[quote author=onatisi post=128581525][/quote]
Mine isn't opening yet

boss, the amount if usdt traded each day is far far far above 2.4m dollars oo.
secondly , the argument against Binance by the fg is the same they had against aboki fx , and that is people use these sites as a benchmark to determine rates, so in order words, people compare the rates on Binance to use as their rates. aboki fx wasn't selling but it was publishing rates and they felt the rates he was publishing daily were having a damming effect on the market. reason why i said if there is enough fx in banks, no one will even think of looking for alternatives. during the time of gej , i could buy with my bank card easily , i did not even know anything about btc, it was only skrills and Neteller that were common then

ElasmoBranchii:


I don't think The CBN and FG have a reply for that so let's focus our attention on someone else the BDCs or any other institutions that exchange dollars.

If you will agree with me the volume of naira converted to USDT is less than the volume of naira to USD.

Meaning that people trading USD are mounting real pressure on the naira so if the people that are really putting pressure on the naira are people that are looking for USD either to import goods or whatever my question is why would BDCs or anybody be setting price based on the price of a digital asset USDT that has an average daily volume of $2.4 million and with a low volume can be easily manipulated for a short while. Why are they not setting prices based on the official rate?
Is it that when the see that binance rate is up that they decide that okay we will not sell to people at this rate because we can transfer our dollars to binance and sell for a higher price but how is that possible when CBN has blocked every medium of doing so.

Let's imagine they defeat binance. Who will keep the BDC guys in check if they start looking to other places to set their rate? After all nobody uses USDT to buy goods in Nigeria so we are subject to them since CBN doesn't have the answers to your question.

GRACEGLORY:












The US dollar is not the same as the USDT.
The US dollar is legal cash across the US and is issued by the US Federal Reserve. However, USDT is a cryptocurrency that is supposed to be stable and backed by the dollar. Therefore, the "T" that follows the "USD-T" stands for tether, or being linked to.

Tether Limited ensures that each USDT issuance on the network is supported by a US dollar or other assets.

The main purpose of holding USDT is to protect investors from losing money in market collapses. Its price volatility is less than that of Bitcoin or Ethereum.
Tether Limited is the issuer of USDT tokens. While one tether is worth $1, and occasionally 0.99 or 0.98, they are not the same.

Let’s be reminded, USDT has been the subject of some controversy due to concerns about its reserves and transparency. Why❓

Because, USD and USDT are not the same, but USDT is only tied, linked, or tether to USD.



Who has declared the USDT legal tender in the United States❓

Yes I am aware of this. My question is to the people that say that other black market institutions are looking at binance rate which trades USDT to set the rate for their USD. Do well to read my question again.

onatisi:

Mine isn't opening yet

Same here

onatisi:
boss, the amount if usdt traded each day is far far far above 2.4m dollars oo.
secondly , the argument against Binance by the fg is the same they had against aboki fx , and that is people use these sites as a benchmark to determine rates, so in order words, people compare the rates on Binance to use as their rates. aboki fx wasn't selling but it was publishing rates and they felt the rates he was publishing daily were having a damming effect on the market. reason why i said if there is enough fx in banks, no one will even think of looking for alternatives. during the time of gej , i could buy with my bank card easily , i did not even know anything about btc, it was only skrills and Neteller that were common then

I don't know about the volume on P2P but for spot trading. if you check the volume for yesterday that is what you will see and that is the highest that I have seen in a small range of days.

Secondly I said let's say they defeat binance. Who is going to stop those black market guys when they look for another place to set their price.

at bolded I said you were right about that but CBN cannot answer that question.

GRACEGLORY:












The US dollar is not the same as the USDT.
The US dollar is legal cash across the US and is issued by the US Federal Reserve. However, USDT is a cryptocurrency that is supposed to be stable and backed by the dollar. Therefore, the "T" that follows the "USD-T" stands for tether, or being linked to.

Tether Limited ensures that each USDT issuance on the network is supported by a US dollar or other assets.

The main purpose of holding USDT is to protect investors from losing money in market collapses. Its price volatility is less than that of Bitcoin or Ethereum.
Tether Limited is the issuer of USDT tokens. While one tether is worth $1, and occasionally 0.99 or 0.98, they are not the same.

Let’s be reminded, USDT has been the subject of some controversy due to concerns about its reserves and transparency. Why❓

Because, USD and USDT are not the same, but USDT is only tied, linked, or tether to USD.



Who has declared the USDT legal tender in the United States❓

What's your take on GHX coin?

I haven't done this p2p before oo. Pls, is it safe? Make I withdraw my change na😀


quote author=ElasmoBranchii post=128581613]

I don't know about the volume on P2P but for spot trading. if you check the volume for yesterday that is what you will see and that is the highest that I have seen in a small range of days.

Secondly I said let's say they defeat binance. Who is going to stop those black market guys when they look for another place to set their price.

at bolded I said you were right about that but CBN cannot answer that question.[/quote]

Government has declared war on binance. Premium tears loading in the coming days.

ogawisdom:
Government has declared war on binance. Premium tears loading in the coming days.

Here we go again. Governments never learn. Please only use exchanges to buy and sell your coins. Convert your holdings to a cold wallet where you have total control of your coins. This too shall pass.

narite:

The moment that moniker electromoney says “BDC set the price for CBN”. I give up. I am amazed at how he continues to hold on to his judgment on a subject he/she is totally clueless about. Probably, he his politically bias as well as ignorant.

What does Binance itself set to gain from Naira free fall? Are they planning to have a vacation in Nigeria? This must be the reason for the devaluation so that they can buy more foodstuffs. Or Are They heavily invested in Naira and they are now dumping their holdings. Seriously, what could Binance gain from this? This argument is clown shït!!!

You are a vile liar!

Where did I say that BDCs set the price for the CBN.

What I said and what I still stand by is that the activities on Binan.ce are what is causing the value of the Naira to rapidly depreciate because it has a psychological effect on prices of real US$ rates.

I then went on to say that due to the rapid fall in dollar rates CBN is as a result forced to adjust its own rate upwards because if the gap becomes very wide it will create an irresistible arbitrage opportunity for round-tripping on a massive scale

narite:

Pardon my question. What was your discipline while in school?

Really?

Are you sure you want to open this door?

State your full name (With proof), educational and professional qualifications, career progression and career achievements and I will do exactly the same, let Nairalanders go to our LinkedIn pages and decide for themselves between you and I who has more competence and experience to speak on economic and fiscal matters!

Superpack589:
Please everybody, I have a suggestion. I think it will be a good idea for somebody here to create a forum like this one where we can discuss about crypto outside this place. This is just in case the Nigerian government wake up tomorrow and say this thread is one of the causes of naira devaluation and then pressure Seun to close it. These people are swinging their cutlass blindly. They have no clue on how to fix the economy at all. I no wan hear say any government ruin this my crypto journey with their nonsense policies.

Telegram group, website, or any other place we fit use as back up in case of any problem tomorrow.

What do y'all think?

I'm even beginning to think of getting starlink in case they wake up tomorrow and block internet access and say our access to information na why naira dy fall.

Seconded. If you look closely , you’ll notice something strange; Influx of government agents on this thread …
Both regular and newcomer
paid agents .. I don notice one or two
Telegram group will make sense , not sure if anyone or policy can shut down telegram ..

Are you guys still accumulating ?
Any take on rndr?

ElasmoBranchii:
There is something that I am still trying to understand though. Anybody with the answer should chip in.

Isn't USDT/NGN different from USD/NGN that is traded in the forex market. Since USDT is dependent on USD, shouldn't it be the USD that influences USDT not the other way around. If there is manipulation going on then it's the people trading real dollars that are at the bottom of it cause nobody is using USDT to buy goods. USDT is just used as a means of exchange for crypto. Why would BDCs and other institutions be using the price of a digital asset to influence the price of their physical dollar. Shouldn't it be the other way around? It's not like they can send their dollars to binance and sell on binance because that medium is blocked or do they have a way to bypass it?

The volume of the USDT/NGN traded on binance spot is very low (I'm having problems uploading the photo). The volume shows that about $2.4 million dollars was traded as at the time of this post and during that time there was a strong selling pressure that drove the price down. Does that mean that if I have a $3million buy order now that I want to inject into the market will that effectively revert the price back to 1900? If possible that would mean that if someone caused a volatility like that normally p2p traders will change their price but why would BDCs and other institutions follow suit when they are not trading USDT?

Someone that understands my question and is knowledgeable about this stuff should please explain.

Where are you seeing daily volume of 2 million? Abi my eye dey pain me? 4. Something billion trading volume, well above BTC/usdt. What should that tell you. And this is just SPOT trading in binance.

Una good morning, what's the way forward?

onatisi:
boss, the amount if usdt traded each day is far far far above 2.4m dollars oo.
secondly , the argument against Binance by the fg is the same they had against aboki fx , and that is people use these sites as a benchmark to determine rates, so in order words, people compare the rates on Binance to use as their rates. aboki fx wasn't selling but it was publishing rates and they felt the rates he was publishing daily were having a damming effect on the market. reason why i said if there is enough fx in banks, no one will even think of looking for alternatives. during the time of gej , i could buy with my bank card easily , i did not even know anything about btc, it was only skrills and Neteller that were common then

good point... goodluck wasn't banning exchange and website and yet dollar is accessible using bank cards

Fastt:


Where are you seeing daily volume of 2 million? Abi my eye dey pain me? 4. Something billion trading volume, well above BTC/usdt. What should that tell you. And this is just SPOT trading in binance.

That's where you are making a mistake that 4 billion is in naira. Click on it, get to the charts and send screenshots let me show you.

While the BTC/USDT volume is in dollars

Bitcoin:


Here we go again. Governments never learn. Please only use exchanges to buy and sell your coins. Convert your holdings to a cold wallet where you have total control of your coins. This too shall pass.

Please how can I convert my holdings to cold wallet

iHaveMadeiT2:

Please how can I convert my holdings to cold wallet

Download Trust wallet and create a wallet. Transfer your cex holding there. That's all.

Binance still works

Fastt:


Where are you seeing daily volume of 2 million? Abi my eye dey pain me? 4. Something billion trading volume, well above BTC/usdt. What should that tell you. And this is just SPOT trading in binance.

4billion naira...not dollars...it is usdt/ngn ,not ngn/usdt

BannedUser:


You can call it anything, but his net worth has increased in Naira.

Lol of what use is increased networth when it cannot buy what his previous network could buy.


Let's say he had 100k and could survive a month on that and now has 200k that lasts him 3 weeks.

Isn't that increased networth?

You rather have more money with less value than less money with more value? Lol.

Superpack589:
Please everybody, I have a suggestion. I think it will be a good idea for somebody here to create a forum like this one where we can discuss about crypto outside this place. This is just in case the Nigerian government wake up tomorrow and say this thread is one of the causes of naira devaluation and then pressure Seun to close it. These people are swinging their cutlass blindly. They have no clue on how to fix the economy at all. I no wan hear say any government ruin this my crypto journey with their nonsense policies.

Telegram group, website, or any other place we fit use as back up in case of any problem tomorrow.

What do y'all think?

I'm even beginning to think of getting starlink in case they wake up tomorrow and block internet access and say our access to information na why naira dy fall.

hahaha

Superpack589:
Please everybody, I have a suggestion. I think it will be a good idea for somebody here to create a forum like this one where we can discuss about crypto outside this place. This is just in case the Nigerian government wake up tomorrow and say this thread is one of the causes of naira devaluation and then pressure Seun to close it. These people are swinging their cutlass blindly. They have no clue on how to fix the economy at all. I no wan hear say any government ruin this my crypto journey with their nonsense policies.

Telegram group, website, or any other place we fit use as back up in case of any problem tomorrow.

What do y'all think?

I'm even beginning to think of getting starlink in case they wake up tomorrow and block internet access and say our access to information na why naira dy fall.

It's definitely wise to think ahead and consider alternative platforms for crypto discussions. Given the unpredictable nature of government policies, having a backup plan ensures we can continue our crypto journey uninterrupted. HotCoinPost https://hotcoinpost.io provides a great platform for staying informed about blockchain, cryptocurrency, and cybersecurity, offering valuable insights to navigate this rapidly evolving space. Creating a dedicated forum or Telegram group could further bolster our community resilience. Plus, exploring options like Starlink for internet access adds another layer of preparedness. Let's stay proactive in safeguarding our access to information and fostering discussions on crypto.

Go and check the current binance announcement...


Binance was not banned

Login via your app and check the announcement

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DONT FADE ALL REGISTERESD MEMBER IN UPROCK WILL BE GETTING WEN TOKEN IN YOUR DASHBOARD ALONG SIDE YOUR MINING UPROCK TOKEN

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IT HAS POTENTIAL OF DOING WELL BECAUSE IT IS SUPPORTED BY JUPITER AND LFG.

✅Click the link to join
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armadeo:


Lol of what use is increased networth when it cannot buy what his previous network could buy.


Let's say he had 100k and could survive a month on that and now has 200k that lasts him 3 weeks.

Isn't that increased networth?

You rather have more money with less value than less money with more value? Lol.

Oga, I don't understand your reasoning. He has actually preserved the value of his money. A car worth $5000 in December hasn't changed in price till now, but your Naira has lost around 20% in value within the same period. If he converted Naira to USD in December, he can still afford to buy the car now but he can't do the same if he was still holding Naira.
Let me share a personal experience : A car I saw priced at ₦3.5m in December is still at the same amount today. If I swapped my money to $$$ then, I can still buy the same car today at a 20% discount. There is even a lag in the rate at which $$$ is increasing and when it starts to affect locally priced items.

You need to learn how to make money...

lrman:
Go and check the current binance announcement...


Binance was not banned

Login via your app and check the announcement

Actually, we are talking of the website if you access it via laptop or browser...the app is functioning, not the www

.

[quote author=twosquare post=128587164] Actually, we are talking of the website if you access it via laptop or browser...the app is functioning, not the www[/quote]

exactly , the mobile app is working , it is only the website that is affected

BannedUser:
.

Sooner it will affect the app.

We need to be prepared.

We need ways forward from that point.