Nostr Web Client

Replying to

Muslim Bitcoiner

Alright fellas what are we thinking?

debatable_rumor 5mo ago

Hi good job, but the title should be broader.

If you want to criticise fiat money, why not point out all that is in contradiction with islam:

1 interest: every fiat money is born out of lending with interest.

2 measures and weights: by inflating the money supply the measure of mobey is manipulated.

Ad 1. No comment, as this is the subject of the book.

Ad 2. This is a way bigger issue then interest. As manipulating measures and weights is equal to stealing. Creating fiat money out of 'nothing' inflates the money supply. As money is a measure for price, inflating the money supply distorts this measurement as opposed to sound money systems (gold, bitcoin). Purchasing power of savers is tranferred to borrrowers. Although borrowers have an advantage, ultimately everyone becomes a (debt) slave to the fiat money system.

A lot to say but i will stop here.

Reply to this note

Please Login to reply.

Discussion

Karadenizli 5mo ago

One more thing I like pointing out is that you are benefitting from riba by holding fiat.

People often have this erroneous view that being on the borrowing end of riba is not as bad as the lending end. While this is not true, and both are forbidden, people are more ok with entering riba loans because they are the "victims" of riba.

With fiat, you are on the other end. You are devalued when the banks lend it, and you stand to gain when they collect back with interest. Your money is worth more (relatively) when rates are high, specifically because every borrower in the economy is being extorted with higher rates to prop up your money.

You have a vested interest in the enslavement of everyone else, just so that money can retain its value another year.

Muslim Bitcoiner 5mo ago

Agreed but I don't declare anything permissible or forbidden in the book as I'm not a scholar. But I do make the case that even holding fiat money is still partaking in riba