Do Nihilists claim to have no morality because there are no set of subjective morals that are consistent or is it a case of ‘loss of value’ because god is dead?
As a nihilist I…
- Don’t accept anything on faith
- Don’t feel there is an ultimate purpose to life or anything knowable that transcends humanity
- Am skeptical of any theories that claim to be perfect or absolute
- Understand that values are relative
That being said, basic intuitive psychology reveals that when you treat people well they tend to treat you well, too. If you want to make life easier on yourself and those around you and, in the process, free up more time for delving into personal interests then it makes sense to have a roughly conformist set of ethical values. If you want to make life hard on yourself then, by all means, treat the people around you like crap. To me neither path is superior, in an ultimate sense, to the other as they’re both a matter of subjective preference. I prefer to treat people with dignity and understanding for the aforementioned reasons. Because there is no ultimate meaning and no God we are free to decide what is meaningful and valuable for ourselves, and to me this is liberating and beautiful; man is the measure. If there were a definable ultimate purpose we would be responsible for becoming slaves to it - devoid of freedom and individuality - the very things that set us apart from the billions of years and planets that fill our cold and uncaring Universe. I enjoy my life and the people around me while realizing that enjoyment and meaning are purely manifestations of my brain. Life is short and when it ends it ends forever, so I see no reason to waste what little we have being depressed that the Universe didn’t turn out the way thousands of generations of superstitious and ignorant ancestors wanted it to be. If we never try to live life to the fullest we’ll never know what it can become, and it seems a shame to waste our narrow window of opportunity on self aggrandizing depression. If that doesn’t sound nihilistic enough to you then oh well, it doesn’t matter anyway. 
My morality serves my inconsistent and flawed interests while, in general, serving the common good (which often works to my benefit as well). There are nihilists that differ on this and I refrain from passing judgement on such people; the best you can do is to be aware of the consequences for your actions before making decisions that society will react negatively to. If you understand the risks then everything is your conscious choice to make.
Rami -
Indeed, relative systems can be inconsistent and consistency can serve as one criteria for making a case that a given system is better than another. I think the best impartial way to judge a particular system of ethics/morality is by looking for inconsistencies and by checking its efficacy at accomplishing its stated aims, whatever those aims might be.