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      "body": "@@ -1891,16 +1891,46 @@\n to their\n+ friends and family and so on.\n  The que\n@@ -2004,13 +2004,12 @@\n at w\n-as to\n+ould\n  sto\n",
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      "parent_permlink": "blockchain",
      "author": "yskov",
      "permlink": "how-the-bitcoin-algorithm-reminds-me-of-the-holy-quran",
      "title": "How the Bitcoin Algorithm Reminds me of the Holy Quran",
      "body": "Like bitcoin, the Quran represents an immutable ledger of verses that has been preserved through time by recitation among most adherents in it's original language. Compare a Quran from Russia to a Quran from India and you will get the same exact Arabic text. Compare the Quran today to the Quran 1400 years ago and you will get the same Arabic text. \n\nFor those of you who don't know the Holy Quran is the indisputable scripture of Muslims worldwide. While disagreements on how to interpret certain verses in the Quran do exist the original Quran has been preserved letter by letter, verse by verse throughout time exclusively in the Arabic language. A Shia Muslim and Sunni Muslim would agree on the same book. A Muslim from China and a Muslim from Brazil will agree on the original Arabic recitation of the Quran because regardless of the local language they must memorize the Quran in it's original Arabic. This makes Islam different from other religions in that it's central scripture was distributed widely and not concentrated in the hands of just a few people. It remains the only religious text widely disseminated in it's original language and memorized word for word by its adherents. \n\nThe Quran was always meant to be recited instead of written and read. The very word Quran is derived from the Arabic root word for recitation. Muslims believe the Prophet Muhammad got these verses revealed to him directly by God and then recited it to the people who then memorized it and recited it to others who would do the same. The very first verses that were revealed to the Prophet can be regarded as the genesis block. Eventually the Quran was written down to preserve it, but the primary way it spread was through recitation since most of the Arab population was illiterate at the time. The Prophet would recite it to his earliest followers (the Sahabaa) and they would then recite it to their The question arises that once the Prophet received the verses from God, what was to stop others who the Prophet recited these verses to to change them? What would stop someone from altering a few words to favor their family or businesses? The answer is the mandate of congregational prayer: \n\nMuslims are required to pray 5 times a day, every day either in private or in a congregation of other Muslims with the exception of the holy day of Friday where all Muslims must congregate and pray. In the congregation there is a prayer leader who will recite verses from the Quran out loud in Arabic while all the other congregants stand behind him (the amount of congregants standing behind can range from the single digits to the tens of thousands for a single prayer leader). As he is reciting verses from the Quran out loud from memory while all other Muslims behind him listen. If he is wrong in even one letter of one word he is corrected by others standing behind him who have memorized the same text and this correction relies on the consensus of all the others in congregation who will approve of that correction by staying silent or speaking up on their own. It's a beautiful system that works to preserve the original integrity of the holy verses. This is similar to the hashing functions chosen miners do to solve the block while all the other nodes verify their work and make sure the work stays immutable and decentralized. If a hacker seeks to change the ledger, he/she changes the hash which will immediately rejected by all other nodes in the system who have memorized a different hash in their ledgers. \n\nNow, what if the majority of people get together and agree to change the verses? This is known as the 51% attack and presents as a problem in the proof of work algorithm of both Bitcoin and the Holy Quran. How does bitcoin solve this? Through immense decentralization and an increase in required hashing power as more people join the system so no one person can possibly have enough hashing power to change the ledger. The Holy Quran is protected by a similar mechanism: the immense diversity and worldwide spread of the Quran makes it virtually impossible to change the text because of massive worldwide distributed consensus: the vest majority of Muslims will memorize at least a few Quranic verses by heart and some will memorize the entire text, these Muslims are called hufaaz (arabic for Protector) and they are spread throughout the planet. \n\nI know this isn't a one to one comparison and many of you may see this as just promoting a positive aspect of a religion while ignoring the negatives but it's hard to dispute  that both the Bitcoin and Quran represent immutable ledgers that have intrinsic mechanisms in place within their communal systems to stay immutable.",
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      "permlink": "re-sunnyali-siacoin-sc-news-allert-174b3fe505f1d-20180111t224920776z",
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      "body": "you can trade this...but what's the point of dumping it after the fork? It's not like you can collect more coin pre-dump and maybe a few traders will buy it up thinking there will be a new coin during the fork (there wont) but nothing has really changed here except a programming update shift from 30 min blocks to 10 min blocks to accomadate the new asic miners in mid 2018.",
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      "author": "yskov",
      "permlink": "why-bitcoin-at-usd1-million-is-a-very-real-possibility",
      "title": "Bitcoin at $1 Million?",
      "body": "@@ -1,678 +1,4 @@\n-If you're reading this I'm sure at least half of you are rolling your eyes at this post saying %22another idiot clickbait blogger pumping up crypto-crap.%22 I'm sure the other half of you are trying to determine what would drive people like John McAfee to place a bet that he will eat a certain piece of his anatomy on live television if this does not happen relatively soon. %0A%0AI was in the former half early on, moved onto the latter half and am now in the John McAfee camp, that is, a true believer that if the trend continues (and I have no reason right now to believe it won't) the price of Bitcoin will assuredly reach $1 million dollars relatively soon. Let me explain: %0A%0A\n As o\n",
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      "author": "yskov",
      "permlink": "re-mk3jetta-re-sunnyali-siacoin-sc-news-allert-174b3fe505f1d-20180111t214708678z",
      "title": "",
      "body": "@@ -247,16 +247,62 @@\n ockchain\n+ thus creating a newer coin for the newer fork\n . An unc\n",
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      "permlink": "re-mk3jetta-re-sunnyali-siacoin-sc-news-allert-174b3fe505f1d-20180111t214708678z",
      "title": "",
      "body": "@@ -35,16 +35,30 @@\n th this \n+uncontentious \n hard for\n@@ -125,16 +125,139 @@\n entious.\n+ A contentious fork (not this) is created when a development team forces the fork and pledges to back the older blockchain.\n  An unco\n",
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      "permlink": "re-mk3jetta-re-sunnyali-siacoin-sc-news-allert-174b3fe505f1d-20180111t214708678z",
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      "body": "there is no new coin associated with this hard fork. There are two types of hard forks: contentious and uncontentious. An uncontentious hardfork happens when the programming code updates and there is no development team willing to take on and back the old pre-forked blockhcain thus there is no need for a new coin representing the newer fork.",
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      "body": "assalaam alaikum",
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      "body": "Salaam 3laykum :)",
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      "body": "Salaam 3laykum from California.\n\n@reneyusufbey put me on to crypto and Bitcoin\n\nInshallah more Muslims strive to understand the benefits of Steemit and crypto in general :) \n\nImagine a KHALIFCOIN or HALALCOIN based on blockchain backed by something similar to the Power Ledger Coin",
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      "body": "I can't take John McAfee too seriously.  I expect to see him eating this https://en.wikipedia.org/wiki/Spotted_dick\nThere's a possibility that Bitcoin could reach $1 million one day but by 2020?  That would be incredible in such a short period of time.  I know it wouldn't be a huge gain each year from where the price is now but wont there be massive profit taking long before $1 million and isn't that going to slow things down?",
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      "body": "If you're reading this I'm sure at least half of you are rolling your eyes at this post saying \"another idiot clickbait blogger pumping up crypto-crap.\" I'm sure the other half of you are trying to determine what would drive people like John McAfee to place a bet that he will eat a certain piece of his anatomy on live television if this does not happen relatively soon. \n\nI was in the former half early on, moved onto the latter half and am now in the John McAfee camp, that is, a true believer that if the trend continues (and I have no reason right now to believe it won't) the price of Bitcoin will assuredly reach $1 million dollars relatively soon. Let me explain: \n\nAs of this writing bitcoin's marketcap is $253 billion with $15,127 per bitcoin and there are about 16.7 million coins in current circulation. A $1 million dollar valuation from here would mean bitcoin would have to increase in price by 66x or a 6600% increase in price which seems unreasonable. Furthermore at this price that would mean bitcoin's marketcap would be 16 trillion. You might be yelling out marketcap matters! Its prohibitive to reach such a valuation!\n\nFirst let's get one thing clear, there are not 16 million bitcoin floating around, there are only around 12 million. I know coinmarketcap says 16 million in circulation but research by Chainalysis (a blockchain security firm that explores the blockchain for federal governments) finds that up to 4 million bitcoin have been lost forever due to death, lost private keys, and the assumption that the famed \"Satoshi coins\" have been lost forever since Satoshi has not been heard from since 2011. \n\nNow, let's look at the global supply of money (M1 and M2 only) which is around 60 trillion. This is all the money in pockets, mattresses, savings accounts, checking accounts, etc. If we are assuming only 12 million bitcoin in existence this would mean 12 trillion out of that 60 trillion would flow into bitcoin, that represents 1 in every 5 dollars and dollar equivalents out there at this moment. Probably won't happen anytime soon but let's look at the steady march of time and what that does to the bitcoin price:\n\nJohn McAfee is betting his now famous man-part that bitcoin should be $1 million by 2020. Ok so that calls for a 6600% increase over two years, which again sounds insane. But is it? Given that federal reserve backed currencies are inflationary assets and the global rate of inflation is 3.15% over two years the dollar will be worth 6.2% less than it is now (I know this calls for a lot of assumptions and if the US fed decides to print more in case of economic decline it will be even more) and some of that loss will make bitcoin worth more (not exactly a 6.2% increase since the total amount of bitcoins themselves will increase). More importantly lets assume the global money supply (M1 and M2) would increase by the inflation rate which would now put the supply at 63.8 trillion (assuming central banks to print to stave off some massive economic decline). \n\nLet's also consider that there will be more and more rich people ($1 million net worth or more) whose fund managers, financial advisers, and country club friends will be telling them about this fantastic bitcoin investment. Right now there are around 2000 billionaires in the world and 15 million millionaires that control 45% of the world's wealth. If this population gets FOMO with bitcoin and puts just 1% of their wealth into bitcoin that is around $1 trillion dollars into the crypto-asset. \n\nRight now only 1000 people hold 40% of the world's bitcoins and only around 3 million actual holders. Blockchain analysis shows they aren't selling anytime soon, yet there are 7 billion people globally, 3.5 billion of which could potentially buy the crypto-asset because they have internet access. Let's also consider the decline of the previous baby boomer generation and the rise of the millenials. Millenials are much more receptive to bitcoin and this generation stands to spend money to buy some bitcoin. Some surveys show around 42% of American millenial males intend to purchase bitcoin at some point in their life. Around 30% are more receptive of cryptocurrency compared to stocks. Compound this with African and Asian millenials that largely don't have access to US capital markets and a significant amount that are unbanked and who are wary of their own government currencies and who see bitcoin as a potential tool to grow their savings. That is a huge sum of money flowing into bitcoin. \n\nBy 2020 if interest keeps rising and millenials keep buying and global inflation stays steady it's not entirely unreasonable that bitcoin could reach a multi-trillion dollar valuation. John McAfee may be right, and his man-part would assuredly breath a sigh of relief.",
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      "title": "Why Bitcoin is Set to Take Off in the Muslim World",
      "body": "Muslims make up 23% of the world's population and are the fastest growing religion on the planet, this fact is going to benefit the global crypto-asset marketcap for two reasons: Islamic law and population trends.\n\nBefore we get into the reasons for my thesis let me introduce myself: I am a young Muslim who was born and raised in the USA to a relatively religious Muslim family living in Michigan, close to that famous city of Dearborn. \n\nLet's look at the first reason: Sharia law and it's restriction on ribaa (interest). Islamic banking laws according to majority consensus interpretation of Quranic verses have a strict prohibition on collecting, paying or participating in financial systems that rely on interest. This splits the worldwide Islamic population in two: Muslims begrudgingly willing to participate in the modern banking system because they see no choice and Muslims who refuse to participate or who seek out alternatives to modern banking. I have seen both groups seek out some solution to their moral and financial quandary. Muslims living in the west seek out many ways of trying to be compliant with Islamic law whether its inventing alternative \"Islamically compliant\" mortgages, \"Islamic banking\" or \"Sharia compliant investment funds.\" There has been an explosion in the growth of Sharia compliant financial products in recent years to reflect a growing Muslims professional class in the West who shun regular banking and investment models. I have seen many Muslims including my own family some who live here and some who live overseas refuse to participate in the banking system or invest in stocks and just put everything they own into physical gold stashed in not so secure locations with the hope that it will preserve their wealth and grow it. \n\nBitcoin could be solution to this quandary. Bitcoin does not rely on fractional reserve banking, you know the Bitcoin you own in your wallet (if you control the private keys) is not being loaned out to charge interest to others and you know there will always be that many bitcoin resting in your account rather than circulating across the economy making others money without your permission. This alone makes bitcoin largely compliant with Islamic banking laws and an attractive investment to a relatively wealthy Muslim sitting in Dubai, Jakarta, Tehran, Istanbul, etc who were always a bit regretful that they are participating in a banking system that is not compliant with Islamic law. The vast majority of the Muslim world is not aware of this yet, and the top 5% of wealthiest Muslims may just now be paying attention to bitcoin with all the media attention yet still not be willing to take the risk in a relatively new investment scheme. \n\nWith all the potential of bitcoin in the Muslim world and its compliance with Islamic law it is important to note that many of the older Muslims do not and may never know about bitcoin or are misinformed about crypto-assets. There have been several Islamic scholars linked to corrupt repressive regimes (aka Al-Azhar scholars in Egypt) that have issued rulings against bitcoin either because they refuse to read up on it and fear what that don't understand or are doing the bidding of said corrupt government because their government fears currency decentralization. This is where demographic trends come in because while older Muslims and corrupt scholars linked to corrupt regimes may fear the crypto-asset millennial Muslims are looking for financial freedom. \n\nIslam is the world's fastest growing religion and the Muslim world has a relatively young population compared to almost any other population subset. This is a millennial population which has seen war, economic sanctions, terrorism and the collapse of some nation-states. It is also a young population who has grown up in the age of twitter, snapchat, cell phones and the internet. If you were a young Muslim in Mosul, Iraq just a few years ago you would have woken up to news that a new gang called ISIS raided your bank and your entire wealth has dissipated overnight. You would have spent years not being able to participate in the global financial system and lost investment potential over time because of war and the collapse of your government. You would have seen your peers in the western world become wealthy and happy with the notion that their banking system is safe from collapse. Enter bitcoin, an alternative crypto-asset that seems to keep growing, has massive potential and most importantly can keep your wealth from being stolen by corrupt governments, terrorists, economic mismanagement or a coup.\n\nOnce the secret is out and more and more Muslims see the compliance and potential in bitcoin expect the marketcap to reflect this explosion in interest and participation in the blockchain network. A quarter of the world's population, its fastest growing subset is just waking up to the potential of bitcoin. I have been asked by Muslim friends and family and others who I don't even know from overseas Muslim countries about how to start a coinbase account, an ether wallet, what private keys are etc. I see a potential sleeping giant here who is just now awakening to a solution to many of its financial and moral issues.",
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