This na very good thread @ O.P, and I commend you for this wonderful work & effort you take arrange this in our local pidgin English, because with this now, a lot of newbies for this our local board go now know the importance why it's not good to store your Bitcoin asset on centralized exchanges where they have no control over their funds, and the benefits of using a non-custodian wallet where it gives you the control over the private key of their funds.
However, lets not only spread this awareness on the forum, if we can spread this both on & off the forum, it will be an added advantage.
Topic: 12 years don pass and people no sabi how dem go use bitcoin or Wetin e good for (Read 127 times)
August 15, 2023, 04:47:47 PM
August 15, 2023, 07:18:00 AM
Hey Stable09.0, thank u say u don help me rewrite dis very important topic of mine! Great job!
Dis topic suppose open d eye of people wey never sabi d danger wey dey whenever de use BTC with centralized exchanges and banks. D topic don try to make all those people make dem change d way dem de reason, so that de go fit use BTC in an anonymous way, e go help dem commot for governs radars, banks and other third parties.
I don too de happy say I see say de don rewrite dis topic for pidgin language, I believe say e go help plenty people for ur local board on how dem go use satoshi’s invention
Dis topic suppose open d eye of people wey never sabi d danger wey dey whenever de use BTC with centralized exchanges and banks. D topic don try to make all those people make dem change d way dem de reason, so that de go fit use BTC in an anonymous way, e go help dem commot for governs radars, banks and other third parties.
I don too de happy say I see say de don rewrite dis topic for pidgin language, I believe say e go help plenty people for ur local board on how dem go use satoshi’s invention
Like play, like play u don dy learn diz pidgin finish, when some people 4 our local board self never even speak am well, U really be quick learner abi make i say as the talk use style resemble d main english eh no go too hard to understand am. Even google translator sometimes Dy translate off-key..
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August 14, 2023, 07:34:31 PM
Hey Stable090, thank u say u don help me rewrite dis very important topic of mine! Great job!
Dis topic suppose open d eye of people wey never sabi d danger wey dey whenever de use BTC with centralized exchanges and banks. D topic don try to make all those people make dem change d way dem de reason, so that de go fit use BTC in an anonymous way, e go help dem commot for governs radars, banks and other third parties.
I don too de happy say I see say de don rewrite dis topic for pidgin language, I believe say e go help plenty people for ur local board on how dem go use satoshi’s invention
Dis topic suppose open d eye of people wey never sabi d danger wey dey whenever de use BTC with centralized exchanges and banks. D topic don try to make all those people make dem change d way dem de reason, so that de go fit use BTC in an anonymous way, e go help dem commot for governs radars, banks and other third parties.
I don too de happy say I see say de don rewrite dis topic for pidgin language, I believe say e go help plenty people for ur local board on how dem go use satoshi’s invention
August 13, 2023, 06:31:09 AM
Translated Topic in Pidgin Language: 12 years don pass and people no sabi how dem go use Bitcoin or waiting e good for
Original Topic: 12 years later and people still don't know to use Bitcoin nor what it's good for
Author: GazetaBitcoin
12 years don pass since bitcoin don de. Till now, plenty people no get idea on how dem de use bitcoin, or Wetin bitcoin de good for. Plenty people de make combination again d nature, dem de use bitcoin together with our bank and centralized exchanges, de no get knowledge about its libertarian and crypto-anarchic grounds. De no sabi say bitcoin de here to help us invade d slavery wey governs and banks de force dem to, people de do everything wey dem fit do to enslaves themselves, de come make am easy for elites wey de oppress dem for thousands of years.
12 years ago Satoshi carry better tool come for humanity, tool wey don set dem free. Make we see how him de describe his invention:
E don offer us method wey go make people fit transact directly, peer-to-peer, e de avoid any third party, no matter Wetin be d name - govern, bank or other person wey go de middle.
Satoshi carry bitcoin come and him give am out for free, for helping people get financial freedom, but people, in return, invested centralized exchanges, “helping” themselves to remain miserable slaves. Dis one na something wey remind me of other memorable scientific inventions, wey dem do to help people, but as dem create d inventions other showed up de come weaponized dem. Apparently, if any entity no de to harm them, we people de always choose on our own to harm ourselves.
If u don read dis finish, some people fit ask: “Wetin de wrong with using centralized exchanges? Na dem de keep money for me and I fit get my money whenever I like and I fit do anything wey I want with dem!”.
D last sentence na monumental lie. Na oxymoron, e mean say na expression Wey denies itself. E be like say I de talk say “I dey smoke in a healthy manner”.
D wey people de greed never get any limit. Bitcoin appeared for liberating dem, de only understand say bitcoin de there to make dem get money. Na d greed de determined people to invent d centralized exchanges. Instead wey dem go use bitcoin between dem, in peer-to-peer transactions. De get fact wey go render traditional money and governs as irrelevant, people don create an abomination meant to centralize something wey dem born decentralized.
Some people dey sharp pass others, but dem also de greedy, and de take advantage of their knowledge and d others’ greed for creating dis their centralized exchanges, where people de rush to deposit their money - which, since de don deposit am, e don turn exchange’s money. Individuals believe say dem go rich, de know no say dem de lose for all directions. D de very dramatic, as de no lose only money, but way more…
Wetin go de wey pass money? Dem de lose their personal information - that gift wey dem receive at d birth wey remain personal only if individual no want make e de personal again. And if de don reveal d personal information, e no go ever turn personal again. How many don ask themselves “Wetin be personal?”. As greed blinded them, dem de hope say de go get profits and de go become rich over night, people run happily go meet centralized exchanges, sparing no effort for having accepted their requests for opening accounts. E mean say de carry all their personal information give exchanges. Some exchanges de give dem free 5-10-20$ to people wey de create accounts with dem. U don reason before y d exchanges de give dis kin free money? U don tell urself before say “d exchanges de honored to have me as a customer, that’s why”? I no de sure. Dat money wey d exchange give u for free na nothing to dem, as dem go get back plenty money from d clients. Dem de talk say if something na free, na u be d merchandise. Like on Facebook. In d case of exchanges, d situation de worst: if dem de pay u to become a customer, reason d worst thing wey fit happen to u!
Wetin be d highest bad thing wey fit happen?
First of all, exchange no de ever lose money. House de always win. And na customers de Always lose. Users de always de happy if de see say bitcoin de pump, thinking de go earn some profits. Dem de always feel bad if de see say bitcoin price de crash, because dem de lose money. Plenty people sell their bitcoin even if de know say dem de at lose, but dem de sell am so that de no go lose more money. Dey know say as long as de keep their money for BTC their money go remain there de no go lose. And Wetin exchange de even do? De win when bitcoin soars, as de earn fees from d users. Dem de earn if BTC value de go down, as dem de receive fess now also. Anytime wey people commot money from d exchange, dem de lose more money. And we never even talk about d network fees, but d exchange’s fees. In other words, people de always contribute to d benefit of exchanges and also to their very own poverty. Besides, how many of us don notice how d biggest exchanges, like Coinbase or Binance, always encounter "technical outages", shutting down their platforms Since d time wey BTC dey dump reach time wey e de pump? Can it be a coincidence that each substantial price change, an outage shuts down d exchanges till dem see say price don come back to its previous value? D reasons wey d exchanges’ spokepersons de give de very pathetic and ridiculous. E de vivid clear that, since dis shitty moves don de happen for years, d exchanges decide to shut down in that particular moments, thus people no go get profit if BTC soars too much and limiting dem to buy BTC if d price plunges.
Second of all, as I de talk for d post wey de up, people de lose their personal information and na dem de carry themselves pass d dangerous process, wey dem de call KYC. Nothing consign d exchange about their customers or about their customers personal information. All Wetin dem want na more money. De can be hacked by hackers, which besides stealing money, de fit also steal customers personal information, wey de fit even turn to more money, most especially if dem sell d information on Dark Net. A CNBC article describes how those hackers de sell personal information for 1$ a piece (Dis information consisting, among others, de go sell d physical address of where d customer de stay, their credit / debit cards, copies of their IDs etc.): Hackers de sell ur data on d ‘dark web’... for only $1. A notorious similar case from d forum is D case of the Romanian bekli23, which, him de pretend say him de decrypt old BTC wallets, him be de ask people make dem send picture’s wey dem de hold their IDs and other bills for hand. Obviously, him no de decrypt any wallet na lie, him just de use style de collect people personal information, most likely, him de sell am for Dark Net, for as low as 1$ per piece!
For some cases, d exchanges na dem de sell customers’ personal information! And no be say na small, shady exchanges, we de talk about big exchanges. Coinbase na one of d biggest exchanges, and de don catch dem before wey dem de sell customers personal data! A 2019 article, Coinbase Admits Its Former Data Provider Sold Client Data, describes how Christine Sandler, one of d exchange’s executive, e admitted that d company sold d users’ personal information. Him get dis example, you think say other exchanges no de do the same thing? Na just because de never catch dem yet?
Third of all, exchanges offer users’ personal information directly to d authorities. Were u de reason say d govern no go sabi about u and ur finances - at least ur crypto transactions (considering that de know anyway all ur transactions with fiat money)? By using centralized exchanges, e de certain say d govern go put eye for u! Again, example involving Coinbase: a Forbes article, Coinbase Notifies Customers That It Will Turn Over Court-Ordered Data, e shows how exchanges de give people private information to IRS. No reason say na a singular case. Those practices are done by all exchanges, no matter d country.
Fourth of all, a centralized exchange no de give their customers private key, e mean say their customers no get access to d tool wey go allow dem control their own money. Na exchange de hold d private key to d exchanges, thus d users accept dem de cease d right of ownership over their money whenever de deposit to exchanges. Regarding dis situation, d Bitcoin evangelist Andreas Antonopulos used d expression “No be ur keys, No be ur Bitcoin”. Him even make things more clear, in a lawsuit against Coinbase ( dis exchange seems to be d most negative example), D accuser been lose d trial and d judge decided Not Your Keys, Not Your Bitcoin.
Fifth of all, Hackers fit hack exchanges ( u don lose ur money be that).
Sixth of all, exchanges fit talk say u go against their rules make dem freeze ur accounts any moments (and u go lose all ur money).
Seventh of all, exchanges can exit scam (and u go lose all ur money).
Na d reason y u suppose avoid centralized exchange be that. Na y we no suppose use bitcoin together with such monsters, which dem de only work just to prejudice of d customers! Na how d customers of centralized exchanges de lose money their money no d operation wey dem de plan do. And dis is how, besides money, de also lose their personal information, risking to have it stolen by bad actors, facts wey exposes dem to monumental risks: if all those criminals just get access to person personal details, de fit pay him a “visit”, de fit attack am, de fit enter him house, de fit steal things wey him get and de fit threaten to kill am!
People’s greed no get limit and, although d above examples should suffice and convince anyone make dem run commot for centralized exchanges, e still no de happen. People no just limit am to d abomination of using centralized exchanges; de carry d absurd to d moon, and used Bitcoin in an even more grotesque combination, by involving also d bank for d financial transaction! Meaning dem de involve trusted third parties wey Satoshi wan carry commot by force for d system. D man fight well to damage himself as much as possible, by combining Bitcoin with d exchanges and also with banks.
Similar as above, after u don read this finish, some go ask: “Wetin de wrong with make we de use bank? De go help me keep my money at my disposal and I go fit do anything wey I want with them!”.
Again, d last sentence na monumental lie.
First of all, banks no de hold ur money for u, dem de use am find more money for themselves. Dem de keep small for reserve but, plenty times, de no de even hold that fraction. Dis details was also observed by Satoshi and e fit represent another reason wey ginger am to create Bitcoin.
Second of all, banks no dey allow their customers use their money d way dem like. If de deposit money Wey plenty (d one wey plenty pass d money wey u de deposit before), d banks fit put leg for ur account dey go freeze am, de go come force d customer make him justify where dem see that kin big money from. D same thing de happen if customers receive big money like that. People wey de believe say de fit use their money anyhow dey very wrong. D same thing with centralized exchanges, if their customer don deposit money to d bank, de don give bank full control over d money be that.
Third of all, banks fit carry their customers give authorities. And again: If transaction wey dem do no de clear for d bank eye, normally na transaction wey involve big money, den banks no go just put leg for d account alone, de go involve authorities also. And, for dis matter, Wetin d customer go face go even worst, de go force am make him justify d money for front of d authorities!
Of course, if d customer no fit defend where him get d money from, then d money don go be that. Banks act like long arms of d govern and de no care about their customers; d only thing wey de care about na how dem go grow their own money, while keeping a good relationship with d govern.
Fourth of all, banks fit reject transactions wey their customers do, as de want, or base on d Terms and Conditions, which go represent a document wey customer sign, but no customer dey read that kin plenty things wey dem de write when customers de open account. And, as plenty banks no too like crypto, crypto users de very exposed.
Fifth of all, some people de use services wey some financial institutions de provide like Revolut, dem go de think say dem de own crypto. For real life, de no own even 1 Satoshi! Na because Revolut no de allow anybody own any crypto, but of CFDs. De sell u d illusion that ur own crypto, but u don’t. Na d same thing de happen to eToro.
Sixth of all, E dey similar to centralized exchanges, bank customers go lose money in all possible ways: de go pay to open account, de go pay money to deposit, de go pay money to commot money, de go pay to transfer money, de go pay money to check d money wey remain for account, de go pay for administration of d accounts, de go pay to collect credit / debit card and other things like that.
Seventh of all, banks fit go bankrupt also, de fit exit scam and de fit loose customers personal information. But all dis cases no be always compare to crypto exchanges, but all those things fit still happen. De don happen before and de go still happen later again.
And, if u de reason say Wetin I de talk since no de right, d picture wey I go provide below show how one of Romania’s biggest bank treats its customers:
Translated In English, e mean say:
For below u go fit read how d customer of d bank wey de up take react. U fit laugh, but de suppose carry d matter serious:
Translated In English, e mean say:
All d things wey de up suppose make all of us de reason about make we de use Bitcoin together with centralized exchanges and banks. Beware! U go just harm urself maybe u go vex irrecoverable prejudices. Make I also talk about Mt. Gox exchange, wey lost 850.000 BTC
Make I also talk about dozen (hundreds?) of exchanges wey de don hack and customers wey don lose money? Make I mention thousands of cases when banks don freeze customers’ accounts? Make I mention how many people de don threaten to kill, how many de don blackmailed, how any were extorted, how many hackers don force to pay them ransom, after hackers don get personal information finish?
Sha u wan live that kin life? If u no want, den stop using bitcoin together with centralized exchanges and banks! Make u de use crypto cash-in / cash-out ATMs, wey go offer u anonymity. Make u use decentralized exchanges, wey no de hold even small customer money and act just to connect d users one with each other. Make u use peer-to-peer transfer. Use crypto wallets which have embedded anonymous exchanges, wey go allow u change cryptocurrency with each other. Make u use any style preserve ur anonymity and financial privacy. Na for ur own good.
Dis essay na part of my educational articles. I recommend all of u make u read d following essays:
- De dream of Cypherpunks, libertarians and crypto-anarchists
- Governs dey come 4 traders!
- Cryptocurrency nd digital money Palava by di state
- De Crypto Anarchist Manifesto - Make all of us read am
- Govern try to limit de public to access of information and freedom long long time ago
- Wetin Phil Zimmermann's Dey Reason about PGP - Make all of us read am
- When d govern wants to hold your private keys
- De call for Julian Assange || De WikiLeaks Manifesto - Make all of us read
Original Topic: 12 years later and people still don't know to use Bitcoin nor what it's good for
Author: GazetaBitcoin
12 years don pass since bitcoin don de. Till now, plenty people no get idea on how dem de use bitcoin, or Wetin bitcoin de good for. Plenty people de make combination again d nature, dem de use bitcoin together with our bank and centralized exchanges, de no get knowledge about its libertarian and crypto-anarchic grounds. De no sabi say bitcoin de here to help us invade d slavery wey governs and banks de force dem to, people de do everything wey dem fit do to enslaves themselves, de come make am easy for elites wey de oppress dem for thousands of years.
12 years ago Satoshi carry better tool come for humanity, tool wey don set dem free. Make we see how him de describe his invention:
Quote
A purely peer-to-peer version of electronic cash wey go allow make we make payments online wey we go send directly from one party to another and e no go pass through any institution.
Commerce for d internet don come to rely almost exclusively on financial institutions wey de serve as trusted third parties to process electronic payments. D system de work well for most transactions, e still de suffer from d inherent weakness of d trust based model.
If u don make transactions u no fit reverse am, since financial institutions no fit avoid mediating disputes. D amount for mediation de increase d transaction costs, and e de limit d minimum practical transaction size and e de cut off d possibility for small casual transactions, and there is a broader cost in d loss of ability to make non-reversible payments for non-reversible services. With d possibility of reversal, d need for trust spreads.
[…]
Wetin be d things wey we go need for electronic payment system based on cryptographic proof instead of trust, e de allow any two willing parties to de transact directly with each other and de no go need any trusted third party. Transactions wey don de computationally impractical to reverse e go protect sellers from fraud […]
Commerce for d internet don come to rely almost exclusively on financial institutions wey de serve as trusted third parties to process electronic payments. D system de work well for most transactions, e still de suffer from d inherent weakness of d trust based model.
If u don make transactions u no fit reverse am, since financial institutions no fit avoid mediating disputes. D amount for mediation de increase d transaction costs, and e de limit d minimum practical transaction size and e de cut off d possibility for small casual transactions, and there is a broader cost in d loss of ability to make non-reversible payments for non-reversible services. With d possibility of reversal, d need for trust spreads.
[…]
Wetin be d things wey we go need for electronic payment system based on cryptographic proof instead of trust, e de allow any two willing parties to de transact directly with each other and de no go need any trusted third party. Transactions wey don de computationally impractical to reverse e go protect sellers from fraud […]
E don offer us method wey go make people fit transact directly, peer-to-peer, e de avoid any third party, no matter Wetin be d name - govern, bank or other person wey go de middle.
Satoshi carry bitcoin come and him give am out for free, for helping people get financial freedom, but people, in return, invested centralized exchanges, “helping” themselves to remain miserable slaves. Dis one na something wey remind me of other memorable scientific inventions, wey dem do to help people, but as dem create d inventions other showed up de come weaponized dem. Apparently, if any entity no de to harm them, we people de always choose on our own to harm ourselves.
If u don read dis finish, some people fit ask: “Wetin de wrong with using centralized exchanges? Na dem de keep money for me and I fit get my money whenever I like and I fit do anything wey I want with dem!”.
D last sentence na monumental lie. Na oxymoron, e mean say na expression Wey denies itself. E be like say I de talk say “I dey smoke in a healthy manner”.
D wey people de greed never get any limit. Bitcoin appeared for liberating dem, de only understand say bitcoin de there to make dem get money. Na d greed de determined people to invent d centralized exchanges. Instead wey dem go use bitcoin between dem, in peer-to-peer transactions. De get fact wey go render traditional money and governs as irrelevant, people don create an abomination meant to centralize something wey dem born decentralized.
Some people dey sharp pass others, but dem also de greedy, and de take advantage of their knowledge and d others’ greed for creating dis their centralized exchanges, where people de rush to deposit their money - which, since de don deposit am, e don turn exchange’s money. Individuals believe say dem go rich, de know no say dem de lose for all directions. D de very dramatic, as de no lose only money, but way more…
Wetin go de wey pass money? Dem de lose their personal information - that gift wey dem receive at d birth wey remain personal only if individual no want make e de personal again. And if de don reveal d personal information, e no go ever turn personal again. How many don ask themselves “Wetin be personal?”. As greed blinded them, dem de hope say de go get profits and de go become rich over night, people run happily go meet centralized exchanges, sparing no effort for having accepted their requests for opening accounts. E mean say de carry all their personal information give exchanges. Some exchanges de give dem free 5-10-20$ to people wey de create accounts with dem. U don reason before y d exchanges de give dis kin free money? U don tell urself before say “d exchanges de honored to have me as a customer, that’s why”? I no de sure. Dat money wey d exchange give u for free na nothing to dem, as dem go get back plenty money from d clients. Dem de talk say if something na free, na u be d merchandise. Like on Facebook. In d case of exchanges, d situation de worst: if dem de pay u to become a customer, reason d worst thing wey fit happen to u!
Wetin be d highest bad thing wey fit happen?
First of all, exchange no de ever lose money. House de always win. And na customers de Always lose. Users de always de happy if de see say bitcoin de pump, thinking de go earn some profits. Dem de always feel bad if de see say bitcoin price de crash, because dem de lose money. Plenty people sell their bitcoin even if de know say dem de at lose, but dem de sell am so that de no go lose more money. Dey know say as long as de keep their money for BTC their money go remain there de no go lose. And Wetin exchange de even do? De win when bitcoin soars, as de earn fees from d users. Dem de earn if BTC value de go down, as dem de receive fess now also. Anytime wey people commot money from d exchange, dem de lose more money. And we never even talk about d network fees, but d exchange’s fees. In other words, people de always contribute to d benefit of exchanges and also to their very own poverty. Besides, how many of us don notice how d biggest exchanges, like Coinbase or Binance, always encounter "technical outages", shutting down their platforms Since d time wey BTC dey dump reach time wey e de pump? Can it be a coincidence that each substantial price change, an outage shuts down d exchanges till dem see say price don come back to its previous value? D reasons wey d exchanges’ spokepersons de give de very pathetic and ridiculous. E de vivid clear that, since dis shitty moves don de happen for years, d exchanges decide to shut down in that particular moments, thus people no go get profit if BTC soars too much and limiting dem to buy BTC if d price plunges.
Second of all, as I de talk for d post wey de up, people de lose their personal information and na dem de carry themselves pass d dangerous process, wey dem de call KYC. Nothing consign d exchange about their customers or about their customers personal information. All Wetin dem want na more money. De can be hacked by hackers, which besides stealing money, de fit also steal customers personal information, wey de fit even turn to more money, most especially if dem sell d information on Dark Net. A CNBC article describes how those hackers de sell personal information for 1$ a piece (Dis information consisting, among others, de go sell d physical address of where d customer de stay, their credit / debit cards, copies of their IDs etc.): Hackers de sell ur data on d ‘dark web’... for only $1. A notorious similar case from d forum is D case of the Romanian bekli23, which, him de pretend say him de decrypt old BTC wallets, him be de ask people make dem send picture’s wey dem de hold their IDs and other bills for hand. Obviously, him no de decrypt any wallet na lie, him just de use style de collect people personal information, most likely, him de sell am for Dark Net, for as low as 1$ per piece!
For some cases, d exchanges na dem de sell customers’ personal information! And no be say na small, shady exchanges, we de talk about big exchanges. Coinbase na one of d biggest exchanges, and de don catch dem before wey dem de sell customers personal data! A 2019 article, Coinbase Admits Its Former Data Provider Sold Client Data, describes how Christine Sandler, one of d exchange’s executive, e admitted that d company sold d users’ personal information. Him get dis example, you think say other exchanges no de do the same thing? Na just because de never catch dem yet?
Third of all, exchanges offer users’ personal information directly to d authorities. Were u de reason say d govern no go sabi about u and ur finances - at least ur crypto transactions (considering that de know anyway all ur transactions with fiat money)? By using centralized exchanges, e de certain say d govern go put eye for u! Again, example involving Coinbase: a Forbes article, Coinbase Notifies Customers That It Will Turn Over Court-Ordered Data, e shows how exchanges de give people private information to IRS. No reason say na a singular case. Those practices are done by all exchanges, no matter d country.
Fourth of all, a centralized exchange no de give their customers private key, e mean say their customers no get access to d tool wey go allow dem control their own money. Na exchange de hold d private key to d exchanges, thus d users accept dem de cease d right of ownership over their money whenever de deposit to exchanges. Regarding dis situation, d Bitcoin evangelist Andreas Antonopulos used d expression “No be ur keys, No be ur Bitcoin”. Him even make things more clear, in a lawsuit against Coinbase ( dis exchange seems to be d most negative example), D accuser been lose d trial and d judge decided Not Your Keys, Not Your Bitcoin.
Fifth of all, Hackers fit hack exchanges ( u don lose ur money be that).
Sixth of all, exchanges fit talk say u go against their rules make dem freeze ur accounts any moments (and u go lose all ur money).
Seventh of all, exchanges can exit scam (and u go lose all ur money).
Na d reason y u suppose avoid centralized exchange be that. Na y we no suppose use bitcoin together with such monsters, which dem de only work just to prejudice of d customers! Na how d customers of centralized exchanges de lose money their money no d operation wey dem de plan do. And dis is how, besides money, de also lose their personal information, risking to have it stolen by bad actors, facts wey exposes dem to monumental risks: if all those criminals just get access to person personal details, de fit pay him a “visit”, de fit attack am, de fit enter him house, de fit steal things wey him get and de fit threaten to kill am!
People’s greed no get limit and, although d above examples should suffice and convince anyone make dem run commot for centralized exchanges, e still no de happen. People no just limit am to d abomination of using centralized exchanges; de carry d absurd to d moon, and used Bitcoin in an even more grotesque combination, by involving also d bank for d financial transaction! Meaning dem de involve trusted third parties wey Satoshi wan carry commot by force for d system. D man fight well to damage himself as much as possible, by combining Bitcoin with d exchanges and also with banks.
Similar as above, after u don read this finish, some go ask: “Wetin de wrong with make we de use bank? De go help me keep my money at my disposal and I go fit do anything wey I want with them!”.
Again, d last sentence na monumental lie.
First of all, banks no de hold ur money for u, dem de use am find more money for themselves. Dem de keep small for reserve but, plenty times, de no de even hold that fraction. Dis details was also observed by Satoshi and e fit represent another reason wey ginger am to create Bitcoin.
Quote
D central bank must be trusted not to debate d currency, but d history of fiat currency don full with breaches of that trust. Banks must be trusted to hold our money and de go help us transfer am electronically, but dem de borrow am out in waves of credit bubbles and de fit no even leave small for reserve. We suppose trust them with our privacy, trust them not to allow thieves wipe all d money wey de our account commot.
Second of all, banks no dey allow their customers use their money d way dem like. If de deposit money Wey plenty (d one wey plenty pass d money wey u de deposit before), d banks fit put leg for ur account dey go freeze am, de go come force d customer make him justify where dem see that kin big money from. D same thing de happen if customers receive big money like that. People wey de believe say de fit use their money anyhow dey very wrong. D same thing with centralized exchanges, if their customer don deposit money to d bank, de don give bank full control over d money be that.
Third of all, banks fit carry their customers give authorities. And again: If transaction wey dem do no de clear for d bank eye, normally na transaction wey involve big money, den banks no go just put leg for d account alone, de go involve authorities also. And, for dis matter, Wetin d customer go face go even worst, de go force am make him justify d money for front of d authorities!
Of course, if d customer no fit defend where him get d money from, then d money don go be that. Banks act like long arms of d govern and de no care about their customers; d only thing wey de care about na how dem go grow their own money, while keeping a good relationship with d govern.
Fourth of all, banks fit reject transactions wey their customers do, as de want, or base on d Terms and Conditions, which go represent a document wey customer sign, but no customer dey read that kin plenty things wey dem de write when customers de open account. And, as plenty banks no too like crypto, crypto users de very exposed.
Fifth of all, some people de use services wey some financial institutions de provide like Revolut, dem go de think say dem de own crypto. For real life, de no own even 1 Satoshi! Na because Revolut no de allow anybody own any crypto, but of CFDs. De sell u d illusion that ur own crypto, but u don’t. Na d same thing de happen to eToro.
Sixth of all, E dey similar to centralized exchanges, bank customers go lose money in all possible ways: de go pay to open account, de go pay money to deposit, de go pay money to commot money, de go pay to transfer money, de go pay money to check d money wey remain for account, de go pay for administration of d accounts, de go pay to collect credit / debit card and other things like that.
Seventh of all, banks fit go bankrupt also, de fit exit scam and de fit loose customers personal information. But all dis cases no be always compare to crypto exchanges, but all those things fit still happen. De don happen before and de go still happen later again.
And, if u de reason say Wetin I de talk since no de right, d picture wey I go provide below show how one of Romania’s biggest bank treats its customers:
Photo source: Facebook
Translated In English, e mean say:
Quote
Within d business relation wey d bank get with his customers, d bank is forced to follow d laws related to knowing their clients wey d purpose na to prevent and fight money laundering, sponsoring terrorism and to follow d General Business Conditions (GBC) for d entire customers portfolio.
According to GBC, to d regulation 2/2019 of National Bank of Romania and d law 129/2019, na d customer responsibility to provide d Bank all d documents wey dem ask for, wey dem need all those documents for verification and clarification of d purpose and d nature of d recorded transactions. Through dis documents, we go allow u know that, as we don analyze d transaction wey happen for ur account, we decided d typology of dis transactions don break art. 23.1 from GBC, which states d following: “in case d bank see some potential risks or some requests coerced by financial institutions implied in banking operations, d bank reserves its right to reject some transactions wey de connected to some services like gambling, acquisition of pornographic services (including to de videochat or similar services), buying of weapons/munition without complying with d conditions stated by d law, transactions wey involve cryptocurrencies.”
According to GBC, to d regulation 2/2019 of National Bank of Romania and d law 129/2019, na d customer responsibility to provide d Bank all d documents wey dem ask for, wey dem need all those documents for verification and clarification of d purpose and d nature of d recorded transactions. Through dis documents, we go allow u know that, as we don analyze d transaction wey happen for ur account, we decided d typology of dis transactions don break art. 23.1 from GBC, which states d following: “in case d bank see some potential risks or some requests coerced by financial institutions implied in banking operations, d bank reserves its right to reject some transactions wey de connected to some services like gambling, acquisition of pornographic services (including to de videochat or similar services), buying of weapons/munition without complying with d conditions stated by d law, transactions wey involve cryptocurrencies.”
For below u go fit read how d customer of d bank wey de up take react. U fit laugh, but de suppose carry d matter serious:
Photo source: Facebook
Translated In English, e mean say:
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Subject: justification signed by […] in order to explain Wetin I de do with my own money
I […] being a customer of d bank, I sign d present document being forced by d Bank, wey invokes some internal regulations wey no dey against me, in order to coerce me to justify in front of d Bank Wetin I de do with my money.
Given d fact say na summer time and na time for vacation, considering say na post-quarantine period, I wan just have plenty fun. For doing so, I wan travel go Holland, where Ashawo business de LEGAL, so that I go fit nack some whores. Most likely, if I dey road de go Holland, I go do the same thing for Austria and Germany.
Then, if I don de Holland, given d fact say drugs de LEGAL, I get am for mind to smoke some weed and hashish, but I go try some shrooms.
I hear say dem get better weed cakes for Holland, and I go recommend am make u try am, maybe u go wake up and u no go force people make dem sign any rubbish papers again, base on stupid procedures, in order to justify to u Wetin dem de do with their own money.
Obviously, if I no go get toilet paper, given d fact say I get plenty money, maybe I’ll fancy and clean my yansh with a few hundreds of euros, like rich people de do.
D money wey remain na to de borrow my friends and making useless expenditures, wey I go regret later.
I […] being a customer of d bank, I sign d present document being forced by d Bank, wey invokes some internal regulations wey no dey against me, in order to coerce me to justify in front of d Bank Wetin I de do with my money.
Given d fact say na summer time and na time for vacation, considering say na post-quarantine period, I wan just have plenty fun. For doing so, I wan travel go Holland, where Ashawo business de LEGAL, so that I go fit nack some whores. Most likely, if I dey road de go Holland, I go do the same thing for Austria and Germany.
Then, if I don de Holland, given d fact say drugs de LEGAL, I get am for mind to smoke some weed and hashish, but I go try some shrooms.
I hear say dem get better weed cakes for Holland, and I go recommend am make u try am, maybe u go wake up and u no go force people make dem sign any rubbish papers again, base on stupid procedures, in order to justify to u Wetin dem de do with their own money.
Obviously, if I no go get toilet paper, given d fact say I get plenty money, maybe I’ll fancy and clean my yansh with a few hundreds of euros, like rich people de do.
D money wey remain na to de borrow my friends and making useless expenditures, wey I go regret later.
All d things wey de up suppose make all of us de reason about make we de use Bitcoin together with centralized exchanges and banks. Beware! U go just harm urself maybe u go vex irrecoverable prejudices. Make I also talk about Mt. Gox exchange, wey lost 850.000 BTC
Make I also talk about dozen (hundreds?) of exchanges wey de don hack and customers wey don lose money? Make I mention thousands of cases when banks don freeze customers’ accounts? Make I mention how many people de don threaten to kill, how many de don blackmailed, how any were extorted, how many hackers don force to pay them ransom, after hackers don get personal information finish? Sha u wan live that kin life? If u no want, den stop using bitcoin together with centralized exchanges and banks! Make u de use crypto cash-in / cash-out ATMs, wey go offer u anonymity. Make u use decentralized exchanges, wey no de hold even small customer money and act just to connect d users one with each other. Make u use peer-to-peer transfer. Use crypto wallets which have embedded anonymous exchanges, wey go allow u change cryptocurrency with each other. Make u use any style preserve ur anonymity and financial privacy. Na for ur own good.
Dis essay na part of my educational articles. I recommend all of u make u read d following essays:
- De dream of Cypherpunks, libertarians and crypto-anarchists
- Governs dey come 4 traders!
- Cryptocurrency nd digital money Palava by di state
- De Crypto Anarchist Manifesto - Make all of us read am
- Govern try to limit de public to access of information and freedom long long time ago
- Wetin Phil Zimmermann's Dey Reason about PGP - Make all of us read am
- When d govern wants to hold your private keys
- De call for Julian Assange || De WikiLeaks Manifesto - Make all of us read
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