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.

Naira no dey valuable to Americans but it is to Nigerians

Bluearrow:
Smh
All these govt agents sef
Instead of advising your president to work on the economy, u are talking about usdt. Other countries like Ghana & south Africa, why are their currency not falling because of usdt? I pity una

Agreed. They should work on strengthening the Naira. Improve exports. Reduce over reliance on crude oil.

Only a weak currency is easy affected by speculation and crypto.

Beautifulday:


Naira no dey valuable to Americans but it is to Nigerians

Not exactly. Even Nigerians don't want Naira anymore. Many convert their Naira to crypto and USD.

NothingDoMe:
Not exactly. Even Nigerians don't want Naira anymore. Many convert their Naira to crypto and USD.

Nah lie. You fit buy food with dollar?

Beautifulday:


Nah lie. You fit buy food with dollar?

Is the money for food all the money you make? 💡

EmekaBlue:
on code

Can u reply me on something plz.

We only live once but help can go a long way

What do you need help on?

SenecaTheYonger:


Bro Which flight can you pay for with USDT.

Like I wrote type that into google search and see what it gets you.

NothingDoMe:
Is the money for food all the money you make? 💡

Wetin you fit use dollar buy in Nigerian market?

.

macklef:

2015? Just 7 years. Nigerian currency has been existing for how long? In 7years 1naira was cents.
Just trade with caution is what OP is saying

nope he did not say that, he said people should leave usdt that it is not dollars.

PepeXKermit:


You sound dumb...go and really research what is backing the usdt currency.. US govt debt. You think usdt will crash now america economy go still dey stand? Una dey funny.

Do be mistaken. Just a percentage of USDT is backed by US govt debt. Do your research well.

Bluearrow:

Na usdt make Ghana currency fall??
A country without light, unemployment zero, no good roads, insecurity everywhere, export capacity is zero, how on earth will such currency withstand dollar without support. Go read 50 cent recent comment on Nigeria. The govt will stop this floating after sometime and start paying again, my only worry is hope they don't do it late. Because they will be starting from the current exchange value to start defending it. Same way they are now paying subsidy at 700 naira, something they removed at 195 naira.

I share your frustrations with the ways our leaders are leading us, it's a big shame. We differ in a few areas;
I had said it before the general election that whosoever becomes the next president will be in a very big trouble because Buhari messed up the whole nations economics. Before leaving, Buhari was borrowing to pay salaries and meet the petrol subsidy payment, crude production was below 1million barrel per day, the little crude production has been pledged through forward payments contact. What do you expect from any incoming President.
I didn't voted for Tinubu, but even if Obi or Atiku had won the election they won't fare better.
Also note that over the years back, Nigerians consumption of foreign goods (food, educations, health etc) has been very high.
I believe the government must sustain this reforms if we will ever have tomorrow.
Citizens must continue to put enough and significant pressures on the government to spend the increased revenue for our common good, we must invest in boosting local productivity to replace those foreign goods that have now become very expensive, give intervention funds to industries and power sector and let domestic production based increase.
If Nigeria can increase crude production in the next 12 months to 2.2 million barrel per day like the days of Yaradua and early Jonathan, things will get better.
Having a strong currency is not the eldorado as most people thinks, it makes your export expensive and your import cheap. In the reverse, a cheap currency makes your export cheap and your import expensive. Nigeria should take advantage of the latter.
We must boost productivity, meet most of our local demands (that will create jobs for our youth) and bring back the decimated middle class.

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!

First of, No one is putting Pressure On Naira. The Political Class or Private Families Group A..k.a "Government" have become irredeemably Wicked and Irresponsible that is why people are running away from that same Naira you are covertly protecting with Sacarsm indirectly.

Why should Tinubu supports the demonic tool of those parasitic Western Europe Colonizers called I.M.F against is own Fellow NIGERIANS?

Why did Abacha Shut down I.M.F Abuja office and refused to listen to them during his Sensible Military Rule?

Is Nigeria now a Barren land to the extent that even while we import more than we export, sales from Natural and other exportable raw materials can not be used to Strengthen the Naira in the name of FOREIGN RESERVE?

What is your Government Hiding that is not in the Open already?

You DEVALUE the Naira so as to allow NATO member Nations convert few dollars to Large amount of Naira which would be used to buy lots of our Natural Resources at extreme under value price.

Why not truly creates one market for Nigeria currency by adding the price on Black Market together with C.B.N price and divide it by 2 and then peg the Naira Dollar value to the result which makes it #650 few days into TINUBUS rulership on Nigeria?

Who is fooling who?

So you created the chaos but want the poor masses to be responsible for the callous aftermath?

Even the Traditional US Dollar is not prone to collapsing as it is backed by LIES, WAR MONGERING and network of shaddy drug business. Can American Government Handlers Deny all I said?

Even US Government is One of the Global Holders Of Bitcoin. So what are you saying Mr. Government?

While USA cracked down on BUSD, USDT was not. And even if the risk is high, I prefer open system to a Fiat system where you tax me for non-existing Value Added Service or Which Value is Nigeria Government In it Entirety Adding To The Lives Of Present Day Nigerians? Can you tell Us All?

No sane, truly educate Human keeps his or her Money in Fiat in this era we are let alone in Nigeria where "let the poor breath" is the sayings of our mentally lazy Polithiefcians.

Have you heard of Bitcoin ETF? I laugh in binary sequence .

To all you fellow Nigerians, if you love yourselves, and if you have not started, Start fighting this WICKEDLY CREATED ARTIFICIAL INFLATION BY buying USDT when it falls against Naira and sell it back when it appreciates again. But between 6pm and 2am. Sell between 6am and 6pm.

Do not allow the unneeded Devaluation wreck your Savings.

Cryptocurrency is the game changer as it allows we the Commoners to Hijack back what the have Hijacked from everyone of us using series of lies and acute disinformation and fear mongering to dissuade we the Commoners from getting liberated from there Slavery in the so called Modern Era!

Embrace crypto. Remember you have no Licence to mine Natural resources.

Use crypto to counter there act of callousness with Reckless Abaddon. There is so much WEALTH IN NIGERIA FOR US ALL BUT WITH THE POLITICIANS ARE KEEPING AWAY FROM YOU AND I TO GET US SURPRESSED.

REMEMBER HOW THEY TREATED NIGERIANS DURING THE COVID I9 TIME....

USDT ALL THE WAY!!

Flier:
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

Don't worry it will soon crash like MMM , then your long English will turn to gibberish.. I come in peace

Blackfire:




Don't worry it will soon crash like MMM , then your long English will turn to gibberish.. I come in peace

is it your money? Even if it crashes I'll rather hold my money in gold than to keep it in naira

Acidosis:
You know, I have been an ardent opponent of cryptocurrency, but just look around you today. Look at the rich and wealthy individuals between the ages of 25 and 45. How do you think they made their fortunes? This isn't solely about Yahoo boys or not. The world has evolved, and if you continue to focus solely on the morality and moral benefits of crypto for everyone, you may grow old with nothing to show for it. There is no policy in the world that benefits everyone, not even the Covid-19 vaccine. So, if you keep waiting for one, you'll wait forever.

To my main point, I was about to graduate from school when Bitcoin gained a little prominence in Nigeria. Many people didn't understand it, and many weren't interested (I never showed interest too). Today, one Bitcoin (which used to be less than N10,000 in 2011) is now worth N98,000,000. Once again, look around you. This is how many of the youths around you became wealthy. You may continue to criticize them, while hoping the government will make you rich, but the reality may be different. The government only "cares" about the poor, and even then, no government in the world has been able to eradicate poverty.

As a graduating student in 2011, I was making clean N10,000 in 1-2 weeks. Imagine "investing" a little sum of that money in Bitcoin. Well.....

If you are not going to steal, just follow the "new" money or new ideas that do not seem to make sense to all. At the end of the day, you may lose, but at least you tried. Just make sure you are following a new invention. People who bought huge shares at Nvidia and Netflix when these new generation companies were barely known have suddenly become multi millionaires in dollars. That's how the world works. Whether you like it or not, your Naira will make people rich in USDT just as the time you spent on Netflix will make the shareholders extremely rich. Nothing favours everyone equally. Ire o...!

God bless your mentality.

Justinlean02:
Like someone rightly pointed out on a previous crypto thread "Ignorant peope full this forum"

What wallet is that?

dvkot:
is it your money? Even if it crashes I'll rather hold my money in gold than to keep it in naira

The trick there is that nothing or no one will be held responsible...


I warn ya

Justinlean02:
Like someone rightly pointed out on a previous crypto thread "Ignorant peope full this forum"

See the way to carry 00000 digit add to your USDT as say na million dollar

Kenneth4u205:
Foolish op . So why did TINUBU ban binance if USDT has nothing to do with dollars?. And for your information there is crypto ATM card which you can use for shopping or even withdraw money from any ATM machine. Here in south Africa ,we shop with crypto ATM Card and wallet balance.

USDT is the same with physical dollars . But it's a digital currency. Same way that the Bank transfer you send to your girlfriend is also a digital Naira

This is not true. USDT is not same with physical dollars but converts at a rate close to physical dollars. I'd take my chances with USDT being stable than Naira being stable. Or is it yeye enaira you want people to keep their hard earned money as??

Maxxim:
What's the obsession with Usdt, your problem should be with Ngn, is there a way to make it a stable coin

Hahaha.... What is the Naira backed by? A useless govt. Is naira itself stable. How will you create a stable coin for something as volatile as Nigerian Naira. Mschewww

sacajawea:

What wallet is that?

StormGain

SenecaTheYonger:


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



It’s not used outside trading platform bro.

Well, as a developer. Majority of my servers, I paid using usdt...

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.

God bless you for this.

Acidosis:
You know, I have been an ardent opponent of cryptocurrency, but just look around you today. Look at the rich and wealthy individuals between the ages of 25 and 45. How do you think they made their fortunes? This isn't solely about Yahoo boys or not. The world has evolved, and if you continue to focus solely on the morality and moral benefits of crypto for everyone, you may grow old with nothing to show for it. There is no policy in the world that benefits everyone, not even the Covid-19 vaccine. So, if you keep waiting for one, you'll wait forever.

To my main point, I was about to graduate from school when Bitcoin gained a little prominence in Nigeria. Many people didn't understand it, and many weren't interested (I never showed interest too). Today, one Bitcoin (which used to be less than N10,000 in 2011) is now worth N98,000,000. Once again, look around you. This is how many of the youths around you became wealthy. You may continue to criticize them, while hoping the government will make you rich, but the reality may be different. The government only "cares" about the poor, and even then, no government in the world has been able to eradicate poverty.

As a graduating student in 2011, I was making clean N10,000 in 1-2 weeks. Imagine "investing" a little sum of that money in Bitcoin. Well.....

If you are not going to steal, just follow the "new" money or new ideas that do not seem to make sense to all. At the end of the day, you may lose, but at least you tried. Just make sure you are following a new invention. People who bought huge shares at Nvidia and Netflix when these new generation companies were barely known have suddenly become multi millionaires in dollars. That's how the world works. Whether you like it or not, your Naira will make people rich in USDT just as the time you spent on Netflix will make the shareholders extremely rich. Nothing favours everyone equally. Ire o...!

Well said. God bless you.

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!

Your write up is baseline discouragement for anyone looking to maneuver the economic hardship in Nigeria. This is totally unnecessary and uncalled for.


I’m a blockchain professional and I can confirm that USDT is of the same value as USD and there is nothing absolutely wrong in giving it a try on Binance or any other trust crypto wallet. Just do your due research, risk assessment and invest wisely.

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.

apart from laundering any loot I may manage to get, I won’t put my money in crypto.

austinleo78:


Well, as a developer. Majority of my servers, I paid using usdt...

Still looking for a real use case.

Judithjovial:
What do you need help on?

to help me get fund my binance. I was waiting for this thread to die down so we can communicate here

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 this one. Says who search for countries and companies that accept usdt for payment.

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!

If so, How Come Master and Visa Card firms now integrates there system into CrytoSphere which allows you to spend from your crypto wallet via there cards?

Have you heard of PUSD which is a PayPal USD crypto and now trade able on some CEX?

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.

USDT is a medium which is used to make cross border payments on the most part. In DeFi, it is stable for use with decentralized financial instruments. There are real world uses of USDT such as payments for decentralized betting, games, online shopping, on-ramp onboarding, payment card processors and almost everything you can think of except being used by government, which is the idea why crypto was created in the first place.