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Virtual Currencies

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11 hours ago, Bakir said:

Depends on how much you invest at first. It's better to say %/month. You could have easily made up to 2-3X your initial investment in the last two months. Many of those who committed no significant errors made 10X amd even, in some cases, 100X. Basically, one zero or two zeroes more to your initial investment.

If this is worth doing , i'm someone who can obsessively work and research to a ridiculous degree. Everyone is jumping on this, and it feels like the dotcom bubble i was too young to be part off. I don't want to miss the boat before this gets oversaturated and too known. Any idea where i can start reading on this?

I have money to invest, but that is all i have i.e my savings - so i could throw money at this. The problem is, what is the catch?

Edited by Intellectual Resistance

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2 hours ago, Intellectual Resistance said:

If this is worth doing , i'm someone who can obsessively work and research to a ridiculous degree. Everyone is jumping on this, and it feels like the dotcom bubble i was too young to be part off. I don't want to miss the boat before this gets oversaturated and too known. Any idea where i can start reading on this?

I have money to invest, but that is all i have i.e my savings - so i could throw money at this. The problem is, what is the catch?

Cryptocurrencies are already well known, albeit still new and unpredictable.

The advice I've received from people who have studied finance/economics is that cryptocurrencies, despite having made a number of people an incredible return on investment, are still speculative in nature, and to only put in money that you can afford to lose. So putting in your savings is a big risk, especially if you're not well off and your savings account is your safety net.

Since futures on bitcoin were introduced last month, bitcoin's value has mostly fluctuated between 12-16,000 USD, it keeps on going up and down.

As for the catch, there are quite a few, especially with bitcoin: transaction costs which are now huge, making small purchases pointless unless through a service that doesn't charge for exchanges between individuals on their own platform. Cryptocurrency exchanges crashing at vital moments. Payment limitations: depending on your nationality, some exchanges like blockchain.info will only pay into an international bank account which can incur further fees, so it's best to buy from individuals on exchange boards. But they all set their buy/sell prices lower/higher than market value. I learnt this stuff the hard way. Thankfully I only put a small amount into bitcoin, and if it's value rises, I should make a small profit.

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On 1/10/2018 at 10:50 PM, Muhammed Ali said:

With respect, I don't think you understand at all

Well brother, I called countries placing bans on cryptocurrencies and that happened - China, followed by South Korea but then the rescinded the ban). Point is counties are discussing banning it so it is apparent that I understand.

On 1/10/2018 at 10:50 PM, Muhammed Ali said:

You can buy a piece of paper proving ownership of soya. You could do it online and have your ownership registered by a regulated entity. If a single entity is required to store that soya for you, then what is the point of having a decentralised cryptocurrency backed by soya (except to make the records more immutable)? When someone buys that soya from you, that single entity will still have to keep that soya in storage for that person. What a cumbersome system that would be. Imagine going to the shop to buy a penny sweet with soyacoin. Lots of soya to "back up" all the soyacoin in the world.

Question: What is soya backed by?

Soya is a thing. A cryptocurrency is currency.

Soya is backed by exactly what gold is backed by.

Question: what is bitcoin backed by?

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17 hours ago, Muhammed Ali said:

Soya does not have monetary value because it is backed by anything, let alone "backed by nature". I was trying to get the brother to answer that soya has intrinsic monetary value because it has utility (e.g. as food) and is limited in supply.

Do you think all artificial things should not have monetary value? Should cars be worthless? Should digital information have no monetary value?

SC is blocked in Pak so I couldn't reply. 

Tell you what, when you can buy a Telsa with a couple or 4 bitcoins, then we can discuss monetary value of things.

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On ‎1‎/‎11‎/‎2018 at 8:39 AM, Meesum_Mtl said:

Feels like the dot-com bubble

l thought the same this week when Putin announced that Russia will now have a crypto-currency.

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16 hours ago, Intellectual Resistance said:

If this is worth doing , i'm someone who can obsessively work and research to a ridiculous degree. Everyone is jumping on this, and it feels like the dotcom bubble i was too young to be part off. I don't want to miss the boat before this gets oversaturated and too known. Any idea where i can start reading on this?

I have money to invest, but that is all i have i.e my savings - so i could throw money at this. The problem is, what is the catch?

Always DYOR, or follow the trend and buy for the long term (XRP, XLM, ADA, IOTA, etc.)

I think it is more stable than it seems (although not compared to stock market), and it is still a pretty unknown market considering that the global market cap has still not crossed 1 trillion dollars. Volatility is pretty high, so use that for your own benefit.

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17 hours ago, Bakir said:

Always DYOR, or follow the trend and buy for the long term (XRP, XLM, ADA, IOTA, etc.)

I think it is more stable than it seems (although not compared to stock market), and it is still a pretty unknown market considering that the global market cap has still not crossed 1 trillion dollars. Volatility is pretty high, so use that for your own benefit.

Ah, so would you argue it isn't too late to get in on this?  Thanks for this post brother, very useful.  Any idea where one would start reading up on this and getting in on this?

On 12/01/2018 at 2:29 PM, IbnMariam said:

Cryptocurrencies are already well known, albeit still new and unpredictable.

The advice I've received from people who have studied finance/economics is that cryptocurrencies, despite having made a number of people an incredible return on investment, are still speculative in nature, and to only put in money that you can afford to lose. So putting in your savings is a big risk, especially if you're not well off and your savings account is your safety net.

Since futures on bitcoin were introduced last month, bitcoin's value has mostly fluctuated between 12-16,000 USD, it keeps on going up and down.

As for the catch, there are quite a few, especially with bitcoin: transaction costs which are now huge, making small purchases pointless unless through a service that doesn't charge for exchanges between individuals on their own platform. Cryptocurrency exchanges crashing at vital moments. Payment limitations: depending on your nationality, some exchanges like blockchain.info will only pay into an international bank account which can incur further fees, so it's best to buy from individuals on exchange boards. But they all set their buy/sell prices lower/higher than market value. I learnt this stuff the hard way. Thankfully I only put a small amount into bitcoin, and if it's value rises, I should make a small profit.

Great advice brother. Very well-detailed. What would you say were your biggest mistakes - or the biggest mistakes a newbie would make, if you don't mind elucidating? When i said i have money to invest , it isn't in the thousands, maybe the hundreds at most for now. So losing that will hurt but won't be catastrophic, if its worth taking the risk. 

Edited by Intellectual Resistance

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On 12/01/2018 at 4:46 PM, shiaman14 said:

SC is blocked in Pak so I couldn't reply. 

Tell you what, when you can buy a Telsa with a couple or 4 bitcoins, then we can discuss monetary value of things.

SubhanAllah, they've blocked Shiachat in Pakistan? That pales in comparison to the general oppression you guys bear and suffer, but i thought acts like those were more a Saudi thing.

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On 1/13/2018 at 5:54 PM, Intellectual Resistance said:

SubhanAllah, they've blocked Shiachat in Pakistan? That pales in comparison to the general oppression you guys bear and suffer, but i thought acts like those were more a Saudi thing.

I was there for 10 days. Only time I could get on was thru VPN on my laptop.

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14 hours ago, Intellectual Resistance said:

SubhanAllah, they've blocked Shiachat in Pakistan? That pales in comparison to the general oppression you guys bear and suffer, but i thought acts like those were more a Saudi thing.

Obviously, there is no point in blocking SC.

So why will anyone do it?

Gov't peeping-Tom bureaucrats need to fill-up their over-paid-with-benefits time.

So by blocking SC they then can busy themselves by searching for your possible alternate-conduits-of-communication.

Do you use other sites?  Do you email XYZ?  Do you get some cha or coffee?

These and other hypothetical questions while these bureaucrats can still sit on their behinds, and wait for their break time  so they can watch porno (like the lRS, ...).

BTW Did you check dead-drop 2 yet?

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@Bakir Note from your gambling post top page 3

Criminals leaving Bitcoin because of its volatility.

http://fortune.com/2018/01/22/bitcoin-monero-cryptocurrency-crime/ 

<1% of criminals are now using Bitcoin on the DarkWeb.

OPINE: So how will this affect the new cryptos like Kodak and Putin as noted this month???????

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While the Wall Street Journal Fri,26Jan18, has an article that Wall Str. is "bullish" on bitcoin;

in Japan https://asia.nikkei.com/Markets/Commodities/Japan-s-Coincheck-suffers-record-530m-virtual-currency-theft .

534 Billion Yen. :shock:

OPINE:  Not surprising. Not only because this has happened before. But because as Ed Snowden revealed, NSA & Companies had permeated Japans computers to the level of near total control. So the money is now block-chained in cyberspace to line pockets and finance off-the-shelf machinations.

"Analogues of the World -Unite"   :D

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Don't mind me asking, how do our scholars view virtual currency investments? Simply put, permissible or impermissible? Or do certain conditions apply? (Ay. Sistani's verdict?)

For a long time I have had friends, work colleagues and other associates who have seen sizeable returns, some minor losses, lots of bragging and some pointless blabbering too. I have been interested myself for a long time but just never got around to wrapping my head around it. With Ripples recent surge in December and a friend who invested a large sum prior, i admit it's caught my attention, once again. I'm interested and want to know more. Oddly enough, I was googling today and thought i'd pop in here to see if there's any mention....and boom a currently active thread!

So whats the verdict on the crypto madness?

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5 hours ago, Muhammed Ali said:

Bitconnect

Are you serious? Bitconnect is dead my friend. 

 

Ripple (XRP) is going to go crazy. 

 

IOTA - After Microsoft confirmed that they are not working with IOTA its dead too. 

 

Verge- its my fav and a big fan.

Eos - its a great project no doubt. 

Stellar  and Bytecoin- don't know much about them. I haven't done much research.  

ADA - i wish it could hit like $1000.

Any upcoming ICOs in mind?

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29 minutes ago, Intellectual Resistance said:

Will anyone let me know where you buy the cryptocurrency coins, and where you sell them i.e the best websites and companies? 

Last week a member asked for the name of a broker and a Moderator removed the post. We already had a new member reply with a link to a haram site. You can google information about brokers or brokerage firms who deal in virtual currencies.  

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On 29/01/2018 at 12:39 AM, starlight said:

According to Ayatullah Sistani- permissible. 

thanks Starlight....

A part of me was wishing it wasn't lol

The enthusiasm just got stronger

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On 1/29/2018 at 4:09 AM, starlight said:

According to Ayatullah Sistani- permissible. 

 

On 1/3/2018 at 5:11 PM, Meesum_Mtl said:

Alright, so I messaged grand Ayatollah Sistani via his website the following questions

 

Question: Salam,
is it permissible to buy/sell Bitcoins or Cryptocurrency as we do stocks in order to benefit from them financially?
Thank You

And have received the following response

In the Name of God, the Most High

 

سماحة السيد حفظه الله لا يبدي رأياً في أعمال مثل هذه الشركات وكذا في العمل معهم.

His Eminence, grand Ayatollah Sistani does not  express his opinion in regards to the activities of such companies as well as working with them.

 

 

May Allah grant you success.

www.sistani.org

Istifta Section - Office of His Eminence Al-Sayyid Ali Al-Sistani

 

On 12/20/2017 at 5:48 PM, Ashvazdanghe said:

http://sraj.ir/fa/index.php/node/1205-2017-06-07-05-56-23

[2] استفتاء شفاهی از نجف اشرف / بحث مطرح شده در جلسه هم اندیشی در دفتر معظم له با حضور نمایندگان ویژه ایشان و مجتهدین معظم (حفظهم الله تعالی)

[2] Oral Suggestion from Najaf Ashraf / discussed at a joint meeting in the Supreme Maraja Office with the presence of his Special Representatives and the Great Mujtahedin (preserve them Allah Almighty)

http://www.iribnews.ir/fa/news/1912392/بررسی-مباحث-فقهی-بیت-کوین2

 

On 1/1/2018 at 3:53 PM, .InshAllah. said:
 

Sayyid Sistani:

Question: Is it halal to buy and sell electronic currency such as bitcoin?

--

In the Name of Allah, the Beneficent, the Merciful

yes

Wassalamu Alaykum

Shaykh Fayyath:

image.png.b64d9e9d437eca06b9643de8c12590de.png

Sayid Khamenei:

 
What is the Sayids opinion on buying and selling electronic currency such as bitcoin?
Salamun `alaykum wa Rahmatullahi wa Barakatuhu
Since transaction's details are unknown, we are sorry for not being able to answer this question.
Director of the site's fiqh section
 

Sheikh Makarem:

Answer:  To trade and buy bitcoin is not permissible because of too much ambiguity. 
 

Sayyid Kamal:

النقود الالكترونية
سماحة السيد كمال الحيدري، هل يجوز شراء وبيع النقود الالكترونية كالبيتكوين؟ جزاكم الله خير
 

 

بسم الله الرحمن الرحيم

وعليكم السلام ورحمة الله وبركاته

لا إشكال في هذه المعاملة والحصول على الاموال من خلال تداول النقود الالكترونية ضمن الموازين الشرعية.

 

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On 1/29/2018 at 2:39 AM, starlight said:

According to Ayatullah Sistani- permissible. 

2 months ago i wanted to invest, i called sayed sistani office in Lebanon and asked them about it they told me its Haram. 

I was surprised at first they knew exactly what i was asking about, maybe because many are inquiring. My question is were did you read that he makes it permissible?

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16 minutes ago, yasahebalzaman.313 said:

2 months ago i wanted to invest, i called sayed sistani office in Lebanon and asked them about it they told me its Haram. 

I was surprised at first they knew exactly what i was asking about, maybe because many are inquiring. My question is were did you read that he makes it permissible?

  On 1/3/2018 at 5:11 PM, Meesum_Mtl said:

Alright, so I messaged grand Ayatollah Sistani via his website the following questions

 

Question: Salam,
is it permissible to buy/sell Bitcoins or Cryptocurrency as we do stocks in order to benefit from them financially?
Thank You

And have received the following response

In the Name of God, the Most High

 

سماحة السيد حفظه الله لا يبدي رأياً في أعمال مثل هذه الشركات وكذا في العمل معهم.

His Eminence, grand Ayatollah Sistani does not  express his opinion in regards to the activities of such companies as well as working with them.

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