This 1st even "Islamic Crypto-Currency". Introducing AllahCoin

[AsifAmeer]

http://www.allahcoin.org/index.php/en/

[h=1]Allahcoin[/h][h=2]peer-to-peer islamic currency[/h]Allahcoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware. Allahcoin provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have. The Allahcoin network is scheduled to produce 84 million currency units.

One of the aims of Allahcoin was to provide a mining algorithm that could help financing the muslim brotherhood foundation. For each Allahcoin unit produced 10% will be donated to the muslim brotherhood foundation to preach Islam, teach the illiterate, set up hospitals and promote sharia law worldwide.

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Comments : Now thats what I call a ponzi scheme..

 

[gazoomartian]

Ponzi died but the legend lives(bigsmile)

 

[Okara Bull]

There is many cryptocryencies available. But why Bitcoin??? That is probably your Question or post. Bitcoin is now the 5th top payment processor ahead of PayPal, whether you like it or not Bitcoin or some variant will be the way money is transacted worldwide providing near zero cost frictionless payments without 3rd party fees to anyone anywhere in the world. If your old enough what did you think when you first heard of the Internet ? Email ? Even u-tube for that matter.

Why does Bitcoin have value?
Over the past few years, I must have been asked this hundreds of times.
I first used Bitcoin in April 2009, just a few months after it was first released to the world. Back then, it had no value at all - there were no users and no trade, no exchanges and thus no exchange rate.
Now Bitcoin is reaching new heights thanks to a combination of speculation on future value and genuine, undeniable usefulness.
Think about it: Why can it take days or weeks for banks to send money around the world, when an email travels in seconds?
Does the money travel by steamboat?
Are they loading gold bars onto the side of a camel and sending it over the mountains of Mongolia?
Of course not.
Developed BitcoinJ - an implementation of the Bitcoin protocol in the Java programming languag Believes Bitcoin, or another crypto-currency, could one day be used to allow machines with artificial intelligence to own themselves

The real answer is depressing - banking is a stagnant market running on long-obsolete infrastructure, which improves only when forced to by government.
Same day payments happened only after banks were dragged into the 19th century by the Office of Fair Trading. When Metro Bank opened in 2010, it received the first new UK banking licence issued in 150 years.
Bitcoin has created a firestorm of excitement throughout the world because it's a new financial system, designed from scratch by the people, for the people.
It's not only fast, cheap and easy. In Bitcoin, every participant has equal power.
There are no bankers, because there are no banks.

Bitcoins are stored in a virtual postbox called an "address", which is in turn stored in a "wallet"
There are no banks because there is no need for them: People can control their own money.

 

[Aventador]

I am not favoring this cryptocurrency (especially when they use Allah's name to promote it) but help me understand how exactly is this a ponzi scheme? is it centralized? is it managed and controlled by an organization? as for as i know, a ponzi scheme relies on a single individual or organization running the operation. If a currency is decentralized, and uses and distributed public ledger to record the transactions then by no means this is a ponzi scheme.

 

[AsifAmeer]

Ofcourse Bitcoin over any other crypto. Bitcoin is the original, the 1st one with a white paper out. Bitcoin now has more infrastructure built around it than all other cryptocurrencies combines
Here's the original paper
http://bitcoin.org/bitcoin.pdf

There is many cryptocryencies available. But why Bitcoin??? That is probabbly your Question or post.

 

[AsifAmeer]

"For each Allahcoin unit produced 10% will be donated to the muslim brotherhood foundation"

Since its a decentralized currency, the org doesnt even have to "RUN THE OPERATION". Just collect the revenue - 10% to be exact.

I am not favoring this cryptocurrency (especially when they use Allah's name to promote it) but help me understand how exactly is this a ponzi scheme? is it centralized? is it managed and controlled by an organization? as for as i know, a ponzi scheme relies on a single individual or organization running the operation. If a currency is decentralized, and uses and distributed public ledger to record the transactions then by no means this is a ponzi scheme.

 

[Aventador]

I agree with that part but it all depends on ppl who are interested in mining or using it as a currency. If they are fine with the donations, it is their choice. In my opinion, we will see dozens of lame altcoins popping up and vanish. The mighty bitcoin is here to stay and on its way to the moon!!! ┗(0)┛ :)

 

[Shehzad_Ulhaq]

I agree with that part but it all depends on ppl who are interested in mining or using it as a currency. If they are fine with the donations, it is their choice. In my opinion, we will see dozens of lame altcoins popping up and vanish. The mighty bitcoin is here to stay and on its way to the moon!!! ┗(0)┛ :)

What is Ur thinking of Bitcoin price in next 10 year time ???

 

[LovelyVirus]

They couldn't come up with some appealing name? 'Allahcoin'? what on earth they were thinking? As if it is god of coins :lol:

 

[Aventador]

What is Ur thinking of Bitcoin price in next 10 year time ???

Nobody can answer that. If had known back in 2011 when bitcoin was under $1, i would be sitting on a fortune right now. If btc survives for 10 years, we are either looking at $1 million/coin or 0 :) I still think it has the potential to hit this price

 

[AsifAmeer]

What is Ur thinking of Bitcoin price in next 10 year time ???

Nobody can answer that. If had known back in 2011 when bitcoin was under $1, i would be sitting on a fortune right now. If btc survives for 10 years, we are either looking at $1 million/coin or 0 :) I still think it has the potential to hit this price

...if you ignore the political implications of this.. Man we got a wicked future ahead of us. Bet I am gonna die so rich that its almost gonna hurt!

 

[adnan_younus]

can u explain this bitcoin concept as an economist?? what does 1 bit coin mean??? 1 rs or dollar is my contract with the central bank that it has got reserves against this bill... what is bitcoin???

Ofcourse Bitcoin over any other crypto. Bitcoin is the original, the 1st one with a white paper out. Bitcoin now has more infrastructure built around it than all other cryptocurrencies combines
Here's the original paper
http://bitcoin.org/bitcoin.pdf

 

[Aventador]

...if you ignore the political implications of this.. Man we got a wicked future ahead of us. Bet I am gonna die so rich that its almost gonna hurt!

I assume you are an early investor and you are already rich if you didn't panic sell at april crash. I would love to see the Winklevoss twins buying the facebook for a fraction of their btc holdings.

 

[Aventador]

can u explain this bitcoin concept as an economist?? what does 1 bit coin mean??? 1 rs or dollar is my contract with the central bank that it has got reserves against this bill... what is bitcoin???

Bitcoin is not controlled by the government or any central bank (thats the beauty of it). It is completely decentralized digital currency and a payment system.

 

[AsifAmeer]

Facebook? I wanna see them buy the Saudi Kingdom and set the fields on fire... Yeah.. that would be fun.

I assume you are an early investor and you are already rich if you didn't panic sell at april crash. I would love to see the Winklevoss twins buying the facebook for a fraction of their btc holdings.

 

[AsifAmeer]

Pehle to Adnan bhai mujh se maafi maango for calling me an Economist. I knows economics before I trade stocks/bonds/futures/derivatives..

Bitcoin is decentralized. Kabhi movie download ki hai Pirate Bay se using Bittorrent? So suppose you download Toy Story 3.. If you look at where you'd be downloading the movie from, it would show you that you are download some parts of it from Russian, some of it from India, China, USA, Germany.. all over the place. Suppose that Chinese user who you are downloading the movie from goes offline.. Koi baat nahi.. you will start downloading it from Australia.. With Bitcoin, its the same technology. Same concept. Its a decentralized transaction clearing and verifying mechanism. Ofcourse it's early uses as that of a currency. Lekin in the future, it will also take over the role of Notary, Property rights and even taxation.

In technical terms, Bitcoin's Blockchain is just a protocol. And within its infancy, it is being adopted as a currency.

When you have kids, make sure they learn about cryptography and Hashed file indexing.

can u explain this bitcoin concept as an economist?? what does 1 bit coin mean??? 1 rs or dollar is my contract with the central bank that it has got reserves against this bill... what is bitcoin???

 

[Shehzad_Ulhaq]

Pehle to Adnan bhai mujh se maafi maango for calling me an Economist. I knows economics before I trade stocks/bonds/futures/derivatives..

Bitcoin is decentralized. Kabhi movie download ki hai Pirate Bay se using Bittorrent? So suppose you download Toy Story 3.. If you look at where you'd be downloading the movie from, it would show you that you are download some parts of it from Russian, some of it from India, China, USA, Germany.. all over the place. Suppose that Chinese user who you are downloading the movie from goes offline.. Koi baat nahi.. you will start downloading it from Australia.. With Bitcoin, its the same technology. Same concept. Its a decentralized transaction clearing and verifying mechanism. Ofcourse it's early uses as that of a currency. Lekin in the future, it will also take over the role of Notary, Property rights and even taxation.

In technical terms, Bitcoin's Blockchain is just a protocol. And within its infancy, it is being adopted as a currency.

When you have kids, make sure they learn about cryptography and Hashed file indexing.

A.A
Yar please can some body here tell a bit of LTC here, and which one is good to buy for future wise LTC or BTC... Please

 

[Aventador]

BTC has the first mover's advantage and is far better in terms of adoption. If you think you missed the BTC train, you can get some LTC as they are quite cheap ($30 as we speak) and are likely to go up in the near future but they will always be like silver to the bitcoin gold. I had a chance to buy them at $2 just a month ago but couldn't buy them because because the exchanges require too many verification steps and then there is a hassle of wiring money to the exchange etc.

 

[adnan_younus]

i know how it works... im more interested in having an comparitive analysis of this bitcoin aganst a normal currency bill... protocol, solving block , decentralized is all techincal.... wht im interested here is what is the tangible stuff behind this currency.... a country note bill is all backed up with how that country is doing.. its economy , its resevres, imports exports gdp etc.. what is behind a bitcoin?

Pehle to Adnan bhai mujh se maafi maango for calling me an Economist. I knows economics before I trade stocks/bonds/futures/derivatives..

Bitcoin is decentralized. Kabhi movie download ki hai Pirate Bay se using Bittorrent? So suppose you download Toy Story 3.. If you look at where you'd be downloading the movie from, it would show you that you are download some parts of it from Russian, some of it from India, China, USA, Germany.. all over the place. Suppose that Chinese user who you are downloading the movie from goes offline.. Koi nahi.. you will start downloading it from Australia.. With Bitcoin, its the same technology. Same concept. Its a decentralized transaction clearing and verifying mechanism. Ofcourse it's early uses as that of a currency. Lekin in the future, it will also take over the role of Notary, Property rights and even taxation.

In technical terms, Bitcoin's Blockchain is just a protocol. And within its infancy, it is being adopted as a currency.

When you have kids, make sure they learn about cryptography and Hashed file indexing.

 

[adnan_younus]

i know how it works... im more interested in having an comparitive analysis of this bitcoin aganst a normal currency bill... protocol, solving block , decentralized is all techincal.... wht im interested here is what is the tangible stuff behind this currency.... a country note bill is all backed up with how that country is doing.. its economy , its resevres, imports exports gdp etc.. what is behind a bitcoin?

Bitcoin is not controlled by the government or any central bank (thats the beauty of it). It is completely decentralized digital currency and a payment system.