You’re wrong about Bitcoin on so many levels. A) Bitcoin mining is relatively concentrated. A handful of large mining pools control the majority of Bitcoin’s total hash rate. As of recent data, 3–5 major mining pools (like Foundry USA, Antpool, F2Pool, etc.) can collectively account for more than 60% of the network’s mining power. However, anyone can run a full node and verify the network independently. No single party can change Bitcoin’s protocol rules (like the 21 million supply cap) without consensus. Nodes and miners are spread across many countries. It’s not controlled by any government or company. Nodes (not miners) ultimately enforce the rules of Bitcoin. That’s why Bitcoin is still decentralized at the protocol level, despite mining concentration. In 2017, during the block size debate, most miners and businesses pushed for bigger blocks (via SegWit2x), which would have made it harder for regular people to run nodes. But the user run nodes (everyday people running full nodes) refused to upgrade to the bigger blocks. That’s what killed SegWit2x: the network rejected the change because nodes didn’t adopt it, even though most miners wanted it. This was a real world test that proved that nodes enforce consensus, not miners. So Bitcoin stays decentralized because anyone can run a node, and nodes define what “Bitcoin” is by what rules they accept. As long as that remains true, no amount of mining power or corporate influence can change Bitcoin without broad consensus. B) Exchanges control around 15 to 20% of the total supply of BTC. Non custodial wallets are wallets where the USER controls the private keys NOT the exchange. So, if an exchange holds the keys, it’s a custodial wallet. Therefore you saying “exchanges hold over 50% in non-custodial wallets” is incorrect. That would imply users hold their coins on exchanges but control the keys, which is not how it works. Most BTC held by exchanges is on behalf of millions of users, not the exchanges themselves. So, while it’s stored in a few wallets (creating an illusion of centralization), the ownership is distributed. People should consider moving funds to non custodial wallets to align more with Bitcoin’s ethos of holding your own keys and not trusting banks or exchanges. See: https://x.com/ZabAkbar/status/1591870484970364937?t=3xehm1SG3X2HJTf-b0BjDw&s=19… C) Bitcoin’s value is driven by speculation, meaning people buy it expecting that others will value it more in the future, pushing the price up. This is common with many assets like commodities or stocks. Other factors also play a role though like scarcity. Bitcoin has a fixed supply, which makes it attractive as a store of value to some (similar to gold). It’s used for transferring value globally, sometimes where traditional finance is restricted or inefficient. Interest from institutions, companies, and governments can impact its perceived value. Inflation fears, currency instability, or low trust in banks drives interest in Bitcoin also. So Bitcoin’s value is determined by the free market. Meaning it’s set by what buyers are willing to pay and what sellers are willing to accept on open exchanges. There’s no central authority or institution (like a central bank) setting its price. Instead, it fluctuates based on: Supply and demand Market sentiment News and events (regulations, hacks, ETF approvals, etc.) Speculation and investor behavior Bitcoins price is a textbook example of free market price discovery in action. Mufti Faraz Adam on speculation: https://x.com/ZabAkbar/status/1532270047376330752?t=MKBNL9QyGnxJyxjdjv_p8w&s=19… D) Bitcoin is not backed by a physical asset because its not fiat (fiat money used to and needed to be backed by gold but now, unfortunately is only backed by pure riba debt.) Bitcoins value comes from supply and demand, network trust, and perceived utility due to its characteristics (divisibility , durability , recognizability, portability & scarcity) It can be susceptible to market price manipulation, especially in smaller or less regulated exchanges. Whales (large holders) can cause major price swings. Volatility is real, bitcoin has a history of sharp fiat price movements, often driven by sentiment rather than fundamentals. But here’s the nuance, it’s not uniquely vulnerable. Many asset prices can be manipulated or pumped (including stocks , silver and gold) As Bitcoin becomes more mature with more institutional investors and broader adoption, manipulation gets harder today than it was a decade ago. However, the underlying protocol itself is still solid because bitcoin’s decentralized and transparent nature makes manipulation of the underlying system (unlike the market price) nearly impossible. So yes bitcoins price in fiat terms has some vulnerability to manipulation, but it’s not inherently a “scam coin” just because it’s not backed by a physical asset. E) MicroStrategy (now rebranded to just Strategy) has and is using a leveraged riba strategy to acquire Bitcoin. They borrowed money (some of it through convertible bonds and other financial instruments) which are interest bearing. They use their own stock as collateral, and their Bitcoin purchases have had a strong influence on market sentiment. So it’s true that no one can create more than 21 million Bitcoin , that’s a fixed supply but the price of Bitcoin in fiat terms can be influenced by centralized actors, like MicroStrategy or institutions, especially when they use riba based debt to amplify their buying power. So again , the Bitcoin supply can’t be inflated, but its price in fiat terms can be manipulated or influenced by centralized economic strategies.
I’ve explicitly been against MicroStrategy because of this. Here are my previous post showing this:
Here: https://x.com/ZabAkbar/status/1753028582903881799?t=wTt6_ytrY4gWpk6a_h8FgQ&s=19…
Here: https://x.com/ZabAkbar/status/1837202633146216535?t=CR2a1Bd26DALcg5DyZV-5g&s=19…
Here: https://x.com/ZabAkbar/status/1837783132407292133?t=EBmmgIPWeW1LvD8TnzcU1g&s=19…
Here: https://x.com/ZabAkbar/status/1848383313523683372?t=dIFrCX5skeRuOV10s4EkJw&s=19…
Here: https://x.com/ZabAkbar/status/1844611968176476558?t=5Wb1PEVOkwK4GTnoux0hAA&s=19…
Here: https://x.com/ZabAkbar/status/1884005728610136103?t=ic1S3TDLkRZqFjc8WLrwTw&s=19…
Here: https://x.com/ZabAkbar/status/1836536909947883623?t=VhkqmFnfcvjwAJru_xw5HQ&s=19…
Here: https://x.com/ZabAkbar/status/1905187526169526756?t=HPoyIwEYLFzH4l5EDyY5Cg&s=19…
Their strategy is highly leveraged and risky. If Bitcoin were to crash significantly, and they had to liquidate or couldn’t service their riba debt, they could collapse (and they will because riba has no barakah.) When MicroStrategy fails spectacularly, market sentiment will tank, and the price of Bitcoin will fall sharply. However, Bitcoin the network (protocol) is decentralized and doesn’t depend on MicroStrategy, BlackRock, or any institution. Even if all institutional holders disappeared tomorrow, the code, miners, nodes, and users would still function. So, from a technical point of view bitcoin survives. If MicroStrategy or BlackRock collapses and are forced to liquidate hundreds of thousands of BTC to cover riba debt, it would flood the market and tank the fiat price. Other leveraged players will also panic sell, causing a cascade. The market could enter a deep bear phase, maybe losing years of growth. Critics of Bitcoin like yourself will shout: “See? Bitcoin was just a speculative bubble driven by hype!” Media would go wild. A lot of retail investors will lose confidence, thinking the whole system is flawed. But this has happened before: Mt. Gox collapse (2014) The China mining ban (2021) FTX collapse (2022) Terra/Luna meltdown Each time, Bitcoin’s price crashed, but the network didn’t stop. And over time, Bitcoin recovered and reached new highs. So what would likely happen? Short term: Pain. Price drop. Fear. Liquidations. Medium term: A cleansing of excessive riba leverage. Long term: If the core value proposition (scarce, decentralized money) holds, Bitcoin would likely rebuild, possibly stronger. F) As of today, the fiat price of BTC is between $84K and $85K USD. If that price were to crash for whatever reason to, say, $1K USD or even lower, it wouldn’t matter to many people who are convinced of Bitcoin’s fundamental value due to its inherent characteristics. For Muslims like
@MBitcoiner, Bitcoin’s main value proposition (irregardless of its fiat price) is that unlike fiat currencies which we are forced to use by nation states, its mining does not involve riba (debt creation) for its existence. Additionally, unlike gold, Bitcoin allows for long distance transactions with finality, without needing banks as middlemen. G) You have critiqued several of my posts on Bitcoin on multiple occasions. It’s clear you don’t like or trust Bitcoin, which is absolutely fine. Even though I see Bitcoin as very promising, its success is definitely not a foregone conclusion. But can you tell me what you are in favor of? Are you pro the current global riba based fiat system? I doubt it. It’s more likely that you are one of those Muslims who support gold and want a return to the gold standard. Have I got that right? In this blog post about riba mortgages and the global financial system, I touch upon the gold dinar movement.
You might want to read it: https://x.com/ZabAkbar/status/1886504692768751682?t=_DDvEoEX-VCcH2Iq8Ocwqg&s=19… Last time I engaged with you on this app I suggested you take the time to check out a pro Bitcoin fiqh lecture by Mufti Faraz Adam. Have you had a chance to watch it yet? Here’s the tweet: https://x.com/ZabAkbar/status/1877455583756038481?t=QYVHTD4x4yDjHrELe6OzJw&s=19
Full nodes are the backbone of Bitcoin’s decentralization. They enforce the rules (like block size, halving schedule, consensus rules), not the miners. So even if miners are concentrated, they can’t change the rules or push invalid blocks without node consensus. However, if users don’t run their own nodes and just trust centralized services (exchanges, wallets, etc.) then the practical decentralization weakens. Yes, in practice most of the activity relies on centralized exchanges, even though Bitcoin as a protocol doesn’t need them to function. Decentralized exchanges / peer to peer platforms (like Bisq or RoboSats) exist, but they are smaller in usage. It’s true that commodities like gold have industrial uses (10% of its value) but a majority of golds value is based on scarcity, durability, and social consensus, not just physical utility. Bitcoin shares some of these traits as it’s scarce, durable , portable, and divisible. These are the important properties that have led many to compare Bitcoin to a kind of digital gold for the digital era we currently live in. Bitcoin is considered a commodity, not a security, because it’s decentralized and not tied to a company or issuer. The CFTC regulates it, while the SEC oversees securities. So Bitcoin doesn’t fit the legal definition of a security because it lacks a central issuer or promoter. It’s true that Bitcoin isn’t backed by a physical commodity or a company’s earnings like a stock. But that doesn’t mean it has no backing or value. The Bitcoin network is secured by enormous computational power (energy) making it one of the most secure systems in the world. It allows for permissionless, global, censorship resistant value transfer, that’s its utility. Its value is a result of what people are willing to pay for that utility and security, not just speculation. Yes, that value is subjective and market driven. Traditional valuation metrics like P/E ratio don’t apply to Bitcoin because it’s not a company. But Bitcoin has alternative metrics such as: Network activity (number of active addresses, transaction volume) Hash rate (proxy for network security and miner investment) Stock to flow ratio (compares scarcity with existing supply which is used in commodities too) Metcalfe’s Law (suggests that network value grows with user adoption) These aren’t perfect, but neither are P/E ratios. Bitcoin doesn’t require institutions to function. It requires miners, nodes, and users. Even if mining profitability drops, it doesn’t necessarily lead to a collapse. It just changes who finds it worthwhile to continue mining. The hash rate would adjust downward, and difficulty would recalibrate, as it’s designed to do. If miners exit due to unprofitability, the network becomes less secure in the short term, but not non functional. Bitcoin has gone through multiple bear markets where mining profitability tanked, hash rate dropped, and yet the network adapted and persisted. The difficulty adjustment algorithm ensures blocks keep being produced roughly every 10 minutes, even if the number of miners plummets. Bitcoin’s primary application is a decentralized store of value and settlement network. That is its core use case, and it continues to serve that role globally, especially in countries with unstable riba fiat systems. Regarding high fees and slow transactions, that’s partly why layer 2 solutions like the Lightning Network are being developed (offering fast, low fee transactions while keeping the base layer secure and decentralized) Yes, many are here for speculation. But dismissing those who believe in decentralized money as just “ideological zealots” ignores the actual infrastructure, code development, and use cases being built. Plus, speculation isn’t a flaw it’s part of how new assets gain traction as Mufti Faraz Adam stated in the previous video I sent you. Even the internet saw a speculative bubble before mass adoption. I think it’s a bit unfair of you to characterize my enthusiasm for Bitcoin as me advocating for a “silver bullet” when I’ve posted on numerous occasions that I might be wrong and that Bitcoin is not a foregone conclusion but rather a promising potential alternative to the current central bank, riba based fiat system. Nevertheless, thank you for assuming and mentioning that I mean well. I’m very glad to hear you are pro gold and anti fiat. It upsets me when some Muslims try to justify the current riba based financial system. However, you have not accurately summarized why I’m not a fan of bringing back the gold standard.
These are some of my posts on the gold standard:
See:
1) https://x.com/ZabAkbar/status/1579738002510995456?t=sRriPAQcJ9o5ouDcZrgfpA&s=19…
2) https://x.com/ZabAkbar/status/1501696065178845191?t=b0MwxqF0_2hJp7J246-1Pg&s=19…
3) https://x.com/ZabAkbar/status/1510285404032978946?t=SGBk7hqnrmyiqWHTmrMORw&s=19…
4) https://x.com/ZabAkbar/status/1466375778870902785?t=Z-LJU93Qyw-MSVT4bH6_ig&s=19…
5) https://x.com/ZabAkbar/status/1498321193279328258?t=Yez2ezCC2XFHE2J7M3_zzg&s=19…
6) https://x.com/ZabAkbar/status/1592862139689336834?t=MbAexCg6ASY_pZEsDO_RKw&s=19…
7) https://x.com/ZabAkbar/status/1410342495200894976?t=fvwNtvgcPahy-OiQc1t9bg&s=19…
8) https://x.com/ZabAkbar/status/1882935234900926535?t=PgPYqBB5gCueWuDrb-Velw&s=19…
9) https://x.com/ZabAkbar/status/1470696700088143877?t=kQjDStPuewfGyzTD2heVLQ&s=19…
10) https://x.com/ZabAkbar/status/1737150476066467930?t=sl3D_54cvQlFWGZihaP2_w&s=19…
11) https://x.com/ZabAkbar/status/1409844470686830595?t=JASBZgDyS5X4YeNlusdD0g&s=19…
12) https://x.com/ZabAkbar/status/1498244043855249409?t=RE9Ilyj6yTNfvjB4225hZg&s=19…
13) https://x.com/ZabAkbar/status/1390061156858044425?t=QRd5QFrqcCAspkiYCTdhnw&s=19…
14) https://x.com/ZabAkbar/status/1550529986377007104?t=xOvTmbKGjEp8dIkMdoKOJQ&s=19…
15) https://x.com/ZabAkbar/status/1533176807033274371?t=MJu0KQJQpK3EvztBurh6rA&s=19…
16) https://x.com/ZabAkbar/status/1885417552001585367?t=6hDmLv1q2FZ1fmxmDwHd3g&s=19…
17) https://x.com/ZabAkbar/status/1547976924005220357?t=yHYTfpBZia9kWzY7nMAWiA&s=19…
18) https://x.com/ZabAkbar/status/1893751221904658546?t=5aMffFV1oLY4XWYSo3zPJA&s=19…
19) https://x.com/ZabAkbar/status/1889818042894533033?t=z92yMVGTAds478gra8n34A&s=19…
20) https://x.com/ZabAkbar/status/1613999821483810816?t=QFWmFlVAgaE7Vk7ZsACb_w&s=19…
21) https://x.com/ZabAkbar/status/1909331375490318581?t=N5LRGO5GWDhQ3U47XMSuyA&s=19…
22) https://x.com/ZabAkbar/status/1869861498350457148?t=l-88y_x99kQLyi2tDN_oYg&s=19…
23) https://x.com/ZabAkbar/status/1508556344307105800?t=4FRQxATXmfHt5fX8rRL0aQ&s=19
Moro Blanco 
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