₦airaland Forum

Yankee101:
Dogecoin has unlimited production capacity. So tell me for example how much one should be worth when you can produce an infinite amount, minding the goods and services on earth are technically finite.

Dollars are infinite, bank notes can be created in infinite supply and can be printed on a whim.

https://www.cityam.com/almost-a-fifth-of-all-us-dollars-were-created-this-year/

Just look at this man who is the president of his state's federal reserve saying there is no limit to the amount of cash the federal reserve can print.

https://www.youtube.com/watch?v=DUrlNHTxuJM

With Dogecoin the rewards from mining are halved frequently and a hard limit can be implemented. As of right now the supply of dogecoin can not double for the next 20 years and everyone is aware of this. If there was any manipulation everyone would see it, unlike with dollars where the government can print hundreds of billions overnight to create the illusion of growth.

Yankee101:
Your premise is amiss.

I get stock dividends, splits, paid board memberships, usable products from stocks

Naira is backed by the economy of 200 million folks

Crypto technology is different from cryptocurrency. The most revolutionary tech innovation today is artificial intelligence. Why don't we have AI money?

Cryptocurrency is purely speculative. I'm not telling you as an outsider. I'm typing this now after just checking my position. I hold Crypto too. That dosen't mean I won't tell you it's a scam. Before the US clamps down on it, we'll make money

Naira is backed by 200 million folks yet it is still weak and failing. Many Nigerians are using the naira against their will, simply backing it by force isn't enough, people need to want it, at least more than other currencies or physical goods.

In the past nobody cared about bitcoin, but businesses gave it legitimacy when they started accepting bitcoins for goods and services.

Governments gave it legitimacy when they stated taxing bitcoin trading withdrawals.

I'm not sure what you mean by AI money, there's AI blockchain applications and tokens like Fetch.
https://fetch.ai/

The crypto technology can also be used to create a network of supercomputers solving complex computations and analysing data simultaneously for cash rewards or digital tokens, the utility is there.

Something being volatile doesn't make its a scam because bitcoin didn't promise anything to users aside from digital tokens for computing power which may be used as currency.

If people want to trade their digital tokens for regular currency they are within their rights but must also bear the consequences associated with new markets.

Gbabe2:
You are intelligent. I have heard this pyramid bla bla times and times over. In 2007, I bought over 40,000 units First bank Shares not knowing it was a scam. This is 2021, I confidently tell you that my ROI is in negative.
You either join the train or watch the train tail lights.

It is so irritating, many people just hate it because it's a new technology. They don't understand that money doesn't actually exist and it's just numbers and paper manipulated by the government to maintain the illusion of value.

They talk about infinite growth being a ponzi when they don't know the stock market and housing market depend on infinite growth and perceived value. We won't die if we live in mud huts and farm for a living but most people still buy expensive houses and trade invisible commodities that they can't see or touch.

The market is already recovering, once it reaches the previous level the idiots will go into hiding until the next price dip.

Princewill1:
Boy you're really a stark illiterate. If not for a faceless forum like NL, I wouldn't have got nothing to do with your type.

Just look at you, talking boldly with so much ignorance. It was actually Justin Sun that paid 4.5 million dollar to have a launch with Buffet.

Since year 2000, Warren Buffet has been auctioning launch with people with the proceeds going to charity. That is, people bid to have a one-on-one chat with Buffet, the highest bidder wins the auction. The proceeds of the auction goes to a charity in San Francisco.

In 2019, Justin Sun won the bid with a staggering bid of 4.5m. Some criticized him for spending such amount just for a launch. But Justin stated that he want to use the launch to change Buffet's opinion on crypto-currency. In fact during the launch Buffet maintained his stance on crypto.

You didn't even do a simple Google search yet you jumped on a topic you know anything about.

Quote the full article please.

"He [Buffett] thinks that blockchain technology has value but that none of the companies out there right now are using it correctly. The smartest people say it’s an important technology, just no one really uses it yet"

Blockchain technology has many uses but people who don't understand how it works and only see money as the end goal will vomit rubbish like you did in the original post.
https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq


Anyway please refer to this post

Farki:
Correction noted.


He is free to believe that, however there is one major thing everyone is ignoring about bitcoin's creation.

It was created as a response to inflation and excessive printing of money to stimulate economic growth.

The finite supply and decentralised nature meant it wouldn't be subject to manipulation by central banks so it would retain some of it's value over a long period.

The issue with it is that many people are exchanging bitcoin and other cryptos for cash hoping to make a profit so those who don't understand how bitcoin works and aren't thinking long term will see it as "free money".

I believe in the future, once the hype is over, it will become a main means of exchange, it's detractors are simply unhappy that the yardstick for value is shifting in a new direction.

Yankee101:
You can launch an initial coin offering tomorrow using any of the existing block chain technologies. Coins are being launched till tomorrow with ballon valuations, zero assets.

Dogecoin is a derivative of the Litecoin code
Ethereum is an improved Bitcoin
Litecoin is a derivative of Bitcoin etc etc

All the initial coin offerors are billionaires, the scheme depends on another person agreeing to buy to determine its value


Pyramids have no investment underlying other than a next person willing to shell out some money to keep it going so the previous guy can cash out. Cryptocurrency does exactly the same thing

I can also print monopoly money and get people to use it instead of naira, in fact many countries pop up and create their own money but I haven't heard this level of outrage.


I have already acknowledged that many frauds can be created through cryptocurrency technologies and traders who actually did their research know about this.

However the need for more contributors does not make cryptocurrency a fraud.

Using this logic the stock market is a fraud because you don't actually buy anything aside from "ownership" of the company. If the company doesn't generate any profit, people don't continue to buy the stock I don't make money back, is that fraud or a bad investment?


Typically people who create new and widely used technologies tend to be billionaires.

Prodigy777:
Not exactly, bro. Justin Sun had a dinner with him for 4.5million dollars. It was more like Warren auctioning himself for charity sake. Not that Warren sponsored him. He still believes BTC is not a store of value.

Correction noted.


He is free to believe that, however there is one major thing everyone is ignoring about bitcoin's creation.

It was created as a response to inflation and excessive printing of money to stimulate economic growth.

The finite supply and decentralised nature meant it wouldn't be subject to manipulation by central banks so it would retain some of it's value over a long period.

The issue with it is that many people are exchanging bitcoin and other cryptos for cash hoping to make a profit so those who don't understand how bitcoin works and aren't thinking long term will see it as "free money".

I believe in the future, once the hype is over, it will become a main means of exchange, it's detractors are simply unhappy that the yardstick for value is shifting in a new direction.

ezewealth:
Youths investing on useless stuff. If you don have any thing to do with your money, open Dom account buy dollars and keep. As dis country dey naira no go rise, e go dey fall

You can do the same with cryptocurrency and tether it to the US dollar, many people store their profits this way.

Princewill1:
Real financial education are not taught in schools today. So therefore many university graduates in the world today are financially uneducated talk less of non graduates.

I remember severally posting here on Nairaland that crypto-currencies doesn't have intrinsic value... that your money will surely got burnt if you invest in crypto. I even opened a thread about Warren Buffet warning people against crypto-currencies.

Crypto is only good for moving illegal money from one point to another without govt knowledge. Just only that nothing else.

I never knew billionaire Elon Musk was this financially uneducated until he invested heavily in crypto. Your inventions and innovations can make you a billionaire but being financially literate is a different thing altogether.

Crypto-currencies will not exist in 10 years time because it doesn't have intrinsic value and also it is suffering from acceptance from government authorities all across the globe.

Government rejections will make it not to stand as a legal tender thereby causing the boom to burst.

Warren Buffet recently met with and sponsored the creator of Tron Exchange, Justin Sun, with the sum of 4.5 million dollars.

It seems you are the financially uneducated one because you can't even do proper research on the thing you're criticising.

Yankee101:
Buy stocks not crypto

Fast money goes fast

There's no underlying value in crypto currency

Gold and silver have physical uses, crypto has none

Go for long term returns not MMM style cos crypto is basically a pyramid scheme

Please how is crypto a pyramid scheme? Many projects are made by scammers and bandwagon jumpers looking to get rich but what makes cryptocurrency a pyramid scheme?

It was created as a form of decentralised anonymous digital currency and nothing more.

The creators and exchange listings didn't promise more returns for more members neither do they promise monetary rewards for registering and trading.

You are a fool who simply doesn't know how to manage risk, investment isn't a get rich quick scheme. Some of the crypto millionaires only got money after 5 or even 10 years so stop being a greedy idiot.

Where are the zombies that believed this obvious lie?

Shows just how evil members of that political party are

Opening the door for war crimes and human rights abuses, this will backfire.

It's like they haven't learned from Boko Haram

Why are we moving posts from this stupid woman to the front page?

If it was someone not associated with the APC making the same complains she would call them an unpatriotic saboteur.

AGF stands for A Giant Fool

captainamiedi1:
can someone explain no binary to me like im 5?

It's like when a child believes they are Superman but replace that with thinking you have no gender

patwilly:
What's the meaning of non-binary?

It is a stupid trend where people glorify mental illness and believe they are neither male nor female, sometimes they feel they've are both or none or a third gender altogether.

In the end it's a load of postmodern nonsense that supposed gay rights activists invented and pushed into the mainstream.

kutashi:
To your first paragraph! What is the function of government? Who eat that cow most!

The function of the government is to secure the lives of it's citizens. When okada was becoming a nuisance they banned them, when tipper trucks were damaging roads and bridges they were banned from some roads. Why do you think herdsmen are different?

Where are the ranches in Nigeria? The land allocated for former ranches has been reallocated for residential building even the arable farm land reserves has became churches fortress in the south west!

See them here, do these ones have two heads?
https://brandspurng.com/2021/02/15/us-mission-shares-photos-of-ikun-dairy-farm-in-ekiti-state/

This lady in the South East is rearing cattle but has she killed anyone or destroyed their farms? Even with the small cows she has she still intends to buy land for ranching yet entitled people from Futa Jalon think they are too big to do that.

https://www.tekedia.com/cattle-rearing-lucrative-i-want-my-fellow-women-to-join-it-nigerias-herdswoman-ekene-obayi/

The south East are under using their arable land by running to Lagos for business! These are facts you can google or visit NBS to debunk it. You people just argue blindly with negative emotions! Put your education to use!

The landmass of Niger State, just one state in the North is bigger than the entire South East, it also has the river Niger flowing through it to provide ample water for the cows yet for some reason Fulanis insist there must be a cattle reserve in every state.

We all know the South East suffers from erosion and space is limited which leads to clashes and you have the mind to ask for RUGA on top of all that?
Do you think at all?

You also don't realise that many Igbos engage in trading and manufacture so asking them to become subsistence farmers is both stupid and unrealistic.

What about those who have farms in the North, West and Middle Belt who have been chased away by ravaging Fulani bandits? Is it their fault as well?

Then, is it your imagination or hearsay that "Fulani herders feel they are too big........" which violence? Criminal is Criminal every where! Ibos are notorious for Armed robbery but I have never heard of Ibo armed robber! Even Fulani are been kidnapped and killed too! So, sectionalizing criminality is pure politics because if Osibanjo were to be President, the narrative would have been "they want to make the country ungovernable" and nobody will think of Yoruba nation! Uneducated graduate like are you are plenty in Nigeria!

For years herdsmen have been in Nigeria, only recently they became militant and started going into violent crimes and making demands.

https://www.herald.ng/ruga-governor-peace-land-fulani-herdsmen/

Or is your eye blind when they call Igbos on this forum drug dealers/ human traffickers and Yorubas ritualists/yahoo boys?

If Osinbanjo was President Fulani herdsmen and bandits wouldn't be given soft landing and rewards for their criminal behaviour.

When you have a nepotistic and confused president who gives posts based on tribe and religion instead of competence why won't bandits brag so openly about being untouchable?

https://gazettengr.com/adopt-ruga-if-you-want-peace-in-benue-buhari-tells-ortom/

https://m.facebook.com/watch/?v=204826333968377&_rdr

And to your last paragraph! That's true and even the one been herd are within a definite territory which is what RUGA is all about!

You people are not putting your education to use! Find out where RUGA thing was copied and you will be ashame of yourself!

One thing I noticed is that you people just comment without stable mind or knowledge! People are talking, I must talk syndrome! Stop listening to abstract nonsense! Make your parents proud by putting your education to use! Most of you will complain you don't have job! Please tell me, are you employable with the manner you are arguing and posting nonsense with Zero brain!

When you want counter on an argument, know about the subject or the issue inside out so that you can identify your position of strengths, weaknesses, threats that may be coming your way and opportunities on how better to attack! Stop being a slowpoke!

And one thing I noticed about you is that you want to continue defending criminals from your region because the parasitic nature of this country has enabled you to receive without giving.


You are simply a fool who thinks he is wise, maybe in your village where poverty and subservience is the order of the day you are used to it but the rest of the civilised world doesn't think this way.

The solution is simple, buy land with the millions from cattle herding and ranch instead of buying guns and attacking people.

The security forces should also arrest the leaders of the cattle associations until they fish out the trouble makers just like they arrest protest leaders who disagree with them.

How will a group of foreigners bring their cattle, graze, destroy farmlands, attack villagers, kidnap, kill, rape, won't pay taxes in the states they graze and still demand free land and water for their private busines? Is that not madness!?

I swear it's like trying to reason with animals.

APC thugs doing what they do best

kutashi:
Your mumuism is on another level! I think you schooled at Yaba left!

Those other animal are domesticated grown animal or how maby pigs do you want move around?
Pigs eat dirt and even prefer dirt as a meal not only in Africa! Or how many chicken you will like to herd? How do you pick their eggs? If you are into egg production!

Can your see your problem is from heaven! You just want to post and argue without any meaningful sound logic reasoning! Werey!

To answer your your stupid question! If other animals were to be like cows, same problem will arise!

Immediately you moved out of London and other major cities in Europe, you will see them herding goat and sheep, I repeat goat and goat and sheep despite that they still have private ranches which is equivalent of RUGA! I have seen the same thing in China outside the cities!
I don't your age but you need to grow up especially in thinking capacity! Don't just talk because you need to talk! I learnt they are seminars that can help out! And try to do small research before making a comment!
Eranko! Oponu gigan!

How is a government sponsored project that rewards herders with land in every state for vandalism among other crimes the same as a herder privately buying land and rasing cattle there?


Nigerians already have ranches, the owners of those ranches aren't vandalising anyone's farms but Fulani herders believe they are entitled to move their cows through farms, roads, cities, schools and even hospitals.

Why do Fulani herders feel they are too big to buy land and feel they must be given it for free or else the violence will continue?

In the UK all cattle are raised on pasture, they didn't migrate livestock from place to place, vandalising farms and attacking farmers.

CAN as usual are making this about religion, this isn't about Christianity or Islam, this is about respecting human dignity and they have been blinded by their own agenda.

elijahkayode:
lol mr man
1.) first of all remember the world is not blind, Mankind is older than you think and we keep records, how did america belong to America

They invaded and took it over, I'm sure many of the Americans and stupid Nigerians blindly supporting Israel won't support giving native Americans back their land.

2.) the world bear witness when six million jews were killed in a political genocide orchestrate by Nazis

And so? Was it only the Jews the Nazis killed? They killed Poles, Slavs, Gypseys and other groups. Should the British now destabilise other parts of the world for these groups?

3.) There are artefacts everywhere proving Jews has legal right to Isreal (Holy bible & quaran believed by mankind everywhere)

The world's population is 7 billion, only 3 billion are Christians and Muslims, what about the remaining 4 billion?

Some Caribbeans believe Africa is their birthright, if they come knocking on your door will you willingly give them your house because they said so?
Some Fulani believe Nigeria is their own by legal right, will you support RUGA and eventually leave your lands to accommodate their beliefs?

4.) Something happened in 1948 when isreal declare independence, even America had to change its official motto one nation under God

America did that because of political lobbying and Christian fanatics preying on everyone's fear of Communism. They put that stupid motto on money because they didn't want to be seen as an irreligious communist state.

Now we both know yoruba are fighting for greater autonomy (independence) all because of invaders so trust me if we have this history
we will fight the igbos if need be

Yet here you are supporting European invaders settling in another man's land and claiming "Israel". Israel is a British invention just like Nigeria yet you can't even see the irony in supporting them, maybe it's because Israelis aren't Muslim.

Chi133:
Y

God’s Anger was on them. Romans’ and Babylonians should try it again

So when was the email of their forgiveness recieved, when 6 million of them died in Europe abi?

https://en.m.wikipedia.org/wiki/Massacre_of_1391

slyfoxxjoe:
“Justice seeking counties like China”? Lmao. These ones are confused

China that is turning Muslim minorities into assorted meat for sale

Mumuric have come again with their foolish talk

Offpoint1:
Give me a reason why you're different from Islamic extremists.

They aren't, they want to grab land and practice ethnic cleansing based on ridiculous claims backed up by their religion.

Ask them if they would like the government to support displacing their own family members for foreigners and they will run away like rats.

Can't wait for the audio Jews and asslickers on this forum to blame Palestinian engineers for the collapse.

Mumu people who believe in a silly myth of Igbo Jews.

neyohh:
Where you see 9 million?

Minimum wage is border line poverty, it's worse when you live in big cities like London.

Abroad is hard asf unless you get a great job , like bus analyst, project manager, software, doctor etc.


Even at that if you don't manage your funds properly, you'll just have very little left.

Yep Nigeria is actually better for wealthy people than abroad despite the lower standard of living because your fund's go farther, but that depends on how much more inflation devastates Nigeria.

So yes most Diaspora will move home if they're loaded enough .

And many Nigerians live in actual poverty, can Nigeria's minimum wage alone allow you to have the same standard of living in Lagos? A doctor in Nigeria earns what a bus driver earns abroad while the bus driver has access to public works we don't have here.

See what you didn't add is Nigeria is better for wealthy people who earn stable foreign currency which is a small minority of Nigerians.

Your post just solidifies Nigeria's pitiable state as a small boy who squandered it's best chance at greatness.

adonainana:
So the income after tax of 12,000 a year after deducting rent of 800 pounds a month that’s 9600 a year
Other stuff as food etc has not be deducted

In the end he might be left with £50 to send back to Nigeria which is less than 30,000 naira

Remember that what is used as example is MINIMUM WAGE meaning the person in question may be earning higher and is also not obligated to send a dime back to Nigeria.

Now compared to the minimum wage of Nigeria (except Kaduna apparently) which is 33k a month that's 396,000 a year.

I know people who spend this amount fueling their cars and generators in a year, some people's monthly rent isn't up to this amount.

Suppose transport to work cost 400 naira on the cheap side and I did this 5x a week for a year that's 96,000 gone.

I eat a meal of 500 naira a day and that's 182k gone.

I haven't even added things like clothes, generators, or rent, the minimum wage isn't even up to some people's monthly rent and I have already spent 278,500.

You live in a country where the daily minimum wage can't even buy a crate of bloody eggs.

ThatFairGuy:
You also make the money from your job. Ultimately, it'll be thesame with whoever is living in Nigeria.

The best is to work online abroad while one lives in Nigeria. This kinds job is rare though

Please what percentage Nigerians earn up to 9 million naira a year?

This is the UK minimum wage mind you.

360degreess:
..Who told you that?..I believe the OP was thinking just the way you are thinking until travel over there himself.Now he understands the reality.

Minimum wage in the UK is 19000 pounds, that's nine million naira. Some of our Nigerian big men aren't earning up to the UK minimum wage and you want to talk.

Even at that rate of rent the man takes home 12000 pounds which is five million naira a year.

Mikecold:
Your "question" is senseless

If i live in a land that is legally inherited from my fore father's i won't allow British and Yoruba Take it from me

If my fore father's obtained it falsely i have no legal standing when the owners come

Why do we have government evacuating illegal occupants decades after they exist on illegality

So why are you supporting Jewish foreigners displacing people living in Palestine for centuries?

Why are you supporting Israelis who build illegal settlements and take over Palestinian homes on the West Bank in an attempt to take over East Jerusalem and eventually the entire West Bank?