The Bank of Nigeria has a great sense of humor - page 3.

BitHodler

legendary

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Quote from: jtbcoins on March 05, 2018, 04:08:07 PM

People in Nigeria who have crypto just need to move from this country. I would do that in their place. Best decision.

And then what? If you don't have sufficient resources to move away from your country, even if you convert your wealth to crypto, you basically leave your job and everything behind to face uncertainties in another country.

It only makes sense to move out of your country when you can maintain yourself appropriately for many years, even when you don't have an actual income at all during the initial period.

Also, the only crypto I would ever trust my wealth to will be Bitcoin. Altcoins depend on too many variables to increase in value, where with lightning network in mind, altcoins aren't a good long term investment at all.

It's either Bitcoin or nothing.

Chikitita2004

full member

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Quote from: StGermain on March 01, 2018, 06:16:27 PM

Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/

One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.

The governments that have awful economic policies are one of the "use cases" clearly.

Same action the government in my country did. Banks and government had collaborated to issue an agenda warning people and investors about bitcoin and cryptocurrency. They said that cryptocurrency promises nothing and investors might lost their investments for they’ve just invested in nothing. Bitcoin is nothing, not guarantee and not physical and so on and so forth.

TetherClassic

newbie

Activity: 1

Merit: 0

Well, basically, all states which have central banks and print money uncontrollably are money countefeiters.

nsasuiteb

full member

Activity: 406

Merit: 100

BAILOUT

Their currency is trash and worse than many cryptocurrencies like bitcoin, litecoin and even bitcoin forks but most tokens are very risky investments, I think tokens and currencies are very different in risk.

jtbcoins

sr. member

Activity: 560

Merit: 250

People in Nigeria who have crypto just need to move from this country. I would do that in their place. Best decision.

BillCoin

sr. member

Activity: 476

Merit: 259

The problem is that they can't cashout everything to bitcoin, they don't have where to buy the bitcoins, it's not like they have local exchanges in Nigeria, so they are actually locked, that's the reason bitcoin's price on 3rd world countries is usually much higher than usual.

On the other hand they can't keep the situation as it is because the price of their local currency is just going down and they are losing the value of their savings.
That's why everybody should hold a small amount of bitcoins, so just in case something like that happens, they won't stay empty-handed.

maaydin

full member

Activity: 378

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it is not a new thing as we have seen so many times the banks of the most unstable economies and corrupted one keep warnings on cryptocurrencies, maybe they think that the only problem in their perfect system is just crypto.

frowsiter

sr. member

Activity: 714

Merit: 261

Quote from: StGermain on March 01, 2018, 06:16:27 PM

Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/

One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.

The governments that have awful economic policies are one of the "use cases" clearly.

I think this is vein in front of the crypto currency and underdeveloped countries like Nigeria wont understands the proper use of it. I dont think they will be able to regulate it any way because they dont even have proper financial framework. If they cant even regulate the centralised currency in proper way then how could they blame the crypto currency users in their own country. I think this is just laughable thing that they are speaking all about it and not even focusing on their own countries other problems. If those people are earning money from the crypto currency then they should allow it as thats the only great way to earn for them.

vibingpositively

full member

Activity: 224

Merit: 100

What you guys are honestly surprised that a Central Bank wanted to keep the status quo? They have two choices fight it or adapt and seemingly most financial institutions are choosing to fight it. Don't think that is wise because we all know how that battle is going to end Wink

Pancheng

jr. member

Activity: 182

Merit: 1

It's not only the the bank of Negeria, but people from Nigeria 🇳🇬 is also funded of humor and that's one I like about them too, it's no wonder that their bank will support if they know it will help their people earn something from it.

StGermain

member

Activity: 224

Merit: 14

QuickX ICO

Quote from: dinoloverpete on March 01, 2018, 07:04:45 PM

Since the introduction of bitcoin the Naira has fell in price vs the USD by a factor of approximately 3.5. Bitcoin on the other hand has increased by a factor of near infinity. If only those Nigerian princes who keep wanting to give me their money would have invested it in to Bitcoin, they could give me much much more.

It is incredible, I do remember also that bitcoin is much more expensive in Nigeria or at least it was a few months ago. Is like when it became cheap in Korea or China when there were ban news.

andrei56

sr. member

Activity: 840

Merit: 254

Quote from: StGermain on March 01, 2018, 06:16:27 PM

Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/

One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.

The governments that have awful economic policies are one of the "use cases" clearly.

Central banks are all the same, they are deceiving the population of the world it's just that some do it better than others and no one gets fooled by the central bank of Nigeria anymore, I know it is very hypocritical for them to say such things but they have to, it is not like they are going to have a change of heart and accept all the damage they have done to their citizens and accept their responsibility for it, they are just trying to keep their monopoly that is all.

mrcash02

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CryptoTalk.Org - Get Paid for every Post!

Many governments and their banks act like this. They don't give any example to be followed, they don't give any incentive to their citizens, they aren't transparent, but the real danger here is Bitcoin and AltCoins. They are already feeling threatened by Bitcoin and the changes it can promote... That is why they spread these notes.

dinoloverpete

full member

Activity: 308

Merit: 105

Since the introduction of bitcoin the Naira has fell in price vs the USD by a factor of approximately 3.5. Bitcoin on the other hand has increased by a factor of near infinity. If only those Nigerian princes who keep wanting to give me their money would have invested it in to Bitcoin, they could give me much much more.

StGermain

member

Activity: 224

Merit: 14

QuickX ICO

Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/

One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.

The governments that have awful economic policies are one of the "use cases" clearly.

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