₦airaland Forum

Rubbiish:
For u to say bitcoin is not a company & doesn't have an office, obviously shows your level of ignorance which clearly bespeaks u know nothing about blockchain technology. The world is clamouring for decentralization of all sector including social media, u are typing nonsense!

where is the headquarters located at?



Who is the head of the organization?

Uniique:
Ah.. Bros Your I.Q low sha

your own high

Rubbiish:
For u to say bitcoin is not a company & doesn't have an office, obviously shows your level of ignorance which clearly bespeaks u know nothing about blockchain technology. The world is clamouring for decentralization of all sector including social media, u are typing nonsense!

U better leave that one with is Ignorance. You are just wasting your time trying to explain how things work

If I was in Lagos I will just cross to Benin republic, open an account and connect my cryptocurrency depot to that account.

adonainana:
This is the poor Nigerian version of explaining the volatility of cryptocurrencies. The supply of cyortocurriences are fixed meaning they don’t need YOU or anybody to buy and they don’t need YOU or anybody to sell

Whenever you buy any crypto currency it’s value can go hope and go down just like when you are buying shares on the Nigerian stock exchange, Dangite cement shares can rise and fall anytime.

This is not because they need new investors and old investors are cashing out, whether you buy any Cryptocurrency or not

Also buying and selling crypto currencies is not the only reason people use cyotocurrneixes some use it for international transactions, its like a currency with no borders.

If cyotocurrencies was a Ponzi scheme, have you ever seen a Ponzi scheme being used to pay people school fees and import cars etc

they aren't fixed, demand and supply is what determines the price of Bitcoin, people panicked that the global economy will crash and invested in Bitcoin to counteract the effect, that's why the price sky rocketed last year

By the time Buhari and his Wicked, Satanic and Demonic Policy is Done with Nigeria..


Somalia will be a Paradise compared to this Country..


I tell u

iamJ:
where is the headquarters located it?



Who is the head of the organization?

Where is the headquarters of gold located?
Who is the head of gold?

U are nothing but a senseless f00l!
Don't quote me again please!

You are very correct, but remember that the point here is that CBN is claiming foreign outflow of dollars due to Crypto. So regardless of the transactions at the exchange as long as Naira leaves and Naira is returned to you, then where is the dollar lost. If i pay online in Naira(like in a bet site) and my account is displayed in $$$ after a conversion and I can withdraw that dollar into a dom acct, then I agree the bank loses $$$. but thats not the case with most crypto exchanges

joey150:
Also, remember that you're trading cryptocurrency. So, you're buying what others are selling, and vice versa. And those people you buy from collect dollars (which of course isn't magically created) which they can withdraw or trade into another coin. You sell your bitcoin valued in dollars and get paid in naira (using the exchange rate) so naira is being turned into dollars and vice versa.

NiklauseFred:
This geographical location called Nigeria is such a mess,to even use the word mess is even and insult to mess itself.
Alot of people has left the shackles of poverty with the help of this bitcoin.
My friend has invested all her life savings on this and she just payed l the money last week to procure the coins and to even imagine that it worth's over 20m is such a sad a story.
It doesn't make sense honestly!
This shit called Nigeria is and insult to the word mess.

Use correct English lie na
You just Dey Fvck up anyhow

Well o well, the new policy won't affect APC members

Rubbiish:
Where is the headquarters of gold located?
Who is the head of gold?

U are nothing but a senseless f00l!
Don't quote me again please!

gold has intrinsic value


Bitcoin doesn't

Gold doesn't need to have a company behind it


All your insults are meant for you, go and read about Bitcoin, how it's mined, it's origin and why it's valuable

I pray Buhari presents Nigeria back alive to Nigerians by the time he will be leaving.

Isn't these the same people crying cashless policy upandown?

Germanhunter:
Use correct English lie na
You just Dey Fvck up anyhow

You think everybody is like you?

meekhat:
Crypto has come to stay whether CBN likes it or not. Nothing spoil at all. Watch how p2p deals will grow in exchanges like binance. Naira is dead and no be we kill am. No wise person keeps his money in naira anymore.
Let me come and be going to binance for p2p buy and sell jor

Even Buhari & the useless CBN all use Dollars. They all killed the Naira. The tissue paper is more strengthened than the useless Naira. A consuming nation, waste bin can never strengthened her currency.

iamJ:
they aren't fixed, demand and supply is what determines the price of Bitcoin, people panicked that the global economy will crash and invested in Bitcoin to counteract the effect, that's why the price sky rocketed last year

The supply of bitcoin is fixed youngman, what this means is once all that has been in supply has been bought, you can only buy it from someone who has it. People put thier money in bitcoin because the other world global fiat currencies such as dollars etc won’t be able to cope with what has been happening recently due to the pandemic etc

You can wake up anyday and print more dollars and flood the whole system with more dollars, you can’t with bitcoin, bitcoin supply is finite meaning it has an upper edge over dollars and other fiat currencies

iamJ:
people said worst to me when I called mmm a ponzi scheme

What is Bitcoin? Can you hold it? Does it have an intrinsic value?


If everybody decides to pull their money, who guarantees the payouts?

At least currency is a legal tender, bitcoin is dependent on people's believe and fomo


Last last una go wail, the only thing special about cryptocurrency is blockchain

I kind of agree with you in a way. This whole crypto asset is looking like a 'bubble and bust' situation. People keep buying and buying which leads to higher prices of crypto assets, one day it will crash. I rather keep investing in all these piggvest agric schemes at least, you know your money is insured.

definitelyCYRIL:
please if I may ask you Mr man, how is it only beneficial to only criminal elements and speculators Do you know how many people cryptocurrency has brought out of poverty? Please stop talking thrash... To be honest, any person supporting this ban is an enemy of development and one of the problems of this country

is it every agbero and conductor on NL you reply? You just wasted your precious data on that ignoramus.

iamJ:
money is a legal tender that is guaranteed by a government

Bitcoin isn't guaranteed by anyone, if everybody using it decide to pull out, it will crash to zero cause bulk of it's current value is inflated

Money is money because we agree to it as a means of exchange. What my Bitcoin can buy, your naira cannot. Because your naira is worthless out there in the international market

WallStreetfx:
U better leave that one with is Ignorance. You are just wasting your time trying to explain how things work

Can’t blame the guy I swear the way boys have scammed some people in this Nigeria eh .

You will ask someone come and buy bitcoin and he will start asking where is thier address and office loool

I can’t breathe this night ooo

profmallor:
No thats not true, even though your dashboard reports in USD or YEN or Yuan, your value is still in Naira. Is it not Naira you deposite do you withdraw in Dollars?. After you do all the transactions why dont they send to your dom account. Why do they allow you withdraw to only your Naira account, Yes they do for some people but very few. You have crypto that are listed in Naira and dont even need to be changed to dollars.

Yes eventually Bianance which is a foreign company in Nigeria most take out their profits but so do MTN and DSTV and all other foreign companies

If the value is in naira, then explain how it's written in dollars and you can buy bitcoin from someone selling in the US (through the exchange) and the person in the US can then choose to withdraw in dollars? Your value is in Naira quite alright, but converted to the dollar equivalent.


Before Nigerian Cryptocurrency exchanges became popular, people did peer to peer transfer where they would use the current bitcoin price and then sell based on the equivalent exchange rate in naira. And if I recall, then you could only directly buy crypto from an exchange using a foreign currency.

If the Nigerian dollar exchange rate shoots up or drops, dosen't it affect how much dollars is reflected in your dashboard when you credit your wallet or want to withdraw?

Please point out anything that I may have missed.

Zenithpeak:
Isn't these the same people crying cashless policy upandown?

I tire ooo

magicminister:
You have to be really dense to not know this is their response to the end sars protest.


November last year, CBN banned all direct transfers to Nigerian bank accounts from outside the country. You can recieve money but not more than $5000 and not directly to your bank account, you’d need to go to the bank, provide ID and recieve in Cash.

Now, CBN banner crypto. Remember during the protest, after bank transfers were banned from sites like flutter wave, the people switched to crypto! Now the crypto is gone, people died and the protest is looking like it was for nothing!

honestly, Nigeria is a useless country, anything to frustrate their citizens is what they do always.

It works like every other currency, it's just more volatile and the value does actually fluctuate based on demand. A good news from China would have a marked effect on how the price goes. Most definitely not a ponzi scheme like you said, it's a digital currency. Most Nigerians just knew about it during the MMM boom amd collapse so in their head if they hear bitcoin the firat reaction is scam alert.

adonainana:
It’s not a ponzi scheme and it’s not entirely the explanation you have given it.



Crypto currencies are digital currencies for instance you have currencies that belong to nations such as naira etc

Crypto currencies are digital currencies tho with no national boundaries, you don’t buy it hoping it will rise, some do buy it hoping the value will rise and they will make a profit from it ( trade it ) some use it for international transactions vis a vis making international payments CBN and Nigerian banks will never allow you to do

The more people buying it doesn’t mean the value will increase because the value of cyorcurrencies are finite ( limited in supply )

In short it is not MMM, it is far from it or a ponzu scheme it’s just like any currency dollar euro whatever. Hope the explanation helps

winterfell007:
I kind of agree with you in a way. This whole crypto asset is looking like a 'bubble and bust' situation. People keep buying and buying which leads to higher prices of crypto assets, one day it will crash. I rather keep investing in all these piggvest agric schemes at least, you know your money is insured.

Unless you understand bitcoin.. do not make an argument. Bitcoin follows the same lines of the Nasdaq so is the Nasdaq a bubble? If so, whats your point?

profmallor:
Great, so I will explain

An exchange like Binance which i use well sells currencies in crypto BUSD, USDT and the likes. These are not physical dollars, there are all digital currencies. In fact, when you buy a crypto like USDT, which equivalent to a dollar, you pay way more than you would if you go to an Aboki to buy physical dollars.

NO Exchange comes to your Bank at month end for dollar reconciliation because they dont trade in foreign currency. They allow you use Naira all the way

summary

Naira >>> Exchange >>>> trading >>> profit >>> withdraw >>> Naira


The Government is Bitter because all of sudden many people dont bank with them any longer because the exchanges provide remarkable liquidity and profit, something the banks would never do because Nigerian Banks dont even bank anyway but to use our money to make more money for themselves.

I know the HIGH and mighty would have crypto trading not because they cant make money from it themselves, but more because suddenly the average man doesnt need their fraudulent institutions to make any money. Block chain technology is more transparent and easier to use to trace fraud than even the banking systems, so they lie on foreign exhange outflow.

soon if they dont allow the billions of Naira stock in exchanges back into the economy, that Naira they are protecting would fall further. when people make money off crypto trading is it not the same Nigerian economy they plunge the same funds into. But the half baked CBN policy makers cannot think further than their noses.

Please can you explain the very obvious variations in prices between Luno and binance. Why is Luno price usually very high?

TheRareGem1:
Is there any country that use crypto as legal tender? I want to learn really.

Also, I know that CBN works independently of the Presidency.

Tell me something. Can you please tell me who appoints the governor of CBN? nothing i no go see for NL.

magicminister:
You have to be really dense to not know this is their response to the end sars protest.


November last year, CBN banned all direct transfers to Nigerian bank accounts from outside the country. You can recieve money but not more than $5000 and not directly to your bank account, you’d need to go to the bank, provide ID and recieve in Cash.

Now, CBN banner crypto. Remember during the protest, after bank transfers were banned from sites like flutter wave, the people switched to crypto! Now the crypto is gone, people died and the protest is looking like it was for nothing!

Absolutely spot on. They want to silence and punish all EndSars advocates. Remember even Jack supported the movement by contributing through crypto.

Emefiele and Buhari are the absolute worst two pieces of shit to ever hold power of important position in this country.

profmallor:
You are very correct, but remember that the point here is that CBN is claiming foreign outflow of dollars due to Crypto. So regardless of the transactions at the exchange as long as Naira leaves and Naira is returned to you, then where is the dollar lost. If i pay online in Naira(like in a bet site) and my account is displayed in $$$ after a conversion and I can withdraw that dollar into a dom acct, then I agree the bank loses $$$. but thats not the case with most crypto exchanges

What it means is that the bet company has had to sort for dollars (usually in the parallel market) to change your naira to. It's almost like you're importing a product.

But in the case of crypto, not all that naira comes back. Because what happens when people start using it to store value. I.e convert naira to dollar, buy crypto and then store it in their wallets or exchange it with other coins.

So the maths finally adds up to us converting more naira to dollars than we do from dollars to naira.

As you know, Cryptocurrency is only the symptom and not the disease. The government just hasn't figured out a way for us to export enough products or service to earn enough dollars.

Theoutsider:
Unless you understand bitcoin.. do not make an argument. Bitcoin follows the same lines of the Nasdaq so is the Nasdaq a bubble? If so, whats your point?

[img]https://media./images/e2b95c1a019c484771439c867f0047e2/tenor.gif[/img]

happney65:
Funny people.. They should continue.. The aftereffect of this thing will be more than endsars when the very people they are taking a legitimate means of survival away from their hands revolt in one way or the other. they should not worry..very soon na online vendors they will come and attack..

it is sheer ignorance and wickedness.