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1. Have you heard the argument that bitcoin is halal and that fiat is haram due to the fact that inflationary monetary policy is akin to paying interest? I don’t think that’s a stretch at all, but I’m not Muslim, so what do I know.

2. OMG Lyn Alden replied to my note on Nostr! I’m a giddy fan boy. I’m going to print this and put it in my office. 🤩

Lyn Alden 1y ago

Yes Saifedean and several others make that argument, and given my ties to the region I remain aware of it.

I think if someone fully understands bitcoin and fiat currency from first principals and also has a Muslim perspective, they would view bitcoin as halal and fiat as haram. It’s theologically consistent view, but it takes time to go against prior knee-jerk anti-bitcoin teachings and gain adoption.

People I know in Egypt literally stuff paper US dollars under their mattress as primary savings here in 2024.

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Discussion

AfroLucy 1y ago

@Financial education than financial advice It is not your fault and it is individual responsibility/decision not collective decision because 1 it is about property/money/asset than life/soul 2.there is difference among principles, law and theory 3 as human civilization history of money is more relevant than history of bitcoin/State before any religion due to long memory as correlated as long term Value not only in the form of material but also immaterial 4 Financial Abundance in-term of generational wealth from child fund up to retirement pension fund and which is blessing idea not only to build/construct on existing economy to digital economy from few to many billions people around the world in decentralized distributed people network than pyramid centralized elite network of government paper fiat money eats generation by false god belief system beyond moral hazard already manifested in economic struggle/depression in real world.

Paula 1y ago

Good point Lyn. Same in Zimbabwe 🇿🇼 which is where I’m from. Every few years, the gvnt here converts peoples US$ bank accounts into the local currency and they lose almost everything overnight. Friend told me this happened to her recently 17k gone…so mattress is a better storage 🤣

Dawlat Moustafa 1y ago

The part of Fiat that is wrong is usury. While the part of bitcoin that sounds wrong to me is mining, new bitcoins are generated out of math in a game-like process (like gambling) that is making users earn without giving a product or a service. Fiat and bitcoin are both okay if used for trade purposes without the involvement of usury or mining (gambling and playing to earn more bitcoins).

gotcha 1y ago

I do disagree that miners do not provide a service.

By selecting transactions in blocks, they create a chronological order that is important to avoid double spend.

Adding blocks to the chain also finalize the settlement of those transactions.

Dawlat Moustafa 1y ago

I’m not a miner (otherwise I could’ve been cool). Anyways, selecting and putting in order is more like being part of the game, not offering a service tho.