Nigerians and flogging a dead horse,.... leave us to keep our funds in whatever way we perceive as safe, Naira wey don cast since, if I seek to buy USD bank will ask for my land documents..... abeg jooorrrrr...... life is too risky not to take a risk

dvkot:
So what's your point?

Imagine a old person putting all his life savings in what he thought was dollars savings, and it crashes... It would certainly crash one day when they are no more new mugus.

If this thread only safe one person, it is successful.

The problem with Nigeria is we have a lot of delusional folks like OP that churn out information full of ignorance and bias.

If USDT that the whole world uses is a scam so it is naira that CBN and Nigerian politicians printed trillions of it last year to caused massive inflation and eroded almost 100% of naira value that is not fraud ?

If you saved 1 million naira in the bank in like 3 years ago the same money barely worth 500,000 naira now but the OP think usdt that have even better value than USD is the fraud.

Landowner101:


From your write up, what do you want us to do.

Be careful with your hard earned money.

That was how TerraUSD crashed and people lost their life savings.

Crypto is just like a Ponzi.

faceland:


Imagine a old person putting all his life savings in what he thought was dollars savings, and it crashes... It would certainly crash one day when they are no more new mugus.

If this thread only safe one person, it is successful.

It will crash when Bitcoin will crash... so focus on saving your naira

Don't be surprised the poster has some of his savings in usdt

SenecaTheYonger:
if you type ‘what does USDT stand for’ in Google you will never see United States Dollar Tether. So now tell me how a token which is printed from thin air, which you cannot buy oil with, you can’t sell oil and accept USDT as payment. You can’t pay hospital bills abroad, you can’t pay schools fees, you cannot export anything of relevance and collect USDT as payment. But somehow this is supposed to be competing with actual USD that we get from oil export and other trading of goods and services, etc.

USDT has no value outside of being a hedge for crypto coins to avoid the volatility typical of cryptocurrencies while holding funds within the crypto system. It has no real world use. But somehow, we use it as exchange rate for real actual dollars gotten from trading goods and services.

Deep reasoning.

Cryptocurrency isn't really currency, more than collectables or pyramid scheme (don't be the last person holding on to a cryptocurrency).

Artscollection:


You can convert it to fiat oga!!

So can you with bitcoin. Doesn’t make it a legal tender and doesn’t mean it should affect our exchange market.

Why stop at USDT? why not use BTC to evaluate our exchange rate since you can convert it to fiat?

USDT should not even be tire to

The OP may inadvertently be promoting USDT as people who are unaware of stablecoins and ignorantly scared by the volatility of bitcoin and other cryptocurrency may find succour in the "stability" of stablecoins.
Personally, stablecoins like USDC by Centre Consortium and USDT by Tether Limited have been able to garner trust by long time crypto traders due to its risk to reward ratio over time.
Until stablecoins like USDC or USDT fails (which would be catastrophic) it may remain as trusted as Bitcoin and Ethereum in the crypto trading circles.

Investment in general is a low to high risk venture, that's why it is advisable to trade/invest with caution.

My humble (Tether Backed) cents.

CuriousX:
Yes it is not. But I can send it to any part of the world and the receiver can get the usd equivalent in cash or transfered to their bank accounts with out much scrutiny

At the expenseof your own country's currency? Because that is what guys from Nigeria are doing on Binance and other crypto site. Fine you maybe making gains from it, but hedging it against your country's currency is ignorance and a recipe for economic disaster. Imagine the effect it has on the production and manufacturing sector of the country that produce real and tangible goods and services.

faceland:


Imagine a old person putting all his life savings in what he thought was dollars savings, and it crashes... It would certainly crash one day when they are no more new mugus.

If this thread only safe one person, it is successful.

imagine earning 100k per month and saving it in naira to be able to travel but oneday your 100k naira is now worth 50$. We don't need to imagine this it's already happening

SenecaTheYonger:


For something to be valuable, it should have a use. What is the use of USDT outside crypto trading. Compare it with the use of actual USD (oil, exportation, loan, medical, tourism, etc.)

I don’t have any problem with USDT but it should not be used as exchange rate for Nigeria’s economy.

USDT is printed by a random company called Tether, same way you can print meme coins in BNB chain, by imputing a bunch of values and boom. Not saying USDT is from BNB network. It’s from Tether.

But the USD is printed by the United States Department of Treasury and is backed by the US government and military.

na Nigeria leaders be donde.The free way our own people are doing it over here I feel it is strictly regulated in US.las las we go dey alright.How can a govt allow a system that harm the value of it's currency .it's just to tell you most of this our CBN guys, finance ministers are just there for the cash without adequate monitoring of all the nonsense going on in the system

Government agents talking rubbish, I laugh Una...

NigerianEagle:
The crypto stablecoin USDT is not the same as US$.

This is a warning to those who are rushing to convert their life savings and wealth from Naira to USDT that they are taking a big risk.

The organisation which manages USDT claims that each unit of USDT is backed by an actual deposit of $1 in a bank but they have never been able to prove this.

There is no audit report or independent verification of this, the only document they have is an attestation.

There is a possibility of a stablecoin crashing and it has happened before.

If the USDT sufferers a serious depeg and crashes you will loose all the money you have there.

Go and read up about Do Kwon and his stablecoin UST which crashed and rendered thousands of people bankrupt.

Stop putting unnecessary pressure on the Naira by rushing to Binanc and other crypto exchanges to convert your money to USDT which is not even a legal tender in any country of the world!

Op you sound very stupid at the end of the day . You said people putting there money in binanace is mounting pressure on naira , but thesame you ended up saying usdt has no value ? So how then is the use of naira to buy the currency not been used and has no real live value affecting only our naira ? The owner of binance is said to be among the richest asian or rather chinese but his wealth is in USDT and BUSD before he was forced to delist BUSD i think so why is "worthless" thing the making our naira to become weak? This Tinubu maladministration has shown that majority of SW people that claimed to be intelligent are actually empty and stupid . Your economic team is made of up of ineffectual buffons forgers and product of corrupt institutions we have all over SW ,the reason they can not proffer solution to simple economic issues . This is showing the emptiness of yorubas. What a shame.

VeeVeeMyLuv:

Like play like play before their very eyes, these digital coins would takeover

Leave him

He doesn't know that these digital currencies are currently a threat to the global financial institutions

The central banks the world over are all jittery.

Another point to note is that , value is attached to any thing by humans. Money has become a source of value because of social contract amongst humans to attach value to it. Money is simply paper , you and I have agreed to make it a store of value. Without our agreement money is worthless!

The same way digital money is taking over , the acceptance is gradual.

You're right, it can get deppeged but they have reserves and they have assets like BTC that equally back up the USDT. UST wasn't actually backed by USD but by some volatile assets which are crypto. I keep USDT and USDC it's reported that USDC is more secure it's issued by Circle. Don't keep all your funds on USDT.

JasonNOTStatham:
Obviously it isn't the same but carry value around ±1% of USD value. It may not be "valuable" to you, but it is to some others.

Oil dey your head.

faceland:


Imagine a old person putting all his life savings in what he thought was dollars savings, and it crashes... It would certainly crash one day when they are no more new mugus.

If this thread only safe one person, it is successful.

so the naira and the dollar that is printed in multiple folds out of thin air is not a scam but its usdt that ia a scam?

Osanoghodua1:
You're right, it can get deppeged but they have reserves and they have assets like BTC that equally back up the USDT. UST wasn't actually backed by USD but by some volatile assets which are crypto. I keep USDT and USDC it's reported that USDC is more secure it's issued by Circle. Don't keep all your funds on USDT.

Your point is valid about USDC.

hayoholla:


At the expenseof your own country's currency? Because that is what guys from Nigeria are doing on Binance and other crypto site. Fine you maybe making gains from it, but hedging it against your country's currency is ignorance and a recipe for economic disaster. Imagine the effect it has on the production and manufacturing sector of the country that produce real and tangible goods and services.

there was usdt during goodluck Johnathan time and buying dollar was possible using any bank card.
People don't need your advice on where to invest their money, fix your damm economy, make it very to export and finally tell those lotting politicians to invest their stolen loots back in the country instead of taking it away

SenecaTheYonger:


Trading platform. Good. I already said that in my previous post



It’s not used outside trading platform bro.

Dell.com accepts BTC as payment.

There are many other stores accepting cryptocurrency as payment.

Changing your naira to USDT is not the last, you can always convert your USDT to any other coins like ETH, LTC, BTC and the rest for whatever reason.

USD on its own is not even backed by anything but 'trust'.

It's not backed by any natural resources or whatever, people use it because it's the currency of the current leading power, it's not even the strongest, not part of the top 10 currencies in the world.

If you're worried about USDT being backed by thin air, then be worried about USD and every other currencies pegged to it.

PureFace1:
The problem with Nigeria is we have a lot of delusional folks like OP that churn out information full of ignorance and bias.

If USDT that the whole world use is a scam so it is naira that CBN printed trillions of it last year to caused massive inflation and eroded almost 100% of naira value that is not fraud ?

OP has a point. USDT is just code, last I heard it hasn't been audited. No reputable firm is willing to audit their books, that alone should tell you a lot. Their are other stablecoins that have tanked in value causing customers to lose their funds.

OP is just sounding a warning based on facts available. If you know what you're doing and choose to hold tether, what he is saying shouldn't bother you.

PureFace1:
The problem with Nigeria is we have a lot of delusional folks like OP that churn out information full of ignorance and bias.

If USDT that the whole world use is a scam so it is naira that CBN printed trillions of it last year to caused massive inflation and eroded almost 100% of naira value that is not fraud ?

No one is saying USDT is a scam but USDT is not USD. Go and check their site. It’s simply called Tether. And they will never admit that the USD in USDT means United States Dollar, because it is not dollar. To base our country’s exchange rate on something that’s not even a real money is crazy.

hayoholla:


At the expenseof your own country's currency? Because that is what guys from Nigeria are doing on Binance and other crypto site. Fine you maybe making gains from it, but hedging it against your country's currency is ignorance and a recipe for economic disaster. Imagine the effect it has on the production and manufacturing sector of the country that produce real and tangible goods and services.

bro seriously, the politician printing and stealing it in trillions aren't concerned, why should I ?

Procashtips:


Dell.com accepts BTC as payment.

.

Why don’t they accept USDT?

Miyachi:


OP has a point. USDT is just code, last I heard it hasn't been audited. No reputable firm is willing to audit their books, that alone should tell you a lot. Their are other stablecoins that have tanked in value causing customers to lose their funds.

OP is just sounding a warning based on facts available. If you know what you're doing and choose to hold tether, what he is saying shouldn't bother you.

Who audits the USD?

Do you know the US prints USD anyhow and anytime and that it's not pegged to anything worthwhile?

SenecaTheYonger:


Why don’t they accept USDT?

Because BTC came first

You can always change your USDT to BTC, just that USDT is more stable price wise unlike BTC.

Your post reeks of the ignorance that helped Emefiele and Co in trying to create the Enaira and it's platform because there was a USDT

dvkot:
imagine earning 100k per month and saving it in naira to be able to travel but oneday your 100k naira is now worth 50$. We don't need to imagine this it's already happening

Sad.. the point is, do not mistake it for real dollars. It's value depends on millions of mugus that most think it is USD. In the age of mass media, their illustration could be cured at once (just like SBF & Celsius exchange crash when people asked for their money at once).

Op. Let me educate you on something. You said Usdt is pegged to the dollar as a stable coin and there is no proof if it is actually backed so a decline is big loss for those who adopt it but what about Mr A who in early January last year deposited N500,000 into his Nigeria savings account, fast forward to today,Mr A is happy cause his N500,000 deposit is still displaying N500,000 but it's value or purchasing power has dropped so isn't that a big loss to him?

USDT
NGN

They are all investment products so no one is safe, we all just speculating and trading the market. So far so good those who invested in USDT are making profits while those who went long on the naira are experiencing red pips so don't come here thinking you know too much.

It's all gambling, the money in your bank account is not safe too, your N35,000 could have gotten you a bag of rice last year but this year it can't even get you an half bag so is your NGN safe?

SenecaTheYonger:
if you type ‘what does USDT stand for’ in Google you will never see United States Dollar Tether. So now tell me how a token which is printed from thin air, which you cannot buy oil with, you can’t sell oil and accept USDT as payment. You can’t pay hospital bills abroad, you can’t pay schools fees, you cannot export anything of relevance and collect USDT as payment. But somehow this is supposed to be competing with actual USD that we get from oil export and other trading of goods and services, etc.

USDT has no value outside of being a hedge for crypto coins to avoid the volatility typical of cryptocurrencies while holding funds within the crypto system. It has no real world use. But somehow, we use it as exchange rate for real actual dollars gotten from trading goods and services.

See the bolded but I can pay for flight tickets and hotel to NIGERIA with it. If you doubt, type "pay for flight to Nigeria with crypto" into google search and see what it gets you.

It may not necessarily be same as USD$ but just like investing/trading on the equity market, USDT is also a store of VALUE and can be used to complete a financial transaction. But remember, it's also a ZERO SOME GAME, meaning you can loose everything!

And to whoever started this thread, you are likely one of the paid sobs of the government, Crypto/USDT isn't the reason Naira is crashing. Tell your masters to stop chasing shadows and go solve the real issue with the economy!

Amaggedon:
Op you sound very stupid at the end of the day . You said people putting there money in binanace is mounting pressure on naira , but thesame you ended up saying usdt has no value ? So how then is the use of naira to buy the currency not been used and has no real live value affecting only our naira ? The owner of binance is said to be among the richest asian or rather chinese but his wealth is in USDT and BUSD before he was forced to delist BUSD i think so why is "worthless" thing the making our naira to become weak? This Tinubu maladministration has shown that majority of SW people that claimed to be intelligent are actually empty and stupid . Your economic team is made of up of ineffectual buffons forgers and product of corrupt institutions we have all over SW ,the reason they can not proffer solution to simple economic issues . This is showing the emptiness of yorubas. What a shame.

I know one blockhead will bring tribalism here!