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Author Topic: Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي  (Read 102433 times)
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November 21, 2011, 07:49:59 AM
 #261

I no longer support or invest in IBB because of the way it runs its business. Being Muslim/Terrorists has nothing to do with anything other than his business should operated by these rules. I do not know if he is a Muslim but he says his company will operate under Muslim law. I am not an expert in this but I do not believe all assets he holds in IBB follow that. Also I do not like the direction that IBB will be heading. I think the focus is to recover the massive losses and his willingness and desire to invest in what I consider more ponzi like investments. I no longer have faith in the CEO or the business plan of IBB. This is not a personal attack as I know nothing about this guy. This is all about money.  

Where does this guy live? Who is he? What are his goals? These questions he will not answer. How can I then invest in an operation like that? I should have done more research before buying IBB shares and this is my fault. I was just upset last night by the lack of information I was being provided and was being told I should not be asking too many questions. Not the response I expected.

I have never said he was a Terrorist or even a Muslim so there is no need for slander here.

I will try to work out the percentage loss of this company since it started and will report later.

I love how you equate Muslim and Terrorist to each other in your post...

You do have some valid points though, many of which are reasons why I don't invest in IBB.

If senbonzakura wants more supporters he needs to be alot more transparent.  


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November 21, 2011, 09:07:24 AM
 #262

Other people had claimed that I said he was a Muslim or that he was funding terrorism. This is not true. What I claimed was I had no information about who he is. He could be a Jewish CIA officer for all I know!

I know, not all Jews work for the CIA.... I am not equating that they are....
Sorry, I am not trying to troll you. You raise some valid questions which will be up to senbonzakura answer. I can tell you that from the few conversations I have had with him, he seemed to be preatty "reachable" if his intent ever did become malicious.  Wink

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November 21, 2011, 04:20:17 PM
 #263

Other people had claimed that I said he was a Muslim or that he was funding terrorism. This is not true. What I claimed was I had no information about who he is. He could be a Jewish CIA officer for all I know!

I know, not all Jews work for the CIA.... I am not equating that they are....

That was me who tossed the "terrorism" card.

(unoff. quote) FlipPro:"If senbonzakura wants more supporters he needs to be alot more transparent"

Well thats just the kicker aint it? Bitcoin is all about anonmitity it's kinda a double edged sword in this sense of transparency.

Most bicoin'ers wouldnt want you to know where they live, They've got no Need to do so.
I understand goats POV, Good to hear an explaination.

"As, I am not Muslim, I don't have any shares"

you dont have to be Muslim to buy IBB shares, many shareholders of IBB are not Muslim.
Some americans just dont like to hear the word "Muslim, or Islam" So when promoting somthing thats kinda "iffy" (bitcoins) you'd want to make it as simple as possible.
I no longer take part in the company nor do I support its long term goals and what it aims to finance. I was ignorant to its goals and interests. I would advise you all to talk to the CEO about where he lives and what he aims to do!!!
And Just For The Record, Im Canadian Born and raised, I have no intrest in religion,
(emphasis mine)
80% of Canadians are religious... I wonder if this is another Canadian stereotype.

Goat seems to be implying that IBB has a connection with Islamic radicals?

Nope, It's not a stereotype, But the number is closer to 70% than it is to 80% Heres the thing about canada, As far as religion goes, It's D.A.D.T.,  My mother is Wicken, My father is Atheist, My sister is a follower of god, And so is my brother, While i sit Agnostic. The thing about Canadians, Is that we really, Just Dont Care, about what your siritual believes are, Just so long as it doesnt Physically Affect me.

lol no, That wasnt goat, He typed out a vague paragraph and i launched a missile into it to make it seem radical, I was "poking the bear" to get him to leave a nice explanation


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November 21, 2011, 10:38:02 PM
 #264

(emphasis mine)
80% of Canadians are religious... I wonder if this is another Canadian stereotype.

I can't talk for english canadians since their culture is different, but for french canadians, religion is almost a joke. Churches are empty, sold, loaned, have cell phones tower on it. Religion is still strong with immigrants and some localities, but in general, the motto is:"pray who you want, just don't force it into the society". JackRabiit explained it well.

Even George W.Bush, with "god bless America" in his speech was perceived as a religious freak here. Don't go complain about islam if you hope god bless your country.

Quote
I no longer support or invest in IBB because of the way it runs its business. Being Muslim/Terrorists has nothing to do with anything other than his business should operated by these rules. I do not know if he is a Muslim but he says his company will operate under Muslim law. I am not an expert in this but I do not believe all assets he holds in IBB follow that. Also I do not like the direction that IBB will be heading. I think the focus is to recover the massive losses and his willingness and desire to invest in what I consider more ponzi like investments. I no longer have faith in the CEO or the business plan of IBB. This is not a personal attack as I know nothing about this guy. This is all about money.

Fair enough. But if you don't like something, tell it clearly. Giving place for misinterpretation create false assumption and things can become worse than they were before.

I've invested in that company, and I don't really appreciate the door you opened for false assumption.
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November 21, 2011, 10:46:03 PM
 #265

(emphasis mine)
80% of Canadians are religious... I wonder if this is another Canadian stereotype.

I can't talk for english canadians since their culture is different, but for french canadians, religion is almost a joke. Churches are empty, sold, loaned, have cell phones tower on it. Religion is still strong with immigrants and some localities, but in general, the motto is:"pray who you want, just don't force it into the society". JackRabiit explained it well.

Even George W.Bush, with "god bless America" in his speech was perceived as a religious freak here. Don't go complain about islam if you hope god bless your country.

Quote
I no longer support or invest in IBB because of the way it runs its business. Being Muslim/Terrorists has nothing to do with anything other than his business should operated by these rules. I do not know if he is a Muslim but he says his company will operate under Muslim law. I am not an expert in this but I do not believe all assets he holds in IBB follow that. Also I do not like the direction that IBB will be heading. I think the focus is to recover the massive losses and his willingness and desire to invest in what I consider more ponzi like investments. I no longer have faith in the CEO or the business plan of IBB. This is not a personal attack as I know nothing about this guy. This is all about money.

Fair enough. But if you don't like something, tell it clearly. Giving place for misinterpretation create false assumption and things can become worse than they were before.

I've invested in that company, and I don't really appreciate the door you opened for false assumption.

I was just about to state how i cant speak for the French speaking half of canadians, But it seems that our churches and public opinions are the Same

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November 21, 2011, 11:03:57 PM
 #266


I was just about to state how i cant speak for the French speaking half of canadians, But it seems that our churches and public opinions are the Same

That's a relief, because sometimes, I think you're crazy out there.  Wink

Stephen Harper? Really? Man, that hurts!  Grin

Quote
glbse still down, some good news, spoken to the developer of the arbitrage java software, he agreed to release it without the GUI, and maybe update it later with the GUI for now just release it as it is. Will be contacting around 4 customers who were interested in the software.

You mean this one?
http://nyse-group.de/bitcoin-arbitrage

Quote
I have an idea , Fundraiser / Donations under IBB to give to charity this Christmas..... what you think ?

I like it. It is a great to promote the company and help people at the same time.

Also, just wanted to ask, you never taught about making lends automatic? Something like a PHP form, where people apply for a loan and be able to sort them easily?
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November 22, 2011, 05:20:55 PM
 #267

Goat & all  - Ibb invested in us (bitcoinstarter.com/bitstarter.com) it has taken longer then we expected to get going after going through different programmers and different iterations so far Sen has been above board and he isn't trying to pull a "fast one" .  Obviously, I'm bias but just wanted to clear the air on our side.

Now regarding his religion him and I have had heated debates regarding certain aspects but that is totally separate from our business dealings  Cheesy  I don't believe he has any malicious intent.

 Grin

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November 22, 2011, 06:32:42 PM
 #268

Senbonzakura once forced me to take a no intrest loan, hes a horrible horrible man!   Cheesy  Roll Eyes

lol

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November 22, 2011, 06:47:27 PM
 #269

Senbonzakura once forced me to take a no intrest loan, hes a horrible horrible man!   Cheesy  Roll Eyes

lol

hehe Smiley

dont forget , i also forced you to convert to Islam and leave your evil ways behind, when giving you the loan !

hahaha this is really funny ^^ (:

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November 22, 2011, 07:02:24 PM
 #270

Senbonzakura once forced me to take a no intrest loan, hes a horrible horrible man!   Cheesy  Roll Eyes

lol

hehe Smiley

dont forget , i also forced you to convert to Islam and leave your evil ways behind, when giving you the loan !

hahaha this is really funny ^^ (:

Being basically non religous, I really enjoy learning about yours. Smiley

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November 23, 2011, 04:24:40 AM
 #271


I just added up what IBB owns and the value at what IBB trades at. Wow...

Your donation idea seems like the most sound idea you have had recently. "IBB we beg for funds!" It might catch on, who knows.

The price of a share should be somewhat connected to the current assets of the company, but it is also dependent on investors belief of what those assets will be in the future. Apparently some people think the future profits are worth buying now.

Perhaps a motion could be raised to ask if a portion of the profits should be retained by the company to grow (make up from past losses). The dividend would be smaller right now, but it would be higher in the future. Plus, how are we ever going to overtake all the interest banks if we do not grow?

I do hold a few shares of IBB, but I don't buy your reasoning.  All of their assets are publically available, so wouldn't it be more prudent to just invest in the assets directly in the same proportion?

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November 23, 2011, 01:35:29 PM
 #272

Which ones?  Bit Starter and Bit Over were on glbse last I looked.  The arbitrage software perhaps?  It's certainly worth a little bit, but does it explain the entire premium?  Maybe I should sell my small holding of shares before I post this, but I'm not going to.  There have been huge losses, but I haven't seen a drop in price beyond the retraction from the initial overinflation.

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November 23, 2011, 03:11:26 PM
 #273

Extra losses maybe... Loans have not been profitable overall.

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November 23, 2011, 09:34:06 PM
 #274

Bitstarter is not available, its only owned by ceo of Bitstarter, and IBB if you want to buy shares in that , contact Bitstarter and see if he will sell you some shares.

BitOver, same thing still in process of development. No shares available, having problems, waiting for glbse to fix it.

------------------

If anyone wants to run IBB , we can have a vote  and i will put up a motion for it.

"Appointment of a CEO and/or Project Manager(s), are to be decided by shareholders in a vote on the appointment in a motion."

Thank you for the clarification.  That makes me more comfortable with the premium on the share price.

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November 23, 2011, 10:09:53 PM
 #275

yup this info is from the contract, and also i said many times before when we started IBB , that i am only temporary manager/ceo until we find someone suitable who can expand and grow IBB. For now I am completing whatever projects i have on hand.

That's just the problem though... everyone in this community who is capable already has their head in at least one project.  Exciting times ahead Smiley.

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November 24, 2011, 03:30:58 AM
 #276

Sen, my banner dosent work, the link dead now ? Sad

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November 24, 2011, 04:03:02 PM
 #277


Looks like 30... is there a url for the portfolio that is kept up to date?

you can now visit IBB website and check for updated info

Great! Thanks!

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November 30, 2011, 10:16:20 PM
 #278

    Report November 2011

      Income / Revenue

      • CheaperinBitcoins-Stocks shares = 0.0332916 BTC  03/11/11
      • MergedMining shares = 0.0276240 BTC  06/11/11
      • MergedMining shares = 0.0288558 BTC  13/11/11
      • MergedMining shares = 0.0290088 BTC  19/11/11
      • FPGA.contract shares = 0.0017319   BTC  20/11/11
      • MergedMining shares = 0.0281102 BTC  24/11/11
      • LIF.CX shares = 0.0410233 BTC  25/11/11
      • MergedMining = 0.0279493 BTC  26/11/11
      • FPGA.contract shares = 0.0021890   BTC  28/11/11

      Loans

      • -------------------------------Repaid----------------------------------------------------------------------------------------
      • none
      • --------------------------------Default---------------------------------------------------------------------------------------
      • none

      Gratuity /Revenue so far from loans:-




      Donations:-

       0.21569353
       0.015
       1.86


      Income/Revenue from shares:-


      0.0332916 CheaperinBitcoins-Stocks 3 nov
      0.0276240 MergedMining 6 nov
      0.0288558 MergedMining 13 nov
      0.0290088 MergedMining 19 nov
      0.0017319 FPGA.contract 20 nov
      0.0281102 MergedMining 24 nov
      0.0410233 LIF.CX 25 nov
      0.0279493 MergedMining 26 Nov
      0.0021890 FPGA.contract 28 Nov


      Expenses:-

      0.05660903 * towards buying shares
      2.00 * towards purchasing 4 shares of LIF.CX



      total =1.29886840 profit/revenue->$3.89 @ current market rate
      {6.5057277 BTC dividends paid on 30/8/11} (6.5057277/1000=0.0065057277 per share)
      {2.0077597 BTC dividends paid on 30/9/11} (2.0077597/1000=0.0020077597 per share)
      {2.0065126 BTC dividends paid on 01/11/11} (2.0065126/1000=0.0020065126 per share)


      Dividends will be paid on 30th November -1.29886840 BTC will be paid (1.29886840/1000=0.0012988684 per share) *subject to change*

      [/list][/list]
      senbonzakura
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      November 30, 2011, 10:26:10 PM
       #279


      {Dividends} Statement Release 30/11/11

      IBB shares 0.70 BTC 30/11/11.
      CIB & IBB have prizes to give away in December, to have a chance at winning go to www.cheaperinbitcoins.com for more details
      1.29886 BTC in total will be paid out in dividends to 1000 shareholders, each share will receive 0.00129886 BTC.
      Teflone
      IBB - Islamic Bank of Bitcoin
      www.ib-bitcoin.com


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      December 01, 2011, 09:07:17 PM
       #280

      dividends paid Smiley

      Number of assets paid   1000
      Total amount paid   129886840
      Payment per share   129886


      after checking glbse, total amount paid is 1.29886 instead of the 1.2988684 as shown above (copied from glbse), meaning 0.0000084 hasn't been paid out and its still in glbse

      so i have to watch out for that , i included *subject to change* next to the revenue that is to be paid out as dividends.
      Remember that bitcoin only goes down to 8 decimal points and GLBSE does not support any more.
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