| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Nobody: 1:33pm On Feb 06, 2021 |
mekaboy:
You are talking rubbish. Buhari goes abroad for medical checkup. He starved Nigeria of the funds while enriching other countries. His Son had accident, went abroad for treatment. His wife and family all go abroad for study and holiday.
Same with all those in govt. Even brutai spent billions on property outside Nigeria.
They the leaders dont believe in the country. So why should the youth invest in a country that has no direction? Good great, am not a fan of this Govt either.. now Buhari and these corrupt politicians are a handful maybe 1%... if we all follow you assumption are we not heading the zimbabwe way? |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by jpmoriarti(m): 1:33pm On Feb 06, 2021 |
I wholeheartedly support this ban. Naira to USD is almost 500 naira. No one wants to make Nigeria work again. Everyone wants to cash out even though Nigeria burns. 1 Like |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Nobody: 1:36pm On Feb 06, 2021 |
JohnBullMySon:
you're very dumb. crypto does not damage our economy rather too much imports do. since Nigeria cannot export anything other than oil, they now tax people sending dollars home, which has become a major forex source. now crypto is challenging that dishonest taxing, instead of the government to divest, they're clamping down on it. don't worry, a time would reach where crypto will dominate world finance. shutting it down will then lead to sanctions by IMF, world bank as well as wells Fargo and other financial institutions that bankroll Nigeria on oil sale. Well, there can never be a time IMF would approve cryptos as that would damage international trade and its policies. 1 Like |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Ghostmode2two(m): 1:39pm On Feb 06, 2021 |
Esseite:
Atiku is just chasing clout... CBN took the best decision.
Unregulated Crypto currency is a lazy investment that tilts more on outflow of FX rather than inflow.. it is death sentence to import dominated countries.
E.g- I buy bitcoin with N10m that would be domiciled in source Nation(not Nigeria).. if it rises in 1 year by maybe 10%, I may have gained 1m as an individual, but I have starved my country economy of recycling my 10m if it was domiciled in a Nigerian bank or invested into the society which could have produced more than 10% while creating jobs.. note as an import dominated nation, the chance of loosing that 1m as another escaped forex is 95% on foreign goods while 5% I may spend on local food.
The Nigerian greed for small margins has blinded a lot of people, imagine Crypto currency trading far beyond your indigenous Stock exchange and some feel it's okay
Modified:
With all the mentions and insults, if we put this same energy into investing in Nigeria, would we be complaining of unemployment?... someone actually said he has over 1,000btc in his wallet, that's about $35m or N16.450bn just waiting to flip currency and make small margin rather than real investment that creates jobs for the economy, but we are quick to say no jobs. If someone come to you for a business idea will you help him? |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Nobody: 1:43pm On Feb 06, 2021 |
Ghostmode2two:
If someone come to you for a business idea will you help him? Yes ooo, there are lots of business ideas out there, but how do we patronize each other to grow when your client to be has his funds stored in bitcoin in source destinations waiting to flip currency rather than investing in you whose taxes tar the road and builds bridges he drives on. |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by JohnBullMySon: 1:46pm On Feb 06, 2021 |
mrfreestuff:
If you are uncouth in your remark, it does not change the economic fact staring us in the face.
You can go ahead and pack the currency of other countries to load USD and ship it overseas and let's see if they will sit back and watch idly.
Countries warehousing all these cash using loud merchants online to lure others are the true gainers and I hope Ghana and Benin are taking lessons from the horrible experience of Nigeria,fellow import dependent nation like theirs.
They must insist that anyone who wants to trade crypto must use the overseas inflows to trade it not mop tonnes of cedis and CFAs and to mop scarce USD and then export it to overseas.
They will kill their economy las las like they almost did here in Nigeria.
so what's wrong with citizens buying crypto and paying with USD, is that the only way we lose money in Nigeria. if the government was interested in saving the economy they should first stop the cartels that ship our oil revenues abroad. besides, an increasing number of freelancers are now being paid in Bitcoin, can't CBN tax that? 2 Likes |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Emmatech71(m): 1:48pm On Feb 06, 2021 |
Esseite:
Atiku is just chasing clout... CBN took the best decision.
Unregulated Crypto currency is a lazy investment that tilts more on outflow of FX rather than inflow.. it is death sentence to import dominated countries.
E.g- I buy bitcoin with N10m that would be domiciled in source Nation(not Nigeria).. if it rises in 1 year by maybe 10%, I may have gained 1m as an individual, but I have starved my country economy of recycling my 10m if it was domiciled in a Nigerian bank or invested into the society which could have produced more than 10% while creating jobs.. note as an import dominated nation, the chance of loosing that 1m as another escaped forex is 95% on foreign goods while 5% I may spend on local food.
The Nigerian greed for small margins has blinded a lot of people, imagine Crypto currency trading far beyond your indigenous Stock exchange and some feel it's okay
Modified:
With all the mentions and insults, if we put this same energy into investing in Nigeria, would we be complaining of unemployment?... someone actually said he has over 1,000btc in his wallet, that's about $35m or N16.450bn just waiting to flip currency and make small margin rather than real investment that creates jobs for the economy, but we are quick to say no jobs. It case you may not know, the motives of those who invest in Cryptocurrency is to earn money and invest. No one is ready to work as an employee in any organisation. Since the government failed in there responsibility to create industries or invest in business that will leads to employment opportunities, then, we youth will just take there responsibility by earning money to invest. Now, they ban the means of capital. Let's see what will happen to the economy in few days and months to come. 1 Like |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Bonjovi13: 1:49pm On Feb 06, 2021 |
Esseite:
Atiku is just chasing clout... CBN took the best decision.
Unregulated Crypto currency is a lazy investment that tilts more on outflow of FX rather than inflow.. it is death sentence to import dominated countries.
E.g- I buy bitcoin with N10m that would be domiciled in source Nation(not Nigeria).. if it rises in 1 year by maybe 10%, I may have gained 1m as an individual, but I have starved my country economy of recycling my 10m if it was domiciled in a Nigerian bank or invested into the society which could have produced more than 10% while creating jobs.. note as an import dominated nation, the chance of loosing that 1m as another escaped forex is 95% on foreign goods while 5% I may spend on local food.
The Nigerian greed for small margins has blinded a lot of people, imagine Crypto currency trading far beyond your indigenous Stock exchange and some feel it's okay
Modified:
With all the mentions and insults, if we put this same energy into investing in Nigeria, would we be complaining of unemployment?... someone actually said he has over 1,000btc in his wallet, that's about $35m or N16.450bn just waiting to flip currency and make small margin rather than real investment that creates jobs for the economy, but we are quick to say no jobs. You have made a very good case for restricting crypto currency trading in Nigeria. However you did not avert your mind to the vast untapped potential if the sector is regulated and the millions if not BIllions of naira the Nigerian Government will make if the industry is properly regulated and taxed. In USA capital gain from buying, holding and selling of crypto for profit is taxed. Several crypto currencies exchanges like Patricia.com.ng and the likes have witnessed serious patronage. Imagine the number of Nigerians that would be employed and the potential spin off on the economy. The world ranks Nigeria high on cryptos currency trading and we are in a unique position to take advantage of this huge opportunity and position our country to lead the rest of Africa in that sector. Crypto currency trading requires ICT infrastructure and where ever there is profit to be made investment to support that particular sector would follow. Refer to Silicon valley and Tokyo. These are international business hubs. The problem this government has is lack of imagination and creativity. Anything that theh dont understand they fear. Anything that they fear they use the machinery of the state to fight it. Lastly a government cannot just perpetuate a policy of constantly restricting trade and commerce without putting any other policy in place to encourage it. The only thing they do is to give cash to the so called vulnerable persons in Nigeria without any verifiable data leading to inflation and giving people the opportunity to loot funds. 3 Likes |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Nobody: 1:49pm On Feb 06, 2021 |
PrinceOfLagos:
Nigerians deserve a man like buhari .
We warned them in 2015 but they callled us names
Let them enjoy the buhari bad effects Your family in Lagos voted him |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by feezay86: 1:54pm On Feb 06, 2021 |
thebosstrevor1:
You call crypto livelihood or you think crypto is selling orange in the market.
Do you know how many people have lost their savings in crypto Look at you, so cos people use naira on betnaija, you ban betnaija? Think!!! 1 Like |
|
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Nobody: 2:01pm On Feb 06, 2021 |
Emmatech71:
It case you may not know, the motives of those who invest in Cryptocurrency is to earn money and invest. No one is ready to work as an employee in any organisation. Since the government failed in there responsibility to create industries or invest in business that will leads to employment opportunities, then, we youth will just take there responsibility by earning money to invest. Now, they ban the means of capital. Let's see what will happen to the economy in few days and months to come. That is what we would always say. no one likes stress especially Nigerians, how do you expect people to divest from an investment that gave them the capital they are investing with.. The coming days, there would be a rush to convert BTC to cash, now that would be a major problem that would devalue BTC in Nigeria as the process and charges to get it converted to cash would rub off on the interest and likely some of the capital used in purchase. While the P2P route would be filled with so much scams from untrusted P2P peers. 1 Like |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Kayyus09(m): 2:02pm On Feb 06, 2021 |
Nobody is shutting down crypto. Just excepting their bankers from partaking in it. 1 Like |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by mrfreestuff: 2:04pm On Feb 06, 2021 |
JohnBullMySon:
are we buying USD or Bitcoin? what of the CBN robbery that happens when you send money to Nigeria? Honestly,I struggle to understand the bolded. CBN has been insisting that when you send Fx home, it should be handed to your people in same currency instead of changing to naira. The relief gained from that policy has been wiped off when people now use the naira to buy Bitcoin in naira from these merchants who now take the naira to the parallel market to mop USD, forcing the USD to gain more value as the demand kept rising due to the greed and promise of high returns from speculating on these crypto instruments. So far,I just realized that they knew what they were doing and just don't care thst the rest of us are paying huge social cost as our nationally currency kept being devalued because of low USD inflow and the pressure they kept mounting on the naira. Just imagine, mopping about N1.2T naira last year alone to buy USD and then ship it abroad when importers now need USD they pay more forcing the cost of their goods to go up and the rest of us forced to pick up the social cost of all of them including the CBN that did not act soon enough (but thank God did act at last) |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Doyin2(m): 2:07pm On Feb 06, 2021 |
Stupidity is when you think not prohibiting crypto currency is part of opening up the Economy.
Atiku ,a man that would always move with the popular and not the correct tide.
We can as well allow all sorts of smugglers to open up the economy.
What a clown!
Economies are developed via industrialisation and high productivity and exports that would guarantee sustainable inflow of scarce foreign exchange.
No economy can be developed by allowing exchanges of illegal tenders which can only be beneficial to individuals.
Any body that considers trading of any currency at all,not to talk of crypto,a productive economic activity ,needs mental examination. 1 Like |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Nobody: 2:10pm On Feb 06, 2021 |
Bonjovi13:
You have made a very good case for restricting crypto currency trading in Nigeria. However you did not avert your mind to the vast untapped potential if the sector is regulated and the millions if not BIllions of naira the Nigerian Government will make if the industry is properly regulated and taxed.
In USA capital gain from buying, holding and selling of crypto for profit is taxed.
Several crypto currencies exchanges like Patricia.com.ng and the likes have witnessed serious patronage. Imagine the number of Nigerians that would be employed and the potential spin off on the economy.
The world ranks Nigeria high on cryptos currency trading and we are in a unique position to take advantage of this huge opportunity and position our country to lead the rest of Africa in that sector.
Crypto currency trading requires ICT infrastructure and where ever there is profit to be made investment to support that particular sector would follow. Refer to Silicon valley and Tokyo. These are international business hubs.
The problem this government has is lack of imagination and creativity. Anything that theh dont understand they fear. Anything that they fear they use the machinery of the state to fight it.
Lastly a government cannot just perpetuate a policy of constantly restricting trade and commerce without putting any other policy in place to encourage it. The only thing they do is to give cash to the so called vulnerable persons in Nigeria without any verifiable data leading to inflation and giving people the opportunity to loot funds. US is a melting port for majority of BTC, it would be foolish of them to restrict it. most BTC inflows goes to the US untaxed and unregulated with zero trade balance between countries despite huge huge inflows. Which is the main reason other countries are looking into creating their own coins domiciled within.. but you and I know Nigerians wont patronize a Nigerian digital coin. 1 Like |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by letitrainnow(m): 2:10pm On Feb 06, 2021 |
He can't |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by euniselfyahoo: 2:15pm On Feb 06, 2021 |
|
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Princewell2012(m): 2:25pm On Feb 06, 2021 |
Patrioticman007:
The CBN is from 5% percent & he professionally advised the president of 97 % percent, why the noise please ?. And you think Buhari listens to advise? |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Bonjovi13: 2:27pm On Feb 06, 2021 |
Esseite:
US is a melting port for majority of BTC, it would be foolish of them to restrict it. most BTC inflows goes to the US untaxed and unregulated with zero trade balance between countries despite huge huge inflows. Which is the main reason other countries are looking into creating their own coins domiciled within.. but you and I know Nigerians wont patronize a Nigerian digital coin. Oga BTC transaction are taxable in the US. You are mandated to report every virtual transactions to the IRS. The only way to escape this is if you are doing peer to peer transactions on the blockchain and you do not convert it to dollars. Other wise the countries gain. Btc exchanges also have to report every virtual transaction and their percentages are taxed. I agree that sensible countries should float virtual currencies backed by their central banks with the support of private capital. Why wouldn't I buy a local crypto if it has the backing of strong credible institutions and has the support of the FG |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Collinsanele: 2:28pm On Feb 06, 2021 |
Esseite:
Atiku is just chasing clout... CBN took the best decision.
Unregulated Crypto currency is a lazy investment that tilts more on outflow of FX rather than inflow.. it is death sentence to import dominated countries.
E.g- I buy bitcoin with N10m that would be domiciled in source Nation(not Nigeria).. if it rises in 1 year by maybe 10%, I may have gained 1m as an individual, but I have starved my country economy of recycling my 10m if it was domiciled in a Nigerian bank or invested into the society which could have produced more than 10% while creating jobs.. note as an import dominated nation, the chance of loosing that 1m as another escaped forex is 95% on foreign goods while 5% I may spend on local food.
The Nigerian greed for small margins has blinded a lot of people, imagine Crypto currency trading far beyond your indigenous Stock exchange and some feel it's okay
Modified:
With all the mentions and insults, if we put this same energy into investing in Nigeria, would we be complaining of unemployment?... someone actually said he has over 1,000btc in his wallet, that's about $35m or N16.450bn just waiting to flip currency and make small margin rather than real investment that creates jobs for the economy, but we are quick to say no jobs. I understand your point, however, whose business is it if I have 30million naira lying fallow. I understand the decision was made due to economic and national security concerns, but keep in mind that the world is constantly changing. Cryptos are the currency of the future as many top international companies are already accepting cryptos as a valid means of payment. Terrorists have been making huge financial transactions even before the rise of crytocurrencies. Please don't support the government in making myopic and anti-people policies. 1 Like |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Nobody: 2:29pm On Feb 06, 2021 |
Esseite:
Atiku is just chasing clout... CBN took the best decision.
Unregulated Crypto currency is a lazy investment that tilts more on outflow of FX rather than inflow.. it is death sentence to import dominated countries.
E.g- I buy bitcoin with N10m that would be domiciled in source Nation(not Nigeria).. if it rises in 1 year by maybe 10%, I may have gained 1m as an individual, but I have starved my country economy of recycling my 10m if it was domiciled in a Nigerian bank or invested into the society which could have produced more than 10% while creating jobs.. note as an import dominated nation, the chance of loosing that 1m as another escaped forex is 95% on foreign goods while 5% I may spend on local food.
The Nigerian greed for small margins has blinded a lot of people, imagine Crypto currency trading far beyond your indigenous Stock exchange and some feel it's okay
Modified:
With all the mentions and insults, if we put this same energy into investing in Nigeria, would we be complaining of unemployment?... someone actually said he has over 1,000btc in his wallet, that's about $35m or N16.450bn just waiting to flip currency and make small margin rather than real investment that creates jobs for the economy, but we are quick to say no jobs. |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by donforeign: 2:30pm On Feb 06, 2021 |
Jerryherd:
Mscheeew!!! Meaningless Policy
Paxful is still hot with trade
Now I hate to say it but we have a dumb government headed by Buhari
I traded Bitcoin this morning, you really can't stop Peer to Peer Bitcoin, you can't shut Account for transactions you don't know the source
To understand how stupid Buhari is
*He limited funds MasterCard and Visa cards holders can get every quarter (3 months) to $1000 that's like 120,000 a month... What trader or importer can successfully import goods with 120k a month
*Now Crude Oil prices are low, our foreign reserves are down ... In simple terms we don't have enough dollars, yet some imbeciless shutdown cryptocyrrency the major alternative to dollars
. Can I sell or trade my greendot funds on paxful? |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Shaev7(m): 2:33pm On Feb 06, 2021 |
Esseite:
Atiku is just chasing clout... CBN took the best decision.
Unregulated Crypto currency is a lazy investment that tilts more on outflow of FX rather than inflow.. it is death sentence to import dominated countries.
E.g- I buy bitcoin with N10m that would be domiciled in source Nation(not Nigeria).. if it rises in 1 year by maybe 10%, I may have gained 1m as an individual, but I have starved my country economy of recycling my 10m if it was domiciled in a Nigerian bank or invested into the society which could have produced more than 10% while creating jobs.. note as an import dominated nation, the chance of loosing that 1m as another escaped forex is 95% on foreign goods while 5% I may spend on local food.
The Nigerian greed for small margins has blinded a lot of people, imagine Crypto currency trading far beyond your indigenous Stock exchange and some feel it's okay
Modified:
With all the mentions and insults, if we put this same energy into investing in Nigeria, would we be complaining of unemployment?... someone actually said he has over 1,000btc in his wallet, that's about $35m or N16.450bn just waiting to flip currency and make small margin rather than real investment that creates jobs for the economy, but we are quick to say no jobs. Good point though, but truth be told, Nigeria leaders have no regrets to see her citizens suffer than to provide enabling environment for us. Many of aren't even concerned about the job thing as such, but the environment and the basic facilities or amenities to the public. Ask yourself, since you were born, what can you say you have enjoyed or gain from the government, is it power, transportation, medical,water etc? Are you not the one provide all that for yourself and families with your earned money? And the government still collect tax for what you provided by yourself from you.... I can't say much but just do your thing.. |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by donforeign: 2:33pm On Feb 06, 2021 |
Please someone should show me how to trade my greendot, venmo and gobanks funds online. Converting it to btc n co.. help a brother please.. thanks... |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Gideons708: 2:34pm On Feb 06, 2021 |
Esseite:
Atiku is just chasing clout... CBN took the best decision.
Unregulated Crypto currency is a lazy investment that tilts more on outflow of FX rather than inflow.. it is death sentence to import dominated countries.
E.g- I buy bitcoin with N10m that would be domiciled in source Nation(not Nigeria).. if it rises in 1 year by maybe 10%, I may have gained 1m as an individual, but I have starved my country economy of recycling my 10m if it was domiciled in a Nigerian bank or invested into the society which could have produced more than 10% while creating jobs.. note as an import dominated nation, the chance of loosing that 1m as another escaped forex is 95% on foreign goods while 5% I may spend on local food.
The Nigerian greed for small margins has blinded a lot of people, imagine Crypto currency trading far beyond your indigenous Stock exchange and some feel it's okay
Modified:
With all the mentions and insults, if we put this same energy into investing in Nigeria, would we be complaining of unemployment?... someone actually said he has over 1,000btc in his wallet, that's about $35m or N16.450bn just waiting to flip currency and make small margin rather than real investment that creates jobs for the economy, but we are quick to say no jobs. You can't force people to invest their money where they don't want to. Simple. 2 Likes |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Nobody: 2:37pm On Feb 06, 2021 |
Collinsanele:
I understand your point, however, whose business is it if I have 30million naira lying fallow.
I understand the decision was made due to economic and national security concerns, but keep in mind that the world is constantly changing. Cryptos are the currency of the future as many top international companies are already accepting cryptos as a valid means of payment.
Terrorists have been making huge financial transactions even before the rise of crytocurrencies.
Please don't support the government in making myopic and anti-people policies. There is no issue with indigenous digital currencies like most countries are looking into, it's no different from fintechs e-wallets.. |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by Nobody: 2:40pm On Feb 06, 2021 |
Gideons708:
You can't force people to invest their money where they don't want to. Simple. We can aswell say we dont want employment, industries, innovations, in short our general livelyhood as a whole when we choose not to invest in our own country.. 1 Like |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by markangel231: 2:43pm On Feb 06, 2021 |
Newton |
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by VictorUSA(m): 2:45pm On Feb 06, 2021 |
PrinceOfLagos:
Nigerians deserve a man like buhari .
We warned them in 2015 but they callled us names
Let them enjoy the buhari bad effects I'm giving you two days ultimatum to stop damaging my reputation or else I'll shut down nairaland. 1 Like 
|
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by sharone21(f): 2:48pm On Feb 06, 2021 |
|
| Re: Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business by OsunOriginal: 2:50pm On Feb 06, 2021 |
sharone21:
Nonsense. People including LUNO is using it to defraud Nigerians. Did anybody complain to you that LUNO defrauded them? Senseless talk. 2023 is around the corner. 1 Like |
