What happens when new altcoins encourage religious, political and other agendas?

[beerlover]

I am a non-religious person but I have studied some of the major world religions, and I realize that the earth is our common home but we are dividing it and keeping it apart. In the context of an increasingly developed society, perhaps hidden information and knowledge will gradually be exposed. And society will have changes and there will be things in common to bring people together, I have researched about Buddha Dharma and I see some philosophies that uphold truth and equality among all births are upheld. And I firmly believe that if anyone can see and understand that, to apply it, the competition will gradually disappear, and we will build a cleaner planet in all aspects.

It seems that you are only looking at it from a religious point of view. I do not care if you are religious or not and also do not need a detailed explanation of the religion you are studying. The context that we are discussing this time is the relationship between religion and the economy, not just about religion. I just want to hear opinions on what the relationship between the two is.

I would guess that some religions do have economical rules about it as well. For example interest is not allowed in Islam, they do not allow that at all, it's against the rules of the religion. Obviously they are not going to just not take interest, that would be a stupid thing to do, so they "rebranded" it as "profit sharing" instead of interest, and they are still taking interest.

It's a way of following the rules of Islam by using a different name for the same thing basically, it makes them feel better about it and like they are not committing any sin. So, some religions do have some economical rules and that is why it could be very important difference for some people.

[FairUser]

(...) I just want to hear opinions on what the relationship between the two is.

simple answer for you to understand better, do you have any relationship here?
And do the things you already know limit yourself to the knowledge you don't know?
And do you think that if it exists independently then we need a topic to talk about mutual influence, I see you already have your own answer, my thoughts on this for you probably doesn't make much sense here either. And in the spirit of more useful exchange, I think it's funny to see the problem of right and wrong here, if I'm wrong, please express your opinion.

[lixer]

In all fairness, everybody can create a token for certain purposes. I don't think there is really something wrong with that for as long as their goals and objectives aren't illegal, and there is no one or nothing that is deceived or unfairly taken advantage of.

During the months or years when ICO was very popular, the idea of tokenization has really pushed companies and all kind of developers to create tokens. What made them fail eventually was the fact that most of them were absurd, or at least not really a timely, necessary, or even a good idea. Worse, many are obviously scams.

This is the same opinion I have with this new altcoin. I think this is irrelevant or even created to make money out of thin air, as always at the expense of innocent supporters.

There are even tokens which came from the banks and the governments. They can encourage people on the same field. Maybe the OP think that coins like these are too controversial and can cause conflicts later on. It is possible but the issue won't grow huge as the attention of the people are easily shifted on other types of projects.

There are lots of them in the crypto space. ICO is only the first type of crowdfunding here in crypto but the idea of tokenization is already a thing after a few cryptos came out. There is no problem with that as long as what they will be releasing is not yet given by other existing projects because they will look like they are only after the hype/money.

[Junii]

The evolution  of altcoins with religious, political, or other agendas is not a new phenomenon. People often create these coins to create a specific niche audience and to promote a particular ideology . For  example  Uganda embracing the development of Islamic coin, it is possible that they see it as a way to promote entrepreneurship and investment among the Muslim community . The reason  behind creating such coins could be to empower followers of a particular religion or political affiliation with a financial instrument that aligns with their values . However, creating altcoins with such agendas could also lead to further division and complications. It could promote exclusion and discourage diversity, which could ultimately hinder the growth and adoption of cryptocurrencies. It could also lead to regulatory challenges and even legal issues, depending on the nature of the agendas promoted by the coins.

[TheUltraElite]

It's a way of following the rules of Islam by using a different name for the same thing basically, it makes them feel better about it and like they are not committing any sin. So, some religions do have some economical rules and that is why it could be very important difference for some people.

That is how faith tries to help those who have a guilty conscience and also why many criminals gradually look up a spiritual path in later life in an attempt to redeem themselves. But following rules if your own choice. You can be very strict about your own religion but in reality be a complete non-follower, something like a mole in the system. After all these rules have been created by humans and will always be broken by humans.

On the other than using them as a method to call investors to support a project is wrong. Those who are successful traders know these things and have learnt how to avoid such coercion.

[xSkylarx]

There should also be an agenda, like if we say that Muslims hold or use their coin for transactions like paying or buying something, and let's just say that all of them use it, then it would be good because the possibility of this is high which lets say to the point that it could be bitcoin, but again, not all Muslims will use it. Also, it is really pretty weird to have this, like how the heck cryptocurrency will take place in a religious setting and how this will affect our beliefs. If this were to happen in our religion, I wouldn't participate in it as there are for sure black agendas on this from which they can only benefit.

[mich]

Well it takes alot for me to invest in a new alt coin project. We have seen many alt coins who did not survive and in the end were scam projects. So many we seen were 'pump and dumps' and investors lost all their money.

I am very careful with investing in new projects. If there is one that encourages religion, political, or some agenda I will more then likely avoid it. It just sounds too much of a scam for me. If I want to incest in alt coins I will stay with Ethereum or other top coins.

[Cling18]

Only those who has the same religion and political belief will support a certain coin and it couldn't attract many investors because of conflict of belief. As much as possible, I'm very skeptical in projects involving political and religious issues because they could end up unsuccessful in the end. It will be better to invest in projects that purely aims to succeed because of its potential and not because of their religious group or political involvement.

[Bay_Harbour_Butcher]

crypto, politics and religion cannot be put together and from the start it is not good to put it together, because if crypto is related to politics and religion, then surely there are parties taking the opportunity to take advantage, politics and religion should not deal with profit and loss

[wxa7115]

crypto, politics and religion cannot be put together and from the start it is not good to put it together, because if crypto is related to politics and religion, then surely there are parties taking the opportunity to take advantage, politics and religion should not deal with profit and loss

In fact those three entities should never be mixed at all, there were wars all over the world to try to separate the governments from the influence of religious authorities, and bitcoin is in a way an attempt to separate the governments from the monopoly of printing fiat money and go back to a more decentralized system, similar to the one we had centuries ago in which private mints coined gold and silver coins.

So the combination of those three entities is a big mistake, as too much power will be combined on a single entity and massive corruption is bound to appear if this was done.

[StarKay]

I stumbled upon this thread on Twitter talking about the emergence of islamiccoin. In the history of altcoins, I wonder who would try to create a religious coin and with what motive?

You should have gone through the project's whitepaper, I am sure you would have gotten your answer on why it is necessary to develop Islamic Coin. Next time you should not be carried away by the headlines, dig deeper and you will get your answer.

What happens when other religions and political offices and even other sections of power launch their own coins?

The more the merrier, freedom of association should not be restricted on the blockchain. I think we are gradually delving into the Metaverse and Web3 world where we can live our fantasy. This will also help Bitcoin adoption because it will expose people of different religious and social background to cryptocurrency.

[Weawant]

Any coin or token trying to promote one religion, political party, or sentiment, and other stupid agendas which always cause division in the society will end up a failed project. I don't understand why someone would want to play this part, it is against everything Bitcoin and crypto stand for, money is money everywhere so why do you need to start causing division because you want to please one part of society or you want to encourage some partnto use crypto or you want to please another section of the community. This one for me is dead on arrival

This kind of project are usually started by scam artist and they target religions that have very strong believers like Muslim that'll support anything that has to do with Islamic teaches and their believes.

On twitter is see coins been promoted that are focus on Islamic and it became more popular this ramadan season. People will still fall victim to this scam as they believe they can make profits form investing in them.

To be safe, we should stay away from this kind of projects, there are so much problem in the world that projects should be looking to solved and not trying to preach their religion through the tokens.

[adzino]

When new altcoins arise that encourage religious, political or other agendas, people should avoid them. Most likely another shit coin, trying to lure people based on their political and religious views. They make people invest in those coins to show support their their "political" and "religious" views. Once they invest, highly likely the devs are going to run away with the funds they received and dumping all the coins they had. Crypto currencies are meant to be a global currency for everyone to use. Not create divisions among people based on their religious or political views.

[wxa7115]

When new altcoins arise that encourage religious, political or other agendas, people should avoid them. Most likely another shit coin, trying to lure people based on their political and religious views. They make people invest in those coins to show support their their "political" and "religious" views. Once they invest, highly likely the devs are going to run away with the funds they received and dumping all the coins they had. Crypto currencies are meant to be a global currency for everyone to use. Not create divisions among people based on their religious or political views.

Correct, money is a tool to facilitate the exchange of all kinds of products or services among people, if instead money begins to be used as a tool to separate them according to their religious or political beliefs then that form of money will collapse sooner or later and be replaced by a form of money that does not do this.

So whenever someone encounters one of those coins they need to stay away from them, since there is no way they can become successful as they go against one of the most basic goals for money to exist.

[Rasa nanas]

I believe this is just a concept or even just a discourse, just like gaming or gambling based altcoins. I just don't agree with the way this person gained popularity for carrying a certain religious name. I'm Muslim and don't know about this problem, it means that this altcoin is only made by a handful of people who just want to gain popularity.

[worle1bm]

These tokens are form of payment method if we see them in reality so what exactly does the religion connection has to do with any sort of money? If they are connecting religious or political sentiments they are trying to get money through the community they are Targeting so they should be avoided at any cost.The creators should be asked about what are actual motives behind this setup if possible but most importantly you should not invest in them at all.

[Bolivar_Tony]

Any new altcoins bearing the idea of any religion should already be defined as a scam.

I totally agree with this, this is pure scam, what's the coin meant to do? If you check the people that might be behind the coins will be faceless people, they will create the coin and push some useless narrations and vulnerable people will fall for the scam, me personally i won't support any coin that is encouraging religious, political and other agendas, they have divided people more, most of the wars happening around the world is related to those things you mentioned

[Alpha Marine]

Ironically, meme-based coins are way more promising than belief-based coins/tokens. It also has been proven.

The possibility such tokens are created only to scam or extract money is very likely compared to a mere belief reason. Or simply only a cult-like follower would use such religious/political-backed tokens/coins. I'm certain such an altcoin will not provide any value or utility thus the only reason it could exist is a mere belief reason. So, there is no significant point an altcoin could thrive based on the things you mentioned.

I saw an ad of the coin on Twitter and I just laughed and scrolled past it. It will just take the usual life cycle those kinds of coins take and then be forgotten. I don't even believe any Islamic body or community came together to create that coin.
Don't be surprised if the owners of the project aren't even Muslims. They might have just thought of something that will appeal to certain people and decided to go with it. By the time it crashes, they must have made the amount of money they're looking for.
Religious people can be very gullible and easy to manipulate and the owners of that coin know this and they're using it well.

[Oasisman]

Ironically, meme-based coins are way more promising than belief-based coins/tokens. It also has been proven.

The possibility such tokens are created only to scam or extract money is very likely compared to a mere belief reason. Or simply only a cult-like follower would use such religious/political-backed tokens/coins. I'm certain such an altcoin will not provide any value or utility thus the only reason it could exist is a mere belief reason. So, there is no significant point an altcoin could thrive based on the things you mentioned.

I saw an ad of the coin on Twitter and I just laughed and scrolled past it. It will just take the usual life cycle those kinds of coins take and then be forgotten. I don't even believe any Islamic body or community came together to create that coin.
Don't be surprised if the owners of the project aren't even Muslims. They might have just thought of something that will appeal to certain people and decided to go with it. By the time it crashes, they must have made the amount of money they're looking for.
Religious people can be very gullible and easy to manipulate and the owners of that coin know this and they're using it well.

It is most certain that the intentions in creating such coin does not include anything good about being an islam or some sort of a religious sector, but to make personal gain/profit out of it. Religion has been used for so many occasion to make a profit out of these blind believers. Now, I'm not really surprised if it has already come into cryptocurrency with the same dirty intentions.
I don't know what the use cases/utility of this coin, but I did not bother to read anything about it coz I'm pretty sure everything in the whitepaper are all BS. Nevertheless, religions of todays generation became more of a business than being a sector for a group of people who faithfully praises their Gods with lesser involvement with money. So, again not a surprise lol.

[vv181]

Ironically, meme-based coins are way more promising than belief-based coins/tokens. It also has been proven.

The possibility such tokens are created only to scam or extract money is very likely compared to a mere belief reason. Or simply only a cult-like follower would use such religious/political-backed tokens/coins. I'm certain such an altcoin will not provide any value or utility thus the only reason it could exist is a mere belief reason. So, there is no significant point an altcoin could thrive based on the things you mentioned.

~
Don't be surprised if the owners of the project aren't even Muslims. They might have just thought of something that will appeal to certain people and decided to go with it. By the time it crashes, they must have made the amount of money they're looking for.
Religious people can be very gullible and easy to manipulate and the owners of that coin know this and they're using it well.

Exactly, that kind of motive is expected. Any scammer will try to capitalize on any kind of people that can easily appeal to their belief. Scammer understand which kind of people would fall for such cases, thus they likely also would try to deceive another one with similar characteristics.

And It does not have to be specifically for religious people. People fall for psychological stuff and that is where scammer capitalize their acts. There is a reason why scam characteristics incorporate fear-mongering and urgency.