Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 255. (Read 1333135 times)

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Charles, I don't know about you or the opinion of others about the issue of regulating cryptocurrencies in Nigeria. I no just badu the idea. Wetin I dey try talk be say, we all got into crypto because of the the financial freedom along with privacy that was promised. Accepting to be regulated will make it look much more like traditional financial service providers like banks. Coz CBN go define limits, rules and even punish defaulters wey go against their regulations. Na why I just dey talk say e no too fresh. Well anyhow e be, we go still survive.

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I noticed only two Nigerians commented under the thread to Vice president speech about crypto assets, but it will be good to take a look at it as it encourages Nigeria to remain positive for bitcoin and other crypto assets to be legalized by CBN.
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We no reason am brotherly, no mata how u when write, whether na for oyibo man language or our own, you no get shaking and we gat ur back. I think you don talk better something here. Make I tell una something, so I go filling station go buy fuel play play my ATM card loss.

This one come make me go back, I spend nothing less then 4hours just to get card wey be say if this crypto firms get sense dey for done bring am come nigerian and na just order something we don recieve instead to go waste all our day for bank wey we no dey even reason except when the coins dem wey go Naira.

No be play oh, we need this ATM asap, assuming we get just one self for my ares I no for even dey near my bank again.

So the TLDR be say, we fit no get crypto ATMs if CBN ban still dey active?

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NOTE : pls, i'm sorry for my other brother who had earlier contributed to this thread in pidgin english. i can read the pidgin english unfortunately, i'm unable to write in response to some of these comment(s) in a pidgin english.

Thanks

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This leaves me not positive about this at all than to first expect CBN to legalize back financial institutions to be able to transact through Nigerian banks. Meself go wish if Naija get plenty ATMs.

No be play oh, we need this ATM asap, assuming we get just one self for my ares I no for even dey near my bank again.

Bitcoin mining has been profitable since the creation of bitcoin in 2009, the difficulty of mining has been increasing while mining reward is decreasing. But the bitcoin valuation in bitcoin price makes it still profitable to mine bitcoin. I know about bitcoin mining in countries like China, USA, Russia and some other countries, but I have no much idea about bitcoin mining in Nigeria. These are my questions:

1. Is it profitable to mine bitcoin in Nigeria?
2. Or, it will be better to mine altcoins instead?
3. Are their selling places for mining hardwares in Nigeria, like ASICs?
4. As CNB banned bitcoin, is it possible to import miners into Nigeira?
5. What are the factors making mining not possible in Nigeria to be amount the countries competing most miners are located?

I still want to ask some more questions, in mining, there must be constant electricity, cold weather will also help, but we all know Nigeria is hot, which means we need more access to electricity and cheap electricity. Normally, electricity is not good in Nigeria, a country of over 200 million population estimate generating very low electricity. I am think if it is possible to make use of solar to mine in Nigeria, maintenance of solar is not easy while solar itself is costly.

Will mining with solar profitable?

Not a must to answer all the questions, you can just answer the ones you are quite sure about.

Israel-based blockchain analysis firm Whitestream has released a report uncovering four recent crypto scams originating in Lagos, Nigeria, going on to claim that “it seems that Lagos is a central focal point in Africa for investor scams of this kind.” Bitcoin and crypto use has been booming in Nigeria, but the dark side is the rise of scams. Whitestream’s report speculates that Nigeria’s Central Bank recently doubled down on cryptocurrency restrictions partly due to the rise of such scams. Whitestream, which serves large institutions such as Israeli Ministry of Defense and global cybersecurity firm VERINT, discovered the scams on the social media platform Instagram. The Instagram accounts are designed to look like they’re from America or Europe, but Whitestream was able to track down that they actually originated from Nigeria.

The scams, which target new crypto users, look very close to other widespread cryptocurrency scams. The scammers ask users to send bitcoin (BTC, -6.24%) directly to them, promising profits, but instead run away with the money. Facebook did not return a request for comment by press time.

'Fake reality'
The Whitestream report highlights Instagram photos featuring a fake broker living a luxurious lifestyle from her lavish crypto earnings. The scammers draw in victims over chat, convincing them to send bitcoin, which the scammers will supposedly invest, promising high returns. But instead of investing the bitcoin as promised, they cash out.

They then typically transfer the bitcoin to the Binance exchange to convert it into fiat currency, Whitestream’s analysis determined. The scammer used a virtual private network (VPN), which allows people to pick an IP address, to make it look like they were from the U.S. But through deeper investigation, including analyzing the Bitcoin blockchain for transactions and detecting the mobile device that was used, Whitestream found the scam originated in Nigeria. Whitestream tracked down four similar Instagram scams in the fourth quarter of 2020. “It may be the same entity that is running all of these scams at the same time,” the report adds.

The last speech by the CBN proves they know nothing about cryptocurrency.

Talking about what to mine, I'm also of the opinion that mining bitcoin now might not be a really good idea especially for an individual miner. smaller altcoins with more rewards and some minor difficulty should do just fine but new projects often focus on POS staking instead of good ol' mining like in the early days.

You are right, to mine bitcoin, graphics cards like Nvedia and AMD that can be connected in grid to make up mining rig for bitcoin mining are no more profitable to mine bitcoin, but still possible to mine some altcoins, I am not sure about the strong altcoins like ethereum, litecoin and others in such high categories. For bitcoin mining, ASIC like Bitmain antminer S19 will be needed or any other good new ASIC like the Antimer T17 which is also efficient.

In Nigeria, CBN ban bitcoin, bitcoin is not banned in Nigeria itself. So, anything related to bank trasactions with exchanges and other such crypto organizations is what that was banned. Mining equipment importation into Nigeria should not be a problem. But, this is just my opinion about this.

You are right, to mine bitcoin, graphics cards like Nvedia and AMD that can be connected in grid to make up mining rig for bitcoin mining are no more profitable to mine bitcoin, but still possible to mine some altcoins, I am not sure about the strong altcoins like ethereum, litecoin and others in such high categories. For bitcoin mining, ASIC like Bitmain antminer S19 will be needed or any other good new ASIC like the Antimer T17 which is also efficient.

Baba your reasoning make sense that list na him want make people dey put mouth for official thread of campaign were him dey manage as team dey complain about signature and bounty say e no dey help dem project get enough awareness. Make we just dey do well we go make amm happen. Much respect brainboss

I for ansa the questions if to sey I understand dem oh. Una know sey I nor dey fit read oyibo language once I nack enta dis owa house. Too much oyibo yarns nor dey good for my bori, you know wha I mean? 🤔🤔

Considering I've never really mine Bitcoin, I can't really tell if it's profitable to mine Bitcoin in Nigeria. I've also not seen anything remotely about mining in Nigeria. I don't mean those mining apps on app stores but mining using mining hardwares.

Abegi no mind anyone categorizing nigerian as spammers, brother na lie abeg no be the nigerian wey I know for the forum eh. We dey try abeg infact we better pass most local board. See eh I dey manage Campaign (if not the highest number self) if you see as my eye they pain my every week eh from reading all other guys (no wan call local board name) but their english no be here talk more of their quality.

For nigerian na only bounty hunters they spoil our name if not we dey show working abeg. Make una just keep am up, improve more for the quality wey we dey deliver and in the right time we go all rank up. That e new blacklist fit be as a result of say e see my talk wey make me add someone new to my black maybe d tin just refresh e memories and e decide to update e own blacklist.

Ans, 2: Mining altcoin require low cost? Isn't it the same with bitcoin? I no sabi if the two get difference, if altcoin mining materials dey low, then we move to altcoin but the problem be say, we go fit make profit from mining altcoin?

Ans 4: If the miners go agree to lie for checkpoint/boarder say him dey come for any other purpose except crypto purpose, then it's possible for them to come. Money is everything about mining, these peopleware too are supposed to be taken care of for them to setup and install every equipments.

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