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Stats: 2,963,873 members, 7,191,610 topics. Date: Tuesday, 29 November 2022 at 05:11 AM
Why Bitcoin Is Worse Than A Madoff-style Ponzi Scheme / Is 10 Million Naira Investment That Returns N250k Yearly A Bad Investment? / Bitcoin Is Retaking Its Place As King Of The Cryptocurrencies (2) (3) (4)
|Why Investing In Bitcoin Is A Bad Investment by Akby(m): 6:53pm On Dec 29, 2017|
The birth of Cryptocurrency is no doubt a milestone achievement in the Financial Market. Many people all over the world have invested a chunk of their life savings into it with the hope of a greener pasture at an exponential rate. How true is this?
Taking Nigeria as a case study, investing in Cryptocurrency is not as rosy as many people think. Let me explain better with an example so you can fully grasp my point. Bitcoins are sourced in Nigeria through merchants. A lot of them (merchants) around today but one thing common to each and every one of them is that they buy and sell at fairly almost the same price. While compiling this article, the merchant I took as a case study buys at N335/$ and sells at N390/$.
Now, if you invest N50,000 to purchase Bitcoin through this merchant at 1Bitcoin = $13,500 for example, you will get 0.009496676BTC. i.e. 50,000/390/13,500. If the value of Bitcoin appreciates by 10% at the Global Market to $14,850, by the time you convert this amount to Naria through this merchant, you will get N47,243 i.e. 0.009496676*335*14,850. This means you have lost 5.5% of your investment even though Bitcoin appreciated by 10% at the Global Market.
Also, If Bitcoin appreciated by 20% i.e. 1BTC = $16,200, following the process above will translate to N51,538 in your local bank account with represents just 3% return on your investment.
With this in mind, to achieve 7% (Nigerian banks nominal threshold) interest on your investment, Bitcoin has to appreciate by 24.57% to $16,816.
In summary, before you can start earning at all trading Bitcoin in Nigeria, its value has to increase by at least 18% not to think of the risk associated with your investment. If 10% increase in the value of Bitcoin at the Global Market can’t guaranty a profit largely due to MERCHANT’S monopoly, think of what would happen if the price of Bitcoin drops – What the market is currently facing.
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|Re: Why Investing In Bitcoin Is A Bad Investment by Leopantro: 7:27pm On Dec 29, 2017|
you limited your study to just one merchant who is ripping you off.
i belong to groups who keep the price to buy or sell bitcoin stable.
seriously, you sell to the guy at N335?!!!
right now people are selling at 390 , buying at 385
|Re: Why Investing In Bitcoin Is A Bad Investment by Akby(m): 7:44pm On Dec 29, 2017|
Can you honestly point at one Merchant that offers that price?
Do your findings properly sir
|Re: Why Investing In Bitcoin Is A Bad Investment by CruzJoe(m): 8:43pm On Dec 29, 2017|
Op U don't know what u re saying..... there re 3 ways u can make money from bitcoin
1: U can buy bitcoin and invest it with an international company that helps U trade with it with the use of a BOT and be paying u daily interest of upto 40% monthly....for 9months and they will stop and return ur capital back to U...which U can earn that ur capital from the daily interest within 3 months... the remaining 6months re all gain to u which after this remaining 6months....they will still return back ur capital.... If u wish to continue... U reinvest.
Now tell me how Ur bitcoin U bought us not profitable here..
2: U can buy bitcoin now and hold/store for like 1-3 years... I bet U the bitcoin U bought with just,let me say 50k.....by the time u leave it for like 1-3 years and u want to sell it...it won't be 50k again.. It will be more than 150k as the case maybe...am a living testimony to this... Bitcoin I bought during the time of MMM, which I was using to pH in bitcoin, I was so lucky I cashed out before mmm crashed...I cashed out 200,000 worth of bitcoin which I leave in my wallet.... now that 200,000 worth of bitcoin then, fetched me 800,000 coz their was a massive up shooting in bitcoin price recently .that my 200k fetched me 800k....just for holding my bitcoin for some months.....
So tell me how my bitcoin is not profitable here...
3: U can make money from bitcoin by buying bitcoin and trading it on exchange....U can buy like 50k worth of bitcoin and start trading... If u know what u re doing... How to trade.... U can grow this ur 50k worth of bitcoin to 150k worth of bitcoin within few days?weeks... U may have like 1bitcoin now which cost u like 50k( am just giving an example coz I bitcoin is not 50k now, is millions).... then if u trade well with this 1bitcoin...it can grow to 1bitcoin within days/weeks....which will now be 100k......
So tell me how bitcoin is not profitable here...
Step 1 and 2 re less risky.....imfact U have nothing to loss if u go with them
the only place I see risk is in step 3 coz if U don't know how to trade.. U can loss ur millions within 1 hour....U can loss ur capital ..within 1 hour.
SO SAY WHAT U KNOW AND STOP DISCOURAGING OTHERS........
MOD am not here to advertise bitcoin but I don't like when people talk out of ignorance.
thanks for ur understanding
Just want to point out things to prove the Op wrong.
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|Re: Why Investing In Bitcoin Is A Bad Investment by samszany(m): 8:54pm On Dec 29, 2017|
CruzJoe:pls if yu dont mind can yu mention d name of d site yu mentioned above, ill aporeciate, amean where yu can trade bitcoin to make profit
|Re: Why Investing In Bitcoin Is A Bad Investment by Leopantro: 9:07pm On Dec 29, 2017|
there is no knowledge that is not power.
you ignorance on trading is mind boggling.
1. you sell to someone at 355 and come here to complain. i sold at 380 yesterday.
2. you only talked about bitcoin when Nigerians are trading other coins apart form it.
3. Even nairaland has a thread where people buy and sell bitcoin and nobody buys at that low price.
if you are not knowledgeable about something, google is your friend.
|Re: Why Investing In Bitcoin Is A Bad Investment by CruzJoe(m): 9:11pm On Dec 29, 2017|
U can WhatsApp me...check my profile, my number is there....
Nairaland is against posting some information here.
|Re: Why Investing In Bitcoin Is A Bad Investment by ThundrCork(m): 11:41pm On Dec 29, 2017|
I agree with it you OP
|Re: Why Investing In Bitcoin Is A Bad Investment by sunbilor(m): 6:22am On Dec 30, 2017|
CruzJoe:You are very correct.
|Re: Why Investing In Bitcoin Is A Bad Investment by Akby(m): 9:11am On Dec 30, 2017|
CruzJoe stated his view as if it was an automatic process that Bitcoin would appreciate. You were part of the few that enjoyed the exponential growth of Bitcoin which would NEVER happen again in the next few years. Try and understand the theory of demand and supply. NO Bitcoin investment is guaranteed 40% return. In fact, none of this investment ensures guaranteed return. Rule number one of any investment says that: 'Never invest in a business where your principal is not safe'. Your principal is not safe trading Bitcoin. Your so called website are not officially recognized/verified and what happens if they ceases to pay you. Who do you complain to?
Leopantro uploaded a picture that didn't convey full details - just series of random merchants offering varying price.
I'm just a wise investor... You don't invest with an unstable currency
|Re: Why Investing In Bitcoin Is A Bad Investment by bedfordng(m): 10:09am On Dec 30, 2017|
Akby:its not a must to sell to merchants as you can sell to those who needs it. selling to merchants is ripoff. this is why they have exchange currency thread where lots of sellers and buyers are posting their offers on nairaland.
|Re: Why Investing In Bitcoin Is A Bad Investment by Leopantro: 10:28am On Dec 30, 2017|
a wise investor will also not disregard any potential commodity that might generate income irrespective of the risk.
your emphasis is on bitcoin but there are other coins to invest in. i personally know someone who invested in an ICO that bought a brand new car early this month.
lets look at ltc, this time last year it was worth 50 cents, now its close to $300.
another is ETH, worth $15 last year, right now it is approaching $800.
even forex trading is associated with it's own risk.
but then it's your choice, whatever floats your boat.
|Re: Why Investing In Bitcoin Is A Bad Investment by CruzJoe(m): 11:51am On Dec 30, 2017|
U re still wrong... No matter what happens... the price of bitcoin now will never be the same in the next 3 to 5 years... it MOST appreciate....MOST, NO matter how small, but it MOST APPRECIATE .......
then coming to the investment plan......when I say up to 40% ....am talking out of experience.....
Am still earning it till date.....and I have earned up to my capital I put and replaced it from where I took it from....and am still earning my daily/monthly profits which is now my gains...I will keep earning this profit for the next 6months.....so even if they decides not to pay me again....am not at loss...coz I have already earned my capital.......
MIND U EVERY BUSINESS/INVESTMENT IS A RISK.... IT DEFENDS ON HOW U MANAGE THAT BUSSINESS/INVESTMENT.
even u traveling from one place to another is a risk... And u can't take because of that risk and say u won't travel... NO
so everythy in this life is a risk if u re talking of risk.......
U don't have any point so far.... U re just talking out ignorance and scared.......
INVEST WIAELY AND U SEE UR SELF AT THE TOP.....
Many has already made it with Bitcoin and many will still make it .....is a matter of time.
Had it being am like U then.... Had it being I was thinking like U then..this recent Almighty opportunity in bitcoin price rocket would have pass me.....ad I bet U....is never too late to join bitcoin coz it will keep raising ....is a matter of time...... Bitcoin is still at the early stage....many people re recognising it and embracing it day by day which which will make the volume to increase thereby making the price to increase too as we journey ahead.
BETTER DAYS AHEAD.
Am done replying U.......I have said enough.....
People reading our comments should make their choice and take their destiny into their hands.....Ur decision determines Ur future....
If U keep watching,without acting.. U will keep blaming Ur self month by month... year by year.... If U heard known......IS NOT LATE NOW....
thanks everyone reading...
MEET U AT THE TOP IF U CARES.
|Re: Why Investing In Bitcoin Is A Bad Investment by elimajoe(f): 12:00pm On Dec 30, 2017|
It is bad because if your computer is hacked then you whole amount is gone ruined.
|Re: Why Investing In Bitcoin Is A Bad Investment by Leopantro: 12:36pm On Dec 30, 2017|
it's obvious you haven't heard of online wallets or cold storage.
|Re: Why Investing In Bitcoin Is A Bad Investment by ThundrCork(m): 1:19pm On Dec 30, 2017|
Cold storage yet the likes of Nicehash got hacked
|Re: Why Investing In Bitcoin Is A Bad Investment by sKeetz(m): 1:43pm On Dec 30, 2017|
I was like the op some months back until the log fell off my eyes.
Cryptocurrency is the future. Years from now you'll blame yourself for not investing now when it's cheap.
There are lots of coins with great opportunities, some that might even surpass Bitcoin in the years to come.
You just need to throw in some few dollars and watch it grow into millions.
|Re: Why Investing In Bitcoin Is A Bad Investment by 1nigeriamyfoot: 3:21pm On Dec 30, 2017|
THERES NOTHING LIKE INTERNATIONAL BOT TRADING!
ALL B T C BOTS ARE CREATED BY YAHOO BOYS TO SCAM GULLIBLE PEOPLE!
YOU CAN NEVER TURN 50K TO 150K WITHIN DAYS AS YOU CLAIM, INFACT YOU CAN LOSE IT ALL!
B T C TRADING IS NOT ALL ABOUT WIN WIN ALL THE TIME!
DO YOU KNOW WHAT IS TERMED AS 'PUMP & DUMP'?
ABEG, NO MISLEAD NAIRALANDER ALTHOUGH AM SURE THAT YOU ARE TRYING TO LURE THE GULLIBLE ONES!
|Re: Why Investing In Bitcoin Is A Bad Investment by Nobody: 3:50pm On Dec 30, 2017|
|Re: Why Investing In Bitcoin Is A Bad Investment by acevic: 4:56pm On Dec 30, 2017|
|Re: Why Investing In Bitcoin Is A Bad Investment by SeyiAyorinde(m): 6:37am On Dec 31, 2017|
sKeetz:which one can one invest in now?
|Re: Why Investing In Bitcoin Is A Bad Investment by sKeetz(m): 9:09am On Dec 31, 2017|
Ripples, stellar lumen, NEO
|Re: Why Investing In Bitcoin Is A Bad Investment by Pesuzok(m): 11:19am On Dec 31, 2017|
To reply some points you have raised
1. You are investing in a ponzi scheme, whether in dollars or bitcoin, it is same
2. What do you say to someone that bought at $19,000 few weeks ago and today bitcoin is about $12,000
3. What do you mean by trading? which fundamentals guide you in deciding when to sell or buy bitcoin.
People that bought bitcoin years ago are smiling, but somebody has invested a lot recently and is gnashing his/her teeth
|Re: Why Investing In Bitcoin Is A Bad Investment by lastmessenger: 1:43pm On Dec 31, 2017|
I don't even know what to believe again. Anyway I'm picking up points. I
|Re: Why Investing In Bitcoin Is A Bad Investment by ProveT: 3:33pm On Dec 31, 2017|
To set the record straight; Bitcoin trading or is far different from Bitcoin investment and also very different from altcoins trading.
Investing in btc is so much lucrative but definitely not for those with needs quick money.
As at Jan 2017, 1btc goes for less than $1000, it fluctuate between 750$ to 880$, today it's around $13000 after dumping from ATH(All time high) of $19800.
Well Op, please tell me how many legit business can fetch you over 18000% in 11months.
No matter how low Bitcoin dumps, it'll surely go up back. When btc was 38$ back then in 2011, it dumps back to 4$ before going up to an ATH of 65$.
And trading altcoins on exchange platform is the most lucrative. Guys are raking in thousands of dollars everyday. Op, tell people to enlighten you if you are naive about something. That's how to learn.
Best of luck.
|Re: Why Investing In Bitcoin Is A Bad Investment by ProveT: 3:38pm On Dec 31, 2017|
CruzJoe:That's wrong sir. No trading platform will pay out that to you, except you're involved in some Ponzi schemes.
Though you can make far more than that trading on your own. Just learn your TA(Technical Analysis) and FA (Financial Analysis) well.
|Re: Why Investing In Bitcoin Is A Bad Investment by toysleek(f): 7:26pm On Jan 10, 2018|
|Re: Why Investing In Bitcoin Is A Bad Investment by talk2hb1(m): 10:07am On Jun 03, 2018|
Are You Guys Talking About The Bitcoin I bought for 1200 and sold for 8000Naira last year.
|Re: Why Investing In Bitcoin Is A Bad Investment by biztip: 12:05pm On Jun 03, 2018|
all these online currencies na oyiboman scam DT will crash one day. I have long stopped doing all these on air businesses. do physical biz u can monitor yourself
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