Topic: Trade your BTC/NGN, USDT/NGN - page 2. (Read 492 times)

OP nice initiative but in order for there not to be porosity in the system, would have suggested that if anyone wishes to do an exchange service they can open their own thread about it just like cryptoprenuerBrainboss is doing here. So it will be good if individuals bear their own risks and possibly if anyone should start an exchange service they should be a recognized reputable member just like CryptopreneurBrainboss IMO

I've stated several times that the board will not be held liable for any loss of property, money using escrow outside of the local board.


I serve as the local board escrow, so I don't understand why we need to take our local business to the general board; aside from myself, we have some other respected members who can handle things. Any member of the community who trades with someone without reputation (a merits number is not the same as reputation) without an escrow is doing it at their own risk.

This is a nice initiative but the process may have some problems along the way if it becomes popular.

• This us not an exchange board, so trust score is not visible here, this will mean that someone who doesn't pay much attention can easily trade with a scammer and lose their naira or Bitcoin,

• Without an escrow there's no level of protection. Why anyone go send first to an anonymous person here when your only guarantee us they should be scared of getting red trust?

• Generating enough liquidity will also be problematic. This will be the major factor that will dissuade people.

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As a fix we can have 9ja people wey wan sell/buy bitcoins and have good reputation create their own thread in the general currency exchange board. Anyone interested in the service ca contact any of them and trade with them, publicly as well.

Transactions like this should be done using an escrow, any attempt to do dealings without an escrow may result in a loss of money. It happens a lot in the lending board, we see users default loans and even though the account is painted with red trust, the lender has no way of getting his money back. AFAIK, Igebotz is the escrow of the local board and should be involved in any such transactions if it is goin to be on the local board.

This initiative no bad at all but just that nah humans na bad. At the end of the day na bad belle (smammers) go still want maneuver the process to scam newbies of their funds just to make the initiatve to look dead on arrival. And them no go wan come with their main account. I no the try to talk as pessimist but I dey try use experience of wetin I dey see for a whole CEX like binance, kucoin, ByBit how these bad belle (scammers) the still bet mind wan run pass the system, how much more this.

I just wan ask this important question: nah how the traders go take the determine the price nah, like USDT to Naira price. Na to use a certain exchange price or na based on bargaining?

Yes making haste while the sunshine is what op is trying to put forward to our forum to avoid the pursuing of black goat in the night instead of day time, it's no longer news as long as  your a member of this forum and always active to know how the government actions is affecting transaction in different ways of P2P attack on exchanges, I would at first thank op for bring up things like this to build up courage on how we can go about when the road seem to have ended for transaction all what we need now is how to be Worthy of trust to make this put forward by op to actualize if will are stock and no way to go again for transaction.

Personally I don't know any reputable exchanges left, went from Binance - Kucoin and now Bybit, meanwhile a lot fewer exchanges already delisted the P2P option in their exchange and peradventure we get to see Bybit delist aswell, how many more exchanges left  that one can trust with releasing our identity for verification process (BVN and other info).

I think OP or any reputable member here will serve as an escrow agent, so no need to be worried about loosing funds. Also, if any reputable member account should get compromised I feel he should be knowledgeable enough to know that he needs to create an Alt  with the same forum username to inform everyone about the incident so everyone can avoid doing any trade with the account.

I have read your analysis on how this trading can work. I think for me, there needs to be an escrow for every transactions especially for transactions that involves two growing accounts. A condition must be set on the requirement needed to be an escrow member and act on behave of anyone. I think the moderator of this board can make a list of trusted members who are willing to be part of this.

And also, I noticed that you didn't add one basic rule to the ones you mentioned, which is: do not add Kobo or decimal values to bank transactions, such as N17,429.29

@Roseline492 @ Mayor of ogba @Grace333
I think you all saying the same thing apart from the last person commented above, now this is the real vision of this concept I presented above. I am not the exchange neither are mine going to charged anyone for trading here neither i mine the one offering this service, the thing is we (ourselves) everyone in this local board are the people who are going to use this service.

How to use this service like I said above, if Mr A has BTC and Mr B have Nigerian Naira and there's no place to buy so quickly any person can place their order here for buyer to pick up the trade and the person to send first is the one who placed the order to be triggered next the person.

For example, you have BTC and you want Naira, if person picked up your order then you will send your bitcoin to that person after you post your Txt id here then the next person will have to send you Naira to your bank account and also post his screenshot here blurring his name without any cryptocurrency related words. I can only play in when there seem to be lack of trust or bridge of contract then I will have to pm some people to get the account that default tag, maybe if you think the transaction is too high then you use me as escrow without the fear that your asset going to the wrong hand even as that I don't charged any fee.

Note that this is only brought to have a smooth deal of Naira trade (p2p) since most of  the centralized exchange are being attacked by government we can ourselves run this services since we have enough users instead of us to start sources for a p2p platform then I think we can run it here on our own without having to go under pressure to source for a place to trade it. Our sole purpose is only NGN conversion.. If you have any cryptocurrency and you want NGN you can place your order here then someone has to pick it up then send to you provided that the person is eligible just as what Marvelockg had already explained.

have you sat to think of what will be your fate should the government succesfully delist naira from all accessible exchange? How would you carry out your p2p transaction? I guess the service OP is rendering is just an answer to that question or a possible alternative that might help out should a scenario as that surface.

If the Lending board can still remain functional with variable as this still in place, I don't think that it's going to be a serious issue here. Generally, an account that's in the wrong hand is a threat to the forum and isn't just going to be seen as a threat only in this context. And I guess there might be a range of transactions each person would be allowed to trade at a time to reduce risk tolerance.

do you think anyone would be too foolish to grow an account from scratch to the extent of being a full member and possibly participating in a campaign on the forum and then use the account to scam people and risk being banned? That's insane.

I kind of like the development but like some people have said already, as other alternative exchanges are still in place at the moment, it would be deficult to really need this kind of service now but it's best we have stuff like already on ground so if for any reason we run out of option, we know that we can depend on ourselves to run most of our p2p transaction without risking getting affiliated with a non reputable sources.

Op I'm not quite clear with the project you are trying bro pull up. Are you trying to stand as a mediator to p2p transaction between member of this forum to ensure transparency?
Are you going to be taking commissions from successful trades?
What are the odds that a reputable member's account won't get hacked and used to scam  another person? And if this happens how can it be resolved?

I feel we should also consider questions like this before running into such transactions. I believe this is a public forum and any one can just create account and hunt  merit while he still uses the account for scam, these days scammer are becoming more patient and sacrificial. When talking about any thing that has monetary value experience has taught me to conduct only trusted and physical(knowing each other) business I don't know about the risk tolerance of others but I prefer an anonymous trade with a  trusted user.

Thank you for coming up with P2P trade on our local board since the government is delisting the trade of NGN in P2P trade. This initiative will play a major role if the government succeeds with its plan of taking out the trade of NGN on all P2P trade platforms. But to ensure 100% transparency in this P2P trade, digital transactions should be done on chain so that the buyer and the seller will not alter the transaction. We can also check the transaction with the transaction hash to know if the seller sent the agreed amount to the buyer. It will help stop members from getting their accounts tagged wrongly because some newbies might find it hard to access their funds on a centralized exchange when they have received payments. Because of the high ETH gas fee, I think it should be removed to trade against NGN so that members will not have to cover many fees when trading NGN against ETH, which will allow us to maintain on chain transactions.

That's a welcome idea because this method could actually work out very well because anybody who fails to comply after receiving payments will be putting his or her account at risk, however one of the things I like about this method is that those who doesn't have an idea on how to exchange or convert to naira will find it very easy to do so. Also in addition to the above listed information I think there should be some sorts of limitations or margin, as such that any member who is not currently working with any campaign or doesn't have a proof to show that he has the funds should be disallowed unless he or she has a guarantor, somebody that would prove that he can fulfill his end up bargain after receiving.

However reasoning all this on different perspective, for now the exchange may actually not gonna work because the buyer may not like to pay all the fees that would be involved during the exchange, so perhaps they would actually like to stick with there normal exchanges since there are so many exchanges that are currently working properly and doesn't charge them too much fee during the conversion. So actually the only way this your ideas will actually work properly is when there are no more exchanges left then people will be left with no option but to consider it.

Reserve

Reserve

After the much pressure from government delisting NGN from most of the centralized exchanges causing many of us to face serious difficulties to convert our digital assets to Nigerian Naira, I have been moved to create this topic for everyone to easily sell and buy without being worried over the exchange that offers p2p trade anymore.

Here I will give some basic rules that would governed us while trading.

• For newbie who wants to sell or buy any digital asset you must first initial transaction before the other person could release s/he's fund to you
• In the case of newbie/newbies deals you both must consult me or anyone whom you think that is of higher rank, inclusively Hero to Legendary only to stand as escrow for the transaction
• Must post screenshots blurring your real name if you cared about not revealing identity
• If your digital asset is in exchange and you want to trade NGN, someone who has same exchange account will likely trade with you to reduce fee, that exchange to exchange transaction while receiver sends you NGN after confirmation
• Anyone can post their request here, for example; you need BTC, the next person needs Ethereum anyone who is available can take up the details provided s/he replied here.
• Do not accept deal from newbie in pm, all deal has to be open except for reputable members who are trusted
• While sending Naira to the buyer you must not include any crypto word. Preferably to be blank or for those who their banks made it mandatory to include narration you can just use "pay".
• No telegram deal, all deal are made here for transparency
• All cryptocurrency are welcomed to be accepted if only you see the buyer here who wants to buy or sell, but keep in mind no shitcoin will be place here.

How to trade Here ( you will select your trading pair to post just as I have shown below)

• I need BTC to Pay NGN
• I need NGN to Pay btc
• I need ETH to pay NGN
• I NGN to Pay ETH
• I need NGN to Matic
• I need TRX to Pay NGN
• I need NGN to Pay TRX

Side note: For trading that involves BTC from external wallet the seller has to pay for the withdrawal fees.

Exclusion

Do not accept trade from Red trust users, except their case aren't serious, even if you must do make sure such person initiate his transaction first before you release the requested asset to them.

Any violation leads to several tags from DT members, I will also contact some foreigner to tag the account for scamming.

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If you think there is something we need to add or removed from this post your suggestion are welcomed I will be open to readjusted after considerations.
My sole purpose is to help ourselves to solve some problems, we may not know the next centralized exchange p2p platform to be attacked by government.