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Bitcoin/crypto currency and Islam

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DavidC View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DavidC Quote  Post ReplyReply Direct Link To This Post Posted: 10 March 2017 at 8:39am
All international trade in USD is collapsing.
Iran circumvents sanctions by buying gold from Turkey and trading that with Russia.

Back to bitcoin. Look at btc price in USD. Hyperinflation is obvious as the btc market has no quantitative easing. I think btc is a decent inflation metric in any currency as it is just local currency held outside of the monetary system.
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Tim the plumber View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tim the plumber Quote  Post ReplyReply Direct Link To This Post Posted: 10 March 2017 at 10:48am
Originally posted by Ceo3 Ceo3 wrote:

Can you provide proof or source? OPEC only sells in dollars since the 70s, google petro dollar, opec agreements ect. Every country tht supports withdrawel from petro dollar has been neutralised ie Iraq, Libya...next it would be Iran.


When a deal is make the price is agreed between the buyer and the seller.

There is no interntional police force looking at exactly what happens between the 2.

The seller can accept whatever they wish for their oil but they want dollars.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ceo3 Quote  Post ReplyReply Direct Link To This Post Posted: 10 March 2017 at 10:01pm
@DavidC

Agree, dollar is close to its last. What would you consider a better safe haven bitcoin or gold when the dollar collapses?

Bitcoin best performing currency of late. Not sure what you mean 'Hyperinflation is obvious'?

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tim the plumber Quote  Post ReplyReply Direct Link To This Post Posted: 11 March 2017 at 1:47am
Hyperinflation is as obvious as total collapse for bitcoin. It has no real world worth to fall back on. Once out of fashion it has zero value.

If you want a safe currency then the Swis franc is it. A real stable economy and very sound democratic governance behind it make it the one of choice for an emergency.

The trouble with it is that it has a small economy behind it. Thus if you want to buy a second home then it is great but for buying a billion pound super tanker or a freeway you will need something else.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote DavidC Quote  Post ReplyReply Direct Link To This Post Posted: 11 March 2017 at 7:48am
Originally posted by Ceo3 Ceo3 wrote:

@DavidC

Agree, dollar is close to its last. What would you consider a better safe haven bitcoin or gold when the dollar collapses?

Bitcoin best performing currency of late. Not sure what you mean 'Hyperinflation is obvious'?


Silver. Bitcoin is gambling. I bought some btc two years ago. I bought low, sold high and have put all of my original stake into silver. Plenty of bitcoin "profit" left which I trade for fun, but it is too risky to be considered an investment.

Plenty of fun, but I would worry too much if it was money I needed. Instead I fantasize about how I could help the poor if I become rich. Btc can be a fine prayer tool.

Bitcoin is a derivative of the dollar or whatever currency your bank uses. It is much less safe, but much more volatile.

My strategy is savings in gold and silver coins, small denominations.
Currency in the safe to cover expenses for six months. Another year in the bank. No sense in paying premiums for PM's if I will be forced to sell before they appreciate.

Bitcoin is a hobby. It looks good on my screen, but I have to cash out after it goes up but while I can still use the dollars to buy silver coins. If bitcoin goes up to a bazillion dollars but nobody will trade silver for dollars the whole effort will just be a fantasy trip to Zimbabwe.

My goal is to minimize personal financial insecurity. My car is 10 yrs old (Kias are krap) and my house is 50. Other than a college fund for my daughter everything is earmarked for helping the less fortunate when the debt system crashes.

The working poor cannot afford to prepare, so we are obliged to do it for them.

Edited by DavidC - 11 March 2017 at 7:51am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ceo3 Quote  Post ReplyReply Direct Link To This Post Posted: 14 March 2017 at 11:02pm
@ Tim the plumber

Cant argue against stability of that currency.

@DavidC

Thats my first impressions of bitcoin as wel, its highly speculative nature. But consider that this is version 1 of crypto currency (cc). What if somehow was indexed to gold and silver. That would remove the volatile nature and at the same time be an alternative to fiat money.

This advantage would circumvent bankers from exploiting us by charging interest and making money on top on money. Cc is also now beng used wherewith to purchase shares in a company sidestepping sec regulations. Fiat is inherent evil, and as Tim pointed there is nothing backing bitcoin as well but perhaps its a lesser evil?

Agree, lol, all these newer brands of cars are useless. Agree silver good long term stable bet. Also like gold, however highly unlikely to make quick fortune. Uranium looks a good bet, low now with huge potential giving world events. Have been reading about new energy source set to revolutionise energy market, but all in secrecy now?

Noble considering poor and less fortunate. My view replace current banking ie interest based with something less exploitive will eradicate poverty.

Thanks and regards,
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DavidC Quote  Post ReplyReply Direct Link To This Post Posted: 15 March 2017 at 9:14am
Bitcoin is backed by fiat. You must buy it in fiat and almost always trade btc back to fiat before using.

The advantage is that with btc you can transfer from one fiat currency to another without paying bank fees. All you need are bank accounts in whatever currencies you use.

You cannot get across national boundries with PM's and the exchange premiums are astronomical. Good for saving but not for spending.

People who live, work and invest in multiple countries find the convertibility function of btc valuable. That is one reason the price keeps increasing. A fixed amount of bitcoin and new buyers learning about btc everyday makes the price rise.

The test of btc will be when the US FRN is replaced with the devalued TRN, which will likely be all electronic with government issued credit cards similar to SNAP cards. Btc should prove safer than cash as it is diversified across countries and there may even be a blow-off due to confusion.

Security is only in God and not in money. Maybe a little safety in Subarus - best built gas fueled car on the road.

Edited by DavidC - 15 March 2017 at 9:15am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DavidC Quote  Post ReplyReply Direct Link To This Post Posted: 15 March 2017 at 9:22am
Relevant resource. I am not qualified to comment on it, but since no one here can address the OP here it is:

Islamandbitcoin.com
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