MBitcoiner on Nostr: I want to briefly clarify why we've committed to Bitcoin maximalism. It's not just ...
I want to briefly clarify why we've committed to Bitcoin maximalism. It's not just because we believe Bitcoin is the best form of money. I mean, it is, but it's also because taking a Bitcoin-only approach is consistent when it comes to approaching finance and economics more broadly.
Adopting this toxic "Bitcoin maxi" approach is also a protest in response to the absurd and unnatural hyper-financialization that's infested every part of capital formation where the risk is asymmetrically transferred to the next sucker that takes out a loan.
Chasing Riba based yield to make up for the loss of purchasing power resulting from banks issuing Riba based loans is just so insanely reckless and stupid!
You're essentially responding to the fragility of the fiat monetary protocol by building even more fragile financial structures on top of it. The yield isn't based on anything real or productive, it's artificially created to hedge against the inherent volatility in the financial system.
The solution shouldn't be to make the yield halal. The solution shouldn't be to make monetary supply expansion halal. Heck, the solution should not even involve a central bank monetary policy to begin with!
Before even coming up with any kind of halal solution to this, we need to properly describe and grok the problem. And no, the problem isn't just "omg fiat is Riba and funds genocide!"
We need to deeply understand HOW and WHY fiat completely relies on riba to function at the base layer of how mankind achieves global economic consensus.
The fundamental and philosophical assumptions underlying how we even conceive of money, wealth, and real finance need to be rethought, assuming any real thought was put in to begin with. It needs a complete reset. We need to be comfortable in acknowledging this.
This is not how Islamic finance, or any finance, is supposed to work. Our beloved Prophet (pbuh) and the Sahaba didn't earn their living through fixed yield financial products like this.
This is why we're proudly "Bitcoin maxi". We reject crypto and proof of stake. We reject fixed yields. We reject the idea of stablecoins. We reject this high time preference design philosophy for finance completely!
We need to seriously rethink what we're actually trying to build for the Ummah. Claiming that Bitcoin has no intrinsic value and or it's too volatile or too expensive or whatever is not going to get you there.
Adopting this toxic "Bitcoin maxi" approach is also a protest in response to the absurd and unnatural hyper-financialization that's infested every part of capital formation where the risk is asymmetrically transferred to the next sucker that takes out a loan.
Chasing Riba based yield to make up for the loss of purchasing power resulting from banks issuing Riba based loans is just so insanely reckless and stupid!
You're essentially responding to the fragility of the fiat monetary protocol by building even more fragile financial structures on top of it. The yield isn't based on anything real or productive, it's artificially created to hedge against the inherent volatility in the financial system.
The solution shouldn't be to make the yield halal. The solution shouldn't be to make monetary supply expansion halal. Heck, the solution should not even involve a central bank monetary policy to begin with!
Before even coming up with any kind of halal solution to this, we need to properly describe and grok the problem. And no, the problem isn't just "omg fiat is Riba and funds genocide!"
We need to deeply understand HOW and WHY fiat completely relies on riba to function at the base layer of how mankind achieves global economic consensus.
The fundamental and philosophical assumptions underlying how we even conceive of money, wealth, and real finance need to be rethought, assuming any real thought was put in to begin with. It needs a complete reset. We need to be comfortable in acknowledging this.
This is not how Islamic finance, or any finance, is supposed to work. Our beloved Prophet (pbuh) and the Sahaba didn't earn their living through fixed yield financial products like this.
This is why we're proudly "Bitcoin maxi". We reject crypto and proof of stake. We reject fixed yields. We reject the idea of stablecoins. We reject this high time preference design philosophy for finance completely!
We need to seriously rethink what we're actually trying to build for the Ummah. Claiming that Bitcoin has no intrinsic value and or it's too volatile or too expensive or whatever is not going to get you there.