Procashtips:


That's what I'm telling you.

If USDT is worthless, same is the piece of paper called USD and every other currencies pegged to USD.

Only currencies pegged to things like gold should be accorded value.

Yes, you need to audit the USD, else it becomes unaccountable and unreliable.

The Federal Reserve has auditors both internal and external. And per the FOI Act what ever information you're looking for, you can request.

Op is a govt agent. Don't listen to him.

saddler:


This one is just capping.

USDT is even better than Nigerian naira.

Ask those who put their life saving in Nigerian naira since about 8 years now...

Their money is now worth less than 30% of what it was before.

Their life saving is now worth less than 20% not even 30%

Miyachi:

The Federal Reserve has auditors both internal and external. And per the FOI Act what ever information you're looking for, you can request.

Hope you know the federal reserve of the US is a private company/entity even though they don't get audited, infact they print dollars at will?

Kindly research this online.

A few people own the USD, not even the US as a country.

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.

The use is transferring and storing money internationally,it is also not the main exchange rate since the naira is floated anyone can trade whatever amount of naira for dollars through any platform.

Try and read instead of coming online to say nonsense.

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.

You need a better understanding of blockchain technology.

At least it is better than Naira!

If two friends with N100,000.00 each in their Nigeria savings accounts at the start of 2020 just to save it against raining days.

One January 2,2020; one of them heard of USDT and promptly converts all their money into USDT and the other left theirs ‘as is’.

Who would be better off by now? I am confident that, if a fraction of that USDT is converted back to Naira, there will be more than N100,000 to match the original savings that his friend still have in the bank and more USDT left sitting idle but growing daily almost risk free against the Naira.

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.

I would like to ask, is patriotism only expected of the poor Nigerians only? We read several reports that the current number one citizen of this country paid $25000 to delegates last year. When the senators wanted to change their cars, they went for Toyota as against Innoson but if an average Nigeria buys foreign rice they aren't patroitic, right?

There have been several reports accusing governors of changing their FAAC allocation into the dollars. EFCC is currently on the case of one Agunloye who has been fingered in a $6 billion dollar sleaze. The dollar bazaar at the APC and PDP primaries last year, the billion of Naira that the governors receive as allocations that they are changing into dollars, Agunloye's $6 billion--and the average Nigeria who don't have five hundred thousand naira in their account who are changing their shikini money into USD or USDT to preserve its value--whose actions will have the biggest impact on our economy?

Blackfire:
Illiterates don't know

USDT is the same as US dollar as it’s back up by real life dollar in ratio 1-1 so this post is very wrong
i:e Tether must deposit dollar equivalent before it can print any USDT. So in actual sense you will still get your money if anything should happen to usdt.
Do kwon stable currency can not be compared to usdt because it wasn’t back by real life dollar but LUNA anyway this poster need to mention me so I can enlighten him and I am ready to give him 50,000 naira if he can win this argument

Owutuotuo:


You need a better understanding of blockchain technology.

This has nothing to do with blockchain technology. Don’t throw terms around you don’t understand.

This is about economic and monetary policies and how it affect a country’s economy.

Procashtips:


Hope you know the federal reserve of the US is a private company/entity?

They don't get audited, infact they print dollars at will. Kindly research this online.

A few people own the USD, not even the US as a country.

Na which kind lie be this sef?

Obierika:


Na which kind lie be this sef?

Burst the lies Na

Just type it into Google.

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!

What are the alternatives

The same we when they complain of naira crash na we still dey culpable for the naira crash,we only know how to complain o,we nor really want change.

Op you’re wrong
Here in America, Chicago precisely, there are places where you can make purchases using cryptocurrencies like USDT, Bitcoin, or other popular digital currencies, even if you don't have traditional money. USDT, for instance, is tied to and backed by the US dollar, making it equivalent in value. While physical US dollars are in paper form, USDT is a digital currency, similar to the NGN tokens proposed by the Nigerian government, which are meant to represent the Naira notes digitally by emefiele years back.

Despite concerns raised about cryptocurrencies like Bitcoin, XRP and others by the US government, there hasn't been any official warning or prosecution against USDT. This raises questions about the distinction between various types of digital currencies and their regulatory status.

It's essential for us to have accurate information and understanding about these digital currencies, especially given their increasing use in various transactions. Let's continue to advocate for transparency and accountability in the financial systems we engage with.

Do not deceive the public with misinformation because you’re tide to a political entity, tribe or religion.

Procashtips:


There are more than 250+ companies that accept USDT

I posted the link above.

Even airlines.

This link?

Procashtips:
Even big companies like Microsoft accept crypto currency as payment.

https://bitpay.com/directory/

I went through some of the sites listed there. Some of them are not even online anymore

Theunbothered:


The use is transferring and storing money internationally,it is also not the main exchange rate since the naira is floated anyone can trade whatever amount of naira for dollars through any platform.

Try and read instead of coming online to say nonsense.

Why then is the CBN pointing finger at binance as the cause of the volatility in naira and has taken action to block access to their website

SenecaTheYonger:


This has nothing to do with blockchain technology. Don’t throw terms around you don’t understand.

This is about economic and monetary policies and how it affect a country’s economy.

Indeed.

SenecaTheYonger:


This link?



I went through some of the sites listed there. Some of them are not even online anymore

And?

Procashtips:


And?

Likely sCam companies. After all, crypto is not easily traceable

While you are very correct, the reason why some Nigerians do this should not be left out; as it stands, faith in the Nigerian naira has been lost or is very little no thanks to the policies of the government; you also said something about something having a use before it has value, that I would say might not be entirely true; a thing has value if it has a definite use and people deem it valuable and at the moment, Nigerians have that value in the usdt; this does not mean I am playing the buying of this cyrptocurrency as crypto is known to be too volatile to have a real stable value but you wouldn't entirely blame Nigerians because a large percentage of them have lost faith in the government

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!

SenecaTheYonger:


Likely sCam companies. After all, crypto is not easily traceable

K

Procashtips:


Hope you know the federal reserve of the US is a private company/entity even though they don't get audited, infact they print dollars at will?

Kindly research this online.

A few people own the USD, not even the US as a country.

You just make up stuff as you go, right. The Fed reports to Congress and is not a privately owned institution as you insinuate. It was established by an act so I wonder where you came up with that. Also the Fed is thoroughly audited by an independent firm so I don't know where you got that too.

My advice is don't go pedling what you read in your bitcoin and crypto forums. Read and expand your mind, don't just regurgitate arguments you read online.

You don't know the first thing about how central banks work and how money is created, start from there.

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!

mumu instead of you to talk to your government to shun corruption so that naira will be stable,u are here making fool of urself.

Miyachi:

You just make up stuff as you go, right. The Fed reports to Congress and is not a privately owned institution as you insinuate. It was established by an act so I wonder where you came up with that. Also the Fed is thoroughly audited by an independent firm so I don't know where you got that too.

My advice is don't go pedling what you read in your bitcoin and crypto forums. Read and expand your mind, don't just regurgitate arguments you read online.

You don't know the first thing about how central banks work and how money is created, start from there.

Oga do your research and stop arguing.

Even Americans (some) know this already.

It's similar to what Nigeria is trying to do with NNPC.

Procashtips:


Oga do your research and stop arguing.

Even Americans (some) know this already.

It's similar to what Nigeria is trying to do with NNPC.

No it is not, don't talk about what you don't know. It is an independent body and doesn't answer to the President like the Nigerian Central Bank but Congress provides oversight.
Do your research and stop spewing falsehood. How will you imagine that the whole Federal Reserve Bank is not audited, do you know what you're saying?
I don't think there's any financial institution that is as scrutinised as the Fed.

Miyachi:

No it is not, don't talk about what you don't know. It is an independent body and doesn't answer to the President like the Nigerian Central Bank but Congress provides oversight.
Do your research and stop spewing falsehood. How will you imagine that the whole Federal Reserve Bank is not audited, do you know what you're saying?
I don't think there's any financial institution that is as scrutinised as the Fed.

To those that only concentrate on the surface, it's owned by the govt, but to those who dig deeper. Its privately owned.

I can't help you further, do a through research.

Just on the first page of Google alone, you can see both for and against.

This is to tell you it's not what you have always believed.

Enough said.

faceland:


Hmmm interesting. Please take all my money. To the moon we go.

keep deceiving yourself. I'll rather hold my money in btc even if there's no usdt then for me to hold it in naira

I feel sorry for the Nigerian government, they are fighting a fight that they cannot win.
You cannot ban technology, it is impossible.
Advanced countries figured that out years ago and decided to embrace it to use it to their own advantage.
USDT is a blockchain technology where anyone can access digital currency USDT pegged to $1
Ban Binance etc, anyone can still buy USDT easily because it is blockchain based.

The true cost of the sharp rise in the naira was sown by Buhari years ago.
Nigeria major export apart from oil is our human resource, there are millions of Nigerians living outside
Nigeria and their remittance is over $20 billion every year. During Obasanjo, Jonathan's era, remittance to
Nigeria was straight forward and the banks benefited from the inflow.
Buhari introduced many policies that made Nigerians living abroad to seek other means of sending
money to Nigeria cutting out the banks. That was the main issue, the dice was set at that point for the decline of the naira.
Nigerians abroad learnt how to cut the banks and send their money to Nigeria.
In the US and other countries, they saw the threat of bitcoin and crypto and decided to work with the technology. Banks were
licensed to issue Bitcoin ATMs, so the US are able to track and benefit from outflows and inflows through Bitcoin.
Buhari on the other hand was so backward to see what was coming.

Secondly Naira/USD, USD is the base currency, you are pitching 2 currencies against each other.
The US Government is heavily fighting inflation with their rate cuts, so the more they fight the stronger is the USD.
So if Nigeria floats their currency against the dollar without intervention, the naira is at the mercy of the US federal reserve.
What Nigeria can do is release a large influx of USD liquidity into the market, flooding the market. Law of demand and supply
will make the price to fall sharply, that is all you need to do.

The fear of drastic fall in the dollar price periodically will discourage speculators and hoarding of the dollar.
Create FUD (fear, uncertainity and doubt) in the minds of those hoarding the dollar and then increase the supply of USD,
the dollar rate will drop.

BUT we know that Nigeria is broke so they can't do it.
Long road ahead for everyone

All who have written or spoken have done it well. I have read every bit of what has been written on the topic here.

I wonder why the Nigerian government is worried about USDT and its weakening naira. They are 2 different things. Other factors cause the weakening naira, not the USDT price. INR to USDT has been averagely INR 90 for a long time, yet the INR has been stable at an average price of INR 83.

It's important to note that while USDT is widely used in the cryptocurrency market, it is not a legal tender currency issued by a government, and its value is not directly guaranteed by any government entity. Users should exercise caution and conduct thorough research when dealing with cryptocurrencies like USDT.

USDT, commonly known as Tether, is a type of cryptocurrency referred to as a stablecoin.
Tether aims to maintain a stable value by pegging it to a reserve of fiat currencies, such as the US Dollar. Each USDT token is theoretically backed by one US Dollar held in reserve.

Tether is often used in the cryptocurrency space as a way for traders to move funds quickly between different exchanges without the need for traditional banking channels.

While USDT is designed to be pegged to the value of the US Dollar, it is a cryptocurrency and operates on blockchain technology. The value of USDT can fluctuate slightly due to market demand and supply dynamics, but its goal is to remain close to the value of one US Dollar.

Converting all your money into any crypto coin , token or USDT is a very high risk. People should know this to avoid premium tears.

ElasmoBranchii:


Why then is the CBN pointing finger at binance as the cause of the volatility in naira and has taken action to block access to their website

Your government is run by thieves who want to distract from their looting. The total amount being traded in Binance is just 2 million dollars the Presidential yacht they wanted to buy was 6 million dollars. Since the naira is floated anyone can set their price so the government is just being manipulative.