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Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians - Business (5) - Nairaland

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Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Nobody: 10:41am On Jan 13, 2017
Bitcoin is used over the world, it has an exchange rate for currencies all over the world and most websites like Amazon and co recommend bitcoin for payment, you can use it to shop online and lots more. It's a digital currency, so what are you saying?
FuckTheMod:
I have issued several warnings against that nonsense bitcoin
The way it would shock the world... .


I won't even buy one bitcoin for 10 naira


Nonsense
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by APCmyheart(m): 10:46am On Jan 13, 2017
budosky:
This govt no sabi anything


Hmmmm you said more than this when they warn people of MMM...


Bitcoin can crash anytime too my brother....

Remember E-gold?
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Nobody: 10:46am On Jan 13, 2017
Several other large online retailers, like Ebay and Amazon.com, followed suit. Other major companies to accept Bitcoin payments include Target, CVS, , Subway, Victoria Secret, PayPal, Expedia, Home Depot, Kmart, Sears, the Apple App Store, Grooveshark, Dell and Zappos.

So what are you saying?
Ignorance na bastard! undecided
snapscore:
What I understood was that the companies that endorse bitcions aren't regulated and hence it's risky.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by ayobase(m): 10:49am On Jan 13, 2017
dhardline:
Same thing happened to liberty reserve some years back and a lot of people around the world lost money in it. Nigerians should be extra careful of this things.


Have you done your assignment in this regard to know the difference between liberty reserve and bitcoin, and the reason it was folded up.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by APCmyheart(m): 10:50am On Jan 13, 2017
symbianDON:
bitcoins are used allover the world


Same is E-gold and Liberty reserve..
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by ayobase(m): 10:53am On Jan 13, 2017
free2ryhme:

You are the senseless one here

So, you always believe everything the government says.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Codes151(m): 11:01am On Jan 13, 2017
The heading is wrong jor!!! How's bitcoin itself a ponzi scheme? Smh
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by signz: 11:02am On Jan 13, 2017
The age of cryptocurrency have just begun.

Please BITCOIN is not related to MMM. BITCOIN IS NOT A PONZI SCHEME

Maybe SEC are scared as more enlightened middle class Nigerians are dumping our Naira for Bitcoin.

Just as people have been saving their money in Dollars so also are people saving and growing their money in BITCOIN.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Johnbelovd: 11:05am On Jan 13, 2017
If the government is talking about folks who are taking undue advantage of the evolving digital currency to scam people, that I understand. But if these government officials and agencies are calling bitcoin and real cryptocurrencies scam, they must be dummies. We read in the news how Nigerian government is planning to adopt cryptocurrency, that's news. However for most poor people who are ever scared of anything called investment, this is a massive news for them. They think they understand this. Its important for people to knw that no government needs endorse bitcoin. Just like they don't have to endorse the internet, its a revolution of the 21st century you either flow with the direction of this wind or struggle forever. Bitcoin is used in Nigeria, government formal adoption or not. They cannot do anything against it but for it. The time has come for people to take their own destiny in their hands. The government that has failed in everything, that cannot revive the economy cannot give me any financial advise.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by bizhop01: 11:39am On Jan 13, 2017
THIS IS FUNY,how can you bring MMM with cryptocurrencies eg bitcoin?
online currency that is used world wide for trading,investment payment of goods & services,can also mine,it has no govenrment control,
IS more value than us dollar, us dollar always struggle in market with bitcoin,just like nigeria naira stuggle with us dollar, today bitcoin just hit 800$ to 1bitcoin from 776$ exchange rate weeks ago,no one need to tell you the value of bitcoin in the whole world,no one can ban bitcoin unless the is no exist of n net,internet anymore which is imposible,highest u can only go against petty offline traders if necessary.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Nobody: 12:20pm On Jan 13, 2017
Giv me A Sec Wha Da Fvck Is SEC talking about? what z bitcoin got 2 do with ponzi schemes lyk mmm etc. Bitcoin Is the de Facto of all eCurrencies Of The World? the tyranic internet coin is 110% secure than d nigeria cbn vault. it doesnt need any fvcking govt permission, it is not affected or controlled by bs govt policy or inflation or tied to any bank!> anybody can own a bitcoin wallet w/o any boring paperwork! WHAT DA FVCK ARE dey (SEC) REALLY TALKING ABOUT? guyz watchout 4 chinese Lcf-coin launch dz yr? d chinese govt in partner with rothchild group(currently owned n operated 40% of china banking sector.) are throwing d weight of chinese economy(2nd largest) into d Lcf-coin yes watchout 4 d next bitcoin rival! Lcf-coin Wuld push hard dz yr ahead of her debut launch. <hm wuld get eyes, make hm see>

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by bizhop01: 12:26pm On Jan 13, 2017
but you will luv to pay #10 for 790$+? IGNORANT in high level
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by bydot1(m): 12:34pm On Jan 13, 2017
How can someone call Bitcoin a scam, na wa oo...of which most mumu on NL will just rant without any knowledge of what this is. If Bitcoin is a scam then Bank is a scam.

Investing your Bitcoin into ponzi scheme is what they should warn Nigerians about not the currency, i just tire for this SEC. Do they even have graduates there?
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by progress69: 12:35pm 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

New trend and my friend is loosing millions everyday cos of the sudden loss value. One Chinese juat sitting down somewhere and turning all of una to mumu. Smh.
First it was egold, then liberty reserve, now perfect money which Bitcoin is gradually facing out. U People are just funny!
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by bydot1(m): 12:36pm On Jan 13, 2017
Some fools will still believe this, of which they don't know Bitcoin is the next level. That's what our politicians are using to transfer their loots now, it's secured and can't be traced. Imagine a single Bitcoin at 1000USD
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by progress69: 12:38pm On Jan 13, 2017
Truth234:


This is different from liberty reserve, but the issue is it is a payment system and not an investment in itself. The guys pushing it to Nigerians are marketing it as an investment opportunity, whereas it is just a crypto version of your naira. What determines its value is its acceptability and monetary policy of those nations that accept it.

Did you say Bitcoin is different from LR. Are they not both crypto currencies that exist only virtually? Are they legal tenders? Lord have mercy!
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by bydot1(m): 12:38pm On Jan 13, 2017
progress69:


New trend and my friend is loosing millions everyday cos of the sudden loss value. One Chinese juat sitting down somewhere and turning all of una to mumu. Smh.
First it was egold, then liberty reserve, now perfect money which Bitcoin is gradually facing out. U People are just funny!
You're wiser than those E-commerce websites that accepts PM, Bitcoin and Paypal as a means of payment.

Let your govt continue to fool you
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by progress69: 12:41pm On Jan 13, 2017
bydot1:

You're wiser than those E-commerce websites that accepts PM, Bitcoin and Paypal as a means of payment.

Let your govt continue to fool you

Lol.

Many Nigerians are grossly ignorant. Chia.

God forbid i waste my time on you.

Where there not websites accepting e-gold and Liberty reserve before now. Smh.

I remember withdrawing cash with an egold debit card then in Ghana. Then what happened to e-gold? Lol. Na una sabi

U saw my friend losing millions cos of the sudden drop in value of bit coin but u chose to ignore that and bring up a lame argument.

There is difference between investment and using cryptos as a means of payment.

People are buy bitcoon with the hope of it increasing in value over time. Lol
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Truth234(m): 12:51pm On Jan 13, 2017
progress69:


Did you say Bitcoin is different from LR. Are they not both crypto currencies that exist only virtually? Are they legal tenders? Lord have mercy!

Liberty Reserve is different from Cryptocurrencies, both are digital currencies, but while the encryption technique in cryptocurrencies regulate the generation of units, e-currencies like LR, E-gold, E-bullion, etc are not regulated. The developers can input any amount and sell, no scarcity, nothing. While that is not possible with crypto, its security is second to none. That is why financial institutions across the world are looking to adopt crypto encryption method for their security.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by bydot1(m): 1:10pm On Jan 13, 2017
progress69:


Lol.

Many Nigerians are grossly ignorant. Chia.

God forbid i waste my time on you.

Where there not websites accepting e-gold and Liberty reserve before now. Smh.

I remember withdrawing cash with an egold debit card then in Ghana. Then what happened to e-gold? Lol. Na una sabi

U saw my friend losing millions cos of the sudden drop in value of bit coin but u chose to ignore that and bring up a lame argument.

There is difference between investment and using cryptos as a means of payment.

People are buy bitcoon with the hope of it increasing in value over time. Lol
Do your research before you argue.

e-gold and LR were not accepted by all web merchants.

Go and do your research and you will realize that almost all merchants accepts Bitcoin, the popular Amazon does too. Apple, Microsoft, Dell accepts Bitcoin
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by progress69: 1:20pm On Jan 13, 2017
bydot1:

Do your research before you argue.

e-gold and LR were not accepted by all web merchants.

Go and do your research and you will realize that almost all merchants accepts Bitcoin, the popular Amazon does too. Apple, Microsoft, Dell accepts Bitcoin

Lol.

I hear u.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by waleskenny(m): 1:36pm On Jan 13, 2017
it is a shame that SEC is saying this, cryptocurrency is already part of our financial solution, just like fiat money, in developed ATM machines has been designed to welcome this innovation, i dont know why we always like to carry last for this part of the world, bitcoin and other cryptos can not caged of taxed by FG, that is the reason for what SEC is saying not that they really care about the populace, no wonder naira is experiencing free fall. Do you know that cryptocurrency has made many millionaires in Nigeria? as a matter of fact i have made reasonable income from bitcoin, please before you join the bandwagon to condemn a thing try to do your due diligent... long live cryptos.

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Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Nobody: 3:38pm On Jan 13, 2017
1coinNaija:

I have told Nigerians in the past. The next set of millionaires in Africa especially in Nigeria will emerge, not from oil and gas but those who invested money in MINING of cryptocurrency!
I love you. Word!
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Leopantro: 4:11pm On Jan 13, 2017
1coinNaija:

I have told Nigerians in the past. The next set of millionaires in Africa especially in Nigeria will emerge, not from oil and gas but those who invested money in MINING of cryptocurrency!

there is one Ayodele in Abuja that generates $100 worth of bitcoin EVERY SINGLE DAY for the next 3 years.

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Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Blakes(m): 7:09am On Jan 14, 2017
Koolking:


You have just answered your question. Government has all the power to stop bitcoin payment system if it's proven to be a ponzi scheme and a silk road (online black market). Simple laws can work against it. IP geolocation can be tracked and mining farm locations compromised by FBI. Go read about Ross William Ulbricht and what happened to him as a darknet market operator. Enjoy while it last bro.

You need do some deep research pal.

http://nigeriacommunicationsweek.com.ng/e-financial/how-digital-fiat-currency-will-drive-financial-inclusion-ecurrency
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by cosade(m): 6:14pm On Jan 14, 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.


There are lots of lazy and greedy people all over the world, who are simply interested in harvesting money without labour. Because of this, most of them have lost the ability to reason at all. An e-currency scheme that is not regulated, when you lose it, how do you seek redress.

I shared the post below in another thread and ignorants and naive people called me a detractor. I simply laughed. I quoted a US case in which the judge clearly said the person whose bitcoins were stolen, cannot get justice before the law, simply because bitcoin is not known to the Law.

cosade:


I think you're the one that does not understand the issues I have raised.

I have talked as a finance expert not as an IT expert. The whole concept of bitcoins is to create non conventional financial instruments (money) by the IT guys. And main point is that the IT guys cannot sucessfully do this without full understanding of finance and business law.

Like I said earlier, when you guys say the information on Blockchain can never be destroyed or manipulated. Also Blockchain cannot be controlled by one central body or government, making Bitcoin the best form of money to ever evolve. With Bitcoin, you are simply your own bank, as you can spend your money anytime, anywhere, with no restrictions whatsoever.
You're automatically implying that bitcoin is not a reliable financial instrument because a reliable financial instrument must operate in a regulated environment. So that if there are disputes, the arbitration rules would be clear. See below, how a bitcoin criminal was left off by a Miami Judge.

A discussion on monetary policy would be helpful here.
Modern day monetary systems are based on fiat money and are no longer tied to the value of gold. The control of the amount of money in the economy is known as monetary policy. Monetary policy is the process by which a government, central bank, or monetary authority manages the money supply to achieve specific goals. Usually the goal of monetary policy is to accommodate economic growth in an environment of stable prices. For example, it is clearly stated in the Federal Reserve Act that the Board of Governors and the Federal Open Market Committee should seek "to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."

A failed monetary policy can have significant detrimental effects on an economy and the society that depends on it. These include hyperinflation, stagflation, recession, high unemployment, shortages of imported goods, inability to export goods, and even total monetary collapse and the adoption of a much less efficient barter economy. This happened in Russia, for instance, after the fall of the Soviet Union.
Extracted from Wikipedia.


Below is a recent court judgement in US on issue of bitcoin. The criminal was left off the hook because there is no legal backing for it.

Bitcoin 'not real money' says Miami judge in closely watched ruling

Defendant acquitted of illegally transmitting $1,500 worth of cryptocurrency

Judge: ‘Bitcoin has a long way to go before it is the equivalent of money’

https://www.theguardian.com/technology/2016/jul/26/bitcoin-not-real-money-miami-judge

I rest my case.

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by cosade(m): 6:22pm On Jan 14, 2017
Mcanie:
why are all these fraudulent schemes on the increase in the last two years? is it because of the bad economy, poverty or hunger?

It's simply because there are lots of gullible fools around. And remember the saying that "A fool and his money are soon parted".
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by jayaim: 7:42pm On Jan 14, 2017
Who ar those that work in this so called sec? When CBN is trying 2 adout block chain technology. Men the go digital, some the go analogue. Na wahh....
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by psalmsjob: 10:07pm On Jan 14, 2017
cosade:



There are lots of lazy and greedy people all over the world, who are simply interested in harvesting money without labour. Because of this, most of them have lost the ability to reason at all. An e-currency scheme that is not regulated, when you lose it, how do you seek redress.

I shared the post below in another thread and ignorants and naive people called me a detractor. I simply laughed. I quoted a US case in which the judge clearly said the person whose bitcoins were stolen, cannot get justice before the law, simply because bitcoin is not known to the Law.

Those people calling you detractor are the people promoting the idea of Bitcoin Investment program to defraud people.

And their intended targets are too greedy to listen and reason based on such revelation.

The youths in Nigeria are at best educated illiterates, the worst kind of illiterates there is. They think they know more than everybody and everything.

Thank you for digging this information up and storing here as a testimonial.

1 Like

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