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Topic: HODling fiat is a loose-loose game: - page 2. (Read 301 times)

full member
Activity: 350
Merit: 157
July 20, 2024, 02:18:30 PM
#6
If you're someone that's in your 20 to 50s and you're still saving money in banks and leaving it dormant, it obviously means that you don't know the value of money and if your account gets frozen, it suits you well. It's only our grand parents that made those mistakes of saving too much money in the banks for years without touching it and don't  consider that they can literally invest it into a meaningful asset that will yield a good return with time. This policy should never be an issue for any right thinking person because if you have like 2 million naira in your account, what should be your consideration should be which is the best asset to invest in and not to leave it dormant in bank as though you're an old and uncivilized person.

The policy is centered at enriching the politicians in authority  and in this hard economy, apart from the deceased, its going to be deficult to find someone that will allow his money to lie dormant when hunger has become the average man's best friend.
I wouldn't say they do not know the value of money. Most of them are not ware about the idea of getting an assets, starting an investment or storing the value of their money in USDT. While some of them knows about it but are ignorant to do so  because they believe leaving money in fiats is the best option for them. I know that with time more sensitization and awareness which reach out to our country people that they will understand. This is because there is importance of investment to a society. It creates more opportunities because the money goes round when each persons invest their money into a business or in an assets.

This policy should never be an issue for any right thinking person because if you have like 2 million naira in your account, what should be your consideration should be which is the best asset to invest in and not to leave it dormant in bank as though you're an old and uncivilized person.
You make it sound as if they are foolish completely because you have known the right things to do. Dont forget you were ones in their level before you come to know about managing of local fiat and what to do with it.
sr. member
Activity: 602
Merit: 442
I buy all valid country Gift cards swiftly.
July 20, 2024, 02:09:46 PM
#5
Well, I don’t know how best to say all of these things but the truth is that, the government are making these local banks seem like the problem which really isn’t and over the time, the local bank might lose its steeze and relevance if they don’t sit up and stop dancing to every song the government plays for them.

On the other hand, I understand how much we all want bitcoin and cryptocurrency to take charge of the entire financial system but personally I hope so too but it will take a really long time for bitcoin to take that lead role especially on the grassroots because you’ll all agree with me that the entire process of buying to selling if bitcoin is a long one and might be confusing for newbies
sr. member
Activity: 714
Merit: 353
July 20, 2024, 01:48:03 PM
#4
If you're someone that's in your 20 to 50s and you're still saving money in banks and leaving it dormant, it obviously means that you don't know the value of money and if your account gets frozen, it suits you well. It's only our grand parents that made those mistakes of saving too much money in the banks for years without touching it and don't  consider that they can literally invest it into a meaningful asset that will yield a good return with time. This policy should never be an issue for any right thinking person because if you have like 2 million naira in your account, what should be your consideration should be which is the best asset to invest in and not to leave it dormant in bank as though you're an old and uncivilized person.

The thing here is that we don’t have the same mindset and our way of earning money is not the same, and not all of us can take the risk of investing in cryptocurrency or saving money in crypto because you know that once you put your money into crypto, that is not saving but investment, so don’t say saving, just investment instead, because that is not saving in my place.

However, you can’t say someone who saves money in fiat did not know the value of money; he may not know about cryptocurrency that much or he is not ready to invest in it. And that is why many people don’t put their money into crypto. Mostly, they have plans ahead of the money they are saving, so they don’t want to put it in crypto because they need my reach and the market won’t be funny. 
sr. member
Activity: 350
Merit: 255
July 20, 2024, 01:30:08 PM
#3
If you're someone that's in your 20 to 50s and you're still saving money in banks and leaving it dormant, it obviously means that you don't know the value of money and if your account gets frozen, it suits you well. It's only our grand parents that made those mistakes of saving too much money in the banks for years without touching it and don't  consider that they can literally invest it into a meaningful asset that will yield a good return with time. This policy should never be an issue for any right thinking person because if you have like 2 million naira in your account, what should be your consideration should be which is the best asset to invest in and not to leave it dormant in bank as though you're an old and uncivilized person.

The policy is centered at enriching the politicians in authority  and in this hard economy, apart from the deceased, its going to be deficult to find someone that will allow his money to lie dormant when hunger has become the average man's best friend.
member
Activity: 87
Merit: 17
Reward: 10M Shen (Approx. 5000 BNB) Bounty
July 20, 2024, 08:42:17 AM
#2
 Well OP when I was read this news i came up with a smile because how will this so called government raiding in people's privacy acct and are calling it a dormat account does this even make any sense.

 Because to me this is the government try to use it power to loot funds from it owns people account this is a open source of income stealing.

 But my question when opening an account with them there is alway a bank terms and condition's? so I gust they don't have any rights on claiming what is not theirs,
full member
Activity: 126
Merit: 94
July 20, 2024, 07:19:38 AM
#1
Do you know that apart from those in the digital sector, a lot of others are still HODling their wealth in fiat form in banks? The negative effect of doing this is too much that it doesn't benefit you a single bit.

On the one hand, HODling fiat in banks subject it to inflation and exposes it to government policy that could hit against it at the time you least expect. Inflation stands strong on the other edge and makes your fiat almost valueless at the time you want to take it out.

What inspired this thread? A publication just came out from the CBN that all banks and other financial institutions are to transfer all dormant accounts unclaimed balances and other financial assets to their dedicated accounts. In other words, all dormant accounts ranging from those of dead persons to others that owners used in HODLing their fiat till when it's convenient for them to use it for a project would be sent to the federal government account. source

These all reveal the inefficiency and lack of control of users' funds and assets in a centralized system. The decentralized system is a blessing to all and solves most of the issues like this that's  associated with the centralized institutions.
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