Foolish op . So why did TINUBU ban binance if USDT has nothing to do with dollars?. And for your information there is crypto ATM card which you can use for shopping or even withdraw money from any ATM machine. Here in south Africa ,we shop with crypto ATM Card and wallet balance.

USDT is the same with physical dollars . But it's a digital currency. Same way that the Bank transfer you send to your girlfriend is also a digital Naira

Government sponsored post.

You're right but Only a novice wld mistake USDT for US Dollar bro.

USDT is a stable coin my brother

SenecaTheYonger:


For something to be valuable, it should have a use. What is the use of USDT outside crypto trading. Compare it with the use of actual USD (oil, exportation, loan, medical, tourism, etc.)

I don’t have any problem with USDT but it should not be used as exchange rate for Nigeria’s economy.

USDT is printed by a random company called Tether, same way you can print meme coins in BNB chain, by imputing a bunch of values and boom. Not saying USDT is from BNB network. It’s from Tether.

But the USD is printed by the United States Department of Treasury and is backed by the US government and military.

You're absolutely wrong , many car dealers and many business owners I know transact in usdt... A friend still bought a car of 4m with usdt recently! That you don't use it doesn't mean it's valueless!!!

IduNaOba:
We have used
Btc
Eth
Even doge to pay for stuff
USDT wey be stable coin is what you are writing epistle on
Please what's making the price of btc go up?
E get where them keep reserve for am?
You paper money, what is it backed by?
Rest my friend and rest.

One is backed by a country and the other is backed by a shady company that won't even let its books be audited.

Ok...

NigerianEagle:
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!

Werey, usdt as an orfanization holds alot us bond, if they crash, us economy will crash too.. Do kwoon had a stable coin that was pegged using algorith and not the physical dollar. Usdt has been here since 2015 and una think say na beans?

Nigerians are the source of their problem. Let's keep pumping more money into USDT (a fake money) which will motivate aboki's to increase the value of the real-world money. We go cry wolf tire in this fucking country.

NigerianEagle:
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!

even if we convert our money to Bitcoin it would still have the same effect. The problem of naira is not binance..

SenecaTheYonger:


For something to be valuable, it should have a use. What is the use of USDT outside crypto trading. Compare it with the use of actual USD (oil, exportation, loan, medical, tourism, etc.)

I don’t have any problem with USDT but it should not be used as exchange rate for Nigeria’s economy.

USDT is printed by a random company called Tether, same way you can print meme coins in BNB chain, by imputing a bunch of values and boom. Not saying USDT is from BNB network. It’s from Tether.

But the USD is printed by the United States Department of Treasury and is backed by the US government and military.

Some of us get paid using USDT from our Yankee clients. The USDT dey boost Economy on a low.

How is this your problem? Tell it to your immediate family members if you really care as much as you appear.

Judithjovial:
OK, be there and be capping shit. We don't need everyone to believe and understand crypto we just keep making our USDT gains 247

Like someone rightly pointed out on a previous crypto thread "Ignorant peope full this forum"

oladele239:


You're absolutely wrong , many car dealers and many business owners I know transact in usdt... A friend still bought a car of 4m with usdt recently! That you don't use it doesn't mean it's valueless!!!

Like play like play before their very eyes, these digital coins would takeover

Leave him

He doesn't know that these digital currencies are currently a threat to the global financial institutions

The central banks the world over are all jittery.

Nigerians with our 'too-know' mentality will come and attach the op now and still cry to God to punish the person that defrauded them after gleefully refusing to heed the warning.


Thanks op.

SenecaTheYonger:
if you type ‘what does USDT stand for’ in Google you will never see United States Dollar Tether. So now tell me how a token which is printed from thin air, which you cannot buy oil with, you can’t sell oil and accept USDT as payment. You can’t pay hospital bills abroad, you can’t pay schools fees, you cannot export anything of relevance and collect USDT as payment. But somehow this is supposed to be competing with actual USD that we get from oil export and other trading of goods and services, etc.

USDT has no value outside of being a hedge for crypto coins to avoid the volatility typical of cryptocurrencies while holding funds within the crypto system. It has no real world use. But somehow, we use it as exchange rate for real actual dollars gotten from trading goods and services.

You sound dumb...go and really research what is backing the usdt currency.. US govt debt. You think usdt will crash now america economy go still dey stand? Una dey funny.

NigerianEagle:
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!

You should do more research because many websites/businesses accept USDT as a form of 'digital dollar'. You can check hostinger (a popular web hosting company) for reference regarding use-case because it is accepted on the site and a host of others.

NigerianEagle:
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!

How does converting Naira to USDT put pressure on the naira or the USD? Currently I believe Nigerians have at least $10Bn stored up in USDT, imagine if all that desperate demand went to the parallel market for actual USD, what do you think would be the value of Naira today compared to the dollar

Kimcutie:
Allow people to save their money in USDT if they do please, that's the easiest way to save money in virtual dollars than nigerian banks

Who stops them?

...lots of ignoramuses on this thread...keep wallowing in your poverty while we keep cashing out

By the time you wake up, it would be too late.

SenecaTheYonger:
if you type ‘what does USDT stand for’ in Google you will never see United States Dollar Tether. So now tell me how a token which is printed from thin air, which you cannot buy oil with, you can’t sell oil and accept USDT as payment. You can’t pay hospital bills abroad, you can’t pay schools fees, you cannot export anything of relevance and collect USDT as payment. But somehow this is supposed to be competing with actual USD that we get from oil export and other trading of goods and services, etc.

USDT has no value outside of being a hedge for crypto coins to avoid the volatility typical of cryptocurrencies while holding funds within the crypto system. It has no real world use. But somehow, we use it as exchange rate for real actual dollars gotten from trading goods and services.

You can convert it to fiat oga!!

SenecaTheYonger:
if you type ‘what does USDT stand for’ in Google you will never see United States Dollar Tether. So now tell me how a token which is printed from thin air, which you cannot buy oil with, you can’t sell oil and accept USDT as payment. You can’t pay hospital bills abroad, you can’t pay schools fees, you cannot export anything of relevance and collect USDT as payment. But somehow this is supposed to be competing with actual USD that we get from oil export and other trading of goods and services, etc.

USDT has no value outside of being a hedge for crypto coins to avoid the volatility typical of cryptocurrencies while holding funds within the crypto system. It has no real world use. But somehow, we use it as exchange rate for real actual dollars gotten from trading goods and services.

the fact that some people have as much as 100 million usdt should bring some people brain to factory reset.
investing 100million to a coin thats not really feasible and not a legal tender anywhere.

Bluearrow:
Smh
All these govt agents sef
Instead of advising your president to work on the economy, u are talking about usdt. Other countries like Ghana & south Africa, why are their currency not falling because of usdt? I pity una

Lol Ghana currency already went through what we are going through now around 2022 when GHS went up from 6 cedis to almost 15 cedis to a dollar....


Them jus see am stabilize for the 12 range wey he dey now...


Usdt isn't the cause of currency fall buh saying one country currency isn't falling is what I'm trying to clear you....


And if you doubt the Ghana own you can ask dere citizen....

Government agent.

Everything is backed by trust. Even the naira in your hands is backed by trust. It's the trust you have in your govt that makes you to be believe in the naira. Since the US pulled out from the gold value, the dollar has always been backed by trust. Tinubu can wake up today and print more money into the system. Nobody knows how much naira is in circulation. But at least we know how much usdt or BTC that'll ever be in circulation. At least we can look at smart contracts and know that no one can wake up tomorrow and start minting more usdt or BTC like a mad man.


We know that usdt is not not actual Usd, but how come it can easily be converted to USD anywhere in the world. And for your information, it is not only acceptable in the crypto landscape. A lot of merchants accept it worldwide cos of it's ease of conversion and the elimination of middle men banking thieves!


You can use an ATM to withdraw it into actual Usd anywhere in the world. And please don't compare it to Ust. Many people knew that Ust was backed by just algorithms and bound to fail. Many smart YouTubers made videos warning traders many months before the crash. If the backers of the naira (Nigerian politicians) are to be trusted that much.......why has the naira been falling like crazy for many years now :-


Nothing actually has value in this life except people give it a perception of value.

You know, I have been an ardent opponent of cryptocurrency, but just look around you today. Look at the rich and wealthy individuals between the ages of 25 and 45. How do you think they made their fortunes? This isn't solely about Yahoo boys or not. The world has evolved, and if you continue to focus solely on the morality and moral benefits of crypto for everyone, you may grow old with nothing to show for it. There is no policy in the world that benefits everyone, not even the Covid-19 vaccine. So, if you keep waiting for one, you'll wait forever.

To my main point, I was about to graduate from school when Bitcoin gained a little prominence in Nigeria. Many people didn't understand it, and many weren't interested (I never showed interest too). Today, one Bitcoin (which used to be less than N10,000 in 2011) is now worth N98,000,000. Once again, look around you. This is how many of the youths around you became wealthy. You may continue to criticize them, while hoping the government will make you rich, but the reality may be different. The government only "cares" about the poor, and even then, no government in the world has been able to eradicate poverty.

As a graduating student in 2011, I was making clean N10,000 in 1-2 weeks. Imagine "investing" a little sum of that money in Bitcoin. Well.....

If you are not going to steal, just follow the "new" money or new ideas that do not seem to make sense to all. At the end of the day, you may lose, but at least you tried. Just make sure you are following a new invention. People who bought huge shares at Nvidia and Netflix when these new generation companies were barely known have suddenly become multi millionaires in dollars. That's how the world works. Whether you like it or not, your Naira will make people rich in USDT just as the time you spent on Netflix will make the shareholders extremely rich. Nothing favours everyone equally. Ire o...!

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dvkot:
So what's your point?

Help me ask am o..

NigerianEagle:
The crypto stablecoin USDT is not the same as US$.


Go and read up about Do Kwon and his stablecoin UST which crashed and rendered thousands of people bankrupt.

The cryptocurrency mafia name the coins intentionally to fool people.

It is risky to carry real money, to buy magical digital money.

An uncomfortable percentage of my net worth is in USDT, and I still convert at any drop, like the drop to N1369 /$. Only a fool will listen to paid write-ups like this.

Your post is riddled with half truths and mis-informations

Bro usdt has tested the market be it bears and bulls and never has it failed..

Usdt is backed by dollar and they have been audited by many auditing companies..
Individuals and some organizations accept usdt as payment,
Crypto in general is gradually going mainstream and soon will be widely adopted..

It's not only Nigeria that uses usdt, other countries and currencies are also traded / USDT..

If you want to value of naira to gain, then start from your greedy gorverment and politicians, leave ordinary people to make their ends meet in crypto in peace..
Thanks