₦airaland Forum

lavylilly:
Insider trading CANNOT be eliminated in NSE

That's a pity.
No market is 100% clean thats why we have regulators.
But when it gets to a stage that the average joe is persistently in a loss because of some greedy folks then they'd pull out.
People buy certain US stocks cos they know they're likely to trend up over time.

Most folks thought bitc0in was dead after 2017 bubble... But it's bounced back well hence more trust in it as a store of value. Same cannot be said for Nigerian stocks.

It's quite clear where nigerians are putting their money

XiaoLi:
Breaking: CBN directs banks to shutdown crypt0 accounts https://www.vanguardngr.com/2021/02/breaking-cbn-directs-banks-to-shutdown-crypto-accounts/

What I found interesting about the article was this;

lalasticlala:
Last year, estimates from BuyC0ins showed that total volumes of bitc0in traded in Nigeria stood at $200 million per month. That’s more than what was traded on the Nigerian Stock Exchange ($131 million) in Q2’2020.

This activity boosted the space, and the gatekeepers of these volumes were the crypt0currency exchanges. Nigerians moved from exchanging bitc0in on WhatsApp groups to more formal exchanges like Bundle and Binance.

This is a shame if true
Money will always find its means.

Nigerian trouped out to support the NSE and buy stocks in 2007/08. Most who did that intended to buy snd hold for year. Almost all are yet to recover even their base capital today...talk more of taking inflation into context.

If strong regulations were in place and we refuced insider trading, young Nigerians would be looking to profit by buying oour stocks. Today the sector is as corrupt as they come.

Every innovative market usually has a bubble. What differentiates wheat from chaff is what happens after that. During the dotcom bubble of 99/200 lots of 'internet' companies were overvalued...in the coming years, quality companies surpassed their dotcom prices and made them look cheap.

Same thing with bitc0in. 2017 was a bubble, but in 3 years, it's surpassed that bubble price and keeps surging.

Piggyvest our indigenous investment platform haf just started offering crypt0 investments in app. The numerous ads on NL also tell same story.

sKeetz:
Buy $ZIL

It's been consolidating... It's one thar runs and runs and runs

condomuser:
The way all these crypt0 go take CRASH even the devil will be shocked.

Beware , there has been many QUICK MONEY MAKING SCHEME before this century, they all failed, only PAPER money is legal.

We've heard. Thanks for the advise

kolagbemi:
Thank you sir.

Your boy don japa at 68 when it revert to 65. Now it's in 70 seem to be going higher.... I'm just too afraid this days.

I shared all my portfolio between XLM, ETH, Tron and LTC. Just now I put just 45usd in BNB back, hopefully I will be safe. I've really tried this past 5days. With my 151usd, I've made 50usd. Hopefully i won't experience any downsizing soon.

Bless you all for me.

You're welcome

LTC is an old guy and can be snailly at times, but it'd get there eventually. I believe once it takes 180 successfully, it'd start accelerating quickly.

Personally, I dont trade tron cos I see it ti be too wicky.. it can pump crazy at times but it doesn't suit my trading pattern. It looks due for a pump though

Sniping a good micro may not be bad for your portfolio... Some have not really run and may do so soon... I have my eyes on zil and theta... Trying to get good entries. Some micros can give insane orofit at this stage but are more risky so I allocate a small portion to them. Finding good unpumped ones are difficult cos trust me, some are dead

I'd add that in this market, stuff can move irrationally to the upside.... Just be at rest that no one can time the top. Jumping back in a position soon after leaving like you did is one of the easiest ways to buy the exact top and lose all your profits. When you've taken enough profits and your HTF targets are met, be happy to close it. If it runs, let others benefit. You can decide to leave a moon bag and maybe put a stoploss on it to reduce the temptation to FOMO if it goes higher.
If the market dips now, you'd be annoyed with yourself for buying back... Though bnb seems intent on 100 for now

road2ff:
Good job you've been doing in this space gained a lot from yours and enlightened/abduljar (couldn't get the correct moniker) posts, but like they say in stocks the moment you start hearing your pepper seller and shoemaker e.t.c talking about the stock market it is a time to exit the scene, with every dick tom and harry being interested in cry.pto this days and more than 70% not even willing or patient enough to learn the ropes and only interested in doubling their fund, could it be a sign that we might just be at the end of the bull run?

You're right
We may be approaching that stage in Nigeria but were its traded worldwide and were not close to the top euphoria of a crypt0 bull market
It maybe... Technicals point to further upside. Obviously even with an upside, there'd be dips to flush out overleveraged folks.

Fact is, this bullrun has been rather quick... Also, looking at the volume of betece traded between the 30k-40k range, I'm impressed. A good number of old buyers at 10-20k sold off hoping to buy cheaper...

I'd say if betece gets above 42k and holds, then 55-60k is well achievable. In that case, it might just have confirmed 30k as the floor price for a long time to come...

In this market, nothing is certain but I'm quite sure that were still a bit away from betece top for this cycle. And that holds true even if we dip to 20k tomorrow.

I know it sounds huge and scary, but this market is very cyclical

sweetveek:
yeah but not every one can wait for limit order to be fulfilled because of little price difference

Funny enough, limit orders are almost instantaneous when one sets their limit price close to or at the current market price.

Obviously, if the guy put a limit price equivalent of 20k usd, it'd take forever to get there and may never do

pragmatistm:
The new directive is different. You cannot send or receive money from exchange directly from your Nigeria bank account again else your account will be blocked by your bank.

P2P seems to be the only available option now to use.

The letter says it's a reminder.

Personally, I'm not fluttered. I'm more focussed on getting the best out of this run. When time comes to take profits, it wouldn't be an issue

kolagbemi:
Taken profit already sir.

However, I have like 29usd in crypt.o.com which I started as 20usd 2days ago. As you know crypt.o isn't like Bi.nance where you can use stop-loss to protect yourself or take profit on the way up.

It requires an outright sales.... please at what price do you think BNB may stall.

Or should I want to exit now, which coin would you advise I convert to.... any signal or stable coin that is consolidating

In current market conditions, when a coyn breaks ATH and starts running, I target x2 at least.
New coyns and small caps obviously do much more.

Also, most golks look to take profits around regular whole numbers e.g 100, 0.1 et.c

It broke out from around 40-50, stalled around 70 b4 taking it out...and seems to be accelerating.
Id put sells betwwen 90-95 once it crosses 80.

Also if its a large position, sometimes I leave a small amount called the 'moon bag' incase it keeps running after I exit

Some folks use a mathematical indicator called the Fibonacci level to estimate

ApostleBlack:
Nigeria volume is huge o

This is interesting!
Can you share the source of the infograph?
I had come across some publication that showed Nigeria had almost 100% increase in adoption over the past year but volume was still low.
If this is true, then its likely the reason why the most common ad on NL is on crypt0

ilemona4u:
Do what do you advise I do now sir? Things are just so down

I see things are difficult for you but I am not a financial analyst neither am I a financial advisor. I limit my discussions/advise to stuff I know a lil about.

In this market, its advisable not to put in critical or borrowed money. Don't be carried away by 50% folks are posting...
Is there no way to get the shop running?
BTW, how much are you looking at selling the shop?

ilemona4u:
pls reach me out on whatsapp sir. I would want to be enlightened more on this trade.. 08148680882

My apologies, I usually prefer to limit my discussions to NL unless absolutely necessary. That said, I would not be telling you anything different from what I said here. With my experience of this market, it does not seem like a wise decision.

I see this as a waste of time but CBN. Western countries and even China once tried it and all finally succumbed. Now they've moved from putting a ban to making sure folks pay tax on profits made.
The EU and China are also working on their officially floated crypt0 coins.

Money just like water will always find its level. If the CBN does not know that yet, this move will prove it to them.
When they introduced policies that made sure government officials (more so CBN officials) roundtripped the dollar and devalued the naira, when they give millions of scarce foreign exchange at a discount for pilgrimage and when the president demarkets Nigeria they did not know all that will devalue the Naira

That said, it is a shame that though crypto in Nigeria is still at its infancy, it has surpassed our local stock market. Money will always find its level. How will our stock market thrive when it is full of corruption and insider trading. Most folks who bought Nigerian stocks in 2007 boom are yet to recover their base capital over 13 years after without even adding the effect of devaluation. Meanwhile, even if you bought bitc0in at its peak of 20k USD in 2017, today, you are 100% in profit. That is just in USD. In naira, you are over 200% in profit when you factor devaluation of the naira.

Money will always find its way. Crypt0 stable coins pegged to the dollar helped alot of folks escape the effect of incessant naira devaluation.

Folks interested should join the crypt0 discussion on its official Nairaland thread

https://www.nairaland.com/6318352/crypto-currency-investors-thread/96#down

I see thesame story being told across board...
These charts all trll a sweet story.. some look like catapult, others like grasshoppers...
The deal is in seeking opportunities b4 they become obvious.

Notice when eith pumps, majors slow down... That's respect..

I'm guessing same thing will happen to the market if betece crosses 42k... I'm planning to get a lil leveraged betece then.

This pump we had on altys was due to eith breaking ath and pushing to 1700...
It's flipping 1700 now and if it does that, I see it rallying towards 2k b4 it cools down... When it cools down, altus will start another pump again...
For now, oga has to give signal first

Reading through the thread on frontpage, I was shocked... No wonder stuff is pumping.
Alot of folks are not even planning on taking profits anytime soon... wahala go dey ooo

kolagbemi:
Thank you.

What's driving BNB. The thing they shock me

BNB was long long overdue a move. It broke ATH at 38 a while ago nd had been consolidating around it
Its a very wicky coin and one I don't like trading. I never chase it. Sometimes, it can move this way or slow and steady for a long time. I only have some to pay less fees on binance.
Good if you're in it, I'd advise you take profit on the way up

Ojemedad:
My exact thought, no matter what opportunities will come up.

Seems people are pulling out now, btc is going down

betece going down has little or nothing to do with Nigeria.

our adoption has been great but I doubt the daily volume is upto 2% of that of the U.S
The world out there does not care.. Countries have banned and unbanned betece that its now becoming old news.

FocusedB1h:
What stopped me was lack of information, I didn’t trust the cryptocurrency market because of ignorance.
I was told about Eth and should’ve bought it last year when it was about 120k Naira but i was scared of being “scammed”. Now that I’ve done my due diligence and I know it’s a smart investment I’m more than ready to invest

Oh and If it dips to that amount, I will buy.

LOL... Ok ooo
Its unfortunate that train has passed. The reason you're here is because its done well. If it was still 120k, you will not be thinking of it.
when it dips, I'd be looking for you

Ojemedad:
No need to panic guys, there must be a way out


Ogoro must jump

I don't see this as a big issue. This directive had been there for over 3 years. This was just a reminder.
The thing about money, just like water is that it will always find its way.

Let things settle and multiple opportunities will open up. This is a battle the CBN cannot win
Western govts and even china tried but they all succumbed.

legacystore:
Crypto currency is now prohibited officially in Nigeria, it's almost a crime to participate in the crypto space now from Nigeria.

Wicked Government

The truth is that alot of criminals n yahoo boys even politicians use crypt0 currency to cash out but it shouldn't warranty prohibition but regulation.

This CBN policy is archaic n will impoverish the youth.

Sooooo sad

There will be a way out surely

If u have a foreign bank account or a trust associate with one then u shld be fine.

No need for panic be creative n we will survive this policy

can you stop spreading FUD and stop associating cryt0 with fraud
95% of online fraud in Nigeria is done via traditional means
In Nigeria, there is little or no link between crypt0 and fraud
crypt0 started becoming popular in Nigeria over the past 18 months more so with the continued devaluation of the naira. Before that, those folks you mentioned have been fraudulent. I don't see how banning crypt0 affect fraud in any way possible

kolagbemi:
What's the best action to take now. Sell off and wait for all this panick sellers to settle.

I don't see panic selling from Nigeria affecting the market at all. It may temporarily affect ngn pairs moreso ngn/usdt conversion cos that is local but nope for the wider market

FocusedB1h:
Can eth just dip already? I have some funds to invest a significant amount but I want it to come down to 500k Naira or less hopefully
Fingers crossed for the upcoming Chinese New Year holidays

hehe... 500k is about 1050usd... lol
You're funny... what stopped you from buying all this while before it broke 1400?
I am not saying it cannot dip to that, but I am 98% certain that if it dips to that amount tomorrow you will not buy.
Moreso, lets face it, with betece threatening to break out, its very unlikely you would see such prices until the end of the bull run

ilemona4u:
[b][/b]Good evening everyone. [b][/b]pls which crypt0curency is the best to buy now. Before our parents died, they bought a shop in a new market ten years ago. But up until now, the market has not yet been commissioned and declared open for business by the state government. Right now, I am thinking of selling the shop so that we could raise funds for our education. I was thinking of what business I would invest in to yield enough steady profits which would cater for our needs. I have been hearing about cryt0curency for a long time now and I have never invested in it. I was very impressed by its huge successes recently, although I am well aware of its risks.

So, I am asking for guidance, which crypt0curency is the best to invest in right now in order to gets considerable profits in 3-4 months for now. I just want to make sure that my younger ones are able to complete their tertiary education.
Thanks

Hmm.. I don't just feel comfortable with this
This sector is too volatile and most new folks get lose. I will strongly advise against investing such critical money here.
Getting steady profits here is very difficult. Also, considerable profits is very relative....

SenecaTheYonger:
Not you guys believing a photo in this day and age of photoshop

This is not the first time and not surprising. CBN gave such directive years past...
That said, it may be wrong but not every CBN directive to banks are on their portal. Moreso, this seemed like a reminder of the previous directive

UchihaItachi:

[color=#009688] Unadulterated facts! Bull market is sweet, it'll even let you get away with some bad trades to the point you'll start believing you're a good trader when you don't even have a plan. But when the Bears pull up, blood will flow, mostly because fear is a much more actionable emotion than greed. I imagine it'll be difficult for anybody to understand without experiencing the full cycle like you said.

Until someone buys a coin that'll keep dipping into oblivion, then they'll know the difference between shítcoin and a solid project.
[/color]

Finally.....somethings are better experienced
When your coyn drops 80% on a 5% betece drop, na then eye dey clear

Aafulenu:
while your post was very educating. but for a newbee like me I couldn't understand some terms.
what is alyts and ATH? i first assumed they were qoins but I couldn't find them in binan.ce

alts= all other coins apart from betece
ATH= all time high= the highest price of a coyn during its last bull run... Obviously, most coins have crossed their previos ath now

OpenHeaven2019:
The is guy is a scammer.

Edit: it may be scam or not, I dont know but its not a good idea to use that method to buy betece. Question is why does he not want to sell on an exchange

MyChoice1:
I missed out on the pump boss. I sold too early after being impatient waiting for it to rise last week, so I sold immediately I noticed the green bar not knowing that the main party never start.. I wanted to re-enter at a slight dip and sought your input before going in but I didn't get your response and boom, the thing soared above my reach. No regrets though because I went into ada ,xlm and lynk and vowed that nothing will move me or make me jump, lol...! Look now my portfolio is smiling... patiently waiting for the ren dip..

Apologies... I might have missed your mention
Good selection I'd say. It might be worth adding a microap and new coyn.. cos those move quickly too
No need to rush into ren, it usually retraces.

SenecaTheYonger:
The source is from Twitter. And when I go to Twitter, the original poster has no source except that photo. The subject of Crypto is too important for CBN not to issue an official statement themselves or via their website.

There's been a photo of an official cbn letter to banks and some folks have confirmed it. CBN has done something similar b4...
I'm guessing it's true as not all CBN correspondence to banks is shared on their portal

Anowax:
What is the way forward now brother? How do one circumvent this CBN palaver?

Someone said p2p... But let's see how it plays out first. This is not the first time they made that announcement.

With good backlash, they may backdown. Afterall, even $eun finally allowed a crypt0 discussion thread

Anowax:
When you say bear market, do you mean that during that time the worth of coins (say Eithy) continues to go down and down and down after having gone up during this current bull market... I need a bit of an insight. Thanks

Its an asset exchange.. nothing goes up in a straight line... It'd have ups and downs

Betece hit 20k in 2017 and went down to 3k again in the coming years...
Eith went from 1500 to 80
Others perfrormed even more abysmally

Other coyns did worse

SenecaTheYonger:
https://www.nairaland.com/6400654/cbn-shuts-down-crypt0currency-exchange

Please what does this thread mean? Will my account get blocked if I try to buy crypt0?

I thought most exchanges used standalone payment processors to circumvent this. CBN should learn from western countries and regulate, not ban