly. Instead read Al kahf ' take this coin and let nobody know of you', destroys all your arguments against privacy of transactions.
Muslims against privacy in trade have accepted central banks , taxation, nationalism and nation states as halaal and are unwittingly preserving them because of the few benefits they think they are getting instead of helping like minds to destroy them. If covid has not been a warning, nothing will.
That is in the entirety is collection of false statements.
Also more relevant verse is to not help each other in sin and transgression
@@AlmirColan Allah knows best, one could give a discourse on microphones, how evil they are, used for music and propaganda. Inventions are from brains created by Allah, how you see or use them is a reflection of our hearts. When I first worked with Bitcoin in 2013 I was excited how Muslim nations could avoid sanctions and the swift system, but after the FBI stung one user, Ross, his usage of the tech has consistently been used to condemn it as a criminal tool, what would you say of the internet? 70 percent of its traffic is porn. Don't condemn technology, teach people beneficial applications like your videos which I disagree with and do not belittle because I see your angle of ijtihad. I only love you for Allah's sake.
@@vmwabe I agree with you bro. Crypto provides a great alternative to counter the dollar hegemony. I'd like muslim entrepreneurs to enter the space and make it so their projects comply with the shariah, rather than dismiss such an amazing space altogether. Allah knows best
@@vmwabe may Allah reward you bro for your nice end of comment. This is most important to keep brotherhood, no matter we disagree each other in such cases. May Allah reward also our brother Colan because of his effort presenting islamic way of finance. May Allah give you both more understanding and beneficial knowledge.
First, Ibni Teymiyyah is not ehli sunnah. He is the thought father of ibn al Wahhab(Najd), which started all this Tekfir fashion in the Muslim world(wahhabis, salafis) mezhebs created by
England to defeat Ottoman Hilafa. Anyone in 4 mezheps Hanefi, Maliki, Safi, Hanbeli can not take his words seriously. I was so sad that he was quoted by a Bosnian, which he should be well aware of this danger.
Second, I don't think any muslim is talking about current crypto market. We are focused on what we can do with Blockchain technology. Creating pools of real world assets, that can be easily shared, spend, invested in. (Tokenization of Assets) As no retailer in the current world accepts gold and silver. It could easily be a form of payment same as debit card. Plus these tokens can easily be programmed for advanced use.
Discussion is getting pulled on, "look what these bad guys are doing, we cant use this", like the first years of internet, even television. Yeah, it can harm you if you go in wrong direction, but it can benefit you so much if you go in right direction.
Fatih Sultan Mehmet bought empty big wine drums, in the conquest of Istanbul. He didn't think "these wine drums were used for bad purpose". When muslim civilization was advancing, they were thinking so different than how we think today.
These are just my thoughts, please ask and learn from real ehli sunnah scholars.
I hope that you dont understand me wrong. I respect every point of view. I just believe this is a perfect chance to bring economies, especially in Muslim countries, back in gold and silver again. A new form of stock exchange that is highly liquid, you can buy fractions of shares of a company, without being dependant on any system. You issue your own debit card. I think that would free us from the limitations that "they" put on us.
I can not agree with you on Ibn Taymiyyah - most of the leading scholars of all madhabs respect him and at the same time if they disagree on some opinions they say so. For example, if you read some opinion of leading Hanafi scholar Mufti Taqi Usmani you will see that in some of his work he quotes from Ibn Taymiyyah very respectfully. As for politics and what happened centuries after him that is different story and not for comments section to discuss.
@@AlmirColan ok, leaving politics aside, as you said many scholars disagree on ibni Teymiyyah s opinions, and they have stated it. As far as we know, ibni Teymiyye didn't correct those opinions in his lifetime. Imagine a glass of clean milk, if blood drops in the milk, can we drink it? Itikat is much more sensitive than glass of milk.
@@altnzydgur4983 Scholars follow evidence and it is ok to have some opinions that might not be popular. Ahlu sunnah is full of scholars and issues that have majority and minority opinions by scholars.
@@AlmirColan i'm going to put my last reply for the people who want to learn more, as i am not a scholar, still and always be a student. I disagree on majority and minority opinion difference of scholars. None of the ehli sunnah scholars have contradicted each other on the itikat level. They did have different opinions on specific rulings like how we Hanafi s cannot eat shrimp, lobster. (The creatures without fish shape that come out of sea or lake) . While Maliki, Safi, Hanbeli can eat these as supply of food to mainland was scarce in those regions. You can choose any of these mezhebs and follow them completely. This is a very specific ruling example, does not effect the main belief of Islam. On the other hand judging people on main beliefs of islam creates serious problems, misunderstandings and division of muslims in general which relates to my first comment.