As salamu alaykum everyone, as salamu alaykum @Mufti_Faraz_Adam
More and more people are investing in useless cryptos that are created every day on bsc with the sole purpose of making maximum profit in a short time frame. On top of that, the majority of crypto projects practice percentage token redistributions to their holders through the transaction fees that people pay when they buy their token. So here is my question, and I will be very grateful if you could give me an opinion on that.
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Is it permissible to invest my money in a useless crypto, with the sole purpose of making a return on investment, knowing the risks of losing my money?
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Then, is it permissible to invest my money in a company that practices this redistribution of tokens to their holders? Indeed, imo this practice is akin to interest . ( For example if I pay 20 dollars to buy 20 oranges and the man gives me only 18 oranges for the price of 20 and he gives the 2 oranges that he took me to the holders that are already there, is it forbidden for me to buy this oranges? Even if it’s not me that is doing this directly I am may be participating to it? No?
And i can give a tangible example : If a man comes to me and tells me : “I sell useless stones. But what makes my stones special is that there are only 100 000 stones. And each time someone buys my stones, 5% of the price he will pay will be used to burn some stones and 5 other % will be used to reward people (that already bought and are holding stones). But remember, my stones are useless, but you can buy them if you want to sell them at a higher price when they will become rarer than now”
So, will it be haram for me to buy this stones? And why? Because the redistrbution fee or because they are useless?
Well I hope this makes sense to you and I will be very grateful if you could help me.