₦airaland Forum

Xisnin:
How much have you made from bitcoin?
Millions, billions?

bitcoin is not an investment

its a means of payment

anyone who told you bitcoin on itself is an investment is a joker

maybachmusic:
bitcoin is not an investment

its a means of payment

anyone who told you bitcoin on itself is an investment is a joker

Your post made it seem like people are making easy money from bitcoin when
it is the big players reaping off neophytes through hypes and baiting.

It is this kind of posts that makes many people fall for the scam.
If not for the promise of quick riches and market manipulations bitcoin will be
as obscure as it were five years ago because it has no intrinsic value.

themosthigh:
They will just convinct this man for nothing. Bitcoin prices fell, not his fault. Many people thought that prices will keep rising forever. It didn’t and like everyone, you have to accept your loss.

I agree with you but some folks capitalized on it to defraud others, not sure about this guy's case though.

Xisnin:
Your post made it seem like people are making easy money from bitcoin when
it is the big players reaping off neophytes through hypes and baiting.

It is this kind of posts that makes many people fall for the scam.
If not for the promise of quick riches and market manipulations bitcoin will be
as obscure as it were five years ago because it has no intrinsic value.

Same way the paper you hold called money has no intrinsic value

maybachmusic:
Same way the paper you hold called money has no intrinsic value

I don't hold much paper cash because it is not convenient but the little I hold
have something bitcoin doesn't, government backing.

The day bitcoin gains government backing is the day it loses its "crypto" status
and the hooded nerds will move on to a different one.

I would have said that this man needs a lengthy jail time for deceiving gullible people into parting with
their money but on second thought, he may also be a victim of the hype perpetuated through the media and
he didn't understand what he was getting into.

Ferdinandu:
There is no fraud there. Crypto currency went on a free fall since last one and half years. Most people that invested within that period lost upto 90% value of their investment. It is the risk with investment. If the price has gone North they would have been smiling and telling everyone how smart they are. They should just leave Joseph alone. He didn't commit any crime. You only invest in bitcoin, forex and investment like that with money you can comfortably lose. Their greed killed them.

Three things sent him to prison.
1. It was claimed that his business is unregistered.
MORAL LESSON
Register your business properly as that is the first step to take in order to be accepted as legit.

2. He failed to make the investors sign a legal document explaining to them the risk they are about to take.

3. He gave them assurance of good return on investment. You don't give people guarantee of success because you are not God. Even if you have witnessed something work 99 times consecutively there is still a probability that it will fail at the 100th attempt.

Also, you don't invest people's money. It is better to lose a million naira that belongs to you than to lose 100 thousand naira that belongs to other people.

alimaa:
Three things sent him to prison.
1. It was claimed that his business is unregistered.
MORAL LESSON
Register your business properly as that is the first step to take in order to be accepted as legit.

2. He failed to make the investors sign a legal document explaining to them the risk they are about to take.

3. He gave them assurance of good return on investment. You don't give people guarantee of success because you are not God. Even if you have witnessed something work 99 times consecutively there is still a probability that it will fail at the 100th attempt.

Also, you don't invest people's money. It is better to lose a million naira that belongs to you than to lose 100 thousand naira that belongs to other people.

Those your 4 points are not really a reason to be convicted to any fraud, he just needs a good lawyer to get himself off the mess
Your last statement you said you don't invest other people's money. What was the reason that they gave him the money in the 1st instance, was it not to invest it?
I'm sure he told them that it was crypto currency. Whether they know or not that they can loose the money. Once there is evidence that the money was invested in crypto currency as agreed initially not in any other business, that is all
When you put money in an investment three things happen
Either you makes profits and business continues
You don't make profit but was able to salvage your initial capital and close shop
Or Thirdly you loose everything

Nobody goes to prison for that. Whether they tell you or not no business in the world is bankrupt proof. They didn't give him money to keep but to invest.

i dint think he scammed them. if you know u know

Ferdinandu:
Those your 4 points are not really a reason to be convicted to any fraud, he just needs a good lawyer to get himself off the mess
Your last statement you said you don't invest other people's money. What was the reason that they gave him the money in the 1st instance, was it not to invest it?
I'm sure he told them that it was crypto currency. Whether they know or not that they can loose the money. Once there is evidence that the money was invested in crypto currency as agreed initially not in any other business, that is all
When you put money in an investment three things happen
Either you makes profits and business continues
You don't make profit but was able to salvage your initial capital and close shop
Or Thirdly you loose everything

Nobody goes to prison for that. Whether they tell you or not no business in the world is bankrupt proof. They didn't give him money to keep but to invest.

You are right

Xisnin:
Not delivering on a business promise is fraud especially when the perpetrator
is secretly gambling with victim's money.

Then that means investment banking in its entirely is a fraud. You can't make such sweeping statements.

maybachmusic:
lol


this one no near anything bitcoin


de just dey collect money put for account take off

thats how NL ended up branding crypto as a scam when guys like CZ (industry people will know) make 100s of millions of dollars per annum from crypto

or should i say the IEOs that raise millions in minutes

here we dey do yahoo, for 2005 benz dey make noise, when the real money is being made in Asia

oya, awon eyan binance. na so me sef go buy btc at 9500. as i sleep wake up the thing dom enter 3500. i cant fit cry

pinkyruledworld:
oya, awon eyan binance. na so me sef go buy btc at 9500. as i sleep wake up the thing dom enter 3500. i cant fit cry

I bought 1000 binance tokens at ICO


Dude made me rich

maybachmusic:
I bought 1000 binance tokens at ICO


Dude made me rich

oh mehn. Thats about 8.7 presently. i simply dunno how that ico works tho. i still dey drink the garri sha.

pinkyruledworld:
oh mehn. Thats about 8.7 presently. i simply dunno how that ico works tho. i still dey drink the garri sha.

CZ is a legend


Made so many of my friends bastardly rich

maybachmusic:
CZ is a legend


Made so many of my friends bastardly rich

Baba, lemme be your friend. Lemme join list of millionaires biko.

Hedonini:
Then that means investment banking in its entirely is a fraud. You can't make such sweeping statements.

No, it isn't.
The investors know what they are getting into and understand the risks.
Also, investment banking is regulated by the government.
When a person promise very high return and hid the fact that they will
be gambling with people's money, then that is a fraud.

Crystalworld:
I thought Bitcoin is a legit business, let me contact my chairman Bnaire, I think he needs to educate EFFC better.

bros how legit is bnaira, I ve been seeing his updates and wanting to do biz with him but somehow skeptical and doubtful, on a rate of 1-100 how can u rate him?

Ferdinandu:
Those your 4 points are not really a reason to be convicted to any fraud, he just needs a good lawyer to get himself off the mess
Your last statement you said you don't invest other people's money. What was the reason that they gave him the money in the 1st instance, was it not to invest it?
I'm sure he told them that it was crypto currency. Whether they know or not that they can loose the money. Once there is evidence that the money was invested in crypto currency as agreed initially not in any other business, that is all
When you put money in an investment three things happen
Either you makes profits and business continues
You don't make profit but was able to salvage your initial capital and close shop
Or Thirdly you loose everything

Nobody goes to prison for that. Whether they tell you or not no business in the world is bankrupt proof. They didn't give him money to keep but to invest.

I didn't need to finish reading but statement before giving u a like, alll the guy needs is a good lawyer X not those quacks charge and bail and his sentence will be reduced that's if he's not given the option of a fine m the government is dumb especially to this bitcoin thingy and that's the ignorance they will act on