OK I need a break from this thread.. These new monikers be flipping insults.. Children invasion on nairaland

Viridis:

Bosses abeg how many usdt is 30k. i am trying to avoid getting scammed

Be guided

DenreleDave:


USDT itself is also backed by Luna.... He's right

No he is not right. That is UST which is Terra. USDT is TETHER and it is not backed by Luna. USDT is run by a company called Bitfinex and they are supposed to back every USDT coin with US dollars. These dollars are supposed to stay in a bank account and must equal the number of USDT coins in existence to maintain the 1:1 exchange rate peg.

Bitfinex, however, has refused to audit their accounts and prove that they actually have the money in the account. Spoiler alert: they do not. If we are very lucky, USDT is backed by maybe 10% cash and God knows what kind of shitty bonds (probably chinese commercial papers). So what does this mean? Well, If too many people try to get their money out of USDT at once, this company will not have enough money to pay everyone back because they won't be able to sell those shitty bonds for face value, especially when interest rates go up.


They have been banned from doing business in the state of new york because they did an investigation and uncovered all of these things I was talking about:
https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal

They were too scared to release some of their findings because it would have caused a bank run on USDT and that would collapse the entire market and all crypto exchanges would probably go out of business. Good luck cashing anything out in that case. You can see that coinbase said if they go bankrupt for whatever reason that you have no right to your money.

Just 2 days ago, Tether had a net outflow of $8 billion to other currencies. The total inflow of actual currency, across ALL currencies, combined, that day was $700 million and it's likely that at least a third of that was wash sales to make it seem like there was actual money going into the market. So what happens is the market "went up" $100 billion on a $700 million input (and possibly more like $400 million).
That suggests that less than 1% of the market's value is real money!

Everyone knows how important USDT is to every crypto. It is literally an inevitability that it will crash. Just google what I am talking about. Many people put their life savings there to save against Naira devaluation thinking it is cash and not risky bonds. If I can save just one Nigerian from losing all their money in an american ponzi scheme I will be very happy.

erwinschro:


No he is not right. That is UST which is Terra. USDT is TETHER and it is not backed by Luna. USDT is run by a company called Bitfinex and they are supposed to back every USDT coin with US dollars. These dollars are supposed to stay in a bank account and must equal the number of USDT coins in existence to maintain the 1:1 exchange rate peg.

Bitfinex, however, has refused to audit their accounts and prove that they actually have the money in the account. Spoiler alert: they do not. If we are very lucky, USDT is backed by maybe 10% cash and God knows what kind of shitty bonds (probably chinese commercial papers). So what does this mean? Well, If too many people try to get their money out of USDT at once, this company will not have enough money to pay everyone back because they won't be able to sell those shitty bonds for face value, especially when interest rates go up.


They have been banned from doing business in the state of new york because they did an investigation and uncovered all of these things I was talking about:
https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal

They were too scared to release some of their findings because it would have caused a bank run on USDT and that would collapse the entire market and all crypto exchanges would probably go out of business. Good luck cashing anything out in that case. You can see that coinbase said if they go bankrupt for whatever reason that you have no right to your money.

Just 2 days ago, Tether had a net outflow of $8 billion to other currencies. The total inflow of actual currency, across ALL currencies, combined, that day was $700 million and it's likely that at least a third of that was wash sales to make it seem like there was actual money going into the market. So what happens is the market "went up" $100 billion on a $700 million input (and possibly more like $400 million).
That suggests that less than 1% of the market's value is real money!

Everyone knows how important USDT is to every crypto. It is literally an inevitability that it will crash. Just google what I am talking about. Many people put their life savings there to save against Naira devaluation thinking it is cash and not risky bonds. If I can save just one Nigerian from losing all their money in an american ponzi scheme I will be very happy.

Hmmm… thanks for this .

Pls can you analyze busd and usdc too?

seanwilliam:

Hmmm… thanks for this .

Pls can you analyze busd and usdc too?

I don't know about BUSD but USDC is actually backed by real money 1:1. They have been audited multiple times and are very open and transparent about it. But if your USDC is in a crypto exchange you are still not safe. Don't forget what you have with the exchanges is not actually the coins, but the promise to be paid the coin by the exchange. If the exchange goes broke you still don't own shit so offline in your own wallet is still the best way to store tokens imo

Misturman:
OK I need a break from this thread.. These new monikers be flipping insults.. Children invasion on nairaland

If u r not for the violence, then forget the money

erwinschro:


I don't know about BUSD but USDC is actually backed by real money 1:1. They have been audited multiple times and are very open and transparent about it. But if your USDC is in a crypto exchange you are still not safe. Don't forget what you have with the exchanges is not actually the coins, but the promise to be paid the coin by the exchange. If the exchange goes broke you still don't own shit so offline in your own wallet is still the best way to store tokens imo

Well you're wrong, USDC is also not audited so there's no way to verify the 1:1 claim.

It is only ATTESTED not audited. It is even stated in their site. Usdt on the other side has been tested for several years and withstood several heavy fud. How many years has usdc withstood? Currently people can simply claim usdt on tether website on a 1:1 ratio to a dollar.

ThisisIkemefuna:


Well you're wrong, USDC is also not audited so there's no way to verify the 1:1 claim.

It is only ATTESTED not audited. It is even stated in their site. Usdt on the other side has been tested for several years and withstood several heavy fud. How many years has usdc withstood? Currently people can simply claim usdt on tether website on a 1:1 ratio to a dollar.

Ok this is semantics. It is a fair attestion of value by a top international accounting firm. It is not just cash, but the firm does not think that they have misrepresented the value of their assets. Look, I have nothing to gain here and I am not trying to present myself as an expert on crypto - in fact I have never invested in cryptocurrency. What I do not like is securities fraud, and my countrymen losing their life savings to foreign ponzi schemers. Everything I have said anyone can look up for themselves, infact I ENCOURAGE you to.

erwinschro:


Ok this is semantics. It is a fair attestion of value by a top international accounting firm. It is not just cash, but the firm does not think that they have misrepresented the value of their assets. Look, I have nothing to gain here and I am not trying to present myself as an expert on crypto - in fact I have never invested in cryptocurrency. What I do not like is securities fraud, and my countrymen losing their life savings to foreign ponzi schemers. Everything I have said anyone can look up for themselves, infact I ENCOURAGE you to.

did you know that during covid, fg printed 50 billion naira and dashed to all states? Obaseki was the one that said it from his own mouth

The USA printed trillions of USA dollars to savage the covid situation..

See let me tell you, this life is built on fraud and manipulations already..
It's just for you to choose the lesser and most endurable risk based on your own assertion..

Cash is inflatory, digital is inflatory too

What happened to Luna printing coins can be likened to what happened to Zimbabwe dollar inflation where a bread is bought by a wheel barrow full of cash..

Look at Venezuela, their cash is useless because of inflation and printing of too much cash..

No where is safe, just choose your fate and go with it..

erwinschro:


Ok this is semantics. It is a fair attestion of value by a top international accounting firm. It is not just cash, but the firm does not think that they have misrepresented the value of their assets. Look, I have nothing to gain here and I am not trying to present myself as an expert on crypto - in fact I have never invested in cryptocurrency. What I do not like is securities fraud, and my countrymen losing their life savings to foreign ponzi schemers. Everything I have said anyone can look up for themselves, infact I ENCOURAGE you to.

USDC claims to be audited by Grant Thornton, a firm that's not even a big5 auditor. How can anyone know the audits are done properly using such a small firm?

Read this article where they have made several edits to their report and wordings: https://www.coindesk.com/layer2/2022/03/24/correctly-was-wrong-circles-accountant-tweaks-fine-print-of-usdc-attestation/

Furthermore the consortium website says that the reports are attestations. An attestations is not the same thing as an audit. These are all "MAKE BELIEVE" propositions to gain public trust. For all we know USDC can just be as unbacked as the usdt fud.

It's all ponzi let's not make it look like one is better than the other. (By the way paper currency isn't any better either. Still the same ponzi) Public trust is what usdt has gannered for several years unscathed and that's what has kept it running. What will happen if Tether loses that trust is that people will rush out of it and the peg will be lost as Tether might not have enough $ to pay out to everyone lining up to redeem into fiat. This same scenario will easily happen to USDC if it ever gets there.

I honestly don't feel right about the ensuing stablecoin saga and I think it will deal a huge blow on crypto if usdt loses its peg completely as btc will nosedive.

Currently we see a huge usdt burn going on as they struggle to maintain the peg. But the question is if they have faced this exact same fud multiple times before and, overcame it, why not now?

Well you're right, it is better to watch from the sidelines and not be caught up by the consequences of the final answer to that question. Absolutely, Busd might be a safer option but I prefer to liquidate most of my asset back into my bank account and leave just a tiny fraction in crypto. This bubble might burst soon. And crypto is not something to invest one's life savings into.

Note: there's a difference between Bitcoin and crypto.

ThisisIkemefuna:


USDC claims to be audited by Grant Thornton, a firm that's not even a big5 auditor. How can anyone know the audits are done properly using such a small firm?
Furthermore the consortium website says that the reports are attestations. An attestations is not the same thing as an audit. These are all "MAKE BELIEVE" propositions to gain public trust. For all we know USDC can just be as unbacked as the usdt fud.

It's all ponzi let's not make it look like one is better than the other. (By the way paper currency isn't any better either. Still the same ponzi) Public trust is what usdt has gannered for several years unscorched and that's what has kept it running. What will happen if Tether loses that trust is that people will rush out of it and the peg will be lost as Tether might not have enough $ to pay out to everyone lining up to redeem into fiat. This same scenario will easily happen to USDC if it ever gets there.

I honestly don't feel right about the ensuing stablecoin saga and I think it will deal a huge blow on crypto if usdt loses its peg completely as btc will nosedive.

Currently we see a huge usdt burn going on as they struggle to maintain the peg. But the question is if they have faced this exact same fud multiple times before and, overcame it, why not now?

Well you're right, it is better to watch from the sidelines and not be caught up by the consequences of the final answer to that question. Absolutely, Busd might be a safer option but I prefer to liquidate most of my asset back into my bank account and leave just a tiny fraction in crypto. This bubble might burst soon. And crypto is not something to invest one's live savings into.

which bank account? Naija or foreign?

Looking at this TA argument, I personally don't see any reason why it should even be in the first place, much less of being so dragged over time.
One person is trading without TA, and he's making money. The other is trading with TA, and also making money on his part.
They are both making money, which is why we are all here, so what's the need for all the clash.

But my 2kobo is that TA/FA is vital. Even those that play pool, Baba ijebu, betnaija, just name them, all carry out one form of analysis or the other. This is because you need to chuck eye well before you put your hard earned money. Yes, Musk's tweets is an unavoidable risk, which all businesses have, but don't always sound like he is just seated there, sending tweets all day. Short term, I don't know; but I don't see how someone can trade consistently without TA and make gain long-term.

seankafor:
[b]did you know that during covid, fg printed 50 billion naira and dashed to all states? [/b]Obaseki was the one that said it from his own mouth

The USA printed trillions of USA dollars to savage the covid situation..

See let me tell you, this life is built on fraud and manipulations already..
It's just for you to choose the lesser and most endurable risk based on your own assertion..

Cash is inflatory, digital is inflatory too

What happened to Luna printing coins can be likened to what happened to Zimbabwe dollar inflation where a bread is bought by a wheel barrow full of cash..

Look at Venezuela, their cash is useless because of inflation and printing of too much cash..

No where is safe, just choose your fate and go with it..

LOL did you know in the last 7 years Meffy has helped FG print 18 Trillion Naira? Covid was nothing . The difference is if fiat currencies hyperinflate (aka go to 0) it is a total wealth destruction event almost no one can escape it. There will almost always be a new internal order in your county and some form of wealth re-distribution. If you lose all your money in crypto and the regular economy continues as is you are in big trouble. It is all bad, but if Naira or USD goes down at least I know it is the whole country that is also going down

Luna will surely come back certainly.
The problems with Luna are:-
�The project was not registered with an insurance company

�The was no strong security check installed to monitor the ratio of the value and to determine the stoppage times

�There seems to be some corruptions within the management or the project; where are the 40million backup worth of BTC that just disappeared, 1.8$ billion withdrawn from BTC to to stabilise it's value at the time of falling went to where.....

��Luna will surely rise back to at least in 2024 worth of 8$ if this these happenes:-

�If there is a total take over of the project by the bigger Boss in the system like Tron, XRP, solana etc
�If Luna is able to burn more coin maxim of 10billion dollars
�If Luna is able to convince it's investors to still believe in the project....
(Modify) (Quote) (Report) (Share)

deflover:

ok i am looking at luna
there seem to be a test and break of the support
we have a counter sell on the daily low
and now today's candle has gone below the support

i will say its a good place to buy

so if u can take it
do so
its safe with tp of $120

Lmao , is this suppose to be a joke or something? You didn't think of 0.01 or 0.1, or even 1. This is pure greed and it's the reason people lose money.

Please, what is the best debit or prepaid card to use online to beat the CBN $20 limit which also offers the best exchange rate??

Sowget (formerly MyTopExchange)

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Happiness09:

Lmao , is this suppose to be a joke or something? You didn't think of 0.01 or 0.1, or even 1. This is pure greed and it's the reason people lose money.

ur period must be coming out of ur eyes
e be like say u are mad
if u ever mention me again
animal

seankafor:
did you know that during covid, fg printed 50 billion naira and dashed to all states? Obaseki was the one that said it from his own mouth

The USA printed trillions of USA dollars to savage the covid situation..

See let me tell you, this life is built on fraud and manipulations already..
It's just for you to choose the lesser and most endurable risk based on your own assertion..

Cash is inflatory, digital is inflatory too

What happened to Luna printing coins can be likened to what happened to Zimbabwe dollar inflation where a bread is bought by a wheel barrow full of cash..

Look at Venezuela, their cash is useless because of inflation and printing of too much cash..

No where is safe, just choose your fate and go with it..

Lol..At the bolded..In 1923, Germany printed too much money causing hyperinflation...A woman went to a bakery to buy a loaf of bread with a wheelbarrow full of bunch of money. she entered into the bakery to get one of the staff by the time she came out her wheelbarrow was stolen and the bunch of money were left on the floor......

This only goes to show that money whether fiats or currency are absolute scam; more like illusions. it takes nothing for the people backing them up to print millions, trillions of it. The currency or fiats itself are not the real value...it is the goods and services that they purchase that are the real value.

Please nobody is answering my question
What happened to stg
Abi e don follow Luna Dy die?

Neverlosemoney:

Lol..At the bolded..In 1923, Germany printed too much money causing hyperinflation...A woman went to a bakery to buy a loaf of bread with a wheelbarrow full of bunch of money. she entered into the bakery to get one of the staff by the time she came out her wheelbarrow was stolen and the bunch of money were left on the floor......

This only goes to show that money whether fiats or currency are absolute scam; more like illusions. it takes nothing for the people backing them up to print millions, trillions of it. The currency or fiats itself are not the real value...it is the goods and services that they purchase that are the real value.

Wow.. This is a great thread... Glad to see that we also learning economics here..

More of these pls..... Intelligent conversations

Happiness09:

Lmao , is this suppose to be a joke or something? You didn't think of 0.01 or 0.1, or even 1. This is pure greed and it's the reason people lose money.

Pls leave my mentor alone

seankafor:
which bank account? Naija or foreign?

Naija. Basically to be channeled into offline visible investment, business, etc.

erwinschro:


I don't know about BUSD but USDC is actually backed by real money 1:1. They have been audited multiple times and are very open and transparent about it. But if your USDC is in a crypto exchange you are still not safe. Don't forget what you have with the exchanges is not actually the coins, but the promise to be paid the coin by the exchange. If the exchange goes broke you still don't own shit so offline in your own wallet is still the best way to store tokens imo

I think both BUSD and USDC are actually backed 1:1
The only issue most people have with BUSD is that it is controlled by binance, and they are centralised (can easily be regulated by government policies)

Good morning all new and loyal customers!!

I’m HoDling some coins that I got signals for during the weekend!

If you want to buy or sell any binance listed crypto, send a Message on WhatsApp!

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erwinschro:


No he is not right. That is UST which is Terra. USDT is TETHER and it is not backed by Luna. USDT is run by a company called Bitfinex and they are supposed to back every USDT coin with US dollars. These dollars are supposed to stay in a bank account and must equal the number of USDT coins in existence to maintain the 1:1 exchange rate peg.

Bitfinex, however, has refused to audit their accounts and prove that they actually have the money in the account. Spoiler alert: they do not. If we are very lucky, USDT is backed by maybe 10% cash and God knows what kind of shitty bonds (probably chinese commercial papers). So what does this mean? Well, If too many people try to get their money out of USDT at once, this company will not have enough money to pay everyone back because they won't be able to sell those shitty bonds for face value, especially when interest rates go up.


They have been banned from doing business in the state of new york because they did an investigation and uncovered all of these things I was talking about:
https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal

They were too scared to release some of their findings because it would have caused a bank run on USDT and that would collapse the entire market and all crypto exchanges would probably go out of business. Good luck cashing anything out in that case. You can see that coinbase said if they go bankrupt for whatever reason that you have no right to your money.

Just 2 days ago, Tether had a net outflow of $8 billion to other currencies. The total inflow of actual currency, across ALL currencies, combined, that day was $700 million and it's likely that at least a third of that was wash sales to make it seem like there was actual money going into the market. So what happens is the market "went up" $100 billion on a $700 million input (and possibly more like $400 million).
That suggests that less than 1% of the market's value is real money!

Everyone knows how important USDT is to every crypto. It is literally an inevitability that it will crash. Just google what I am talking about. Many people put their life savings there to save against Naira devaluation thinking it is cash and not risky bonds. If I can save just one Nigerian from losing all their money in an american ponzi scheme I will be very happy.

tether is time bomb

Neverlosemoney:

Lol..At the bolded..In 1923, Germany printed too much money causing hyperinflation...A woman went to a bakery to buy a loaf of bread with a wheelbarrow full of bunch of money. she entered into the bakery to get one of the staff by the time she came out her wheelbarrow was stolen and the bunch of money were left on the floor......

This only goes to show that money whether fiats or currency are absolute scam; more like illusions. it takes nothing for the people backing them up to print millions, trillions of it. The currency or fiats itself are not the real value...it is the goods and services that they purchase that are the real value.

nice one .. on point

I want to buy $5 bnb for gas fee

Messages me if you have to sell

Please house, person wey buy and sell Luna at these prices yesterday, wetin go be dem profit.
And if I buy Luna now and wan sell am, e get any wahala, I go fit sell am? Wetin be the risk involved in buying and selling of Luna now. Abeg make una pardon my me, I know sabi

Prayfortheworld:
Please nobody is answering my question
What happened to stg
Abi e don follow Luna Dy die?

Co ask..

Crypto Newbie

As I don't have the necessary documents to register on all these exchange, can someone buy from his binance and send to my trust wallet?

Guys, Luna is done for good

Unto the next one

https://twitter.com/LFG_org/status/1526126708193054721?t=p7J6hbdkgF5ahOjMcHhRww&s=19