₦airaland Forum

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!

The federal government should force Binanc to use only CBN official rates for buying and selling of USDT

PaNnamdi:
Ok Mr analyst
Is binance not in uk Ghana and south Africa why is the respective currencies of these countries not depreciated and useless like our all mighty naira

If you must know some of the countries you mentioned have suspended Binanc from operating in their country due to the negative impact of some of the activities on their exchange

Ilekokonit:
Most of Nigeria's Politicians (including the looter in chief Tinubu) who have looted Nigeria dry have never heard if Binance nor do they have a crypto account. These Politicians loot Naira in billions and use their loot to buy most of the dollar in Nigeria both from the official and black market and they warehouse their now converted dollar loot in their private fire proof strongrooms.

This is the main cause of the Naira falling against the dollar and not the young guys trying to eke out a living by speculating on currency on Binance.

But as usual, its the small time common man trying to make a modest living that is scapegoated by the unconscionable corrupt Nigerian polithiefians.

It is Binanc that is fuelling the problem because anytime prices rise on it due to manipulation bloggers will just screenshot it and post on Twitter and people start panic buying of forex

The buying and selling rates on Binanc should be capped to CBN official rates

lrman:
Some of you should always check profiles before replying them...that one is just seeking attention with his fake moniker..I know who is behind the moniker..that one is just a troll...

Do you want us to continue our fight here?

Just mention my main moniker here and see what will happen

whitestar01:
This is really the beginning of cluelessness. When VPN is their to help you bypass then what is the essence of blocking them.

The intention is not to block it 100%, the objective is to restrict access to it so that Nigerians stop flocking to the site to check exchange rates which are artificially inflated thereby driving up the real rates in the black market

Nukilia:
For your mind

Wakeup from your dream

At least now it has been proven that the slide in the value of the Naira is as a result of activities on crypto exchanges especially Binanc

studentofTruth:
just read NG government blocks access to some crypto exchanges

https://twitter.com/WatcherGuru/status/1760696670860284058

This is just the beginning.

We're still compiling the list of others to be blocked as well

Nigeria shall be great again!