Former CBN chieftain, Kingsley Moghalu's remarks

https://www.nairaland.com/6405705/cryptocurrency-all-exchange-mediums-subject

handsomebolanle:


Its funny when they mention countries to make comparison to justify a course...

When it comes to what doesn't suit them...they won't make comparison..


This CBN or whatever statement lacks knowledge... and whoever drafted that shows the level of competency we have in government... making reference to the previous full of errors statement (A whole Countrys Bank) even makes me think there is little or no good brain in such department or even CBN.... Just thinking sha...

It comes across as hurriedly written. The language within the circular is disappointing for an apex institution like CBN...not business like at all.

They are not wrong though to protect us, Nigerians. Their approach to it is where the problem lies. No stakeholder engagement, nothing. Just like how our forex challenges have been handled so far...back and forth circulars.

Good read.

It is very worrisome when 2 institutions like SEC and CBN are giving conflicting feedback to their citizens. This circular shared is no different from everyone's argument and counter argument so far.

Quoting Warren Buffet is laughable, as the great man has gotten it wrong too especially regarding new tech. Also, China seems to be developing their own digital currency/cryptocurrency. The biggest bitcoin miners are in China...

It is not wrong for a country to protect their citizens, however, draconian methods in this day and age will be spoken against, hence the backlash, hence their issuing another statement.

Crypto continues. CBN will eventually sit at the table with the relevant stakeholders when the time comes.

Jedisco, it is okay. Stop trying to make people understand. I think you have said all that would make anyone interested to do more research.

I also used to think crypto was a scam, until recently. Yes, it is an evolving space. The government will eventually come around especially as the world is becoming more accepting.

Money laundering and fraud happens even in normal banking systems, so that reason is for sensational purposes I guess. Maybe the ban was more monetary policy related.

All of us go dey alright finally with our different modes of investing.

House, please how does one make deposits now into Binance or luno, given this CBN directive?

Abeg, educate us o.

lovinhubby2wife:
Why is everyone using p2p selling via kuda bank only?

Please explain how to use Kuda bank for p2p?

MaziHarri:
Wallstreetbets have a telegram group they created this morning with over 9k members. Two groups. One for announcement and the other for chats

Not been here for a while....

this is not a game of I am right and others are wrong or me trying to act superior to others.

Just passing the information and an admonition for us all to stay safe with our money.

May the markets favour us.

Edit: I follow them but as others have said their stock picks and how they operate is more times very dangerous play.

OakPearl:
Today's day trade candidates.

JAN-$9.67
ACY-$9.69
KOSS-$58.08
MNPR-$6.65
NAKD-$1.38

Please please and please, exercise caution.
Reddit wallstreetbet stocks can be tempting but very dangerous.
Their activities have drawn SEC and white house attention. Make the bulk of your portfolio fundamentally sound stocks if you have to participate in the lotto.
The fundamentals of most of the stocks they chase are not sound.

Do not catch a falling knife.
Be safe always.

Well said, OakPearl

Oyindamolah:
I am a lady

Okay.

Then You guys do not need to still go to the main reddit forum to copy their posts and put here to lure people to this telegram group then.

Even on mainstream media, it is never mentioned that there is a telegram group. Never mentioned. Only twitter, a discord group and a contact email.

Actually, it matters not to me, just a bit worried about newbies who are at risk to fraudsters here. And who also may not understand the market well.

Incase anyone is interested, Website for reddit is www.reddit.com

As I said, it is a free world

Oyindamolah:
;DSir it's true o They have a Telegram group

Bro, it is a free world. Anyone can do what they like. No issues.

yazga:
Sweetie you are misleading people here, they have over 7437 members currently they suspended r/wallstreetbet on reddit. NL bot will ban me once i drop the link.

Sweetie?

Bros, they are very much online. They went private briefly at the time their discord server was banned.

You both are funny. Given that you are also a newbie, even funnier. Why should I be lying or misleading people? Reddit is the forum, r/wallstreetbet is the subreddit.

I do not know the telegram group you joined, but I think a wiser advise is that you stay on the forum with almost 4mil members....if you do not want to loose your money to fraudsters.

My last feedback on this.

lavylilly:
There never a time i said i own the posts i made here Lol! at the bolded, remain there they are going for amc today it all agreed, as i type they are on voice chat cirrently speaking is Km and he saying Nokia next week they are going to zoom. Capo Tactical Traders Chat was advise we should join, Jay was just talking about gme
Last bullet, most sock broker in the UK have suspended AMC they just announced that on the voice chat

You are quite funny.

I think for posterity sake, and for all new comers to this thread to point this out.

Majority of Lavylilly's posts so far has been copied from either r/wallstreetbet or r/stock subreddit. Whether he or she is the real author is another question as these were posted many hours ago. Even days ago.

See example below. Also all stock tips are from reddit. Wallstreetbet has NO telegram group. Their discord server was just banned.

Just as someone has pointed out, it is completely FREE to join, just sign up with a valid email or whatever.

In this frenzy market, please let us stay safe abeg.

As exciting as these times are, a few analysts are saying that the "great reset" might be closer than we think.

As WSB guys stick it to Hedge fund shorters, more may get wrecked, some institutions are said to be selling off other stocks in order to match the mega losses they are incurring.

Reports say many are selling off their stocks, some to pile into the shorted ones, others to safeguard their investments. NYSE's big stocks have mostly been seeing red all week.


Maybe a mega crash? Or a mega boom?



https://www.youtube.com/watch?v=0Ii1U7UW-jE

House, una see wetin dey happen with GME stock?

Outrageous gains or outrageous loss is in the horizon. So exciting and terrifying to watch. Friday and next week Monday will be crazy.

Those WSB reddit guys are mad, but geniuses!

From what I have read so far, The main bloke invested 50k USD and cashed out about 22mil+. He also reinvested 750k again for this current ride....it is well o.

Buyer beware, enter on your own risk.

yok:
SCIENTIFIC STOCK PICKS- THIS GAME IS INTERESTING
It is a case of having 10 chicken, we eat 1 and still have 11 chicken left, despite selling some equity, the reduced portfolio is higher making our selling of no effect, cool!. Still bullish on OPK, CODX, SRNE [/b]etc more details for our subscribers for free.

[b]On stress test I am still worried about our local trading apps, I will continue to withdraw my fund from time to time to look for sign of financial or operational weakness, don't mind the fact that some paid sympathizers will attack the truth just like we see in the beginning for passportfolio or whatever their name is, how can a broker list earning interest on Client's money as a source of income " are they our bankers", "money in my trading account is money in transit , it should keep moving" . We are happy to support our own, but with childish tricks like not returning my money after a failed order, platform failing to allow me place buy/sell order when I want ( I tried to buy Ethereum on Trove over 6 times on both phone and laptop it keeps failing) it seems we have no option but to look for the like s of 212, I am praying that sites like TD Ameritade, Interactive etc starts accepting Nigerians.

Caution: This is for information purpose only. Data used are assumed to be correct. However, you may want to verify the data from an appropriate source. Also, Institutions can afford to suffer big losses without going burst compared with an individual, you cannot follow them blindly (you need to at least have some knowledge/your own plan). This document remains the personal property of Target technical analysis https://twitter.com/AnalysisTarget
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Good feedback, yok.

You are right, we have to keep vetting these trading apps. More money to your portfolio.

House, there are rumours that a strong correction might happen this year. I think we should bear this in mind, and also keep some cash for buying the dips when it happens.

Jedisco, you called it brother. ETH seems to be picking up slowly now.

Very correct Jedisco. I have been doing a lot of reading. The guys that understand these charts are saying that it is not looking good and a dump might be coming.

Guys, heed the above. this is not to cause panic though, just be cautious.

https://www.tradingview.com/chart/BTCUSD/N4tFOw0Q-Bitcoin-s-blow-off-top-to-descending-triangle/

jedisco:


Lol... There's always a narrative driving every run.... On this it's the halvening, stable coyns, institutional adoption e.t.c driving it. Let's see how far it goes.

My simple advice would be to stick to your strategy... If possible write it down. Cos if altys run, the mistake most would make is that after weeks of watching and getting greedy, they finally sell their betece to buy them which is usually at their tops. It's the easiest way of blowing your account.

Many thanks!

Lazyyouth4u:


As per the bolded on insurance, the US SEC’s insurance does not cover fraud and market losses o. It only insures against the bankruptcy/insolvency of the broker. If these guys japa with your money or invest your money and make loses, you get nothing from the SEC o. It doesn’t work like NDIC’s insurance.

Good point.

As I said, I do not use Risevest. It is great that you are sharing these points to all too, I cannot claim to know the in and outs of how these things work.

I personally know what I look out for before putting my money into any investment. My response to you was based on your opinion that they are not SEC regulated in the US, and the fact that the founders are young. Your opinion remains valid but if we base all investment in stocks that way, then why should I invest in even NG stocks too? I think there is also a body that does such related insurance in US like NDIC, I think SPIC or something...

In summary, your pessimism is valid, any serious investor should know how to do their due diligence before putting money anywhere, but since your argument that Risevest is not SEC regulated has been proven false, then let people take your other suggestions and invest if they want to.

Lazyyouth4u:


You are missing my point. My reservations are not around their age. Nothing wrong with young guys building apps to make investing in foreign stocks easier for Nigerians. Kudos to them.

My reservations are around their investment experience and track record. I don’t know about you but I won’t be giving my hard earned money to a guy without years of solid investment experience to invest on my behalf. And I maintain that those guys do not have solid investment experience and track record.

It's fine. Your opinion is noted.

jedisco:


I'd say what matters is sticking to a profitable strategy.

Fact is they all have no 'real' product including fiat (naira, dollar...) What makes it a currency is that people are willing to exchange it for goods and they have become universal
You're right in a way. Betece would likely outperform all others in the long run. New money comes into it. But then, my knowledge of the market means that knowing how the cycles run, I can accumulate more betece if I time certain moves. This strategy is more difficult that's why I advise new folks to stick to betece.

If by last year you mean late 2020, I wouldn't call buying at that time early. You bought at the beginning of a parabola. Whether looking at years or not, we're all in it for the value and I'd advise you take some profits soon. If history repeats itself (which usually happens), some of the numbers we may see this year may not be seen for the next several years.

Trust me, you don't want to ride a bull market to the top and ride it back down into a bear one. Definitely not this one. There's a reason why folks who were burnt in 2017 still have the PTSD.

Sure, I did not get in early. The institutional adoption and hedge funds getting into it as well the likelihood of being a digital store of value gives me hope.

Will start taking some profits and wait for the dips that may happen. I no wan develop PTSD abeg. 5%-10% of one's portfolio is still hard earned money lost.

jedisco:


This last year gace us lots of immense buying opportunities.
First was at 2k, 2nd on the retest of 10k as support and the last was the break of 20k. Looking back, yhese entries would seems so obvious but when at the time, people screamed for much lower.

I can't give targets but my advice is that it's much easier to take profits on the way up. No one knows how high it'd go.

The question is what was your target when you bought?
Also, what was your entry level?
This would be a good time for smart folks who got in earlier to take some profits. If the retrace comes, youre well armed with fiat to benefit
IMO, the best way to acquire beetece now is to wait for a shift in market momentum... If there's a dip, I'd pick some select altys who seem bound to break their ATH or if eithy breaks ATH, I'd go in... For now the reward seems to be tilting towards altys if played properly.

Few weeks ago most people would have seen 40k as a God sent sell opportunity. Now we're at it, they're aiming for 50k. That's human greed in action- a money killer. Such folks may still end up at a loss even if it goes to 200k To trade this market, you have to master your emotion. Feel no remorse when you sell and it pumps higher. Just know trying to time the absolute tops and bottoms is the best way of loosing all.

It's difficult making targets in a bull run. The reason it's called a parabola is cos it blows people's expectation. It's already doing that.

Take for example when link broke ATH this year... It went from 5 to 9.5 dollars. Most folks who had been holding emptied their bags thinking they had sold the top. It retraced to 6 and pushed up to 14.. Hehe... The move shocked most people. It then retraced briefly to 12.5 and pushed up to 20. During it's final push, some folks who sold at 9 bought back expecting it to ho to 30.. Of course it sold off at 20.

I am buying to hodl for a few years. It makes about 5 - 10% of my portfolio given how volatile and unpredictable crypto is.

Bought some btc late last year so got in not early but am up by 30%, and up more than 50% on eth. From my readings, I can see that most ALT are as they say shitcoins so I am reluctant to enter. It looks like a gamble and most of these alts have no real product.

I am focusing on eth and btc as I am optimistic about their future so I will wait for the bear market, though I hear it can be brutal too.

Lazyyouth4u:


Okay I see. But note the statement below from the US Investment Advisers Act. Basically, as long as they are making full disclosures to their investors, it is up to the investors to do their DD on the managers they are selecting. Registration with the US SEC does not mean a stamp of approval of their experience or qualifications to advise clients/manage/invest funds. You have to be very careful.

Good luck and hope it works out for you but I still have my reservations on their experience and ability to invest retail funds.

‘‘Unlike the laws of many other countries, the U.S. federal securities laws do not prescribe minimum experience or qualification requirements for persons providing investment advice. They do not establish maximum fees that advisers may charge. Nor do they preclude advisers from having substantial conflicts of interest that might adversely affect the objectivity of the advice they provide. Rather, investors have the responsibility, based on disclosure they receive, for selecting their own advisers, negotiating their own fee arrangements, and evaluating their advisers’ conflicts’’

Your advice is valid, however by this logic, no one will invest in anything, even NG stocks.

As long as they are confirmed as registered, then I guess investor's funds are also insured too. Note: I do not use Risevest. Our credible fintech guys are doing so much, it is admirable. Whether young or old....Iyin Aboyeji is a young dude and he cofounded flutterwave.

jedisco:


This move has left everyone in awe... The funny thing is that certain fundamental metrics seem to point towards more upside eventually but a pullback may be in the offing.

What's more scary is E1TH... It seems like only a matter of time before it also breaks it's all thime high... And in this market once a major does that, 100% is almost guaranteed.... I've got fiat aside waiting patiently, if it pullsback to around 600-700, I'd take it otherwise, I'd get in on the break of all-time high and ride it to 3k at least.
What I'm still struggling with is what it's little brothers will do if it doubles its value. Already, we've had a sneak peak of that this week and a good number seem to be creeping towards their all time high too.....seems 2017 may repeat itself.

I'm treading carefully so I don't give back profits made... This market is scary.

Very helpful tips so far, Jedisco.

I added ethereum early this year and have been doing a lot of crypto reading. Also, waiting for the dip so as to accumulate beteecee.

Do you think it is wise to take profit soon and wait for the dip or hodl regardless?

OP, thanks for the info. I am still checking online for more about it. A few questions abeg...

How authentic is this given that Buhari will leave office soon?
When is the roll out starting?

To the best of my knowledge, piggyvest is NDIC insured. US stock fintech here are registered with both NG and US SEC. E.g Bamboo uses Lambert Capital and Drivewealth

seyisanya:
Well, I just opened an account with them this December(It is exactly as I stated above just 3 weeks ago)! If this has changed, then it is a fantastic development. When was this email sent?

I think the week after you opened your account with them.

seyisanya:
Stanbic has a minimum of $20,000 entry deposit and the same amount per top-up! United Capital has a minimum entry amount of $1,000 then subsequent top-up in multiples of $500. I think UCAP(investnow) has the best YTD rate(7.5%) in the dollar-denominated mutual fund market at the moment. FBNQuest minimum initial investment is $2,500 and subsequent top-up of $500.

VDF is not so clear to me. Oga Emmasoft to the rescue. I think you need an initial deposit of $25,000 but not sure of the subsequent top-up amount required.

I pray I don't get banned for this response

Stanbic has been reviewed back to previous metrics: 1,000USD initial and then subsequent deposits of around 500USD. An email was sent to their subscribers concerning this.

Anyone with contrary info can counter.

DexterousOne:
Judging by the sheer size of our economy (it could be bigger, based on the inherent potentials of Nigeria)

The Market Capitalization should have been much bigger
And the number of companies listed should be much more

The lack of trust I think many have for this space, as well as the dark shadows as cast by the fiasco of 2008, is really inhibiting the growth of our market

And for the brother who spoke about market inefficiency
Maybe its because of the relative illiquidity of our markets

Please stop. Just stop it.

OvaSabi1:
Another good ETF is ARKG that invests in companies using gene editing techniques to cure serious diseases. The fund manager Cathie Woods has been talking about this for many years now. This year, the women who spearheaded gene therapy won Nobel Prizes. You now understand that these guys do a lot of research before diving into any company.

Very true.

In a recent Bloomberg interview, Cathie is backing the genomics sector as where the next Tesla will come from.

Another method may be to invest in some of the high flyers in their portfolio $PACB, $CRSP but actively monitor them as this sector is very volatile and fundamentals could change fast too. ARK recently divested completely from Illumina which used to be one of the top stocks in their portfolio - just to give an example.

You can't go wrong putting funds into ARK.

Note: just an opinion. Do your own research too. See interview link below, if interested


https://www.youtube.com/watch?v=kfhgbZBWgBE