[quote author=Kenneth4u205 post=128603873]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

Educate them.
God bless you

omoadeleye:



Be careful with your hard earned money.

That was how usdc crashed and people lost their life savings.

Crypto is just like a Ponzi.

USDC bawo....


who are these ignoramuses?

Obierika:


I know one blockhead will bring tribalism here!

There is nothing like tribalism in what i said . Tribalism is apointing incompetent fools from a particular tribe because the president is from that tribe and that is the problem of the country and the naira . Trying to use some foolish propaganda is the height to foolishness and that is what the yorubas are doing now.

CuriousX:


You are naive. So as our naira cards are not working to make payments online, you expect people not to use crypto for payment? You have a website and your hosting and domain renewal is due and naira cards are not working to allow you make payments to keep your website and business online, what do you do? You buy crypto and make the payments simple!

Buhari printed 24trillion naira ways and means with out approval causing inflation but you are here trying to make me feel guilty for trying to survive but you are not blaming the politicians who loot billions of dollars and did stuff that put us in this mess. Stop the gaslighting

Yeah I know the politician set the wheel in motion, but the purpose of the reply is not to trade blames. It is to point out what you think as a scheme for enriching yourselves as a recipe for economic disaster in the end,but you need Ask yourselves, does it make sense to store up and speculate against a currency with USDT that has no real or tangible value for trade.

is USDT only used in Nigeria? Why is it not affecting other countries currencies? Even the US uses USDT, there are coys who offers payments in BTC, USDT, BNB.

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!

We will continue to hold our money in USDT.

Don't cry for us.

We know what we are doing.

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

Bro that’s not virtual dollar. No US government entity will accept USDT. It’s not dollar. It’s called Tether. Even US embassies won’t touch USDT and you claim it’s their money?

Please what's the use of enaira if USDT as you claim it to be? All this agent of evil government don't know when to stop. Shameless

[quote author=wealthyvic1 post=128604921][/quote]

When you go to withdraw 1OO USDT in atm, do they give you $1OO usd? And can you prove this?

I have been saying this before... They are not the same o

Only in Nigeria! It is only in Nigeria will an Olodo come to a public space and be spewing rubbish and his fellow Olodos would be hailing him. APC did it, you too can do it. Illiterates are the loudest people on earth. Carry on ,we no dey even argue it

faceland:


Imagine a old person putting all his life savings in what he thought was dollars savings, and it crashes... It would certainly crash one day when they are no more new mugus.

If this thread only safe one person, it is successful.

blike Na me this post go save oo..about putting a substantial fund as the naira de crash

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

I hope you know what you are saying? Ghana fell to a point where they have to rebase removing three zeros from their currency, meaning if you were holding 10,000 before, you now have 10. Since then, the currency has gone further one zero down

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

Dont argue with idiots, they actually beat you with their stupidity.

Tugee:


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

U dey mind them
People wey dumb.
The USDT is actually reducing pressure on the actual USD.
The government was printing naira like shit, they didn't complain, used the oil wells and future oil production for loans , still nothing
How about using the foreign reserve as collateral too to JP Morgan and Goldman Sachs?
But USDT which is a stable coin, and has billions of USD bonds is the problem?
Better hold your government responsible.

Money is what people says it is. Bitcoin has value cos people believe and use it to exchange value. Tell your fvcking clueless govt to provide value to the world, this is the only thing that will add value to the naira, not clamping down on crypto freaks, most rubbish govt hates crypto cos there can't control how people get rich from it. It's funny how money printed from thin air is rendering the naira surpossedly back by crude oil, gold and all the natural resources found in Nigeria, very useless.

USDT is designed to be always worth $1 US

Procashtips:


Who audits the USD?

Do you know the US prints USD anyhow and anytime and that it's not pegged to anything worthwhile?

By your logic, you shouldn't be keeping USDT then because it is pegged to USD.

Do you need to audit the USD?

g

Tugee:


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

omoadeleye:



Be careful with your hard earned money.

That was how TerraUSD crashed and people lost their life savings.

Crypto is just like a Ponzi.

. Thanks very much for your advice, but naira isn't an option

Your politicians are stealing billions and converting to usdt... If you know , you know !


Dey play!

Miyachi:

By your logic, you shouldn't be keeping USDT then because it is pegged to USD.

Do you need to audit the USD?

That's what I'm telling you.

If USDT is worthless, same is the piece of paper called USD and every other currencies pegged to USD.

Only currencies pegged to things like gold should be accorded value.

Yes, you need to audit the USD, else it becomes unaccountable and unreliable.

SenecaTheYonger:


So they don’t accept USDT? Even though Dell can covert it to BTC but they still don’t accept it.

There are more than 250+ companies that accept USDT

I posted the link above.

Even airlines.

There's heavy pressure on naira because of insecurity... Kidnappers demand millions in ransom and most times they get paid in dollars 💰

Fix insecurity
Fix the refineries

Naira will heave a sigh of relief !

Lifestone:

I hope you know what you are saying? Ghana fell to a point where they have to rebase removing three zeros from their currency, meaning if you were holding 10,000 before, you now have 10. Since then, the currency has gone further one zero down

Na usdt make Ghana currency fall??
A country without light, unemployment zero, no good roads, insecurity everywhere, export capacity is zero, how on earth will such currency withstand dollar without support. Go read 50 cent recent comment on Nigeria. The govt will stop this floating after sometime and start paying again, my only worry is hope they don't do it late. Because they will be starting from the current exchange value to start defending it. Same way they are now paying subsidy at 700 naira, something they removed at 195 naira.

PepeXKermit:


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?

2015? Just 7 years. Nigerian currency has been existing for how long? In 7years 1naira was cents.
Just trade with caution is what OP is saying

My old man worked for 35 years as a civil servant and was able to save 3.5m when he retired in 2017.
I talked to him about saving in USD or crypto wallet instead of saving all his money in volatile naira pending when he will invest it in his proposed business. He refused and believed in our naira and insisted on leaving his cash assets in first bank account.
Now the money is worth less than #800k

Who is more foolish, the Nigerian that believed in naira or the other that believed in virtual currency?

Our leaders keep giving us reasons not to believe in this country every passing day.

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!

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!

Are you aware that this is what is used to measure BTC and every other coin in the crypto space that is discussed all over the world. This your opinion is same one that people have about the cryptocurrency that people's wealth could disappear and that it's not same with physical money. There are still very strong critics of BTC and doing their best more now than ever to discredit crypto space and you can't talk crypto without the USDT as this is yardstick to measure your crypto value based on it's peg with the USD. However look around you.... The world has left you behind. It's going digital and instead of fighting the change, institutions are being created or put in place to effect some form of policies and regulations to meet with these digital changes. This proves to you that CHANGE IS INEVITABLE. We can not hide from it and we can not run from it and we can not resist it either. If you persist you will become obsolete.

Hence, BTC ETF became a success and gradually making a name even on Wall Street and this is not a Nigerian Effect.

Nigeria's problem did not start today and if we must revive the economy we must call a round table and tell ourselves the simple truth however look round you again... Who is ready to say the truth. The VIP according to Fela " Vaga****ds in Power" will never do that. Rather what do we have - fill the words yourself and add with impunity to each word you come up with. From then till now, na who Dem expose we see o.

As a human being, when you borrow excessive ly, without boosting your income avenues to repay and stop the borrowing.... How do you expect to meet up over time. Instead, you flex and share with your guys, even the ones we generate from NNPC, etc is syphoned to people's pockets. All na hard currency.

Now, you ignorantly continue to borrow in foreign currency with an increasing margin in exchange rate to yours and still go ahead to devalue yours to woe investors
without developing your country, creating jobs, revive your economy and boost production.etc. This is the bullet that our government have shot themselves without knowing and gradually we are beginning to feel the wound now. Everybody from head to toe. If you are rich and say it's a lie... then you don't know what hunger breeds.

Nigeria's debt is killing the Naira in the face of a failing economy.

No other country owes more than America or western world but is their economy working... You know the answer otherwise, we for no dey japa go yanki.

If the Naira must stand... The President must go after the people that have looted us blind!!!

They stole in BILLIONS OF DOLLARS!!! And they are STILL STEALING EVERYDAY


Adage: If you hold a yam at the bottom to roast... After a time, you will turn it's bottom to roast as well. The country has been roasted on one end for a long time and now, the roast is about to start from another end.

@ FG, Quench the fire now and recover our stolen wealth

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.

The USD can not be backed by US Government or US Military... currency is supposed to be backed by a real resource from rare metals like Gold or by Diamond or any valuable commodity.

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!

in as much as we all know Usdt operations is sketchy, compared to usdc whose audit is public, they literally print money form thin air, but never ever use Do kwon UST & Luna as an example because the mechanism he used to peg that stablecoin was always meant to fail and be exploited, he was warned severally, so you don't know? Go read about it. Lastly and most important it is in the Intrested of big companies who has any form of crypto in their balance shit for USDT not to depeg or crash. If USDT crashes, everything is going down with it, and the Crypto industry might never recover from it... Usdt is traded with almost everything on the face of crypto market, u know how much is in USDT right now? Don't eveb rosy for such coz it will after u either direct or indirectly.

Government sponsored post

Rubbish post

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!

Its okay to yarn dust when you don't understand something.
USDT is accepted by a wide range of stores which are shown on my screen shot.
In fact i bought my laptop 2 years ago on Amazon with USDT(on ERC 20) via Bitpay.
Even if one is uncomfortable with USDT, there is USDC, DAI etc which are backed with USD and ETH, and they have been audited and verified.
STOP CAPPING