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Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians - Business (3) - Nairaland

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Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by menxer: 7:50am On Jan 13, 2017
The way our government agencies dey reason baffles me, bitcoin is not under any government control or regulation, which is its basic, cardinal principle.

Why does SEC talk of government authorization, guidelines and regulations then?
Do these guys understand what is bitcoin?

Besides, there is no "safe" business/investment devoid of risk.

3 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by DoyenExchange: 7:51am On Jan 13, 2017
Noted.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by budosky(m): 7:51am On Jan 13, 2017
free2ryhme:


You are the senseless one here

You can go say that to your dad at home! Not me.. tongue
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by ITbomb(m): 7:52am On Jan 13, 2017
Government all over the world are afraid of bitcoin because they cannot regulate it so I'm not surprised Nigeria has joined

2 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by oscillation55(m): 7:54am On Jan 13, 2017
Truth234:
The Securities and Exchange Commission, on Thursday said its attention had been drawn to radio advertisements and other modes of solicitations of the public to invest in cryptocurrencies such as Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies.

SEC, therefore, advised the public to exercise extreme caution with regard to digital (cryptocurrencies) as a vehicle of investments.

This warning was in consonance with similar warnings issued by capital market regulators and central banks across the world over the past few years, the regulator said in a post on its website.

Warning the public, the commission, thus, stressed that none of the persons, companies or entities promoting cryptocurrencies had been recognised or authorised by it or by other regulatory agencies in Nigeria to receive deposits from the public or to provide any investment or other financial services in or from Nigeria.

“The public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be of a risky nature with a high risk of loss of money, while others may be outright fraudulent pyramid schemes,” the regulator noted.

The SEC added, “Given that these instruments and the persons, companies or entities that promote them have neither been authorised, nor any guidelines/regulations developed for them by any of the regulatory authorities in Nigeria, there is no protection available to users or investors in these virtual currencies from financial losses if the virtual currencies fail or the companies promoting them go out of business.

“The public and consumers of financial services are further advised that before making any investment or entering into any financial services transaction they should ascertain that the entity with whom the investment or transaction is being made is authorised by the commission or other financial services regulatory authority as applicable to provide such services.”

SEC had in August this year, raised the alarm over the activities of some online fraudsters, who operated an online investment scheme tagged ‘MMM Federal Republic of Nigeria.’

The fraudsters, SEC said then, carried out their illegitimate business via Nigeria. portal/platform, and were promising investors a monthly investment return of 30 per cent.

It warned that the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other people’s invested funds.

The commission, therefore, advised the general public to distance themselves from the online scheme, adding, “Please note that anyone that subscribes to this illegal activity does so at their own risk.”

The scheme in December last year, went under, leaving many Nigerians in pains following huge financial losses.

http://investorsking.com/beware-of-bitcoin-swisscoin-others-sec-warns-nigerians/
Na to warn and warn una Sabi, make naira good for investment una no go gree. Abegi leave person alone to invest his money upandown wiarever grin grin
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by ademasta(m): 7:55am On Jan 13, 2017
Freiden:


You av developed a serious comprehension problem.
And the source of the problem is your brain undecided
What's your right to quote me?

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Vickysnipe147(m): 7:55am On Jan 13, 2017
SEC is afraid that Bitcoin and other Cryptocurrency are about to do Banks what Email did to postal services... they should be leaving in the 19th century instead of embracing the current trend in economics.

4 Likes 1 Share

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by HOTARIO(m): 7:56am On Jan 13, 2017
It is understandable that SEC wants to be seen as doing its job of industry regulator, especially when the issues revolve around investments schemes. However, the Regulator should first conduct a proper research into the various concepts before issue its warnings or before out rightly condemning a scheme or technology it has little knowledge about. In the fast paced world of today, industry regulators should pay close attention with a view to learn and find ways to key into the grown of new technology in order to take advantage of benefits it may offer. While the world is studying digital currencies like bitcoins to find ways of how to make them work as alternative mode of exchange (acceptability + regulation), our regulators are crying wolf and raising false alarm over nothing, yet we want to be technologically advanced as a country.

Research is very key to development.

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by jaid23: 7:56am On Jan 13, 2017
NNVanguard:
Somebody will ask SEC, IS IT YOUR MONEY? WHO YOU EPP?

But will come online to rant for business loss

My brother its a word of advice from SEC. If it doesn't go down well with you, trade with crypto-currency ur own peril. This same people that introduce btc and the rest will definitely wake up one day and shut it down with the claims of it bin used to launder funds... Ask those that invested in Liberty Reserve if you think otherwise.

2 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by free2ryhme: 7:56am On Jan 13, 2017
budosky:


You can go say that to your dad at home! Not me.. tongue

Nah, my dad don't engage nitwits like you.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by psalmsjob: 7:57am On Jan 13, 2017
JeffreyJames:


It is used in most countries in Asia and some stores in the US are already accepting it as a means of payment.

I said no country has offically proclaimed it safe to use just as sec condemned it. Not whether stores or people are accepting it, of course people have been using it long before the trend got into Nigeria.

Bitcoin is about 10 years old now if my memory is correct. And the point is not to use it as an investment vehicle or instrument in which you stack millions into it for extra ordinary or miraculous profits in the mould of what "papa" prophesied.

E-gold was reportedly tied to real gold bullion before it crashed. Anything that is unregulated can do anyhow anytime.

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by LoveJesus87(m): 7:58am On Jan 13, 2017
hobermener:
Bitcoin na mmm junior brother grin grin
Gbam! Gbam!! Gbam!!! grin grin
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by idrisalomagold(m): 7:59am On Jan 13, 2017
But I read here that CBN may legalise bitcoin.

Does it mean their main target is MMM just because they saw the news that MMM drops naira to use bitcoin?

Now I know Nigeria has no plan B

3 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by ProfyJay(m): 8:00am On Jan 13, 2017
What a dumb and stupid statement from SEC! How on earth is bitcoin a scam . A digital currency where world powers have already begun using the currency as a mode of payment ?

2 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by JeffreyJames(m): 8:05am On Jan 13, 2017
psalmsjob:


I said no country has offically proclaimed it safe to use just as sec condemned it. Not whether stores or people are accepting it, of course people have been using it long before the trend got into Nigeria.

Bitcoin is about 10 years old now if my memory is correct. And the point us not to use it as an investment vehicle in which you stack millions into it.

E-gold was reportedly tied to gold bullion before it crashed. Anything that is unregulated can do anyhow anytime.


From what I read by SEC, they're only warning against companies and entities that are not registered with them .
In China, companies who exchange bitcoins are registered.

I'm sure if the companies registered with SEC,they won't come out to issue this warning.

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Nobody: 8:06am On Jan 13, 2017
pitchez:
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Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Nobody: 8:06am On Jan 13, 2017
cheesy e pain them say ordinary digital currency strong pass their own Naira... Mumu people, we will continue to buy bitcoin.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by JeffreyJames(m): 8:07am On Jan 13, 2017
HOTARIO:
It is understandable that SEC wants to be seen as doing its job of industry regulator, especially when the issues revolve around investments schemes. However, the Regulator should first conduct a proper research into the various concepts before issue its warnings or before out rightly condemning a scheme or technology it has little knowledge about. In the fast paced world of today, industry regulators should pay close attention with a view to learn and find ways to key into the grown of new technology in order to take advantage of benefits it may offer. While the world is studying digital currencies like bitcoins to find ways of how to make them work as alternative mode of exchange (acceptability + regulation), our regulators are crying wolf and raising false alarm over nothing, yet we want to be technologically advanced as a country.

Research is very key to development.



That is one problem with Nigerian Authorities. They don't conduct property research before spending trash.. However I don't think SEC is condemning it, they're only warning against investing with companies who are not registered with them.

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by JeffreyJames(m): 8:09am On Jan 13, 2017
Vickysnipe147:
SEC is afraid that Bitcoin and other Cryptocurrency are about to do Banks what Email did to postal services... they should be leaving in the 19th century instead of embracing the current trend in economics.

Lol the irony is some banks abroad are already delving into the Bitcoin biz... Offering exchange services.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by IVORY2009(m): 8:18am On Jan 13, 2017
NNVanguard:

You weren't a victim of liberty reserve crash few years ago?
I was, I had about a 1000+ wen it closed down!

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by psalmsjob: 8:19am On Jan 13, 2017
JeffreyJames:



From what I read by SEC, they're only warning against companies and entities that are not registered with them .
In China, companies who exchange bitcoins are registered.

I'm sure if the companies registered with SEC,they won't come out to issue this warning.

Yeah you are right about being registered to exchange not as an investment company where they accept deposits in Bitcoin to invest for profit. But recently a conventional bank was caught operating in China for years without license and defrauded alot of people of amounts running into millions of dollars.

People should be careful investing in any online venture or investment programs coming from Asis or Eastern Europe such as China, India, Malaysia, and Russia, Ukraine, Poland etc those coming out of Asia are most often ran by 419Nigerians there or here at home hiding behind proxy servers to mask their IP address to most of those countries listed above.

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by neomatrix1027(m): 8:22am On Jan 13, 2017
Make 115btc with just 0.0005btc. It's real. Check my signature for the link
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by emmanuelbrown26: 8:23am On Jan 13, 2017
idrisalomagold:
But I read here that CBN may legalise bitcoin.

Does it mean their main target is MMM just because they saw the news that MMM drops naira to use bitcoin?

Now I know Nigeria has no plan B
My Broda I tire ohhh, I wonder what has come over them
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by toneawe(m): 8:30am On Jan 13, 2017
JeffreyJames:


It is used in most countries in Asia and some stores in the US are already accepting it as a means of payment.

It is not illegal else there won't be Bitcoin ATM. Update yourselves those that say it's illegal.

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Nobody: 8:32am On Jan 13, 2017
symbianDON:
bitcoins are used allover the world

Lolz.

When eBay,alibaba,aliexpress,top international hotels and Amazon starts accepting Bitcoin. Then your statement will suffice.

2 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by MrMoney007: 8:33am On Jan 13, 2017
Cyberfire:
ladyf coman see o
what if ladyf is not a girl.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Nobody: 8:34am On Jan 13, 2017
ademasta:

And the source of the problem is your brain undecided
What's your right to quote me?

You should pay more attention to your English lessons.

Thank me later
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by dhardline(m): 8:35am On Jan 13, 2017
psalmsjob:


E-gold too. All these HYIP has remodeled to Bitcoin investment programs but these new generation or internet users probably don't know about those things before.

Someone commented up there that government don't know new trend, I just laugh things like these have been before now.

There is no government in the whole world today that has adopted or approved Bitcoin as a trusted currency for its citizens at least from my last investigation about 4 months ago so if I'm wrong someone should correct me with proof not with insult please.

It's just a warning that you can ignore.

Thank you. The quest to get rich quick is just the main cause of all this desperation. Most times the world government even use this techniques to mop up funds from the system just so the people remain at the level they want them to be.

3 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by hopilo: 8:36am On Jan 13, 2017
This goverment is not cordinated, I watch on Channels TV last week when CBN said they are setting a commitee to advice them on how the country can benefit from Cryptocurrency, Bitcoin and other digital money since the world is gravitating towards digital currency. Now another agent of goverment SEC is saying complete opposite of CBN vision. Tommorow the both agency will deny everything and the country countinue to slide to pit of no return economically. Pray for Nigeria

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Koolking(m): 8:38am On Jan 13, 2017
petrov10:
this happens when we have a govt that can't follow new trends

no wonder naira value is in a cesspit

There is nothing like new trend in how bitcoin is being transact in Nigeria. The biggest fraud in the history of man is about to happen.

Chinese government issued the same warning earlier this week. Does it mean they hate trends? This is a country where 90% of bitcoin miners are located.

The thing about Nigerians is when we are in the forefront of things that favour us, we speak vocally against the truth.

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Nobody: 8:39am On Jan 13, 2017
Lols for those screaming liberty Reserve, I laugh in Chinese.. The US government can't shut down bitcoins, it's way out of their reach, if they could they would have done that since. Let me explain why it's not possible, bitcoin transactions are confirmed by nodes and nodes can be ran by any computer in the world that has the bitcoin core client running on it. Translation? It means the US government can ban this nodes from running on computers in the US, what happens to mine at home? Home land security can not come to my house in Nigeria to take my laptop! So technically for bitcoin to be stopped you need to set up laws in all the countries in the world that bans and enforces laws to stop thousands of computers around the world from running this clients on them. Lol, if it was so easy I don't think we will have cases of terrorism in the first place.

3 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by psalmsjob: 8:43am On Jan 13, 2017
dhardline:


Thank you. The quest to get rich quick is just the main cause of all this desperation. Most times the world government even use this techniques to mop up funds from the system just so the people remain at the level they want them to be.

Yeah you're right about the state sponsorship of financial fraud which is very common in Russia.

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