For starters, I want to take one point of live data from this site (www.btcmarkets.net), record it, timestamp it, and make a graph that represented the last hour of aquired data. Anyone here know how to do this sort of thing? Iโm trying with Excel, but Iโm not even able to import data correctly lol.
I am moderately good with spreadsheets, and have written something like what youโre asking in the past.
But I advise against bitcoin. One of the best minds in the ummah of this field (Islamic finance) recommended staying away from it, because we just donโt know enough about the implications โ itโs not clear whether itโs halal or haram. (Itโs not even clear if itโs a currency or not.)
Bro if u can do it, please try. It would help so much. Regarding the whole crypto thing in general, I get the worry, this is creature born of madness and a better idea/tech, so no idea what the results gonna be. I want to study the market and see whatโs going on and if you can help me be able to do that, Iโd be very grateful.
Try to import record and timestamp data from that site for example. Then teach me how to do it rofl. Iโm trying with Excel and it wonโt even import the data. Is there another program I can use?
Edit: better is a strong word. Itโs at the very least an interesting idea/tech
I would honestly stay far, far, far away from crypto-anything right now. (Based on the hadith, I believe #4 in Imam Nawawiโs 40ish, about halal is clear and haram is clear and between it is grey stuff to avoid).
If you really want to help yourself, learn Python โ there are lots of good courses and stuff out there. I would be very happy to help you on that path (mentoring, one game a month, etc.)
Itโs alright bro, I took another look last night and figured it out, right before you responded as well lol. They have something called an API set up. You just connect to their api address, then put in a valid web path extension (examples on their api page) at the end and it will fetch the data as a json file. Next thing to figure out is how to import json files into excel, then record and timestamp. I like this kind of stuff, will figure out the rest over the next couple of weeks. Then Iโm just gonna observe for a while.
Learning a coding language sounds attractive, but right now I donโt have the time for it lol. I remember I was pretty good with all the coding stuff back at uni. I might take you up on that offer one day though.
Abdz this is awesome bro!
Ashes, Iโve not heard this before. How is crypto different than a stock market?
Stocks are well-understood and treated under Islamic law as you being a part-owner of the company. Thatโs why you canโt buy haram or (depending on the madhab, partially) mixed stocks like alcohol/tobacco companies.
BitCoin is still a questionmark. Is it a currency? Then it needs to be treated like one (more strict rules about currency exchange, eg. hand-to-hand (instant transfer) and same-quantity for same-quantity (value-wise)). But โ I didnโt read the fatwa or understand it in detail โ itโs missing some of the foundational aspects that would allow it to be classified as a currency.
The exact fatwa is from Dr. Monzer Kahf, professor of Islamic Finance and Economics in Qatar (Doha). Quote:
Please withdraw that Fatwa [allowing us to buy/sell bitcoins]. Yes that was an opinion I gave then but I did not put only website and I withdrew that. Now my opinion is: I still wait to get more info and I am skeptical about the point that it is not recognized by any formal government in any country. I need more info to be able to give an opinion on bitcoin.
The hadith I referenced above is from Imam Nawawi (rahimahullah)'s 40; itโs #6:
ุนููู ุฃูุจูู ุนูุจูุฏู ุงูููููู ุงููููุนูู ูุงูู ุจููู ุจูุดููุฑู ุฑูุถููู ุงูููููู ุนูููููู ูุงุ ููุงูู: ุณูู ูุนูุช ุฑูุณูููู ุงูููููู ุตูู ุงููู ุนููู ู ุณูู ููููููู: โุฅููู ุงููุญูููุงูู ุจููููููุ ููุฅูููู ุงููุญูุฑูุงู ู ุจููููููุ ููุจูููููููู ูุง ุฃูู ููุฑู ู ูุดูุชูุจูููุงุชู ููุง ููุนูููู ูููููู ููุซููุฑู ู ููู ุงููููุงุณูุ ููู ููู ุงุชููููู ุงูุดููุจูููุงุชู ููููุฏ ุงุณูุชูุจูุฑูุฃู ููุฏูููููู ููุนูุฑูุถูููุ ููู ููู ููููุนู ููู ุงูุดููุจูููุงุชู ููููุนู ููู ุงููุญูุฑูุงู ูุ ููุงูุฑููุงุนูู ููุฑูุนูู ุญููููู ุงููุญูู ูู ูููุดููู ุฃููู ููุฑูุชูุนู ูููููุ ุฃูููุง ููุฅูููู ููููููู ู ููููู ุญูู ููุ ุฃูููุง ููุฅูููู ุญูู ูู ุงูููููู ู ูุญูุงุฑูู ูููุ ุฃูููุง ููุฅูููู ููู ุงููุฌูุณูุฏู ู ูุถูุบูุฉู ุฅุฐูุง ุตูููุญูุชู ุตูููุญู ุงููุฌูุณูุฏู ูููููููุ ููุฅุฐูุง ููุณูุฏูุชู ููุณูุฏู ุงููุฌูุณูุฏู ูููููููุ ุฃูููุง ูููููู ุงููููููุจูโ.
[ุฑูููุงูู ุงููุจูุฎูุงุฑูููู]
[ููู ูุณูููู ู]
On the authority of an-Nuโman ibn Basheer (ra), who said:
I heard the Messenger of Allah (๏ทบ) say, โThat which is lawful is clear and that which is unlawful is clear, and between the two of them are doubtful matters about which many people do not know. Thus he who avoids doubtful matters clears himself in regard to his religion and his honor, but he who falls into doubtful matters [eventually] falls into that which is unlawful, like the shepherd who pastures around a sanctuary, all but grazing therein. Truly every king has a sanctuary, and truly Allahโs sanctuary is His prohibitions. Truly in the body there is a morsel of flesh, which, if it be whole, all the body is whole, and which, if it is diseased, all of [the body] is diseased. Truly, it is the heart.โ [Bukhari & Muslim]
Source: Sunnah.com
I think everyone can agree that bitcoin is in fact not a currency, but just a volatile asset. In the beginning it may have been marketed as a next gen currency but IIRC some governments have already classified it as an asset and begun regulation like the SEC. Thus I think its safe to say that any chance of using bitcoin as a currency is gone.
Edit: typos
Iโve been reading about crypto since mid December last year since my brother told me about it. Let me give you guys a very short run down on what Iโve learned:
Abrar is right, Bitcoin ainโt really a currency. A currency is used as a general unit of value to exchange for other stuff. You canโt do that for most stuff with Bitcoin, cause a) itโs too expensive and slow, b) most people donโt use it to buy stuff, c) too volatile. So right now, itโs more of a digital collectable being used as a store of value.
Bitcoin runs on a technology called block chain. Block chain can be split into two types. Centralized and decentralized. In theory, and now mostly in practice since Bitcoin has been around forever, a decentralized block chain is tamper proof, and widely accepted as being safe. Centralized generally cannot be considered tamper proof.
The allure of crypto stems from two key points. 1) itโs security 2) a maximum amount of coins that cannot be increased. Thatโs why they call it digital gold, thereโs only so much that will be in circulation. However this isnโt the whole story, and only gets more complicated as you go down the rabbit hole.
Thereโs more, but now I really want to say, cause you guys might look into this stuff and think thereโs easy money to be made here, that this whole thing is nuts. Imo, as cool and interesting as block chain is, 99% of the crypto projects out there are going to fail. Thatโs no exaggeration whatsoever. I think I read an article that said 15% of all money poured into icos were just direct scams, in which the developers took their money and ran. There is no regulation currently. Sometimes even the hint of regulation sends the whole market into panic mode, and prices drop dramatically. So ye, 15% of icos are direct scams, 99% of crypto projects are unrealistic doomed to fail, unregulated global market where pump and dumps happen every other day and inexperienced people lose all their money, prospects of good regulation seem slim and outright bans of exchanges are absolutely not out of the question if citizens continue to lose money and there is no way to regulate.
So ye Wulf, itโs cool butโฆ holyshit man is it dangerous. I absolutely canโt advise to invest in this stuff, but there absolutely are people who are making money in it, for now anyways. Itโs like getting into a pool filled with sharks and shit throwing crocodiles. Very messy. Also, whatever you think or say to yourself you are comfortable with losing, in reality the real number is probably 5-10% of that. Or 0% lol.
If you have money to throw around, I suggest dividend-bearing stocks. While the dividends are low (2-5% generally per year), those stocks are almost guaranteed to go up in price, because they are constantly delivering higher value to their shareholders (hence why they can afford increasing dividends). Very safe if you invest long-term (10-20 years).
Agree with Abdz. First rule of investment: never invest anything you canโt afford to lose.
Man this investing stuff scares me all the time haha
I just want to buy a farm and milk cows tbh
lol Wulf you be trolling hard bro
If you want safe, long-term investments that make you money, look into dividend-bearing stocks. In short:
- If your โinvestment horizonโ is 10-20+ years, the stock price itself is almost guaranteed to go up
- Meanwhile, you make anywhere from 2-5% per year in terms of dividends.
I have lots moar details if anyone wants.
As you wish, so shall it be done.