Is Bitcoin Un-Islamic due to Faith or Control

by: Brent Smith at the Common Constitutionalist

On Monday, it was reported that the Grand Mufti of Egypt has issued a fatwa, or ruling, on cryptocurrency, and specifically Bitcoin. He has banned it as being “un-Islamic.” Grand Mufti, Shawki Allam decreed that the virtual currency is “forbidden” by Sharia law “due to its direct responsibility in financial ruin for individuals.” He added that it “was not permissible as it is not considered by legitimate bodies an “acceptable interface of exchange.’”

In other words, he likens it to gambling, which is forbidden under Sharia.

Now, the old Mufti may say that Bitcoin is un-Islamic and forbidden by Sharia, but is his fatwa really based on firmly held religious belief, or does it come down to a matter of government control.

Obviously, I don’t know what is in Shawki Allam’s heart. I can only attempt to interpret what else he says about it. read more

The Rise of Ransomware

Targets of ransomware attacks shelled out a combined $25 million in ransoms over the last two years alone.

Researchers at Google, Chainalysis, UC San Diego, and the NYU Tandon School of Engineering came to the astounding total by following the Bitcoin transactions the victims paid their hackers through the blockchain, then comparing them against known samples to create a comprehensive overview of the ransomware ecosystem.

The study tracked 34 separate families hit by ransomware attacks and revealed that just a few strains of malicious software were responsible for the majority of the attacks and profits.  read more