i did profit from “my neighbour Alice” token by buying it in low price and selling it in high price i made around 30-40$, now I’m confused whether profit from this is halal or not as it is not based on haram product but 20% of total pool the tokens are reserved for staking rewards. please help me. @Mufti_Faraz_Adam @Mufti_Billal
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I also have a similar question about AXS coin.
As Salaamu Alaykum
I don’t understand the problem here. What is meant by total pool? And how is that related to how you sold your tokens?
(I’m no expert, hence my ignorance here)
As for the staking part, the Mufti is not of the opinion that Proof of Stake is haram. But it depends. It could be that the PoS system for Alice ‘is’ haram. Have you researched it? And if this is related to AXS as well, has that been researched? Though from my understanding, even if the PoS system has a haram element, as long as you avoid that haram element, holding the coins is permissible. Actually, I’m not too sure of that, I might post that as a separate question.
Allah SWT knows best
I have read the whitepapers, alice coin is basically used for a virtual land buying/selling game which has like zero benefits for the surrounding in contrast to btc which was made for the sole reason of decentralised p2p transfer for low fee which in my opinion was a good initiative. Plus i don’t find proof of staking 100% halal as the earning is directly proportional to the capital staked.
I don’t find the profit halal because i took unnecessary risk by buying a token which we all know is useless with no purpose, so that is kind of speculation/gambling for me. And i also have a problem with all the crypyo trading platforms as they all deal and encourage in Riba, i quit this trading because we muslims are 100 steps behind as we don’t have a platform which does not deal in riba and it would be so great if that platform/app only listed shariah compliant tokens/coins.
Allah SWT knows the best
Al Salam Alaykom Brother
I have a different opinion in relation to crypto currency based on my readings, but it is always best to take the advice of knowledgeable people…
On the Islamic platform issue I fully agree, and there might be something good soon… A project called MRHB check it out if you wish
They are promissing a platform that deals only with Halal coins/tokens
From my research and asking an imam, it seems like we are suppose to avoid investing in the games industry (normal and crypto) as it has no benefit for this life or the next. Its on the amanah advisor website too. So I am confused as to why the ifg crypto group says coins like axs and Alice are halal when amanah advisors point to avoiding it. (amanah advisors has been used as a source regarding meme coins in the ifg group)