mrgoodd:
The children of the poor you denied of free education and good life amenities will never let your children rest, Why not declare free education from Nursery to tertiary institutions with easy admission process, At least the world will know the government is ready too help from their side, After all the amount Nigeria government lost monthly is more than what the education sector contribute the country wallet in 5 years.

GavelSlam:


Stagger you of all people should keep quiet.

The blockchain is simply the mechanism through which cryptocurrencies work.

The blockchain's benefit is not limited to cryptocurrencies.

I have asked any of you to explain its benefit but you can't.

All you know is that youngsters buy, keep and sell when it appreciates.

Perhaps you can use it in the black market perhaps a few transparent businesses would accept it but I can count on my fingers those that might.

Stop following the crowd.

Stop being parochial.

As the less educated but criminally minded realise they can commit crimes using cryptocurrency as the payment regime, you would begin to see it affect you directly.

In the late noughties, when kidnapping of expatriates was in vogue many of the likes I see here, who cannot think on their own were praising the kidnappers.

I could see how it would evolve to local inhabitants being kidnapped.

Many of you are jumping at the sound of money not realising this us the very thing that would destroy you.

GavelSlam:
Government should make it illegal for cryptocurrency to be used in any form in Nigeria.

Should it be found on your person it should be immediate jailing.

I know sole slowpokes would come here to talk nonsense.

Nigeria is not a technological/advanced society and even many advanced countries are yet to accept it.

In addition, criminal actions are rife across the country. Unlike any other nation.

In fact, the youth embrace it with impunity and bravado.

We must outlaw cryptocurrency.

eTECTIV:


Is cryptocurrency d problem here? U completely ignored d elephant in d room only to rant about something else

GavelSlam:
Government should make it illegal for cryptocurrency to be used in any form in Nigeria.

Should it be found on your person it should be immediate jailing.

I know sole slowpokes would come here to talk nonsense.

Nigeria is not a technological/advanced society and even many advanced countries are yet to accept it.

In addition, criminal actions are rife across the country. Unlike any other nation.

In fact, the youth embrace it with impunity and bravado.

We must outlaw cryptocurrency.

DrHoganObi:
Police paid Ransome to release DPO from kidnappers.

Divit:


That’s not the solution. In fact, banning it will make the issue worse. More criminals will start demanding it and sell to other criminals or nationals.


What needs to be done by the feds is ‘regulation’. Feds should regulate all firms involve in the acceptance, usage and sales of cryptocurrency by strictly imposing KYC/AML. So no one will be able to avail cryptocurrencies without giving up his/her identity.

stagger:


I have written several articles on the blockchain and Bitcoin since 2011. I can even forward to you personally one article I wrote for a Czech website as contribution to that country's debate on whether or not cryptocurrencies should be regulated. Can I add I was paid $500 for that piece by those who commissioned me for it?

A whole stack of work I have done on this subject for years. I am highly knowledgeable about the subject and it does not require me living 300 days or years in any foreign country to achieve this.

Again, you can request for my work in this area and I will gladly forward same to you.

einsteine:
Bitcoin is easier to trace than cash.

If only our security agencies can do the work.

A lot of criminals are under the illusion that bitcoin is anonymous. It is not.

It is merely pseudonymous.

Lots of vendors on Silk Road are now doing jail time because of this misplaced belief.

Bitcoin has a clear blockchain and you can see all transactions.

stagger:


I have written several articles on the blockchain and Bitcoin since 2011. I can even forward to you personally one article I wrote for a Czech website as contribution to that country's debate on whether or not cryptocurrencies should be regulated. Can I add I was paid $500 for that piece by those who commissioned me for it?

A whole stack of work I have done on this subject for years. I am highly knowledgeable about the subject and it does not require me living 300 days or years in any foreign country to achieve this.

Again, you can request for my work in this area and I will gladly forward same to you.

GavelSlam:
Government should make it illegal for cryptocurrency to be used in any form in Nigeria.

Should it be found on your person it should be immediate jailing.

I know sole slowpokes would come here to talk nonsense.

Nigeria is not a technological/advanced society and even many advanced countries are yet to accept it.

In addition, criminal actions are rife across the country. Unlike any other nation.

In fact, the youth embrace it with impunity and bravado.

We must outlaw cryptocurrency.

GavelSlam:


I asked a simple question so no need for veiled insults or cryptic open-ended answers.

Of what use is cryptocurrency to the local economy?

Second question:

Is it absolutely necessary and for whom?

Watch how he would be prevaricating.

Following the crowd doesn't make you intelligent. It only makes you a sheep.

eTECTIV:


Is cryptocurrency d problem here? U completely ignored d elephant in d room only to rant about something else

TrendVibes:


https://www.dailytrust.com.ng/i-paid-15000-to-secure-my-daughters-release-ardo.html

GavelSlam:


All of you are sheep.

You cannot think on your own.

I have asked of what benefit cryptocurrency is to the Nigerian and you are all here throwing insults.

If you know your father did not waste his money on your education, itemize 5 bullet points on the benefit of cryptocurrency to the nation.

Explain what it replaces and why his should be the new way to go.

I know you cannot.

All you heard is bitcoins give money.

You buy, you hold on to it, and then you sell when it appreciates.

Sleevia:
so to you, this is the best solution? in your wasp reasoning, cryptocurrency is the cause of crime? Chai.. if person blast all these Bubu stooge now, dem go say we hate Buhari because he is a fulani man.

NGRsenate:


That it is pseudonymous doesn’t necessarily mean it is easy to trace.

It is traceable yes but it’s extremely difficult. It has been said sometimes that tracing it will cost more than the amount you’ tracing.

Silk Road fell because the administrator got careless with his code words not because bitcoin was traced to him

eTECTIV:
Since kidnapping is now a thriving business and going unabated dis ones have gone digital... These ones are even hiding in plain sight.. Chances are dat dey know d gal and her family and it's possible d gal may know dem even...

einsteine:


I am not talking about Ross Albricht. Many of the vendors on silk road were caught due to transaction analysis on the block chain.

There is a difference between difficult to trace and untraceable.

Bitcoin is not untraceable

DrHoganObi:
Police paid Ransome to release DPO from kidnappers.

GOFRONT:
How does a bitcoin look like!!

einsteine:


Bitcoin is not untraceable.

Monero, yes.

Bitcoin, no.

At some point, they are going to have to change it to fiat. That's when they are caught. You can follow the entire transaction and with the help of court orders, uncover the identity of each wallet the money moves through.

For instance, let's say the kidnappers receive the money in a Luno or Paxful wallet, is that untraceable?

GavelSlam:


I'm an itsekiri man with advanced degrees in the physical sciences.

Live more than 200 days in a year in Europe and the States.

What do you know?

Where have you been?

What is the standard of your education?

And lastly, of what benefit is cryptocurrency to the local Nigerian economy?

Fallenhunter:
As someone who's read up on Crypto's, I'm no expert but there's only 3 benefits to crypto. They're all individual level benefits and none benefit the nation, rather crypto hurts the nation

Benefits
1) Speculation and making money on crypto movements
2) Making untraceable payments and tax dodging
3) Hedging against movements in your currency (It becoming stronger/weaker)

These all can definitely benefit individuals but do not benefit the country. They hurt the country through tax avoidance and prevents the setting of monetary policy.