Replying to Avatar Lyn Alden

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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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).

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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.

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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.