₦airaland Forum

Talking about the enaira....

Its interesting that one year after CBN sponsored a campaign to brand crypt0 users fraudulent, they seem to be in a hurry to issue one...

Their enaira would be equivalent to the naira hence hold same value as it and be a legal tender...

Now while I can't criticize the idea and would rather watch and see how it progresses, but then, even as a crypt0 enthusiast, my concern is how quickly it was put together... It's obvious CBN wasn't thinking of this a year ago and seemed to get there in desperation...

First it seems the company in charge is actually a foreign one.... whoever handling this is same as handing over our mint to them. Such programs especially when government backed should have proper security in place... One of those is by ensuring they're home based if possible... That way, the nation has some regulatory control over them. A foreign company is subject to the laws of their home nation.

Also, unlike with paper fiat where printing paper money is expensive and takes time, with crypt0, a trillion naira can be issued in a day. Can the CBN handle this adequately and not go on a printing spree??

Lots of countries such as China have been trialling out crypt0 based currencies for years and are yet to issue one publicly...but it looks like CBN came to their decision overnight... Hope they really looked into it and x-rayed all implications.. security, sustainability, impact e.t.c.... That said, though I still remain skeptical, it'd be good to see how the program goes- hopefully its a success...

That aside, who would have thought that a year after branding crypt0 users criminals, we are now the ones calling on CBN to apply caution with their hurried foray into the sector.... Goes to butress one fact I believe in- that just like the internet did with communication, crypt0 will change the face of finance and value transactions in ways we have not yet imagined

Talking about how macroeconomic policies can be far reaching....

A while ago, when CBN in search of forex noted how significant foreign remittance was moreso with FDI reducing, so they looked to harness it.

They wanted to streamline all remittance to ensure the actual forex was transacred and not left abroad.... Not a bad idea

First they placed some restrictions on crypt0 as it was a good route of remittance. Next, they banned account of remittance companies and mandated them to go thru specific routes...

The new rules meant that for anyone living in Europe looking to send money back, the person would;
first convert their currency to usd
look for someone back home with an account in the required bank and adequate ID to send the forex to
That person would then withdraw the usd, sell it (likely to bdc) and come back to deposit the naira...

This new process was supposed to replace the previous process whereby folks could send money back with the click of a finger...

It was obvious it'd fail....
CBN then moved to incentivize folks by giving free naira for every dollar sent thru this route... Again, it failed as the market rate quickly adjusted.. They did not realise that doing that was effectively devaluing the naira....

Now what happened to folks in diaspora was that when they saw the new hurdles in sending back money, they resorted to other means. The young tech savvy who previously were not into crypt0 decided to use it for remittance, the older folks used smaller but trusted groups or persons who were still largely remitting via crypt0...

The result was that while the remittance (via official channels) has dropped by about 25% over the last year, Nigeria linked Crypt0 transactions has risen significantly over the past year despite the ban


CBN seeing all this has now decided to introduce an e-naira... I.e a crypt0 version of naira to make remittance straightforward...

So the point is, a CBN policy that was supposed to discourage Nigerians from using crypt0, boomeranged and ended up driving more Nigerians to use it... Not only citizens but also the CBN.... All this within a year

My question will then be... Did anyone at CBN really think that introducing such bottlenecks with remittances was going to work?

Willie2015:
Coy like Nestle are built to make profit as a corporate entity.....
Local content dev/CSR is just step forward to give back to the society....
FG cant abandon its core responsibility to Nestle and other corporate entity......
FG should provide the infrastructure and enabling environment......
Biz will thrive....
On the milk issue... the direct beneficiaries/target of the WAMCO program are the Fulanis....
Thats why the program is promising in Oyo state and its environs...
Take the Fulani out of the equation, that program is dead...
Ekiti govt even had to import over 200 dairy cows from the US alone .
Its not available....
An F1 cross of Friesian dairy cost over N600k...its also not readily available for supply...
U still have other inputs like land, building, cost of feeding of these cows and mgt...
I ve visited WAMCO Iseyin office ....I ve done the maths ...
U will not breakeven for a long time with high cost of inputs in Nigeria.
Simply put...our products are not competitive in the market...
As long as the above hold, coy like Nestle will be force to bring cheap imports,,,
Rather than establishin production base in Nigeria.
Go and read about the Zimbabwe farmers in Kwara that closed their dairy milk farm..
to start a broiler farm.....
D value chain is simply too chaotic for business to thrive....
CBN can only do little if FG refuse to create the enabling environment ...
My 2 cents.

I agree that the FG (incl the CBN) needs to do more in providing an enabling environment... Part of that could be to arm twist multinationals into backwards integration like it's done in every country... Western nations are still fighting to get jobs their multinationals had moved to China back..

That Fulanis benefit from Wamco inititiative is equally as good as anyother group benefitting.. Fact is that it doesn't stop there.... Forex (no matter how little) will not be wasted on importing that milk, those herders will not roam their cows far hence reducing clashes....e.t.c The whole nation benefits...

Nigeria has a lot of challenges, but there's always a way to start making progress... If the only viable means by which Nestlé can operate in Nigeria is by importing milk (which is what any trader can do) then their continued stay is detrimental to the nation and the government should ease them out and not give them cheap forex. I wouldn't mind Dangote and a few indigenous coys taking over that sector... At least, he'd search out a way to ensure good degree of local production

Jerryherd:
Dangote is secretly planning another industry takeover, soon we will all be at the mercy of his monopoly

The huge billions he is pumping into diary farming , importing cattle breeds from France and Brazil

What stops others from joining him in that monopoly...

Or is better we continue to import milk from much smaller nations?

Harmony One has had a quick bounce...

It looks programmed to break ATH....I had taken some profits earlier at 1.8...
I'm looking to play this on the 4hr support except if it begins an uptrend from current location

Keep moreso...

Shared this on the other thread... It's a new coyn and hasn't built as much structure but so far, it's held the daily support well... Was obe of those I added to....

Scanned the market..

I added to some of my micros as I liked how some looked....
Fuel used was from profits taken from ONE

For those who asked, these are the micros I have in my portfolio now....

Of late... Ive been looking at the defi space as a good opportunity to earn good stash this run... Moreso stuff like AAVE protocol... It's now I'm beginning to understand why eith went on a huge rally last year.... The more I look into it, the more I'm amazed at what crypt0 has become... Will be putting in some hours into it this weekend...

Macktaob:
Do pls carry us along as you do that.

Can't believe this second bull run this year, I still have regret of impatience; selling my $sol at $115.

No need to regret... You made good profits...

I also sold majority of my sol at 2-3x... Mow, its approaching 5x from ATH....

Usually, when I catch midcap breakouts, I ride them and start taking profits at 4x with most out at 5x.... I didn't think the market was ready for such sustained rallies... Hence I cut my sol early....
There'd always be more opportunities... That's the beauty of crypt0

Looking at relatively new coyns like sol, ftt, even Aax and luna breaking out and doing well... Seems I'd start targeting some breakouts.... That can be an easy x5 in this space

Usually, old coyns have too much bag holders willing to sell into every 10% move

wwwtortoise:
The thing is that I’m still indecisive.
I guess it’s best for me to just observe how the market will play out in coming weeks (for the majors).

On the other hand, an e-friend on mine called my attention to something called Royal Q

https://www.nairaland.com/6640664/royal-q-robot-trading-binance

What do you think about this crypto trading AI bot?

No idea... I've not used bots

Hamzashaf99:
What's your thoughts on Luna? I know it's not a coin you normally trade, but I would love to get your insights on it. Also broke it's ATH and now seems to be consolidating?

Not one I've traded... Looks like a new coyn.... It Just broke ATH and held well on the selloff... Just like most relatively new Looks like one which still has legs to run..

I'd wait for the market to settle and look at it again

Ibime:
How you see market oga?

Shared above... Good chance the weekly support is tested in the coming days to weeks... Above this, even alyts should be ok

Macktaob:
I am actually looking if to sell and go wait for the knife.

It's your decision to make though I've noticed that most folks who want to sell low to buy lower end up selling low to buy higher....

Macktaob:
Do you think we would be seeing 38k and lower?

Step at a time...

Support now is at 40-42k...

After that the next support os at 35-36k

Then 30k which is a major support..

Folks asked for 42k last week... Now its here, people will ask for 38, if it dips there, they'd ask for 30k and so on and so forth... At a point in time, one has to decide when to buy based on the HTF and stop moving the post and end up chasing a pump....

luvlyoracle:
Pls what are your thoughts on btc
Is the 2012 and 2017 charts replicating already?
Oga jedisco and open heaven I need your input

To me, the major deciding factor is if 60k is the top of this bullrun or not...

If it was, then yes, you'd expect lower highs and lower lows... Similar to 2017

If it isn't, then 60 k was the first peak and Bitc0in will go on to form another peak ... The 2013 cycle had double peaks...

I gues that question will be answered in the coming weeks

Yesterday was another reminder of the volatility that brings folks to crypt0...

This is looking like a retest of the weekly ema...

To put things in perspective... That's usually a line in the sand between bull and bear... When bitc0in bounces off it and maintains a trend above, then a bull market ensues....

Knew the restest was going to come, but then, it came quicker than I expected.... Was looking at a push up to at least 55k before the selloff...
Eitherway, if this is the retest than pushes prices higher, then I expect that support to be tested and tested well over the coming days to weeks

Targets on harmony one were hit at 0.15 before the selloff.... Got back in at close to 0.1

Around the weekly ema, bitc0in tends to outperform other coyns... Thats something to keep in mind...
Goes without saying that a good number of my alyts are back to or close to entry... One thing clear in crypt0 is that a day when most coyns are 20% down is not the day to sell same also with buying on a day when coyns are 20% up

Morning my people.... Hehe

Jumpingdque:
I am Dr. Chijioke Chukwuemeka Anthony, a native of a Enugu State and a member of Nigeria NMA, NDA and MDCN, Trained in University of PORTHARCOURT and completed my Housemanship at University of Calabar Teaching Hospital.

@op... Doctors are to be of high IQ... Take this stuff down...

The mdcn doesn't care about such and the oath you guys took doesn't cover such...
Your wife cheated on you, deal with it... Pick your self up and rise... Don't go crying about

Got into this at 0.35... Waited weeks for it to move...
No plans to sell a kobo until 0.6.... maga must pay

Why are alyts bleeding when bitc0in is rallying... Usually, thst happens when bitc0in is at resistance or abt to make a move.....

Finally, the ladt alyt I'm looking at.. Avax...
Broke ATH at 40 ablnd us now consolidating... Such stong rallies usually have a part 2...

Trading breakout coyns can be very profitable as we've seen

Another breakout coyn is FTT.... An exchange coyn whose owner is somewhat linked to sol... Tracked it for a while... Didn't get my desired entry b4 the breakout...

It's prev ATH is also 60... Maybe it'd do a sol....
Would take an entry if it comes to retest the 4hr support..... This is obe of the few entries I'm willing to take with bitc0in above 50k....

Sol has not lost it's 4hrs ema since the breakout at 66... Was expecting it to do that following the rejection at 150 but the coyn had other things in mind.... Impressive...

wwwtortoise:
I have been thinking in this direction (accessing loan using crypto collateral) for some time now.

Honestly I don’t feel like liquidating my crypto portfolio anytime soon. And on the other hand, I’m in need of extra cash to makeup for a pending project.

This quagmire pushed my thoughts into the crypto loan line.

A quick glance at nebeus platform shows naira is not listed on the currency drop down. My concern is because I don’t have a dom. acc. to facilitate usd/eu transactions.

A penny for your thoughts.

Hehe... Naira

Such transactions on the crypt0 space are done with stable coyns- you can then transfer the stable coin (using a cheap method) to an exchange like binaz and sell via p2p...

It has its pros and cons.... If not done properly, it could cause problems. Imagine someone taking a loan with bitc0in collateral whan it was at 60k cos they thought it'd moon...
Moreso, using such loans to buy alyt coyns comes with added risk and not advisable for a someone new to this space...... Of course, there's also benefit...
But then, such brings out the greed in folks and makes them chasing the top.

I'm contemplating it cos I believe from a fundamental perspective, bitc0in should go on a run towards end of year hence I don't want to sell my bitc0in... But before taking the bite, I'd wait for market confirmation first...
Moreso, my ltv would be about 50% or less... And the loan would be used outside Crypt0....

BizBloke:
[color=#000033]Nah, it wasn't for a coin purchase. Used it to buy another digital asset: a domain name I want to flip for about 4-5 digits in 2-3 years.

I think there's no middle ground when it comes to interest rate vs LTV rates; the only platform I can suggest now (but not used though) is Nebeus. They've got an adjustable LTV up to 80% for Flexible Loans. Perhaps you could look them up. I'll ask my folk for the one he used.[/color]

Interesting... Just looked Nebeus up.... The interface looks good and they mentioned being insured...

But I still can't understand your own....if you used USDT as collateral, what did u loan?

My plan is to deposit some Bitc0in, get some usdt... After 3 months, refund the usdt, withdraw my bitc0in and go into alyts... Will need some confirmation in the market though... 25-50% ltv is good for me... I want to sleep with my 2 eyes closed

sellydion:
I expected Cake and Zil that I used the fund for to go up in the near term

Currently zil has covered all the interest for one month , where are just 3 or 4 days into the game.

Ok... I get it now... You deposited your cake as collateral, took usdt and bought zil?
That's similar to margin trading....

I'm using mine for a project outside Crypt0... Just don't want to sell my stash of betece yet

Ada/eith...

One of the more dependable combos to trade.... Targets will be 0.6- 0.7.....

Above 50k, my plan is to take profits into mainly stables and maybe some betece so I have fuel for a dip... But I'd keep an eye on this...

Bch also another one on the move after a good flip of 700... All betece needs to do now is keep calm and not blerp up

BizBloke:
[color=#000033]I took but used USDT as collateral. But I know someone who used ETH or so; don't think there's much disparity.

Let me know what information you need.[/color]

That's strange...... Why didn't you just buy the coin with your usdt?

I'm looking for something with a low interest rate with a period of 3-6 months.... Those with very low interest like celcius (<1%) rates have annoyingly high LTV rates

Macktaob:
What points are your alerts?

Around 120
If I'm targeting a retest of 120, my alerts would be around it

sellydion:
Loan taking on Binnance

from 7 days to 180 days

I took 1000usdt for 30days at21usdt interest

tota loan payable at expiration 1021 usdt

Cake was used as collateral

you can liquidate b4 time.

loan interest is calculated per day.

Yeah.... I saw that on binaz... But their rates are too high....

U get mind to ise cake as collateral.... If I'm taking out, I'd use betece as collateral... And I'd want further confirmation on the direction of the market fes