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0 sats \ 3 replies \ @siggy47 8 Feb 2023 \ on: Positive systemic change bitcoin
Your stacker news name is @halalmoney. This is one of your first posts here. I'm curious if your post relates to the fact that you consider bitcoin money as halal. I am not a muslim, but I have read in the past an islamic interpretation of bitcoin as halal money. I'm curious if this is directly related to your post. As I understand it, investing in interest based products goes against halal principles. Bitcoin certainly is halal under that definition.
In your post you speak of investing to further positive systemic change. Are you interested in this since it would seem to me that to be a halal bitcoiner would necessarily oppose the idea of "hodling' that most bitcoiners embrace, since hoarding is not halal?
Hello Siggy
Thank you for your reply.
In my understanding (as a Muslim layperson rather than an expert on Islam), the default ruling for ‘worldly’ matters is one of permissibility i.e. Bitcoin is automatically deemed ‘halal’ until robust evidence is provided to the contrary.
However, my endorsement of Bitcoin is not premised only on it being halal but in a closely associated concept of goodness – in jurisprudence this is referred to as ‘tayyib’. It is my view that Bitcoin is tayyib – especially when compared to fiat money! To help you understand this concept, think of junk food. A particular serving of junk food may be halal but not tayyib.
As for interest in the context of contemporary banking, the well-known view is that such interest is not halal. However, I am aware of convincing counterarguments that modern-day banking interest is not the same as the forbidden type of riba. Additionally, just because a particular view is widely held doesn’t mean it’s correct.
As for hoarding, I do not see a problem with hodling Bitcoin. In our tradition, we say that actions are judged/evaluated according to the associated intentions. I think that a key intention of hodlers is to support Bitcoin during its current phase as a small nascent monetary asset through to better days ahead (e.g. Bitcoin maturing into an established and less volatile monetary asset). It’s yet to be seen if these better days ahead will happen but, in my opinion, now is too soon to be concerned about hoarding Bitcoin.
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Thank you for that very informative answer. I was curious since a while back I listened to a podcast episode of "The Muslim Bitcoiner" and found it very interesting. Since many African nations have many people of Islamic faith, and since in my opinion bitcoin can make conditions on that continent so much better, I believe this is a very important issue.
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сатоши показал как нужно собирать... майни сам.... остально не важно)))
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