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? I’m trying with Excel, but I’m not even able to import data correctly lol.
I am moderately good with spreadsheets, and have written something like what you’re 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 don’t know enough about the implications – it’s not clear whether it’s halal or haram. (It’s not even clear if it’s 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 what’s going on and if you can help me be able to do that, I’d be very grateful.
Try to import record and timestamp data from that site for example. Then teach me how to do it rofl. I’m trying with Excel and it won’t even import the data. Is there another program I can use?
Edit: better is a strong word. It’s 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 Nawawi’s 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 – 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.)
It’s 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 I’m just gonna observe for a while.
Learning a coding language sounds attractive, but right now I don’t 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, I’ve 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. That’s why you can’t 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 – I didn’t read the fatwa or understand it in detail – it’s 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; it’s #6:
عَنْ أَبِي عَبْدِ اللَّهِ النُّعْمَانِ بْنِ بَشِيرٍ رَضِيَ اللَّهُ عَنْهُمَا، قَالَ: سَمِعْت رَسُولَ اللَّهِ صلى الله عليه و سلم يَقُولُ: “إنَّ الْحَلَالَ بَيِّنٌ، وَإِنَّ الْحَرَامَ بَيِّنٌ، وَبَيْنَهُمَا أُمُورٌ مُشْتَبِهَاتٌ لَا يَعْلَمُهُنَّ كَثِيرٌ مِنْ النَّاسِ، فَمَنْ اتَّقَى الشُّبُهَاتِ فَقْد اسْتَبْرَأَ لِدِينِهِ وَعِرْضِهِ، وَمَنْ وَقَعَ فِي الشُّبُهَاتِ وَقَعَ فِي الْحَرَامِ، كَالرَّاعِي يَرْعَى حَوْلَ الْحِمَى يُوشِكُ أَنْ يَرْتَعَ فِيهِ، أَلَا وَإِنَّ لِكُلِّ مَلِكٍ حِمًى، أَلَا وَإِنَّ حِمَى اللَّهِ مَحَارِمُهُ، أَلَا وَإِنَّ فِي الْجَسَدِ مُضْغَةً إذَا صَلَحَتْ صَلَحَ الْجَسَدُ كُلُّهُ، وَإذَا فَسَدَتْ فَسَدَ الْجَسَدُ كُلُّهُ، أَلَا وَهِيَ الْقَلْبُ”.
On the authority of an-Nu’man ibn Basheer (ra), who said:
I heard the Messenger of Allah (ﷺ) say, “That 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 Allah’s 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.” [Bukhari & Muslim]
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.
I’ve 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 I’ve learned:
Abrar is right, Bitcoin ain’t really a currency. A currency is used as a general unit of value to exchange for other stuff. You can’t do that for most stuff with Bitcoin, cause a) it’s too expensive and slow, b) most people don’t use it to buy stuff, c) too volatile. So right now, it’s 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) it’s security 2) a maximum amount of coins that cannot be increased. That’s why they call it digital gold, there’s only so much that will be in circulation. However this isn’t the whole story, and only gets more complicated as you go down the rabbit hole.
There’s more, but now I really want to say, cause you guys might look into this stuff and think there’s 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. That’s 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, it’s cool but… holyshit man is it dangerous. I absolutely can’t advise to invest in this stuff, but there absolutely are people who are making money in it, for now anyways. It’s 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 can’t 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 “investment horizon” 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.
Please do share!
As you wish, so shall it be done.