₦airaland Forum

Soul47:
You miss the point.

That Nigeria does not at the moment have the aforementioned tools for regulating crypto in no way mean they cannot have it when they choose to embrace it.

And Chief you are woefully wrong to say crypto has been discouraged by every nation across the world...

@Fallenhunter

What you said is right about benefits/earnings from crypto going to individual pockets and little or nothing going to the government.

To me, I don't know how many are patriotic enough to think about a government that barely care for them and since it's an honest investment myself and other non-lazy youths have embraced it.

Now, don't you think the government will gain massively from it when they choose to embrace it?

For example, imagine the government create 4 mining farms of
10,000 machines each... Great revenue will be generated from that alone.

That's my 2cents on the matter anyway.

Ireland, China and USA have one of the biggest cryptocurrency mining farms, and yes it's owned by individuals but there is no way the government wouldn't have been aware and approved such.

There may still be a way to tax crypto earners but am void of that at the moment.

I just think it's wrong for the guy to say crypto should be ruled out completely.

GavelSlam:
Absolute tosh.

A network of criminals based in Russia or Iran would make minced meat of this theory.

Talk to simpletons.

Soul47:
If you could rule out his comment as trash then you deserve no further attention.

You ignorantly claimed crypto couldn't be traced, he proferred how to do that.

If the government were kneen on tracing crypto transactions and are well equipped wouldn't they do that successfully?

But here you are countering what he said so you would appear right?

Are Russians Nigerians? No.

And do you think fraud can be completely eradicated from a society? No. But can be minimised.

kalu61:
l have a good knowledge of crypto, l will advice you open your mind to learn. l must commend you on your maturity level in handling the bullies. l would have bought you a bear and we talk on importance of bitcoin and co in new face of technology to world economy both the good and the bad side of it.

crypto makes 30 percent of my monthly income

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.

twnklshop:
Sorry Sir. But your suggestion would not work. Out of all the ransoms paid by cash in Nigeria how many have been traced? You could as well suggest that cash should be banned.

My cryptocurrencies (Rainbow Currency, Twnkl Estate Coin, Twnkl Mobility Coin, Twnkl Vacation Coin and Twnkl Shopping Coin) are worth 13 million naira as at today and I am targeting $1 million by 2021. I achieved this without committing crime in a country with infrastructure deficit. Cryptocurrency is Life!!!!

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:
That a few people make income from a product doesn't mean it serves the greater good of the generality.

droidtech:
Now we should not throw the baby away with the bath water. I want us to be creative here. There are many issues we have to deal with;

1. We have a serious issue with corruption in this country. Leaders, followers we need to look at ourselves and deal with this.
2. There are a lot of poor, jobless people in the country. The idle hand is the devil's workshop. This issue has to be tackled head on.
3. The disparity between rich and poor is become wider and wider. This is a recipe for chaos. God help us.
4. People seeing politicians rewarded richly for doing nothing but mediocre things. The way money is shared among those in the corridors of power is ridiculous.
5. Kidnapping has always been done with cash. Should we therefore ban cash?

Now let's talk about cryptocurrency and hence blockchain technology.

One of the advantages of cryptocurrencies and blockchain is the ability to create a trustless system, i.e a system that does not need a middle man to ensure trust between two parties involved in a transaction. The truth is, the current systems in existence today have what is called "Vested Interests" i.e certain persons benefit from the continuous use of these systems, they become richer while the rest become poorer and depend on them. One of the main ideas behind blockchain and cryptocurrencies is decentralization. That is, the power/control is shared and not held by a central authority. For example when Greece had a financial crisis and where in debt, because the government had power. They dictated what people could withdraw from their bank accounts. It was terrible. I can't imagine such happening in Nigeria, if for example we have a debt crisis, and the money that we have borrowed from other countries, with nothing to show for it but the fat pockets of our politicians, and then the government now restricts what ordinary citizens can spend and the money they can withdraw. Or you look at the Zimbabwe and Venezuela and see what happens during inflation, all caused by careless governments and their policies that majorly affect the poor. We don't need to get to that point.

The blockchain is supposed to be a revolutionary, disruptive tool, very powerful in the hands of those who understand the power within it to be used for good. I am a fan of blockchain because of the philosophy behind it. One of the concept I am working on, is the concept of "smart money". Now we definitely need this here in this part of the world. A lot of contract disputes would be settled easily just with the use of blockchain technology. For example, a political office holder would not receive any pay until certain conditions are met. People would be in control of what and when they are paid based on what is called a smart contract. The same with paying contractors, they don't receive payment until the people permit it. The blockchain would help us as a people control how our monies are spent. If you not 18 you can't buy things like alcohol. If you can not account for how you got a certain amount of money, you can't spend it. All these can be done on the blockchain. There is a lot that can be accomplished using blockchain technology if we can take the time to educate ourselves, and stretch our imaginations.

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.

Lampert505:
I'm sorry o,but Bros your sense no dey for ya head

twnklshop:
Sorry Sir. But your suggestion would not work. Out of all the ransoms paid by cash in Nigeria how many have been traced? You could as well suggest that cash should be banned.

My cryptocurrencies (Rainbow Currency, Twnkl Estate Coin, Twnkl Mobility Coin, Twnkl Vacation Coin and Twnkl Shopping Coin) are worth 13 million naira as at today and I am targeting $1 million by 2021. I achieved this without committing crime in a country with infrastructure deficit. Cryptocurrency is Life!!!!

GOFRONT:
How does a bitcoin look like!!

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

NGRsenate:
They were traced because they were matching chain records to IP addresses.

As funny as it may seem, most people who did business on silk road were too comfortable. Always transacting from one IP, never changing, some didn’t use VPNs. So feds matched IP, transaction records and other records online and were able to catch them.

With transaction records alone, you only know where the bitcoin is going but not who is moving it; unless of course someone makes a mistake, in the case of silk road.

I never said it was untraceable, it’s just difficult to trace.

For instance that okeke guy. It was google that casted him. If you read the report you’ll see how he was careless with separating his personal info from his dark doings. That’s how silk road too fell, users left a lot of crumbs online.

There are ways money will move that it will never be found. Raw cash o, not to talk of bitcoin.

BluePrincee:
The high lighted really shows that you are an active senator and a member of the Red chamber

Felixamos:
I wish you the best of luck in hitting your target come 2021... Nice one man! Really happy for you...

Soul47:
You miss the point.

That Nigeria does not at the moment have the aforementioned tools for regulating crypto in no way mean they cannot have it when they choose to embrace it.

And Chief you are woefully wrong to say crypto has been discouraged by every nation across the world...

@Fallenhunter

What you said is right about benefits/earnings from crypto going to individual pockets and little or nothing going to the government.

To me, I don't know how many are patriotic enough to think about a government that barely care for them and since it's an honest investment myself and other non-lazy youths have embraced it.

Now, don't you think the government will gain massively from it when they choose to embrace it?

For example, imagine the government create 4 mining farms of
10,000 machines each... Great revenue will be generated from that alone.

That's my 2cents on the matter anyway.

Ireland, China and USA have one of the biggest cryptocurrency mining farms, and yes it's owned by individuals but there is no way the government wouldn't have been aware and approved such.

There may still be a way to tax crypto earners but am void of that at the moment.

I just think it's wrong for the guy to say crypto should be ruled out completely.

GavelSlam:
No one is saying it cannot be a cash cow for investors.

I am simply saying we as a nation cannot manage the technology.

Anyone that thinks otherwise is not being truthful or indeed factual.

GavelSlam:
Mining farms cost money to run.

Canada tried it and realised it wasn't beneficial.

Fallenhunter:
You require sophisticated monitoring systems to regulate and control crypto. At the very least you'd need a system that can keep track of all crypto transactions, a supercomputer to decode the encryption protecting the sender and receiver, a registry where all those trading in crypto would need to register, a sound central bank policy and a top notch investigative team not to mention you'd have to cut crypto traders in Nigeria off from the world because crypto is by its very nature it's own centralized system. Moreover as of now crypto is bought in USD not Naira (If im not wrong) which further devaluates the currency.

You're right that the government doesn't do much for its citizens and people aren't patriotic to such a government but if everyone embraced crypto the government would utterly collapse. Imagine things being 10 times worse than they are right now, truly a survival of the fittest scenario. The government can no longer profit off crypto farms because easy mining is over. You now need incredibly powerful graphics processors and a ton of electricity to mine new currency (at least for bitcoin and the popular cryptos) and Nigeria doesn't have the resources to spend on that. The one way I can see it working is if the govt works with crypto traders and users to establish an honest record of their income and taxes them on that. However, for such a system to work most places in Nigeria would have to start accepting crypto payments and people would need to change their mindset of not paying taxes.

Soul47:
Nah...

Check picture below.

I posted the link yesterday and got banned for that, so google it to confirm.

There is no place on this green earth where mining is not profitable if embarked on with cash. Minimum 8 months you break even.

GavelSlam:
They are profitable today but last year they made a loss.

Bear in mind, that is Canada with sufficient resources and expertise to not just generate power but facilitate efficient mining.

It would not be efficient in Nigeria.

GavelSlam:
And your papa own.

Lexusgs430:
No trace..... Kidnappers using technology..

charlsecy:
I think it's traceable.