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Author Topic: Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي  (Read 102458 times)
Danijel Habek
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November 21, 2012, 09:57:50 PM
 #401


Apart from some fee differences, obvious differences in site engine and trading execution, which I've found to be advanced enough yet simple enough for beginners, on both options.
Using both solutions, I've found to like more the UI and user/trading features implemented in BTC-T than cryptostocks.

But the key differences that would swing me to the BTC-T right now I believe are well summed in burnsides post here:
https://bitcointalk.org/index.php?topic=101694.msg1335397#msg1335397


It has definitely been discussed and is somewhat covered in the FAQ.

3 major differences that make this unlike any other sites available right now.

A) We are incorporated.  For real.

B) Legal wording is such that this is an entertainment/educational site only.  Assets are not real.  There is no recourse if an asset fails.  Etc.  This makes it more risky for "investors", but less risky for the asset issuers and most importantly, less risky to BTC Trading Corp.  This would seem like a huge issue at first, but realistically there is little recourse in an asset failure situation anyway.

C) Asset issuers are free to leave at any time.  I have made it simple (via website, json api, or email) to get a list of people holding your asset such that you can move to another exchange or to private management pretty much at will.  We even force it upon the asset issuers in the form of an email every 12 hours.  Smiley

There's lots of other differences, but those I think are the key ones.


I believe overhead for issuer/manager would be a bit less using some of features presented on BTC-T page such as:

Ability to schedule dividends. Pay dividends based on date/time in the future.
Ability to email all shareholders important notifications.
Ability to temporarily stop trading on your asset when you have big announcements.

Please, do add more of what you think is relevant to pick the right tool from the choices you've presented.

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November 21, 2012, 10:21:56 PM
 #402

I think the most important concern at this point is "What happens if the exchange stops functioning?". Do any of these options provide the possibility of an exit strategy for users?
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November 21, 2012, 10:34:43 PM
 #403

I think the most important concern at this point is "What happens if the exchange stops functioning?". Do any of these options provide the possibility of an exit strategy for users?

I agree. Maybe use bitcoin protocol to store the shares? E.g. bitcoins that came from IBB's official address represent shares.

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November 22, 2012, 05:38:04 AM
 #404

I believe that is well managed at BTC-TC with the answer:

Quote
C) Asset issuers are free to leave at any time.  I have made it simple (via website, json api, or email) to get a list of people holding your asset such that you can move to another exchange or to private management pretty much at will.  We even force it upon the asset issuers in the form of an email every 12 hours.  Smiley

That is, the market engine cron job sends a shareholder list to the issuer every 12 hours. He can take his asset and shares to next market if this one fails with so much less hassle than what we've been going through with last one.

Not sure about user BTC kept on market storage, but at least there is a registered entity that is subject to someone jurisdiction after all.

On the other hand, as I've understood Cryptostocks are managing similar emergency plan with Offline shares:

New functionality release today: Offline Shares.

Objective: 
 - Store your share's offline and protect them in case of a compromised account, while still receiving dividends
 - In the future this feature can be integrated with other exchanges to allow movement of shares from one platform to another

Also, I'm not sure if I made the right point, any more holes there?

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November 22, 2012, 09:45:16 AM
 #405

Also, I'm not sure if I made the right point, any more holes there?

Thanks for doing the research. I guess we need both measures simultaneously (backups on the issuer side AND proof of ownership on the shareholder side), and competition will likely cause them to integrate a standard solution set.

As it is, neither of these solutions seem good enough, but I guess the details are pretty off-topic here. It seems they both want to make migration as easy as possible, which makes the current decision less critical.
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November 25, 2012, 12:11:44 PM
 #406

i don't understand this thread at all, you guys all seem to know what it's about though.

what is this project?
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November 25, 2012, 05:09:55 PM
 #407

Thanks for updates Senbonzakura.
Looking forward to see IBB trading again.

i don't understand this thread at all, you guys all seem to know what it's about though.

what is this project?

Apart from OP and few post below OP that explains Islamic Bank of Bitcoin is as it's name says a Bank that's using bitcoin for banking  and using shariah law as a banking model (providing interest free bitcoin loans and creating shariah compliant joint venture companies - Musharakah, see OP), which part needs better explanation?

Some of users in this thread, myself included, are investors in IBB, and we're following it's development here.
 
Is there anything more that should be explained apart from OP, let me know, I'll try to look for an answer and explain as much as my RL time and knowledge permits.

Quote from: TraderTimm
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November 26, 2012, 06:34:00 PM
 #408

Just received an email, did a pw reset to my email, logged into crypto and I see my one IBB share!

Quote
You have successfully registered at Cryptostocks.com. One last step remains before you can use your account, you need to confirm it by following below link.

Confirm my account
Best regards
Your Cryptostocks Team
Danijel Habek
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November 26, 2012, 07:39:00 PM
 #409

Still got no share info, or email confirmation.
I hope that silly looking bootstrap will prove to be a good choice.

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November 26, 2012, 10:06:23 PM
 #410

Just received an email, did a pw reset to my email, logged into crypto and I see my one IBB share!

Thanx, for some reason i had forgoten about the password reset thingy and was struggling to figure out how to set my own password there without knowing the current password Tongue

(I dont always get new reply notifications, pls send a pm when you think it has happened)

Wanna gimme some BTC for any or no reason? 1FmvtS66LFh6ycrXDwKRQTexGJw4UWiqDX Smiley

The more you believe in Bitcoin, and the more you show you do to other people, the faster the real value will soar!

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November 27, 2012, 12:07:25 AM
 #411

yeah me too , the second email from crypto explained how to reset , you have to logout first and then "forgot my password"

Apologies, we send out the email account activation first and then the instruction about resetting it later, should have been the other way round obviously.

For those who haven't activated their email yet:   After clicking the activation link in the email  (didn't receive that email? Please check your Spam folder)   you will be automatically logged in.  You will need to logout, then go to the login screen, there is a link at the bottom which says: "Forgot your password"?   This will then email you an instruction on how to reset the password.



Obviously you can always change your password once you are logged in via the menu "Account"->"Reset Password" but you need to know your old password in order to do that, which you don't have the very first time, hence the process via the "Forgot your password" function.

BTC,LTC,DVC denominated crowd-funding platform: https://cryptostocks.com
BTC and Alt-Chain currency exchange: https://vircurex.com
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November 27, 2012, 12:16:18 AM
 #412

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Thanx, for some reason i had forgoten about the password reset thingy and was struggling to figure out how to set my own password there without knowing the current password Tongue

yeah me too , the second email from crypto explained how to reset , you have to logout first and then "forgot my password"
lol  Tongue

Glad to help out Smiley.  My one IBB share has been on some journey hahha.
Apologies, we send out the email account activation first and then the instruction about resetting it later, should have been the other way round obviously.

Ah, yea, I don't believe I received the resetting instructions, it came to mind to do so right after activation.
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December 02, 2012, 12:35:43 AM
 #413

yeah me too , the second email from crypto explained how to reset , you have to logout first and then "forgot my password"

Apologies, we send out the email account activation first and then the instruction about resetting it later, should have been the other way round obviously.

For those who haven't activated their email yet:   After clicking the activation link in the email  (didn't receive that email? Please check your Spam folder)   you will be automatically logged in.  You will need to logout, then go to the login screen, there is a link at the bottom which says: "Forgot your password"?   This will then email you an instruction on how to reset the password.



Obviously you can always change your password once you are logged in via the menu "Account"->"Reset Password" but you need to know your old password in order to do that, which you don't have the very first time, hence the process via the "Forgot your password" function.


Perhaps you guys should tweak your system a bit so that those random passwords no one knows are considered temporary, and different from a password someone would set the normal way; and whenever someone with such a password tries to access the site they are reminded to set their own password (including a link to do so without having to manually log off and hit the forgot password thingy)?

(I dont always get new reply notifications, pls send a pm when you think it has happened)

Wanna gimme some BTC for any or no reason? 1FmvtS66LFh6ycrXDwKRQTexGJw4UWiqDX Smiley

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December 12, 2012, 11:00:10 PM
 #414


IBB - Islamic Bank of Bitcoin مصرف بتكوين الاسلامي

To friends and all supporters of this project,

Thank you for your continued support from it's beginning!

I'm glad to announce that I will do my best to continue honorable practice run by my predecessor in running daily operations in this project. I hope that by taking the responsibility to serve as an executive officer in this project and in process take it to the next level, I will earn your trust and respect as an honest man and diligent executive of the Islamic Bank of Bitcoin.

I will dedicate a portion of my time to provide you with project status and financial reports as accurate as I can.

If you have any ideas that you find could be interesting for the project well being, or have an objection or advice how to do something better, I'm open minded and ready to listen and discuss.

I will announce the important decisions, movements and development status as they roll out, and for the important decisions I will ask for your vote.

Whenever I'm communicating to you or general public any information relevant to the Islamic Bank of Bitcoin, I will sign it with official IBB signature and keep my opinions everywhere else separated from the official project signature.

Thank you.

You can read a bit more about me and my current mission plan briefly explained in the media release:

Danijel Habek named as new CEO of Islamic Bank of Bitcoin

The Islamic Bank of Bitcoin, a Bitcoin banking company operating on Islamic Sharia financial principles, today announced the appointment of their new CEO Danijel Habek. Mr. Habek will immediately assume responsibility for all Islamic Bank of Bitcoin operations and strategy. Mr. Habek brings a lifetime of business experience to his new role. He replaces a shareholder who previously had interim CEO responsibilities.

“I look forward to bringing my experience and leadership to the Islamic Bank of Bitcoin” said Mr. Habek. “In my new role as Chief Executive, I will be responsible for establishing a permanent and useful web presence for the IBB, investing in new joint ventures, and continuing our program of interest free loans.”

“The IBB is at the forefront of Bitcoin finance” continued Mr. Habek. “We believe that finance based on Islamic principles is an incredibly beneficial thing for Bitcoin. Having a strong Islamic bank that is prepared to share profit and risks in joint ventures could significantly boost the Bitcoin economy.”

Mr. Habek has been a supporter of the IBB almost since day one, buying a significant amount of shares. All of his share dividends have been ploughed straight back into the bank. “Right away I saw the potential” said Mr. Habek. “I saw how the IBB could benefit the community by helping enterprising people get their Bitcoin business ideas off the ground. That, in turn, benefits all of us.  The religious aspect aside, Sharia banking principles fit perfectly with our early stage economy. They are tailor made for getting things off the ground.”

Mr. Habek’s first task will be to refine the IBB business plan and continue to sell IBB’s new issue of shares on Cryptostocks.com. The resulting capital raised will be spent on a secure and functional new IBB website, investments in new joint ventures, continuing interest free loans, infrastructure lease, and other expenses. He will also be tasked with reassuring IBB customers and shareholders after the migration to Cryptostocks in the aftermath of the GLBSE collapse.

“Our function is to help people reach their goals,” said Mr. Habek. “I intend to run the bank according to that principle. Whether we’re helping people with small loans, getting involved in exciting joint ventures, or engaging in some other type of activity, I will always bear that in mind.”

Danijel Habek is a longtime IT entrepreneur with an intimate understanding of business. After a long and celebrated career as an IT professional, he set up his own IT business in 2003. Since then he has worked on a large number of successful IT projects. Mr. Habek is also known as a man with an exceptional community spirit. He often volunteers his time and expertise to IT projects surrounding his local Sporting Association.

About the Islamic Bank of Bitcoin

The Islamic Bank of Bitcoin is a Sharia compliant Bitcoin banking organization that offers interest free loans and shared profit/loss joint ventures to people of all faiths in the Bitcoin community.

Contact Information

Islamic Bank of Bitcoin
Danijel Habek
danijel.habek@ib-bitcoin.com
http://www.ib-bitcoin.com/

Quote from: TraderTimm
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Danijel Habek
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December 13, 2012, 02:49:17 PM
 #415


I'm sorry for inconvenience, I'm aware of it.
I'm waiting for hosting support ticket resolution as in the process of changing nameservers, things went wrong and I cannot point the DNS records to the right account. Hopefully this will be resolved today.
However, there is nothing on the site as of yet, as I'm in the process of building a temporary information site, that will be further developed and expanded with planned services throughout the year.
I will post update once there will be more content available on the website.

Thanks,

Islamic Bank of Bitcoin
Danijel Habek

Quote from: TraderTimm
For me, bitcoin is freedom that I never thought I'd see in my lifetime.
Danijel Habek
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December 18, 2012, 10:52:25 PM
 #416

Shareholder update

I have received a notice that there is a number of shareholders who were sent an email with their login information to Cryptostocks, so they can claim their IBB shares.

Everyone who is missing their IBB assets, please check your email or spam folders for possible Cryptostocks login information, and if you received it, head to the Cryptostocks market and claim your IBB shares.

Thank you,

Islamic Bank of Bitcoin
Danijel Habek

Quote from: TraderTimm
For me, bitcoin is freedom that I never thought I'd see in my lifetime.
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December 30, 2012, 01:38:26 AM
 #417

First successfully funded project on BitcoinStarter

Tomasz Kaye, the creator of George Ought to Help, is a Bitcoin enthusiast. With our help he wants to make a Bitcoin video to bring this exciting technology to the attention of an even broader public

Goal 185 BTC

Pledged 201.37 BTC

-------

Bitcoinstarter : kickstart your project with Bitcoins ! , a joint venture (musharakah) with Islamic Bank of Bitcoin
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December 30, 2012, 08:33:49 PM
 #418

Id be careful, Muslims tend to hate westerners may scam you, send you virus that blows up your computer. Not to be trusted.

I'm assuming this is a joke.

BTC1MYRkuLv4XPBa6bGnYAronz55grPAGcxja
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December 30, 2012, 08:35:19 PM
 #419

Ban please.

Danijel Habek
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January 13, 2013, 03:31:01 AM
 #420

Quick Update

Following the great news about first successfully funded project at bitstarter.com, comes some good news for the investors of the IBB, as the next dividends will share an income of 8 BTC 6 BTC , incoming soon from dividends of our first successful project with our friends at BST.

Things with accounts information from GLBSE are step closer to an end as we have received what seems to be a final list containing all of the 1500 outstanding IBB shares. However there are still 138 shares not being claimed for by their owners.

There is a deadline on March 13th, 2013 for those who didn't claimed their shares to do so. After that mentioned period the unclaimed shares would be deleted/taken back by issuer.
If you still haven't received your accounts and equity information please use the GLBSE login form, and enter your correct details to claim your shares.

From the closing of another mining operation, IBB received 10.304 BTC for 322 mergedmining shares. This funds will be spent to purchase a small share in another mining operations.

5.161 BTC spent to buy some more NASTYMINING seats.

There are another 0.21 0.2799972 of those shiny bitcoin waiting in line for next dividend payout, received from few seats at the NastyFan club.

There's an offline loan of 5 BTC to Mr.G in Croatia due to February 8th 2013.


Good luck,

Danijel Habek
Islamic Bank of Bitcoin

Quote from: TraderTimm
For me, bitcoin is freedom that I never thought I'd see in my lifetime.
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