₦airaland Forum

Tyche:
Watch Matic, cake and SXP. Saw some upcoming events that could bring some rally on these coins.
The matic and cak I pick last night are doing great, cut myself off FTT and Sol. My staked FTT on FTX should do

What's the event on sxp? It's a coin only good to buy after a selloff

Ibime:
@ Jedisco

Which Alts are you watching?

Looking to extricate myself from my poor choice on SOL for something with better ROI

Was surprised with your entry on sol.... You run enter local top of a coyn that has done 4x...


Currently, I'm looking to cycle most of my alyt positions into bitc0in.
Bitc0in dominance is about the lowest it has been and most folks are heavily exposed to alyts... Good chance the next 3 months is dominated by Bitc0in eith by reason of a pump or dump...

I had a good stash of bnb and swapped sone into cake and ada as I like their structure against it...
One coyn I'd average quite well into is one... Will look for a range between 0.15- 0.16...

Lastly, dot seems look good... I had converted some of my betece loot from sol into it at 0.066... it's currently at 0.08 resistance... Next would be 0.01

Kealmin:
Sign of more dip bros on sol abi

It's a pattern which most times is bearish...all I do is wait for confirmation

Blesser28:
@ibime openheaven jedisco
Any youtube tutorial link or pdf for indicator for scalping

No idea... I don't scalp... Some do it quite well though

chigo4u:
Besides I wonder why people would think CBN will seize FOREX in dorm accounts in a country like Nigeria. Yes someone like Buhari can muster the will to do it being reckless but it would not save the Naira.
A policy like that can shoot up the exchange rate to over 1000 overnight. I want to be wrong but I don’t see that ever happening.
CBN will even end dollar subsidy before thinking about that line.

In investing, sometimes it's good to take away emotional opinions and look at facts for what they are...

CBN has banned everything they could ban yet the official rate is around 410 and the market rate 550. Likely, they'd be forced to act soon enough... If they go ahead and devalue the official rate without touching something else, the market rate will tick up higher making more people to lose faith in the currency and head for dom accounts. That will in essence be rewarding those with forex accounts.
There is a reason why most countries who ran into forex issues they couldn't control ended up targeting dom accounts. We know the resulting consequence will be catastrophic but truth be said, they're running out of options...

I wouldn't be surprised if the leaked memo was real and the effect of one or two powerful people leaked it. This gap may be to allow those powerful people make alternate arrangements.

I have no dom account...but one has to be realistic. If you have one, then there's a non-negligible chance you'd wake up soon and hear your usd has been 'forcefully' converted to naira at a rate of 410 per usd...

Trust me, majority of Nigerians will praise such a move.... All CBN has to say is that dom accounts are used by corrupt folks and it was worsening the forex issue.

PresidentBuhari:
The dollar wey I buy in Jan 2020 has gained 50 percent in value while the Naira wey I put for bonds has lost 50 percent (we could say make we add 10% annual yield and $5 percent reinvestment interests but still 35% loss in value).

Anyone who has held Naira since Jan 2020 up till date has lost 50 percent of its real value.
Jan 2020 - $1 bought at N370
Sept 2021 - $1 bought at N550.

Some of these facts have been there but are only becoming more obvious now... Folks who invested in TBs and bonds over the past few years have infact lost value.

Even when CBN was offering treasury bills at over 12% and everyone was happy, people's investment were losing value in real terms without them knowing....

Nobody asked why the TB rate of their country remained that high... The currency was losing value at a higher rate.
The TB and bond rate in nations with a strong currency hardly exceeds 3%

Head n shoulders on sol betece

Out of trade for a while....

Things happening in Nigeria makes me believe that unfortunately, countries who don't manage their economy well will drive the next adoption of crypt0 whether they like it or not....

Take for instance the recent debacle with domiciliary accounts which the CBN might soon target...
For those looking to hedge inflation, the process of opening one in Nigeria is quite cumbersome....then you have to source usd yourself and pay in. The usd there earns little or no interest... instead, you have to pay maintenance fees... The downside is that the usd there can be seized when the govt chooses

With crypt0, one can buy nd sell usd equivalent stable coyns at the click of a finger... Better still, you can stake it at rates of upto 12% pa. With some offerings, term is 3 monthly or less which gives good flexibility. 12% pa is well above what Nigerian TBs and bonds offer... If you're worried about security, you can put it in a hardware wallet and keep which is equivalent to carrying your funds on you. Only that it's in a secure usb stick... Which thief will steal a usb stick..There's a reason why when folks understand crypt0, they hardly go back.
Downside is for those lacking the tech knowhow and potential risk of leaving funds on an exchange....


Like I said, I've not seen anyone whose target in crypt0 was 10% pa like in traditional markets and had stress trading it

I've not really benefitted as well from current breakout coyns...

Asides sol which gave 2.5-3x, I've been an onlooker for most... Usually, breakout coyns are easy to play and give good profits....

One coyn I'm now on is one... Already given me a 2x.... But then, it's broke ATH and is retracing....

I made a tiny purchase at 0.18... but then, most of my buys are laddered between 0.15 and 0.16.... if those bids are filled, I'd let ut be for a while

freeman67:
That said, we as citizens have all always been part of the problem. Nasco corn Flakes has been producing here for a while instead of demanding that the company improve on where we found it lacking if there is, we started importing the more 'Crispy' expensive alternative Kellogg's Corn Flakes produced elsewhere. We were eating our local rice mostly every Sundays, we de-stone it manually and prepare it. If only we had improved on that. No we didn't, Instead we went for Uncle Ben's and other Thailand brands.

While I agree that citizens do have a part to play, my issue with your submission is that it was same story that was sold to us in the early days of this forex crises. Hence, while citizens were blaming those eating rice for our forex issues, government officials ate fat on access cheap forex.

Talking about force... It's interesting that with our history, we believe that force develops any economy. If it did, Nigeria and other African nations would be the most developed...
Economies develop on the basis of sound macroeconomic policies. All force can do is get people in line and hasten a process. If you apply force to the wrong policies, you have a Zimbabwe..
Let me ask, throughout the military regime when max force was used, what economic benefit did it achieve?
Even in this regime, we've forcefully locked our borders because of rice... Again it did not achieve anything

There is no nation in the 20th century who have been developed by virtue of force. The last nations who developed that way were the colonial nations who plundered resources of other nations.

Look at UAE, China, Malaysia and even India of late- their development is all on the basis of sound policy.

Like I've said multiple times, I cannot imagine any of those nations giving cheaper forex to their citizens going for holidays on other nations or for pilgrimage...

We have had a forex crises for years... And while we blame those eating rice and wearing okrika clothes, have we ever asked how much cheap forex the CBN spends yearly on those going for medical treatment abroad... How much do they spend on those going for pilgrimage.... How much do they give to those traveling abroad for whatever reason.... If we have those figures, let us compare it to forwx used on rice then we see wher the problem lies.... How would the forex crises end when the privileged few feed fat at the expense of the poor majority..

Still on devaluation....

When you're in the center of everything, it can be difficult to see how it just makes citizens poorer... Focusing on one metric makes it clear

Using cars for example... 8- 10 years ago, a young graduate (without other commitments) earning 150k could save over 12- 18months and buy a 2004 toks vehicle.... As of then, a 2004 vehicle was 8-12 years old....

Over the last decade, most jobs I know that payed such amount are still at same rate or marginally increased to between 180 - 200k.


Right now, same graduate earning 180k would need at least 2 years years to save and buy same 2004 vehicle which is now 18years old. Funny enough, that car may be more expensive now than it was 8 years back.
That same vehicle has also become much more cheaper right in the West and not unusual for them to be scrapped out when they have issues. As they'd consider the cost of repair more than the cost of the vehicle.

This is worrying cos cars should depreciate not appreciate. If this trend continues, vehicles on our roads will get older without most noticing... similar to what we see in poorer African nations...

As we know, purchasing power is a marker of a vibrant economy and middle class...Similar scenario can be seen when we zoom into specific items....


This just reminds me of the state of the common man before 1999.... I'm not a fan of OBJ... But his regime did loads to improve the buying power of the genral populace. This was largely due to macroeconomic measures put in....

This latest devaluation (though not the worst in recent memory) has come with alot of media frenzy... This solidifies my belief that somewhere between 550 and 700 lies the tipping point- the point of no return. It's at this point the average Nigerian will look to have their savings in forex and usually where things spiral out of control..

Right now, the arbitrage between the official and market rate is about 35%. Anyone who CBN gives forex can effectively resell it at 35% interest. In a country like Nigeria, that could be a bottomless pit of corruption. Sooner or later the CBN will be forced to make a big move...

Lemme speculate on possible things they might do and attendant effects...

1. Start funding BDCs- with the back and forth on this, this route would show they've run out of ideas.... Already, it's clear how it ends.... Except they give excess forex to fulfill demand, all they'd do is enrichen BDC operatves.

2. Go for domiciliary accounts- With this, the CBN converts all forex there to naira at their rate... In most cases, this is usually followed by a devaluation. This option is now looking like a matter of 'when' not 'if'. With the amount of popularity CBN has lost with the public, this is something, the average Nigerian might favour.. There is a hoard of dollars sitting there and the question would be what they're using it for? I believe the last memo leaked was genuine..
So far, Nigeria seems to be following the case of Lebanon. In Lebanon, after the ban on dom accounts, banks connived with some rich folks to ship out their forex... Already, it seems rich folks here have got the signal and are moving stuff already. The downside is that markets react badly whenever this is done.


3. Devalue the naira further- Again as we've seen, this would just be pushing the can down the road. If the CBN devalues without increasing forex supply, the market rate usually goes up too- more like a chicken and egg.

4. End the dollar subsidy- This is something I'd favour moreso if it's followed by a complete float of the currency. Cheaper forex for folks going abroad for mefical care or for schooling does not offer any benefit to the economy. Everyone should access forex at the same rate. Let the nation determine whats important and not. CBN can intervene via other means


5. Float the naira- This to me is the most sustainable option long-term. Here rate is typically dependent on market forces. Suspending dom accounts+ dollar subsidy + a float could bring long lasting stability we want..

6. Wait for the enaira and see the effect- This would seem like a gamble on something new. Moreso even if its eventually successful, it'd need lots of time to gain traction...that time we do not have.

And finally... Sit and do nothing..... Sometimes, this is the best option...

Eitherway, the next few weeks look like they're going to be interesting

Sometimes... It's good to place sell or buy orders based on HTF levels especially on majors and let them be... Cos mostimes with alerts one gets emotional when targets are hit and not action them


Signed in this afternoon to see my sell orders for ltc into betece at 0.495 were hit nicely just before the dump.... With that, I've sold 75% of my ltc into betece... The remaining 25% will be used to keep tabs on the market.... Anytime it pumps, I know a market correction is around the corner....

In all, I got 35% more betece from trading ltc within a month... Not bad for a useless coyn like ltc.... Wouldn't trade it for a while

In times like this when the market is uncertain, I just focus more on increasing my Betece value.....either via breakout coyns or majors.... When the market becomes clear, we know what's left

luvlyoracle:
Do you think we should still wait for more dip?

If a coyn that has been holding the 4hr support loses it, I either wait for it to reclaim that support or look at the support on the next timeframe which in this case would be the daily

nonut:
In simple terms, they're about to strike

Not necessarily... Just a guide I use when I want to hop in or out of a trending coyn so I can better define my point of invalidation

Sice the rally from 66, sol has been holding and bouncing off the 4hr support against usdt, bnb and betc... Its has lost it on all pairs.... Doesn't look good

SUPERPACK:
Don't be too attached to a coin, always sell some whether red or green to solve sapa issues, crypto is highly manipulative and until you convert that your profit into Fiat you have no profit, even stablecoins is not guaranteed. Remember; Only the whales with at least 3000 BeTC can determine the top or bottoms of coins, our own is to collect small profit as we can.
As we go out there to to seek for profit from crypto may we not meet what will eat us for Breakfast

I'd partly disagree with this....
It can be termed as partly manipulative- so is evey other market...

But then bitc0in is the fastest growing asset of the last decade and it's set to increase with time..

In the world of investing, having an asset that appreciates at even 10% yearly can be a gold mine... Bitc0in far outperforms that... If you look at the big picture, crypt0 can be a blessing...
Looking at the small picture is more of guesswork

idolda:
Thanks so much for the mention of Coinbase pro, never knew anything like that exist until you mention it earlier and I checked it out. The rate is great 0.5% and it has more coin than the basic version. It is also simple and user friendly to beginners like me. Got Algo from it now. I am still playing my way around Kucoin and getting to understand their interface better.

Coinbase pro is 0.25% I think..

Reason I like it is that their withdrawals are cheap...

Binance has about the lowest exchange fee moreso when the fees are paid in bnb- 0.075 I think

I'd definitely consider anything above 0.5% as being too high

Mayboy:
How do you mean? Please, I don't understand sir.

I mean that of recent, when ada pumps first, it tends to pull the market up... So ada begining to rally yesterday looked like a good sign...

Secondly, even if the market does rally from here, I still think it comes down to retest 40-42k which was where the selloff bounced

idolda:
Sure. It is open and transparent process, they charge 1.5% per purchase which to me is not an issue (Kucoin charged me 1.9% when i deposited the fund through the purchase of USDT). The simplicity is superb and a layman can successfully navigate the system without any hassle. I didn't even watch a single video or ask a single question when I downloaded the app, opened an account and made my first purchase. Only that they don't have many coin like others.

Hmm... I used to wonder why people will buy on the basic version of most exchanges and pay 1.5- 3% when the rate on the pro version is less than 0.5...

I cant remember trading crypt0 at more then 0.5 fees... Right now, I hardly use any exchange that goes above 0.25...

Look at it this way, if you learn to use it, then you've learnt it for life... Also, the interface on most pro exchanges are similar hence you'd be able to use any

idolda:
Kucoin is the most complicated crypto market on earth lol. I have been battling with purchasing from the app since morning with no luck. I have watched several videos on YouTube with little success unfortunately I already moved money into the app. I don't know why they can't make their platform simple like coinbase. For coinbase you just login and purchase crypto with your card directly without converting to USDT, transferring the fund from main account to trading account (chai the thing really wasted my time before i can figure this out) i was watching as SDN price dey fly but can't still buy due to the lack of simplicity of the app.

Have you bothered to confirm what the transaction fees are for purchasing crypt0 on coinbase (not coinbase pro) moreso with a card

LutanFyah:
Solving the issue of insecurity caused by the herdsmen can be done in a couple of months if the president sees it as a problem. Banning Twitter didn't take days, sending soldiers to kill unarmed protesters didn't take months; the president can marshal out the same willpower and urgency in addressing the herdsmen in the language that they understand.

Technology transfer is not a herculean task if we put in the resources to get them. We have brilliant youths who can be trained in a matter of months to operate and service the machines.

We have good brains that can reel out feasible and thoughtful plans to bring food production to fruition. Our brother is in AFDB, our sister is at World trade headquarters and we have good heads inside the country.

We have been copying the west in many things,we can just go to people who have passed through this stage in nation building and copy their templates.


Willpower is just the problem we're facing in this country.

Good submissions... Though I believe the war on terror is still largely underrated and it's one that's unlikely to be won by brute force alone. These groups had been left to fester on for so long that they've built good network. Also, the number of easy to radicalise out of school kids serves as cheap fuel for their ambition.

Hamzashaf99:
It's a mainnet upgrade, even though I don't understand whatever that means. I just know it's highly anticipated and the price has not dumped despite the delay.

It looks like it still has legs
I'm looking to ease some of my bnb into it between 0.85- 0.9 which is a significant level on the daily and weekly

Also looking at similar setups among breakout coyns and ada

LutanFyah:
Progress can only come in our food production when everyone (leaders/followers) come to the understanding that we must feed ourselves and not depend on foreigners to feed us.

We can do this by securing the lives and farms of farmers from the terrorists fulani herdsmen.

Setting up a medium and long term feasible plans to ensure food security.

Fund and encourage researchs on food production.

Provide facilities for technology transfer for the basic or even the best technology for food production.

Incentivise agriculture and food production, and making it a gold mine for youths to tap.

These are good worded policy changes...
Putting in place practical measures to address each of them is quite different.... These measures wouldn't be accomplished overnight... Even developed nations are still addressing some of those measures at different stages.

See it this way, if you're made the CBN gov, or finance/agric minister, what practical measures will you put in place asap to remedy the situation

My point has always been simple... No nation goes from 0 to 100 overnight... It all has to start from somewhere... One step at a time

Thruout Jan to April, an ltc pump seemed to be the marker for a selloff....

This time around, the first selloff happened after an LTC pump... Will be something to keep in mind going forward....

Though I don't like trading ltc as it's one of the weaker coyns, it tends to respect structure against betece... Holding 1 or 2 to keep tabs on the market should suffice

Currently against betece, the weekly isn't looking bad... A close above support would be bullish

Of recent, most bounces have been led by Ada... it bouncing should be a good sign then

But then, I still think bitc0in comes to retest the lows in the next 1-2 weeks before a definitive move up

maishai:
I believe the whole move towards e-Naira comes as an after-mat of the END-SARS protest, I believe that after security Agencies Identified those spear-heading the movement, they used all their tactics in the book including cutting their funding source to Nigerian Accounts but hey many were now receiving big funding through Crypto, Go fund me, and co...........

This funds were not going through the traditional means that the CBN has controll over, It was just too anonymous hence the CBN and the Government were powerless during the saga......

They have learnt their lesson and are trying to control all Digital currency operations in the country.....The e-naira will just end up being an exchange to standard digital currency like bitcoin ........................

CAVEAT: these are my Opinions

Most people think that crypt0 is anonymous... Not really... Heavy crypt0 transactions can be tracked online... That's one of the issues the some Western nations have with crypt0- the lack of privacy...

If their intent was to control crypt0 tradind, the ban did the opposite of that... Let me give an example...cos crypt0 is regulated in the US, agencies there can request details of traders from exchanges, also people are mandated to keep track of all purchases they make and pay tax when due... The exchanges also send customers details to the tax body when needed... With what CBN did, they cannot demand any exchange furnishes them with details of any customer... If their initial intent was to regulate the space, they practically shot themselves in the foot.

Secondly, the enaira will simply be a crypt0currency valued on the naira... It's not new in the space and certainly makes no attempt at replacing bitc0in... There are similar coins linked to the usd, euro, gbp, cad... They'd all belong to a group of crypt0 coins which are not investment instruments but are just digital versions of fiat. The question now arises that if I'm going to keep an enaira in my digital wallet, why can't I then keep a digital version of the dollar instead...

Apart from making remittance easier, the other thing I see the enaira doing is expanding the utilisation of crypt0 among the general populace. Likely a number of people who are skeptical regarding crypt0 will be more comfortable with a CBN issued e-naira. Likely, they'd get the enaira thinking its an investment and not knowing is same as the naira... After a few months holding that (whose value will obviously be stable with the naira), they'd then be more curious about how other coins differ

maishai:
The more I read about agriculture on Naira-land, the more I laugh at Nigerians, We reek too much with this entitlement mentality........ When you enjoy a tin of peak milk, Never fail to see the labor involved especially the skilled labor involved,It will take African countries about 50 years to catch up with their European counterparts, Do you know the quality of research going on in the netherlands in Agriculture, How many farmers or even extension Agents in Nigeria read peer reviewed Journals not to talk of the application of knowledge discovered.........

Coys like Dangote that have tried Backward integration in Sugar, I beg to ask The skills this move has created in Nigeria other than bringing in quack indians to man over Nigerians that operate machines ................

If a fulani cow can only produce 100liters of milk while a fresian cow from Netherland can produce 2000liters from the same feed, My dear its not the Cows fault but the People surrounding the cows

The issue I have with is the perception that cos Nigeria has lots of issues, nothing can be done to make it better... So we should sit and buy products of other nations for hundreds of years...

Dangote is able to make cement in same Nigeria...same with air peace and aviation... It doesn't matter if its Indian workers or not... What matters is that progress is being made.

All being said, food production is a basic human necessity... If a nation of 200 million is importing staple food with no end in sight then such a nation is doomed...

I agree theres a technology gap between Nigeria and Western nations... But what I'm asking here is not same as asking a nation to go to the moon.... We don't need the latest tech to produce milk...the knowledge has been there for at least a hundred years... I've been to a number of farms in the west and I'm absolutely certain that virtually everything being done there can be replicated easily in Nigeria.

Indonesia and Malaysia picked up some of the knowledge on palm oil production from Nigeria... Not too many years back, Nigeria and those countries were in same boat... Today we're far behind them... My point is progress has to start from somewhere

BizBloke:
[color=#000033]Jedisco,
How far? Hope you've sorted out the loan ish - or still watching the market to see? Got banned by the antispam bot when I replied lol.

I took mine to fund a domain name purchase that Godaddy estimated to be worth about $11k. But before I could pay for it, the price had increased by 600% so it didn't make any sense for me to buy with my personal cash; decided to use future profits from creeeptoooeee...and it paid off.[/color]

Not yet.... Still waiting for confirmation... which seems to be in play....

If bitc0in successfully retest the weekly support and bounces off it over the next few weeks to make a new ATH, then I'm game....

I'm narrowed down to a few options now..

One is thru defi- on the aave/matic protocol... Noticed I could even borrow usdt and even get upto 5% interest for borrowing.... Sounds wierd... Defi is something else....

Another could be via bitfinex.... Their rate is reasonable... Don't have an account with them yet

Hamzashaf99:
Doing well so far. Waited for a good entry and it has a highly anticipated event coming up end of this month.

I don't want to fall for buy the rumor, sell the news, so I want to set a stop limit a few days to this. However I'm not sure this is right. What do you suggest please?

End of month is still far... What ebent is that....

I'm now shifting my attention to coyns that have broke ATH.... It's much easier for them to rally