Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 217. (Read 1343667 times)

What if some decided to never return? I believe some people may not be able to have access to their money again all because they are not in the country no more. What I am just trying to pinpoint is the fact that Bitcoin and other legit cryptocurrencies can offer convenience, you have nothing to be worried about. If you use a noncustododial wallet, you have the full control over your money, unlike depending on banks that are just operating in only just your country that will lead to inconveniences in such time even if you will still later find a way to access the fiat.

CryptopreneurBrainboss is completely right. We know how ₦aira is so depreciative as the Nigerian government are manipulating the price, but what Brainboss simply mean is how people will have absolute control over their money instead of saving naira in bank. Although, naira is so depreciative but the comment is about control.

Can you post the link to read this useful information, I know the government did accepted repentant terrorists, but I never read government are recruiting them into Nigerian military forces, but this is likely possible and should be of concern to the southern political leaders.

E no get how, bitcoin wan carry stand well if banks no dey. No be every body way go dey suffisticated for life, if you cef check the villages if you be person way dey travel o, you go see say, no how way granny them wan carry understand watin be bitcoin and blockchain. If you like, teach them from today till the life wan end for them side. Most of them cef, them never fit answer call and make calls finish, talk more of to understand bitcoin. So, fiat dey help wella and na fiat be banks. That now na em show say, e no get how the life wan soft for us way be say, the banks no suppose join body to make things dey okay. We need them pass watin we know!

Me I don dey reason am say the reason wey go make naija government dey declare people wey dey yarn true about dis insecurity and boko wahala wanted means gofment leg dey inside am. The tin tire me oo.

How dem go say some boko members don repent and them go put them for army. This na calamity, error wey dey clear. I don begin see why pepo say na Islamic parole be this and the tin just dey waka dey come, no be small.

Congratulations again pokapoka124, but in addition there are also alot of insecurity in the east, a state in the south eastern part of Nigeria, had a situation where all petroleum and gas filling station went on strike because of their grievance with the state government, and the governor could be had saying that it's citizens can go to neighboring state to get their fuel or gas for basic needs, this summarizes the government concern for their citizens in Nigeria.

My broda, nor be small thing oh. Dis day I nor dey even like listen to Nigeria news on radio because d thing dey depress me anytime wey I do. Na one looting or killing or the oda na im persin dey always hear with no solution in sight. Owa leaders dem all be d same, no way forward for d country. But when d fia wey dem dey try set up go catch, e go burn everyone of dem, walahi. Shebi military don declare dat Colonel wey expose how Biko Haram take dey operate and sey na top people dem dey behind am to the public. Instead of Bubu and im people to sit up, na to declare d man wey talk true wanted. Shey na so cowtry wey wan progress dey behave?

No matta how wey we nor like banks because of Bitcoin, we still need to realise sey without banks (fiat) we nor go fit survive with Bitcoin. In fact, to make Bitcoin relevant na im make dem dey fit pair am with $$$. Bitcoin nor fit stand on its own sef without fiat. So, we need bank very much. At least for Africa, we need am wella. Even you Brainboss, if I wan run parole with you now, shebi na through bank we go still do am 🤷

On a realistic note bank is still a very secured institute make we no denied that fact bank still controls about 98% of the world population salaries, even if bank get burnt you money is still secured cause bank dey act as insurance company too. The fled afgan many not be able go get access to their bank app to make transfer via restrictions but I'm sure their credit card were not cut off. All these unrest no too affect the banking system it's still up and running.


Bank will never steal your money for no reason na through banking programs and maintenance bank dey you charge customers but to collect your money on their own is a NO. Those fled Afgans will still take back their money whenever they return that's just the disadvantage of local banking

There are many Afghans that have been evacuated from Afghanistan that do not want to stay because they are afraid of how the extremists, the Taliban will rule, some even still want to leave the country. I am wondering how those that have left the country will be able to access their money in bank, most likely if they are out of the country forever, that means the bank will be the ones to take the money, even if not, there is more chances that the real owner of the money in bank will not be able to access the funds ever again unless he is back to the country. But bitcoin and other crypto is accessible anywhere we go, we will be able to transact it into any fiat of our choice, this is a great advantage.

Nigeria just dey one kain, the government don successfully corrupt the mind of the average man on the street. I'm amazed when I see people fighting themselves because they are in opposition parties. Everything is politicised in Nigeria, insecurity in the North is also politicised, government is deliberate taking no action to fight the terrorists that terrorize our nation. Instead they give them new names on TV like hoodlums, bandits, herdsmen, unknown gunmen, and offer amnesty to them.
Btw a different matter altogether I want to inform the house that I am now a senior member. Thank you to every naija rep on the forum we are growing higher.
PS Rruchiman edit your post, the quote isn't right.

E shock you? No reason am oh as dis county don finish. Na just cruise and vibe we dey survive on as if you too reason how d country dey be you go just die comot. Nobody dey reason you for Nigeria days why you gas hustle for yourself and your household because no matta wetin you be or dey do, the moment you die go person done replace you and dey din forget your family.

EFCC dey find their own choppings na wetin dey sup be dat, dey don find boys for street now e come dey hard to catch dem as their funds no dey dey with dem again. So dey wan track through banks so dey fit dey get something demselfs chop. E dey like when SARs been don dey take losses so dey come introduced POS doings.

Well unless you no smart, I no understand why you go still dey keep funds for bank abi una no see wetin happen for Afghanistan. Money wey you Jo get control over no be ur own so all the money wey dey bank no be ur own. Keep your fund for Bitcoin and if the bear wan show, you fit trade to stablecoin still keep am for your personal wallet and just dey observe the market assuming those funds you go fit need am urgently.

You are absolutely right. But never mind me, I think we need to differentiate when to use government or CBN. In my opinion, so far no bill was passed by the legislative arm of government in Nigeria and no bill signed by the president (Mohammedu Buhari) to illegalize the use of cryptocurrencies in Nigeria, I think we should not use government in this regard, using government can even create more fear among Nigerians. It is CBN than ban cryptocurrencies in Nigeria while the use is actually not deemed illegal but direct bank-crypto transaction is what is not possible for now due to the CBN ban but crypto P2P transactioni are 100% legal in Nigeria.

I am not implying your points to be wrong, you are completely right in my opinion, even CBN ban could have made some Nigerians not to invest in bitcoin and other crypto assets, and yet many people are not crypto literate enough.

Removing the fuel subsidy should definitely result to price hike in Nigeria, but according to what I read recently, it is said that the price will not be increased much to the extent Nigerian economy will be affected and that it will not be instantly, but I know this is Nigeria, we should be expecting price hike in my opinion. The federal government are tired of paying the fuel subsidy. Nigeria will use 94% of its revenue for servicing debt, you know Nigeria is in debt as this present government are mismanaging the country.

You can trade even below  ₦510 ($1) on some exchanges.

On binance, you need to have a minimum of ₦5100 for spot trading, but you can trade less than ₦510 ($1) to go long or short on future contract.

₦5100 is enough to hold, but not enough to trade on binance because she will need to first learn spot trading even if she want to learn future trading. But using ₦100000 is also too much for beginners, having ₦25000 is enough to begin trading on Binance, and not all will be used at ones.

I believe you have taught her how to hold? Because as a beginner, she might only wanted to hold, confusing it to trading.

It is better to have money in Bitcoin and other cryptocurrencies like Tether, only the money to spend should be in naira, naira is depreciative.

This is not funny at all, when the government is contributing less on the youths, yet still imposing sanction on having huge amount in ones account as EFCC collaborate with banks to query our source of income, I swear dem go search tired.

Where is my govt at my young and tender age striving for survival, huzzling from street to street, doing hard labour to earn a living, scotting in my friends house, having 010 as daily meal, yet after the hustle and bustle God answered my prayers and bless me with divine connection, now I dey hammer but my govt in hunt of me on how I take hammer.

I could also remember sometimes back when a president could not even present a WAEC result and nothing happened, politicians loot funds and win case just to mention few, police brutality, bribery and corruption among other vices.

In UK, I also learnt that when a child is born the government takes full responsibility of the child with a monthly stipend till he attain the age of 18 years, I would love to title this epistle "A Patriotic Nigerian" but the news thread I came about couldn't let me, it read thus... "EFCC urges banks to query customers source of income".

I think this is a general problem, but it's worsening in Nigeria, a friend once told me she wanted to learn crypto-currency trading, and meet someone to teach her, she actually said she wanted to start with $10 which is about our 5,000 naira but the person turned it down saying it's to small to start with and it's below trading minimum on binance, that she should have at least $200 which is about our 100,000 naira she then withdrew her plans to learn crypto-currency trading, many of us know that she could trade with that amount, but the person wanted to scam her of good sum of money, scammers are making nigerian lose crypto-currency interest.

The action of removing fuel subsidy by the Nigerian government has been done previously, with very terrible results, it has caused a spike in the price of fuel, subsequently resulting in protests and strike actions, it's obvious the Nigerian government are more or less clueless and completely corrupt, we're in this situation in the first place cause of corruption, if the government can channel the funds generated from oil into developing the country and prolly get our refineries working again, the price of fuel would be relatively stable, with or without fuel subsidies, from the looks of things, the future looks bleak for our nation, with more and more inflation in sight.

Having said that, we dy put all our mind for oil, Naija get many other resources, but our government no wan develop them or put eye there, all them they do na just to put eye for oil, na so them go use this oil till they exhaust am, na that time naija wahala go multiply, creating more problems for the generation wey they come for front.

The issue be say this higher rate of Ponzi and pyramidal schemes them, don make plenty Nigerians become very cautious, to the extent say them no sabi differentiate legit ones from scam. I don stand up talk about Bitcoin for different gatherings, with some people wey dey talk say cryptocurrency na scam, even for school environment.
This ignorance they hold back some people from getting into it fully, as government come dey against am, that one make am worse.

Lack of person wey go teach them nah another problem as lots of people dey out to scam you. Some wan invest sef but no sabi how to buy and sell, and they fit lose their money to scammers in the end.

The first I knew about at first was a pyramidal scheme, it was actually through text message, but I couldn't have enough experience at the time to fathom how it could lead to scam, but eventually led to scam. I lost 2000 Naira, it was in 2012. I couldn't know it was a pyramidal scheme until when I joined this forum but I know how it operated, I know about MMM earlier but I did not do it because I already known what would definitely be the outcome due to my past experience, although, I was unable to differentiate between Ponzi and pyramidal scheme but yet both will result to scam, but I know how both operate.

That is correct, I think MMM is still the largest Ponzi scheme in Nigeria, correct me if wrong. When I went to bank after the collapsed, the story of a man that used the money he wanted to use for his wedding was all I was hearing around, the man also borrowed some money and put all on MMM, he lost all the money. My brother even lost 275000 naira to MMM which he showed me on his device. There were a lot of people that lost when MMM could no longer be able to use New Nigerian investors money to pay the old Nigerian investors when almost all or all Nigerians that were interested have all invested already and no new investors coming in. That led to the collapsed of MMM that result to losses for new Nigerians that invested at the time of the collapsed, and as we know the multitude will suffer the loss.

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Nigerians should avoid such high yield return investment that will result to scam, many Nigerians have lost to ponzi and pyramidal scheme, there are still many coming up, but we should all avoid them all if we do not want to be a scam victim. These links below show how Ponzi scheme in Nigeria resulted to scam.

7 trending Ponzi schemes in Nigeria in 2016
Nigerians lose N18b to Ponzi schemes - by The Nation  March 3, 2021.

To the defense of many ehh, dem no know say na ponzi dem dey do oh although d educated ones know and na dem dey promote am pass based on say dey wan be among the first ti chop so dey fit run. When me I been run MMM package back in 2015 dat time na the first time I dey do online investment.

I no sabi wetin be ponzi. I even think say I dey do normal investment unto my eye come open. Everybody for Nigeria dey hungry, so when dey see opportunity to make extra money dey jump on top am and for people wey no sabi wetin dey happen, na dem dey surfer pass. No think say those big man no dey hungry oh because na dem patronize this ponzi them pass.

If you see millions wey big man lose for MMM eh, like when I dey see update for online dat year, you go dey see millions wey people dey Provide help and the only people wey fit get dat kind money na only Igbo businessmen or politicians.

Nigerian as we are, we are naturally born to be curious and mostly venture into every and anything, this character has brought riches to many Nigerians and also poverty to some, if any Ponzi appears Nigeria practically go crazy about it, and I don't know about you guys, when ever I tell someone that am into crypto-currency the persons attention is already grabbed, I think you right Nigeria needs a board for home grown discussion and knowledge sharing.

Aboi no be lienus oh, it no be internet ehh we for don cast since na. I mean imagine how much you fit make by just running one or two things for online wey no involved fraud oh. If you keep your head for ground, you go see say blood money dey for Internet and any body wey first enter they succeed madly. Check our Instagram skits makers na see as those boys and gals they ball. Even when blogging be come out  see people wey first run am dey enjoy now like mad.


No be lie if na dat one me self I no dey border reaaon dem wetin dey sup again because on how you teach then finish and you no follow up  den they come misplaced this private key or lost their phone and no get how to access their wallet again, na u den go dey worry. Now anybody wey dey reason me wallet, I dey just trust wallet atleast that one dey somehow ok then the others but not totally decentralized why if you ask, anything wey binance put hand, fear dem.

That one na very strong point to use pushu this local board mata, we dey very uninformed for Nigeria. When I dey see this shitcoin rubbish e dey worry me. Na we even carry am for head pass  you go dey see careless WhatsApp update them and you know non of dem get any idea of wetin dem dey talk.

The president has signed the Petroleum industrial Bill, people are affraid again that if the petrol subsidy is removed, it could result to inflation which can later result to price hike and naira devaluation. What do you people think about this?

The pandemic affected many countries, but even before the pandemic, Nigeria has been suffering as being a developing nation subjected to high inflation and naira devaluation, Nigeria has also gotten worse ever since 2016 during this present government, naira touched over $500 per US Dollar if not the CBN governor's manipulations. Like MasterCard international monthly spending limit that was over $3000 before during Jonathan time that was reduced now to $100 and many others ways they use to inconvenient citizens to protect the foreign reserves.

Even some of them that think they are experienced enough are using custodial wallets, to the extent I have friends telling me Luno and Binance are wallets, I always correct many of them as they do not understand crypto in details, some even do not know what seedphrase is, while some go for any altcoins not minding if it is a shitcoin or not. This is one of the reasons we need local board, most likely at all, we will discuss more about cryptocurrencies which would be helpful to some Nigerians that access this forum.

Government do not care, the struggle in life is solely on individual's shoulder. Buhari that said Nigerian youths are lazy was also the person that addresses the University graduands of University of Maiduguri in 2018 or 2019 that no job in the country, telling them to be engaged in vocational training.