Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي

[Nefario]

It's great that senbonzakura keeps everyone updated and informed on the status of IBB, however he needs to fill in the company information at https://companies.herokuapp.com/company/2

And for several other IBB companies listed on GLBSE

I've contacted him plenty of times and given him the needed links to get this done, but as you can see it's not happened.

Failure to update IBB and IBB owned pages by Friday will result in them being delisted from GLBSE.

Nefario.

[Nefario]

It's great that senbonzakura keeps everyone updated and informed on the status of IBB, however he needs to fill in the company information at https://companies.herokuapp.com/company/2

And for several other IBB companies listed on GLBSE

I've contacted him plenty of times and given him the needed links to get this done, but as you can see it's not happened.

Failure to update IBB and IBB owned pages by Friday will result in them being delisted from GLBSE.

Nefario.

Eek, sounds like somebody is annoyed?

By "delisted", do you mean the companies will be taken off the "Listed company" information page, or that they will be removed entirely from the exchange? How would that work with people who own shares of said companies?

Good question, it means that all IBB assets on GBSE will be frozen, including bitcoin in their account. Shareholders will not be able to trade IBB (or their subcompanies) until they resolve the issue.

FYI on the companies page IBB don't have to fill in ALL the details, just what they have.

[memvola]

Good question, it means that all IBB assets on GBSE will be frozen, including bitcoin in their account. Shareholders will not be able to trade IBB (or their subcompanies) until they resolve the issue.

FYI on the companies page IBB don't have to fill in ALL the details, just what they have.

I know this is not the case but what if he wanted to interrupt trade for a while? Rather off topic, but it would be a good idea to implement GLBSE in a distributed manner so that no one can prevent me from trading my property for any reason. Are there any plans to do this, or else can you redirect me to a thread where I can discuss this and not be off-topic? (I remember a concept like this from early this year, but couldn't find the thread.)

[TiagoTiago]

Do you guys got somthing like savings accounts, somthign where i leave a bit of my money with you, you use it on profitable things and then some time later i can get my money back plus a small fraction of the profits? Or are such agreements considered just as bad as charging interests on loans?

[Bitcoin Swami]

Do you guys got somthing like savings accounts, somthign where i leave a bit of my money with you, you use it on profitable things and then some time later i can get my money back plus a small fraction of the profits? Or are such agreements considered just as bad as charging interests on loans?

Just curious, why not just buy shares in this case?

[Ben Walsh (beamer)]

The difference I would expect in such an arrangement, is that the BTC deposited into the "savings account" would not be at risk (beyond the risk that the bank fails completely and becomes bankrupt / insolvent OR the owners vanish with all the money) ... whereas the share price could easily be below that at which I bought when I need to sell (equivalent to withdrawing my savings from my savings account).

Once IBB is of a sufficient size, I could easily see them offering, if the religious restrictions permit it, such a savings account which pays a much lower interest than the dividends (e.g. 10% of what you would receive as dividends from an equivalent amount invested in the IBB shares) with the savings deposited (equivalent to capital invested in shares) not being at risk at all.

You can get exactly the same level of risk vs reward by investing just 10% of the amount you would have deposited as savings into the IBB shares.

Do you guys got somthing like savings accounts, somthign where i leave a bit of my money with you, you use it on profitable things and then some time later i can get my money back plus a small fraction of the profits? Or are such agreements considered just as bad as charging interests on loans?

Just curious, why not just buy shares in this case?

[Fiyasko]

Well, I wouldnt mind having half my money "safeguarded" with bit bills. But someothers certainly might, I thinks it's a good idea

[DiamondPlus]

I have not reviewed the entire Jak concept but a cursory glance at it makes sense. The longer a member has had a savings deposit with the bank the more available loan credits they are entitled to. Is this the general premise? I will review the entire concept a little later but it looks promising.

I have been thinking of another way to encourage loan repayment and community/bank participation and subsequent trust reward but I have to think it through a bit more before I post it here.

@senbonzakura I can send 3 BTC now of my conditional 10 BTC pledge if you would like. I would just consider it lending you 3 BTC for the moment at 0% interest until you get the shares/etc worked out and convert it into shares. You can use it for expenditures as needed and if the project dies I will accept a shared loss. If you have another proposal I am open to it.

If you want me to send 3 BTC now please post an address I should send to publicly here on this thread to make such transaction transparent.

-DiamondPlus

[Bitcoin Swami]

Just a question about your Arbitrage software.  Instead of selling it, why not just use it yourself? If you sell it to a bunch of people wont it eventually just become worthless cause a bunch of people are using the same software, therefore the fastest computer/internet connection wins?

Seems like you could make alot more $$ just by running the software and splitting up the profits?

Just a suggestion.

[Bitcoin Swami]

What does the arbritage software do?

Peter, it makes money on the difference between prices at seperate exchanges.  It does it all automatically.  If Mt. Gox price is lower than tradehill it will buy there and sell on tradehill if there can be a profit to be made.  

The link is at the bottom of the original post.

[indio007]

What is the maximum amount of BTC you have had at risk at any one time? I want to buy shares but need more info to determine risk of bankruptcy.

[indio007]

I purchased 12 shares as a vote of confidence. For some reason GLBSE's charts aren't up to date
http://charts.glbse.com/markets/IBB.html
Not that it matters because the price is accurate when you actually purchase or sell stock.

[Nefario]

I purchased 12 shares as a vote of confidence. For some reason GLBSE's charts aren't up to date
http://charts.glbse.com/markets/IBB.html
Not that it matters because the price is accurate when you actually purchase or sell stock.

That is because with the GLBSE update the API changed and charts couldn't get any new trade info. Thats been fixed now.

Nefario.

[Jack of Diamonds]

the faster we give small short term loans, the more chances we can get gratuity

You have a good business going on, hope you don't go handing out money and 'loans' to every 1-post wonder on the forums..
That will attract scammers like honey to bees. Should at least have some sort of verification.

[indio007]

# of posts apparently got changed to 200 posts minimum.
If you look back at the July financial report August was a pretty good month default wise. IBB adjusted the conditions so maybe that's a factor. The TOS  are stickied in  the lending sub-forum.
I'm really surprised not much has been done in regards to the scammer issue in general.

[infested999]

the faster we give small short term loans, the more chances we can get gratuity

You have a good business going on, hope you don't go handing out money and 'loans' to every 1-post wonder on the forums..
That will attract scammers like honey to bees. Should at least have some sort of verification.

One scammer can get a whole month's dividends if he doesn't pay his loans back!

[Danijel Habek]

One scammer can get a whole month's dividends if he doesn't pay his loans back!

IMHO, that's a good spent amount to get rid of the scumbags and young billythekids. IBB is doing some good things to the community, and as good always suffer, it get hurt a bit, moneywise.
But hey, it's just money!
A man's honour is worth more then few dividends, or money at all.

[Jack of Diamonds]

One scammer can get a whole month's dividends if he doesn't pay his loans back!

IMHO, that's a good spent amount to get rid of the scumbags and young billythekids. IBB is doing some good things to the community, and as good always suffer, it get hurt a bit, moneywise.
But hey, it's just money!
A man's honour is worth more then few dividends, or money at all.

Yes, but real world honor is not bound to forum identities.

A scammer can create a new account every week, spam ~50 posts to get 'trust', scam IBB & start all over again using a proxy.

[indio007]

It's 200 posts

[Danijel Habek]

One scammer can get a whole month's dividends if he doesn't pay his loans back!

IMHO, that's a good spent amount to get rid of the scumbags and young billythekids. IBB is doing some good things to the community, and as good always suffer, it get hurt a bit, moneywise.
But hey, it's just money!
A man's honour is worth more then few dividends, or money at all.

Yes, but real world honor is not bound to forum identities.

A scammer can create a new account every week, spam ~50 posts to get 'trust', scam IBB & start all over again using a proxy.

Not in my book. I'm using my real identity and asked the admin to delete my original, 1 post anon identity, in the name of trust and honour.
Yet again, there are some forum identities I can trust more then some real life samples I know, again moneywise.

I agree scammer is a scammer indeed, and will do anything just to make his scam work, and now he'll have to work his ass spamming the forums for 200 posts, and not to get banned or profiled to be a scammer for writing 150 stupid postcount trash.

Pitty that hurts honest low postcount peeps, and IBB business after all, but I agree such filter had to be added, until IBB comes up with it's own site and authorization/identification system.

Until then, I can only wish the best to IBB for what they're done so far in helping the ones in need of no profit loans, helping to weed out a few scumbags in the process, and making a fine example for many.