What do you Think about Islamic Coin (ISLM) ?

[aquietvoice]

Personally, I was excited at first, thinking finally a halal crypto, but after thinking it over, I started suspecting it might be a scam. The delayed release dates kept getting pushed back, and for a crypto to succeed, it either needs to be seen as a speculative investment or used as currency, but neither seemed to be happening. In terms of speculation, they're targeting the 2 billion Muslims, but there wasn't much promotion, neither in Muslim countries nor among Muslims living in the West. Also, seeing the crypto only declining, I'm glad I didn't invest. I would like to hear your opinion on whether it's a scam or a good investment.

https://preview.redd.it/dcy62w8gzhl...bp&s=3c34e32e83479640b5ef353d31ebee61a4e95232

 

[walter1]

@aquietvoice I knew it would be a complete and utter disaster but out of curiosity it might be different I went to have a look and read up the white paper and honestly I don’t see how it’s any different from any other pump n dump. They have just flowered and sprinkled it with lots of Islamic words but it’s no different from any other pump n dump. It will only benefit the creators.

 

[aquietvoice]

@walter1 You're right, now they're adding the word 'Islamic' everywhere, but they're correct in recognizing it's a market - after all, it's still a quarter of the world's population. If there were ever a genuinely serious project for Muslims, it could be very beneficial. However, I don't think that will happen anytime soon.

 

[walter1]

@aquietvoice Your correct they are attempting to do it but the simple fact is there is nothing there to make use of in this way. I also strongly disagree with the this is now shariah compliant. Of course there is nothing haram with blockchain, there is nothing haram with computers or technology. The problem here and with crypto lies in what they want to do with it. So yes a house is halal, let’s give is a shariah approval. You turn it into a brothol, it’s ok the house is shariah complaint. These are the tricks people are playing.

 

[aquietvoice]

@walter1 Yes, they're turning halal into anything and it's a shame because it can mislead people from Allah, but it's the lure of money. I hope that one day there will be a good crypto project for Muslims around the world.

 

[eternallykeptbyjesus]

@aquietvoice At best it is terrible. At worst it is a scam. I have hovered between the two but always more towards the scam.

 

[daisies89]

@aquietvoice It’s a scam

 

[aquietvoice]

@daisies89 yes