₦airaland Forum

SenecaTheYonger:
To get United States Dollar, you need to sell oil, you need to sell mineral resources like gold, etc. You need to export agriculture, etc, and get paid for those services in dollar. This makes dollar a legal tender, it also gives it value.



To get USDT (Tether), you only need to go on Binance, open your Opay wallet, send naira and get USDT.

What makes you think both are the same? It's really hard to get the first kind of dollar because you actually have to sell something of value, like goods or services to get it.

To get the second type of dollar, you just have to use Naira, a currency which can be printed endlessly.

USDT is printed by Tether holdings. The way USDT program code was written allows Tether to remain constantly at a value of ONE, no matter the marketcap, no matter the demand, no matter the supply. It's just a code. Billions of USDT were printed from nothing and sent to different crypto exchanges.

Now, what has CBN done? Since you guys said USDT is same as USD, they don't have to focus on their oil export anymore. They can just use their naira reserve (which they can print at will), open their Binance app and buy billions of USDT with Naira (which they have trillions of)

When it comes to Naira, you cannot compete with the people that print it (CBN). Buhari printed trillions at will.

Now if the government wants to control the exchange rate and reduce it, they start selling off the USDT competitively at slightly lower rate than market value. Obviously, buyers will go for this slightly cheaper rate. Now, this will force normal seller to reduce their rate so they can compete. This is pure market manipulation. But I have to give it to CBN's governor, he beat you guys at your game.

Next day, CBN will go lower. People will prefer to buy at the lower rate and that will force normal sellers to reduce their rate in order to get buyers.

Next day, CBN will go lower again. They will keep doing this ad-infinitum. This is what has been happening

Now, CBN isn't just one seller, they have hundred scattered across every platform coordinating this price points. Mind you, CBN is loosing millions of naira daily, but it's a small price to pay to reduce the ever increasing exchange rate.

Remember, they got USDT with a currency they have so much control over and not from drilling and selling oil. They can control this market as long as they want.

USDT is not from thin air. Every single USDT minted by Tether is backed up by real USD assets in it's reserve. It's just like a decentralised USD bank account which can be used by anyone.

USDT, USDC, PYUSD, etc. can be exchanged for real USD at 1:1

One major difference between these stablecoins is their level of transparency and trust.

USDC and PYUSD are issued by companies located in the US and regulated by the US government, and so their reserves can be easily proven as they carry out regular audits.
On the other hand Tether (based in British Virgin Island) does quarterly audits of their reserves which is not as regular as the other two stablecoin issuers.

P2P is bigger than Binance or any exchange. World governments are just afraid of the freedom that comes with decentralised money.

Yankee101:
Stablecoins are not dollars
Beware
Before you think you’re holding dollars

LoL! Go and tell that to millions of people outside Nigeria who exchange USDC, USDT, PYUSD, etc. to USD @ 1:1.

What you think is irrelevant.

Hmm

The next news we would hear will be "Naira Crashes to _______ (fill in the gap) at the parallel market"

V

sherozy:
I have a bitnob account I get an error while trying to create it...

Maybe you should speak with their support team.

These are other options on Binance Marketplace. But Bitnob has one of the lowest charges.

sherozy:
Good morning house. Please oh. Which virtual card do you guys use in making payments on Ali express asides chippa ...

I use bitnob: https://play.google.com/store/apps/details?id=com.app.bitnob

Best to use if you are into crypto.

HazardAwka:
Good day guys. I've got like 700 USDT which I bought at the rate of 1700. Should I keep or sell now that it's depreciating fast?

It hasn't been up to 24 hrs since your post, and usd has almost fully recovered.

Chijohn42k:
Good Day Experts in the House, is there any tested and trusted virtual card providers that accept cryptocurrency. Thanks in advance.

GRACEGLORY and my fellow Nairalander

This is the best one that I currently use: https://play.google.com/store/apps/details?id=com.app.bitnob

It can be funded seamlessly with your Binance account.

You can also try these ones from Binance marketplace

Mrcalxy:
Mine’s a Nov 11.11 order and stuck at the same spot. It’s a phone and I don’t even know if I should still be expecting it at this point considering the extended wait time. The post office has claimed they haven’t received it and if they did I’d have been notified.

Did you select AliExpress Standard shipping for the delivery?

If you have problems accessing Binance on a web browser, change private dns to dns.google.com or one.one.one.one

Binance.com working with private DNS, but I'm afraid these MFs will soon block this update.

chnnmfl:
To solidify the ban on Binance and other exchange, FG should list out major VPN services and submit their URLs to telecom companies in Nigeria for immediate blacklisting.

You are a baby when it comes to understanding how the internet, crypto and blockchain work.

Ruke1989:
The easiest way is to do it USA style. Make it a crime punishable by paying $2billion fine for any exchange to trade in naira NGN either through P2P or otherwise. Or impose a 70% tax on every NGN withdrawal. You will sue binance international to court for non compliance with the 70% tax. Automatically, binance and other exchanges themselves will ban NGN fiat deposit and withdrawal to avoid paying $2 billion fine. The end users themselves will stop trading when they are forced by binance to pay such tax because it will make arbitration unprofitable

Dey play. I don't know which reality you are living in.

1. Binance is not the only CEX in the world. There are hundreds!

2. Taxation can only work with KYC exchanges like Binance, Coinbase, etc.

3. Nigerian crypto community will migrate to Telegram, WhatsApp, etc. for P2P transactions in order to avoid taxes on KYC exchanges. P2P transactions don't need exchanges like Binance to operate. Binance is only serving as an escrow/moderator.

4. Even it is possible to ban all CEXs from operating in Nigeria, Nigerians will migrate to non-KYC CEXs and DEXs for their crypto trading activities.

5. You literally cannot stop crypto activity in a Country. Even a technologically advanced country like China has not succeed in stopping it.

Konquest:
I'm only gonna respond to your unintelligent post so that you do NOT mislead readers here.

If you had read my post properly you wouldn't have spewed the very uncouth language you used in your post. It is highly unfortunate that young people like you don't pay attention to written details online and offline but throw insults around at people who are way older than you!

Second, I'm very conversant with Blockchain technologies and as a veteran for several years now when it comes to the use of digital currencies and cryptos, I KNOW FULL WELL the difference between Egold, Liberty Reserve and cryptos.

Last but NOT least, Blockchain or not, it's now fully official from several intelligence info available to me and the documentaries I have seen, the U.S. Federal Intelligence authorities have the advanced technologies to track all crypto transactions and it's ONLY the uninitiated that would think otherwise. Several crimes that were committed years back involving cryptos and Blockchain have been solved by U.S. Federal Intel and the offenders are currently serving long-term jail sentences.

I see you have some idea about what I'm talking about, but let me correct you again: You cannot track some cryptocurrencies like Monero (XMR), Dash (DASH), Zcash (ZEC), etc.

Konquest:
The U.S. government actions in the 2000s against money laundering and other crimes
brought the older digital platforms called Egold and Liberty Reserve to an end. I had funds with those two platforms and lost my funds forever.

The U.S. can do the same (with their economic allies) by disrupting the activities of crypto exchanges such as Binance based on threat assessments to the U.S. economic interests.

If only you could understand what Blockchain tech is, you wouldn't be spewing this thrash. Even if all the world govts agree together to ban crypto, it's going to be impossible.

Guy you are still living under a rock.

Even the most technologically advanced country in the world, which is the US, knows it's virtually impossible to ban cryptocurrency.

BTW. Egold and LR are not crypto

.

armadeo:
Lol of what use is increased networth when it cannot buy what his previous network could buy.


Let's say he had 100k and could survive a month on that and now has 200k that lasts him 3 weeks.

Isn't that increased networth?

You rather have more money with less value than less money with more value? Lol.

Oga, I don't understand your reasoning. He has actually preserved the value of his money. A car worth $5000 in December hasn't changed in price till now, but your Naira has lost around 20% in value within the same period. If he converted Naira to USD in December, he can still afford to buy the car now but he can't do the same if he was still holding Naira.
Let me share a personal experience : A car I saw priced at ₦3.5m in December is still at the same amount today. If I swapped my money to $$$ then, I can still buy the same car today at a 20% discount. There is even a lag in the rate at which $$$ is increasing and when it starts to affect locally priced items.

You need to learn how to make money...

armadeo:
This is profit bolded.

The December one isn't profit cos it would be wiped out soon by inflation. The money probably cannot buy what you could buy with it in December.

You can call it anything, but his net worth has increased in Naira.

V

Bullfallo:
remember global meltdown? It affects all countries. It was caused by America

Misplaced priorities.

Which "global meltdown" has caused the level of current hardship in Nigeria.

Bullfallo:
Joe biden administration causes the world suffering and inflation. Democrats are just worst performing entities and pulling the whole world down. Trump should come back abeg

Why you carry America matter for your head. Are you not concerned about what's happening in this shit hole called Nigeria?

Naija9090:
They have started their medicine after death. They should arrest him to explain what really happened to Wigwe, Ike Ndi Isoko. His explanation for not boarding the same chopper doesn't make sense. Why would he travel by road as someone based in Nigeria with Wigwe? Imagine president Tinubbu going to America and his assistant, Ngelele, decides not to board the same chopper with him, instead chose to travel by road. Does that make sense? This is the problem with Igbo people, they over trust this people with innate tribalism.

I knew I would find some fool here with this thought. With zero evidence, you are already accusing a Yoruba man of being involved in his death. If this assistant was an Igbo man, would you have said the same thing? Tribalism is running in your blood.

Hehe. Save yourselves from the stress and save your dollars as USDT or USDC in your crypto wallet, away from the control of any Nigerian bank.

The problem.

So they pocketed the ransom money?

Y

SIRTee15:
So why didn't they sting him? I know still movement helps control bees but the guy is moving, why are bees unperturbed.

Information is free. Check YouTube and see dozens of people in similar situations. I no get energy to explain

Africans and ignorance!

The "native doctor" only placed the queen bee between the palms and the bees will follow their queen.

Fhaze:
What coins are you on ?

I was trading $ZEPH and $GROK recently. I don't usually hold coins for too long.

Weed is illegal because the Whiteman told you so.