MBitcoiner
Muslim Bitcoiner

Public Key

npub1uzfp6cgwue2njm86cmyeq7m26y0n58w72acq98sjsnnv4c87002s6857h3

NIP-05 Address

muslimbitcoiner@iris.to

NIP-57 Address

neatpug3@primal.net

Profile Code

nprofile1qqswpysavy8wv4fednavdjvs0d4dz8e6rh09wuqzncfgfek2url8h4g4l3zwv

Author Public Key

npub1uzfp6cgwue2njm86cmyeq7m26y0n58w72acq98sjsnnv4c87002s6857h3

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Last Notes

2024-11-22 05:14:23

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😂 I'm glad I wrote this then. I had it in the back of my mind for some time. Just needed to get it off my chest.

2024-11-13 17:13:09

It's quite amazing that many libertarians are falling for this. There is no way to make government effecient as there's no penalty for being wrong👇
"the ideal of an “efficient” government is impossible. As Mises, Rothbard, and others have explained in detail, the very characteristics that make something a government also ensure it will be terrible at allocating resources. Governments are immune from economic losses, attain capital through seizure, are often operating without a price system to guide them, and are directed by decision-makers who are institutionally protected from the consequences of being wrong."
From: https://mises.org/mises-wire/america-doesnt-need-more-efficient-government
https://image.nostr.build/1f047b15e9edb9cbe9eb9a4b5c77adc0bd8cddbf09e509aeb99aa7eeea3eac13.jpg

2024-11-05 15:56:15

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Great post. Social media should be about finding your niche, finding your people and network, and building a beneficial foundation that might get picked up by others to build on. All the better if it's done anonymously.

2024-10-13 16:30:19

We've been conducting the interviews over the weekend and MashaAllah, so far we've had many great choices to pick from, and they're from all over the world too. From US, UK, UAE, Malaysia, and Pakistan so far.
This Bitcoin Majlis network is gonna get global really quickly inshaAllah
#nevent1q…jrx2

2024-10-12 18:49:56

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I'm curious how this turns out. Do keep us updated

2024-10-10 01:11:56

Alhamdulilah. Harris Irfan and I just did a video call today with Sami Hamdi. He was very interested in what we had to say. We talked about fiat, Bitcoin, and also about Palestine obviously.
At the end of the short call, he promised us we would read the copy of the bitcoin standard I gave him back at the ICNA conference as soon as he got home. He's busy traveling at the moment.
I guess we'll wait and see what he thinks after reading it. I get the feeling he could potentially be orange pilled inshaAllah.

2024-09-20 12:10:17

Last night, friends at the valley ranch masjid in Dallas TX invited me to give a talk about Bitcoin. It was too short notice to actually give the presentation at the masjid, but we gave it at a brother's house nearby. We had like 25+ people show up MashaAllah. Lots of questions and so many people interested. Everyone wanted to know how to buy and use Bitcoin 😊
Many in the audience were devs and programmers MashaAllah, and they asked the most technical questions, naturally.
https://image.nostr.build/dd5e85476884e901ed29dfc801212ce55a7e6e02c5b3d3aba7fbd99b1b2c8190.jpg

2024-09-14 19:49:35

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We actually had the fiat standard in the list but swapped it for gradually then Suddenly. Depending on the success of this grant, we might do a "part 2" where the fiat standard would definitely be included in that list

2024-09-14 16:17:29

We chose The Bitcoin Standard, Broken Money, and Gradually then Suddenly as the three books for this grant because we felt like these 3 were comprehensive enough to give a thorough introduction to how fiat operates and why bitcoin fixes this.
What do you think of these 3 books? Is there a book you would swap in?
#nevent1q…qrev

2024-09-14 16:13:06

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I actually don't know much about it. But I think they "officially" banned Riba recently right? If they're gonna sincerely follow through with that then they'll have to ban fiat...

2024-09-12 19:34:05

Alhamdulilah, we just launched our first grant program at Bitcoin Majlis! If you're a Muslim student or young scholar studying Islam we encourage you to apply. No prior knowledge of Bitcoin is needed.
Please share it with your local Muslim communities and networks
See full announcement here: https://bitcoinmajlis.org/bitcoin-educational-grant-for-muslims/

2024-09-09 07:32:10

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This is why the only realistic plan to address this is to write a book. I admit that it's not a very good plan, but it's something. Just lay out what we think is the Muslim case for Bitcoin, and inshaAllah Muslims pick up on it. It takes a lot more unlearning than actually learning about it.

2024-09-08 19:16:56

InshaAllah we have something cooking up with Bitcoin Majlis that we'll announce in the next day or two. So exciting!

2024-09-08 00:48:40

Banks in Muslim countries https://image.nostr.build/e5d1fc7806b2c6d48349de1a205f4ec1401883185fe91cb84a08fb4f3685fccc.jpg

2024-09-07 04:03:27

https://aboubarchos.substack.com/p/hizb-ut-tahrir-and-the-ummatic-ghost
Very insightful essay. I see this type of "ghost dance" solution when Muslims approach the global Riba problem, particularly from "gold dinar bugs".
Actually, if you watch this interview with Jamal Harwood (Head of Legal Affairs of HT Britain according to Wikipedia) on Blogging Theology, their solution is to just use gold and silver, and this will solve the global Riba problem with fiat money and help bring about the Caliphate.
https://youtu.be/QXSVbj433po?si=zuAN40ileA4d17Dq
We've tried bringing back the gold standard many times, and it's failed every single time.
Calling for a return to the gold standard is a ghost dance.

2024-09-05 19:35:33

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No but we need to get him on here

2024-09-04 19:29:45

My brother and I did a podcast with Harris Irfan and Ralph from Onramp MENA where we talked about Bitcoin being anti-Riba money. Check it out:
https://youtu.be/-rSrEDBqwis?si=lGrsBwpnWSgK1J-R

2024-09-04 16:15:48

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That's how it started for me, by first reading the Bitcoin standard. There really is no better introduction to Bitcoin. I keep many copies of the book on hand to give out to people.

2024-09-04 16:14:26

"‍There’s clearly a paradox. Money can’t be in two places at once. The money can’t be simultaneously available for withdrawal by depositors and also loaned out to the banks’ borrowers.
Therefore there’s a large element of risk in commercial banking activities. They use statistical models to insinuate that this risk is low. But the risks are more common than we think.
Suffice to say that banks are operating with an element of gharar. Gharar means uncertainty. It’s rooted in the Arabic word ‘to deceive’ (gharra). This can happen when the claim of ownership or the outcome isn’t clear. Gambling and the use of derivatives (like futures and options) are examples of gharar." - Secret Muslim Banker
From: https://www.secretmuslimbanker.com/content/the-islamic-banking-paradox

2024-09-03 17:01:53

I genuinely don't understand the thought process behind holding any altcoin.
Sure, some altcoins have specific use cases to supposedly optimize their "medium of exchange" function on the base layer, like smart contracts, privacy, faster payments, yield, etc. But when you claim to use these altcoins for those purposes, you've already inadvertently made the case why you shouldn't hold on to these coins for any duration longer than needed to complete a transaction or benefit from some heavily marketed utility.
If desired, the most logical move is to quickly use the altcoin for its "utility", then convert the altcoin back to Bitcoin.
But you see the problem? There is no incentive to actually hold on to the altcoin. If there's no rational reason to hold to the altcoin, it will underperform compared to Bitcoin. It will lose the fight for liquidity. An altcoin "money" cannot develop without people holding it.
I don't see the economic, or more importantly, the philosophical, justification for holding on to any altcoin for any significant amount of time, or how it could even compete as an actual money.
They simply go to zero against Bitcoin.

2024-09-03 17:01:41

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It worked! Now start shit posting and earn those zaps!

2024-09-01 15:46:12

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Says unable to zap

2024-09-01 05:36:36

If you're Muslim and into Bitcoin and are looking to continue down the Islamic version of the Bitcoin rabbit hole, I highly recommend reading these 7 books.
👇
1. Heaven's Bankers: Inside the Hidden World of Islamic Finance by Harris Irfan
https://image.nostr.build/aba2e9a5ee452f3022c578907fca42b718362b3bf07a64c36077848d665a47c5.jpg
This books goes over some of the challenges that Islamic finance institutions go through to comply with shariah, and the author gives examples from his personal experience. One of my favorite books!
2. The Problem with Interest by Tarek El Diwany
https://image.nostr.build/a230fd83db4ac517702728fc088a685a76c1bcd4d9a19088bc563754b87d8eae.jpg
This one goes over the effects of having an interest based monetary system on society. It also has a nice summary of the history of how we transitioned from a gold based money to fiat money. Also talks about Islamic economics.
3. Banking: the root cause of the injustices of our time by Abdassamad Clarke and others
https://image.nostr.build/606ae54f3da1b97fc7513d1aa3c61d55e364c5ebc9d53d1d4560275fbedbeb56.jpg
This book is really about usury, and it highlights its destructive aspects. The chapter on the history of usury legalization is fascinating, and there's a great chapter about its environmental impacts.
4. Early Islam and the Birth of Capitalism by Benedikt Koehler
https://image.nostr.build/6199d2b8063b9a3f36c8919212854cd4c8bb1ddb6611c0d9c3aab49d6df209c9.jpg
The author makes the case for free market capitalism having its roots in early Islam in Arabia, and how that model of capitalism was adopted in Europe.
5. Islam and Economics: a primer on Markets, Morality, and Justice by Ali Salman
https://image.nostr.build/3a239e2838b894d581a60f2d8224479541413eda1b3db4006c6f3019c7681be5.jpg
Great summary of core concepts of Islamic economics. Subjects include private property, wealth creation, price fixing, trade, market regulations, money and banking, Riba, and zakat.
6. The Impossible State: Islam, Politics, and Modernity's Moral Predicament by Wael Hallaq
https://image.nostr.build/3b263149db18b783285f3d896187698bd12043e461c3dcc6f74855c253965ebb.jpg
Hallaq criticizes the institution of the modern nation state, and he argues that the nation state suffers from legal, political, and moral issues that make it incompatible with Islam.
7. Return of the Caliphate by Shaykh Abdalqadir As-Sufi
https://image.nostr.build/8c707249a7c349027b914f277a4ea26b2c07da439e823f92ed494f53ec7fe784.jpg
This book makes the case that the fall and decline of the Ottoman Empire was due to funding through usurious debt and the adoption of fiat paper money and secular governance.

2024-09-01 05:19:23

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Man that's beautiful!

2024-08-29 22:06:00

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Don't get your hopes up! Have been writing this book on my phone since my kids won't let me sit in front of a laptop for 5 minutes 😭

2024-08-29 20:38:24

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InshaAllah! We got sick of waiting for someone else to write it.

2024-08-29 19:43:15

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We still haven't started on that particular chapter. Most of it will be trying to envision Muslim life in a post usury era from different aspects. I feel so very unqualified to talk about the subject but I'm gonna try anyway.
And I'll definitely be reaching out to you if you wanna review some chapters

2024-08-29 18:54:28

So I've been teasing that we'll be writing a book. Alhamdulilah we're about half way done with a first draft. Probably won't be finished until next year inshaAllah.
So in general I'm planning to structure the book in this way:
1. Muslim Primer on Economics (you can read this chapter here: https://bitcoinmajlis.org/chapter-1-a-muslims-primer-on-economics/ )
2. Low Time Preference Islamic Civilization
3. Grokking Riba
4. A History of Money, Usury, and Banking
5. The Riba is in the Money
6. The Consequences of Riba Money
7. Attempted Solutions to the Riba money problem
8. Bitcoin, the anti-Riba money
9. Bitcoin, not crypto
10. Debunking Fiat Fatwas
11. Making Financial Hijra

2024-08-28 19:37:10

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For sure. My brother and I were on a podcast episode with Harris Irfan. I thought it went really well!

2024-08-28 03:16:13

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There's a lot Muslim Bitcoiners can learn from the Murabitun movement. They were the original Muslim Bitcoiners. A good article by @nprofile…xf44 about it
https://notes-ibnmaghreb.vercel.app/collection/corrected-histories-of-digital-cash/

2024-08-19 16:06:26

Crypto enthusiasts who envision a future where Bitcoin and other coins freely compete in the market misunderstand basic economics. Such a system of competing currencies cannot emerge in a truly free market. Let Hans Hermann Hoppe explain 👇 https://image.nostr.build/c2884c01f32d1464c7d885118a48da2d0290389c6fbcdd27ea474e2f8bf3654e.jpg

2024-08-18 19:06:06

The practice of Riba is a very high time preference activity where all that matters is the destructive short-term gain at the expense of sustainable long-term growth. Zakat, on the other hand, is a very low time preference activity where the giver seeks to attain rewards over the long-term, both in this life and in the hereafter.
Zakat facilitates in advancing the "process of civilization", while Riba seeks to disrupt this process.
In the Islamic tradition, these two practices could not be any more antipodal. Indeed, if zakat can be considered “financial worship” as elucidated by Abul A'la Maududi, then Riba can be rightfully called “financial transgression”.

2024-08-15 06:26:41

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I think if I remember correctly in the booklet is that zakat is supposed to be handled by the state that is on a gold/silver standard, and it's supposed to be paid with the metal itself.
I didn't agree with everything in the book, but I find the quote interesting for an entirely different reason because, since we know that fiat money is basically Riba money, we're paying zakat on riba money. Now I don't want to say that it's haram as I'm not qualified to do so, but it is strangely and sadly poetic that the standard practice today to implement zakat is to pay zakat on riba money.

2024-08-13 17:57:42

Fiat money, because of its usurious nature, has destroyed the institution of zakat 👇
"It is clear that the present world-dominating kafir economic system of banking capitalism has destroyed the pillar of zakat. This is partly because it has displaced the economic transactions into the arena of the haram by involving them inextricably in a usurious web which it is at present virtually impossible to escape. But it has done it more directly by redefining the nature of wealth and specifically by changing the nature of money in a way which prevents Muslims from paying their zakat in accordance with the conditions laid down by the shari’a" https://image.nostr.build/80c39b21a4a4a10b68cbc93d27c3b667118bfaf7d751f8cd3119fdb66647e30e.jpg

2024-08-12 04:49:14

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I'll end up doing that, but I can't do that just yet. There are more people I need to guide out of the fiat cave

2024-08-12 04:46:10

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Eye opening book, especially for a newbie like me who was not around to fight in the blocksize war.

2024-08-12 04:44:19

Same. I can't seem to manage juggling two different social media accounts. This is a reminder for myself to do better and try harder
#nevent1q…e40n

2024-08-12 01:11:49

@nprofile…w8g6 do we have a list of Muslims on NOSTR to follow? There are a few Muslims that are now wanting to deactivate their X accounts because of Elon's support for Israel. Your guide has been helpful! But I think it would be good to have a pinned post of Muslim NOSTR users to follow to help our brothers and sisters get started on this app.

2024-08-08 01:41:14

Many people claim that fiat is backed by "nothing".
While this has some truth, if you look at what actually backs the dollar (and all other fiat currencies), it's just a series of interconnected interest bearing liabilities.
Fiat money is ultimately backed by Riba.
https://image.nostr.build/2c6f1323acd6d4ffc2599c63130481af9311cf146267f628bfac93bc182e1b27.jpg

2024-08-02 15:04:06

https://image.nostr.build/6d032521046847d230c0cc0c4fce895196744904fe59328fb5637d63c3bc755d.jpg

2024-07-22 00:20:11

The following is a response to a short video on Twitter where a brother talks about the problems with Islamic Banking:
I think the problem with Islamic Banking is spot on, and analogy of the casino is great. Indeed, Muslims need to find an alternative system, but the two solutions offered don't really solve the Riba problem.
1. Islamic FinTech does not solve this, because it's still using money that's completely entrenched in Riba. Even the money itself can only be created through issuing Riba based loans. Getting a new Islamic FinTech platform cannot solve a monetary problem.
2. Crypto (altcoins) does not solve this, as all it does is recreate the Riba problem. They're all centralized and non-neutral, and they create the incentive to change the monetary protocol to benefit the founders and insiders. No altcoin is secure enough and liquid enough to build a global monetary system. Crypto suffers from the same economic, technical, and ethical problems that fiat has, especially the cryptos that are not proof-of-work.
The two actual solutions to the Riba problem are gold and Bitcoin, which falls outside of crypto.
Bringing back the gold standard has been tried many times by Muslims, see Gold Dinar movement and also Gaddafi, among other attempts. They all failed.
Bitcoin is the only viable solution to the Riba problem as it's actually neutral, permissionless, extremely secure, credibly scarce with an unchanging monetary policy, and based on proof-of-work. Bitcoin is the anti-Riba monetary protocol that has a great chance of replacing the global fiat monetary system and solving the Riba problem.

2024-07-17 21:03:25

https://image.nostr.build/eab9dbe87ed61bca9fdc83dd6e7c739e59d1e6808cce94787ee0fa48604f37be.jpg

2024-07-17 03:05:40

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That's basically the crypto equivalent of putting "interest free" debt instruments on the blockchain

2024-07-16 18:25:21

All of these open source projects on bitcoin, and not a single one being built by Muslim devs, because the ones that are into crypto are all busy building 'halal' debt products on other shitcoins that Muslims don't even want.
Building 'halal' debt products is what "Islamic banking" has been trying to do for decades, and it's been failing miserably. Learn from that. Putting that on to your favorite altcoin is not the new novel financial product you think it is.
Think outside of the box. More debt is not the answer. The money is broken because it's completely entrenched in Riba, which is sustained by a debasing monetary policy.
Muslim devs need to build products to help their fellow Muslims stay out of debt. Muslims need a halal and censorship-resistant way to save and transact. Muslims need tools to break out of the Riba based system completely.
This can be achieved by building actually useful tools on bitcoin that empower the ummah.
https://image.nostr.build/4706473df32319d429874832ce0511ce65d0f5860f3ff3fbba43c7f532adc4a9.jpg

2024-07-12 08:08:56

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It's been humbling to learn from folks that have been in this space to fight Riba since before I was born! Like in the case of the gold dinar movement.

2024-07-12 04:26:52

Insane to think that this post was made on reddit on r/Islam 10 years ago:
"if our goal is just to avoid all the usury associated with fiat money when it is created, there might be a solution. I have recently been looking into bitcoin - a global digital decentralized p2p currency... it does have the advantage of not being associated with usury/riba when bitcoins are created. Bitcoin is a currency that is not based on riba like fiat currencies."
https://image.nostr.build/3ba11fc5419c22c4ffd9ae20ba24b92f5dd1628725465ead4f728fdfe4968f1a.jpg

2024-07-11 15:20:52

The memes will continue until fatwas improve https://image.nostr.build/801415c0528752a4c6824282cd75afefd97db242a14813b7e35c720c06272faf.jpg

2024-07-11 00:12:50

One of the reasons I focused so heavily on the subjective theory of value is because it's pretty difficult to understand anything economics related without it.
For example, we wouldn't be able to properly understand marginal utility, and without that, we wouldn't know what the actual problem of Socialism is, which is the economic calculation problem. Read about the economic calculation problem here:
https://mises.org/online-book/socialism-economic-and-sociological-analysis/chapter-1-nature-economic-activity/3-economic-calculation
Without the subjective theory of value, we wouldn't be able to properly understand money or why money is valuable. Once this theory is understood, the idea of "intrinsic value" becomes absurd, and the idea of needing "stability" in money also becomes absurd.
Misunderstanding this concept is at the center of almost all fiat fatwas. This misunderstanding must be corrected first before even approaching the topic of money, especially Bitcoin
#nevent1q…hvk0

2024-07-09 20:32:22

I've published "Chapter 1: A Muslim's Primer on Economics" on Bitcoin Majlis
Read it here: https://bitcoinmajlis.org/chapter-1-a-muslims-primer-on-economics/
It's about 10,000 words, so it's long. This is my crude attempt to try to take a methodological approach to Economics from a Muslim perspective, heavily relying on the Austrian School of Economics. It's not comprehensive, as entire books could be written on the subject, but hopefully it provides the Muslim with a foundational understanding of Economics from first principles, and not starting from Keynesian and high-modernist biases.
I contend that it's extremely difficult if not impossible to understand this #Bitcoin    thing without having a coherent foundation in Economics. Muslims, especially scholars, should consider starting with economics when approaching the topic of Bitcoin.
Let me know what you think.

2024-07-05 15:42:36

Oh no the bitcoin price is down. Pack it up boys. It's over. Let's all go back to using Riba money.
brb gonna go convert my savings to a "Riba free" checking account. Maybe I'll go buy some halal treasury bonds while I'm at it.

2024-07-03 19:55:48

Price fixing is inherently flawed; it inevitably leads to additional government intervention to address the issues it creates, which in turn necessitates even more intervention to resolve subsequent problems. It never ends.
There's a reason that our beloved Prophet (ﷺ) refused to engage in price fixing

2024-07-02 12:41:07

https://image.nostr.build/e72817bcdb14da36f9f48666215b69c35d68e70366387c5a43641891287dfab3.jpg

2024-06-27 17:46:54

https://image.nostr.build/76853c63c67d965ae913227f221ab59abd7447d354678aa9c63abf91dd4d52c6.jpg

2024-04-23 01:55:53

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😭 I'm trying my best. Writing is hard as heck and is absolutely not specialty!

2024-04-21 19:00:41

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Yeah I've read this. It's not very good. It's more from a "blockchain" perspective, it's hardly about bitcoin, and it doesn't talk about Bitcoin's anti Riba properties.
I'm actually trying to write my own book that will explain the Muslim case for Bitcoin a bit more clearly and comprehensively

2024-04-20 23:10:32

Well, this is where the Bitcoin rabbit hole is taking me. So be it. https://image.nostr.build/d88f5174cf4c2f1597a793cda3ccfa01467f7ad9f46e5c1f4f31c4eb73939801.jpg

2024-04-16 20:01:08

It's actually quite sad that some famous Muslim critics of Bitcoin (will not name them) still use this hilariously bad argument against bitcoin.
The argument goes something like: Bitcoin allows for infinite inflation because each bitcoin can be infinitely subdivided.
I call this the infinite pizza fallacy.

2024-04-07 03:13:38

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It's crazy, I never anticipated the rabbit hole to be this deep. I've been reading a lot of the writings of sheikh Abdul-qadir as-Sufi, and more Muslims need to read his stuff. This guy was a Bitcoiner before Satoshi came in to the scene. He's actually a very big part in understanding Bitcoin from the Muslim perspective and from an ummah macro perspective.

2024-04-06 19:42:20

After studying Bitcoin for
1 hour: Bitcoin is haram
10 hours: Bitcoin is halal, fiat is haram
100 hours: Bitcoin is anti-Riba
1000 hours: Bitcoin will free humanity from Riba debt slavery
10,000 hours: Bitcoin will help in the restoration of the Caliphate

2024-03-26 13:19:28

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See list of articles here:
https://twitter.com/MBitcoiner/status/1577056061982330880?s=19
Also see section here:
https://whybitcoinonly.com/#Crypto

2024-03-24 15:33:27

There's a lot more we could be doing to try and get the ummah to understand the importance of Bitcoin and anti-Riba money, without the harmful baggage of "crypto" and "blockchain" weighing down the message:
1. We should try to talk about it within our local communities, even offering to do seminars or presentations at our local Masjids.
2. We need more online content and resources. I mean more memes, essays, videos, podcasts, tiktoks, etc.
3. We need a type of gathering or conference, in person or online, where Muslim Bitcoiners can meet and coordinate and discuss these ideas, again without the baggage of "blockchain"
4. We need more outreach outside of Twitter where we can talk about the idea of Bitcoin and sound money and the Riba aspect of fiat money with Islamic scholars. We need an avenue to communicate with Muslim governments.
If any Muslim Bitcoiners are reading this, we at Bitcoin Majlis will help support you if you want to pursue any of these avenues

2024-03-19 01:48:53

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I think I may have mentioned that I'm trying to write a book (it'll probably take me a year to finish), and I was actually planning on devoting a section of a chapter to your website.
Let me know if you decide to keep it up and I'll fund the website for another year insha Allah

2024-03-19 01:40:53

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Man that sucks to hear...
I just don't think there's enough Muslims interested in Bitcoin in that way to keep something like Islamic Marketplace up and running. I think it's a neat idea and I wish you weren't taking it down but I understand the decision.
If it's an issue of funding, I wouldn't mind paying to atleast keep the website up, just as a proof of concept to atleast show other Muslims that it's possible to use Bitcoin in a peer to peer way.

2024-02-13 22:12:23

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We made a website for this:
https://bitcoinmajlis.org/resources/

2024-02-11 01:53:32

The urge to write a book has been increasing lately...

2024-02-08 19:23:59

Let's see who joins 😊
https://image.nostr.build/6e75debf87581a3c1da993e6ae5d82c4ba9eadcd8400054994b51e1957a8c4d9.jpg#m=image%2Fjpeg&dim=1080x1912&blurhash=%5D497t*%7EqD%25xuD%259Fs%3B%25MRjt7DioLxuRjof9FWBt7Rjj%5BWBRjRjfjfQIUM%7BbGRjWAM%7BM%7BRjRja%7BxuNGWBRjWBIUWBkCWBay&x=1536202f0dcd270f1094a9aab16c489408daf724009d4148c165e2bfaec980bf

2024-01-30 18:52:08

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Maybe. Would be great to talk to him on a podcast or live stream.

2024-01-21 11:07:40

The Fiat Muslim Mentality
The fiat Muslim cannot allow himself to think of any viable alternative to the fiat system that he's subjected to. He thinks the current system in which he lives in must necessarily be the most viable and fair system, and assumes that no other system existed before it, or that other systems are irrelevant and not worth any thought. He supports his position from select fatawa from scholars that justify the current fiat system and its subsidized institutions.
The Fiat Muslim endorses the policy of monetary expansion by claiming that it is in line with the shariah, but doesn't consider the possibility or the viability of a fixed money supply. He automatically supports any and all authoritarian high-modernist interventionist policies enacted by Muslim governments, as long as it comes with a "halal" label.
He blames every modern societal problem on capitalism, but he does not allow himself to consider any negative effects from current ongoing socialist policies and institutions. He claims to detest western economic thought, but fully embraces Keynesian economics.
The Fiat Muslim justifies getting into interest based debt to finance his home, business, and car, claiming that it's a necessity in order to "succeed" living in the modern world.
He puts his entire savings in a checking account at an international bank, where he assures himself it's halal because it doesn't generate any interest.
He is completely unaware of how fractional reserve banking works, and while he instinctively knows that Islamic banking is not a totally shariah compliant alternative to conventional banking, he has assured himself that it's "good enough" since some scholar somewhere must have signed off on it.
He still naively believes that Islamic central banks actually and earnestly attempt to "stabilize" the economy and achieve full employment, despite their numerous banking failures and track record for wrecking entire economies.
He recognizes that charging interest is haram, but the central bank manipulating interest rates is surely halal. He believes that inflation is a natural phenomenon, and actually, an inflation target of 2% is probably part of the Shariah.
When asked about a possible alternative to the current fiat system, he can only think in potential socialist policies by Muslim governments, as these interventionist policies supposedly fit perfectly within an Islamic economic framework. Of course, an islamic flavor of socialism is considered the only "safe" and ethical alternative when capitalism gets blamed for every economic ill found in the modern world.
And when confronted with an actual working monetary system outside the rails of fiat and government management, he automatically dismisses it as something that is haram, because in Islam, only the state can issue money, and only the state can manage the actions of men in the economy.
He asserts with confidence that any alternative to the current fiat system must be devoid of "intrinsic value" because only the state can assign value. Therefore, any proposed alternative monetary system has no value, and would likely only be used by criminals.
In short, the fiat Muslim is economically illiterate and is unable to think in counterfactuals. He is somehow simultaneously arrogant, confused, scared, and ignorant, and he puts his trust completely in the government and central bank. He is unable to ponder deeply about anything, and he outsources his economic thinking to the state and its apparatuses.
Because of these limits placed on his thinking, he is not equipped to swallow the bitter pill that all of his monetary transactions are entrenched in Riba. He cannot fathom, and his mentality will not let him fathom, that the entire global fiat system operates with Riba embedded in its source code.
He does not realize it, but he is a slave to Riba, and his fiat mentality is a downstream consequence of his enslavement.
This is the fiat Muslim mentality.

2023-12-07 16:24:54

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I primarily use moon+ reader. I've used readera and fbreader. All of these are good

2023-12-07 05:51:25

Interestingly, in Venice, they'd send convoys of ships packed with supplies to conduct commercial enterprise overseas. Investors and entrepreneurs would pool resources and invest capital to share in profits from these convoys. This financial instrument is called a Commenda, and the idea most likely originated from the concept of a Qirad. These Commenda also employed a corporate structure with legal agreements between managers and investors, much like Qirads used in early islamic societies
Read excerpts below from the same book 👇
#nevent1q…fj5h
https://image.nostr.build/4d2573af28962bb69dcc8ad1196a8e0428409789428aac7b9928abcc7defe0fa.jpg
https://image.nostr.build/4845a095ca3a4e5230ccaae91cdd666b0941b6ef10e84ee40775e6c84889f2ea.jpg

2023-12-06 03:46:18

The Qirad was a popular financial instrument used during the time of Prophet Muhammad (pbuh), where investors and entrepreneurs pooled resources, typically in the form of a caravan, to earn profit. The Qirad allowed for the coordination and private ownership of venture capital, profit sharing agreements, and implementation of a corporate governance structure.
Imagine being able to grow your wealth through investing in shares of a caravan consisting of a portfolio of commodities like barley and leather, handled by traveling merchants and carried on the backs of camels!
Call this whatever you want, but this is actual capitalism.
Excerpts below from the book: Early Islam and the Birth of Capitalism by Benedikt Koehler
https://image.nostr.build/bc2d2bebb55e6008a32e3bc439e55aef6e91e3be6ba0d93bf9a52fb4473ed91b.jpg
https://image.nostr.build/8fed84339be54773ab9de53f20418001595a50020d854b690dbb01b30ec65ad0.jpg

2023-12-05 03:24:07

Allen Farrington and Sacha Meyers make the case that the Islamic finance model of risk sharing will likely emerge naturally under a Bitcoin standard, where risks can be properly priced and legitimately shared rather than dishonestly transferred. 👇
https://image.nostr.build/77d98a1b89a45f488a38c940c6c1bc6bfc6ddd13269e496cf1b3f5bf0dd5a478.jpg

2023-12-03 23:51:56

Gold isn't that great for an anti-Riba money.
The tendency to give up custody of gold due to its storage costs and limited portability leads to interest based credit creation.
Bitcoin is better for self custody, therefore it's better anti-Riba money
Attached is a relevant quote from Lyn Alden's essay "What is Money, Anyway?"
https://image.nostr.build/306f6e420737743be8146af5a2df7553a6cc9a3c5f12156ab4b66266d3b6e5fb.jpg

2023-12-02 18:48:58

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Was expecting "There is no second best!"

2023-12-02 01:38:43

We need to understand that fiat inflation and fractional reserve banking is what gave birth to the modern nation state, and it indirectly perpetuates nationalistic idealogies and a worshipping of the nation state.
See attached quote from The Ethics of Money Production by Jörg Guido Hülsmann
https://image.nostr.build/2991c2f32b53fd9d1681baba7b4c44e1a8d7352e009d5f2260d2bd958c4e78ad.jpg

2023-12-01 15:13:06

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And it's even more fascinating when you take into account the hadith on prohibiting price fixing. So much wisdom from that hadith

2023-12-01 04:07:38

Price controls always bring about 2 consequences:
1. Increased demand for the commodity, since the price is lower
2. Reducing the supply of the commodity, since people buy more of it, and it discourages production of that commodity due to lower profits
Quote from Economics in One Lesson 👇
https://image.nostr.build/ccec7b5b05e8cc8ab9e531cc9f89060bc7afa3f31fe2d7049a5b17872803d671.jpg

2023-11-29 20:00:54

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I like wallet of Satoshi as a first start as the UI is super easy to use, but it's custodial, and it's recently not available for US.
But I'd go with Phoenix or Muun wallet. Also heard Mutiny is good too, but haven't used it yet.

2023-11-29 06:00:29

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Doesn't the UAE still hold a lot of US debt? They'll have to get rid of that if this move is going to mean anything.

2023-11-29 05:58:32

The Murabitun movement tried to revive the gold standard, but the founder, Shaykh as-Sufi, eventually gave up in 2014 when he realized the impossibility of the task, since the usury based financial institutions were still needed to make gold work as money.
Read his statement 👇
https://image.nostr.build/1a9bbac083c38bd95e82c091acf52203029fb1b3c26dde52e15f674f046fcbe6.jpg

2023-10-23 09:58:09

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Because the value of monero only comes from its utility of being "anonymous". The value, or utility, has to come from outside. It's not something that emerges from the network itself. It's trying to be something more than money, and it has to be managed and dictated from outside entities. Just like every other shitcoin.

2023-09-09 04:48:44

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Almost done with broken money and Jimmy's book is next on my list

2023-08-28 21:41:00

"Here, it is the state that ratifies divine will, not the other way around. Here, put more explicitly, the state stands as the God of gods."
Wael Hallaq on the reality of the modern state 👇
https://cdn.nostr.build/i/a14d1a706948d35f2948c0996d94e6a5d7c97952609577791f321e83d8150381.jpg

2023-08-20 06:05:28

If I were to pick the one person that's recently had the greatest impact on Islamic Economics...
And this person actually delivered a product that adheres to the spirit and ethos of Islamic Finance...
It would be Satoshi Nakamoto

2023-08-01 03:13:47

Bitcoin maximalism is an ethical position to take, because:
- the initial distribution was fair & transparent
- the network is neutral, permissionless, & decentralized
- everyone adheres to the same rules
Crypto apologism, on the other hand, is an unethical position to take.

2023-07-30 16:19:46

Time to get off the Riba based standard on to an anti-Riba standard
Let's orange pill the ummah
https://cdn.nostr.build/i/0f741b9a6f6a358e18f9b0363eaebc9bdcbbbbccb64f65adc7510871c45be202.jpg

2023-07-29 01:02:44

I need to post on here more often

2023-07-18 05:05:40

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Another shitcoin

2023-03-07 02:40:55

I used Bing's version of ChatGPT to compare bitcoin and altcoins, and I told it to use a negative tone when talking about altcoins.
"I respect all forms of cryptocurrency"
🤣
https://i.imgur.com/oFIadlj.jpg

2023-03-05 19:15:53

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Did a podcast episode with him talking about Bitcoin adoption in Pakistan

2023-03-03 06:52:22

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You can zap this guy now!
#[0]

2023-03-01 05:16:23

#[0] he responded!
https://twitter.com/umersuleman/status/1630715826801082368?t=2xuFyIXn89_KaigVCl20Kw&s=19

2023-02-28 23:48:48

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There's no etiquette. Just zap everybody all the time.

2023-02-28 05:45:19

Inflation is a tax that discourages saving and incentivizes wasteful spending, and makes speculating more profitable than producing, and plants the seeds for fascism and communism.
Attached quote is from Economics in One Lesson by Henry Hazlitt 👇
https://i.imgur.com/BrGoPWO.jpg

2023-02-28 03:46:29

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Wait I mean LN address not LN URL

2023-02-28 00:29:22

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And now he's locked the post after 200 something replies! Oh boy

2023-02-27 18:55:26

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https://twitter.com/PrestonPysh/status/1630267430109868037?t=7R7jDinxXkDPVY_2ru-YXw&s=19. Even Preston Pysh responded to Joe Bradford!

2023-02-27 02:17:39

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So actually I believe sheikh Bradford is a "coiner". He's always been supportive of crypto and making the halal case for it. You'll see that
he'll actually retweet crypto stuff sometimes, like Ethereum stuff. You can even send him sats on his Twitter profile (with strike app).
He's extremely sharp if you read his writings and watch his videos.
I think he understands some stuff about bitcoin and crypto, but doesn't understand the case for Bitcoin only. That's why he made that tweet asking if Bitcoin can be copied. I think he's currently trying to understand why it's Bitcoin and not crypto.
#[6] I think we should get on a call with him to explain our case and answer any questions he has, if he's open to it. I can try to set that up a spaces or something.

2023-02-25 06:45:12

It's so frustrating when I add someone on here and I can't zap them! Just let me zap you please. I'm trying to give you sats

2023-02-24 04:44:43

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Link your lightning wallet so I can zap you!