1 bitcoin is the equivalent of $10166. So its currently a very expensive currency to sell.

GavelSlam:
Government should make it illegal for cryptocurrency to be used in any form in Nigeria.

Should it be found on your person it should be immediate jailing.

I know sole slowpokes would come here to talk nonsense.

Nigeria is not a technological/advanced society and even many advanced countries are yet to accept it.

In addition, criminal actions are rife across the country. Unlike any other nation.

In fact, the youth embrace it with impunity and bravado.

We must outlaw cryptocurrency.

Is crypto the problem?

Finally una no get sense

This your post lack intelligence, kindly edit. The kidnappers can transact in bitcoins without passing through Nigeria system.

GavelSlam:
Government should make it illegal for cryptocurrency to be used in any form in Nigeria.

Should it be found on your person it should be immediate jailing.

I know sole slowpokes would come here to talk nonsense.

Nigeria is not a technological/advanced society and even many advanced countries are yet to accept it.

In addition, criminal actions are rife across the country. Unlike any other nation.

In fact, the youth embrace it with impunity and bravado.

We must outlaw cryptocurrency.

eTECTIV:


Is cryptocurrency d problem here? U completely ignored d elephant in d room only to rant about something else

You dey mind the olodo

NGRsenate:


Then you’re naturally an unintelligent man.

You travel yearly to Europe, you have two degrees; supposedly in the sciences and you still cannot comprehend the simple economics of the internet.

Like I said, you’re either naturally unintelligent or you have chosen to remain a mediocre degree holder.

Rip gavelgoat

GavelSlam:


It is virtual.

It has no form.

It is simply digital.

in other words, it is e-money

GavelSlam:
[s]I knew some kids without knowledge of anything would be the first to respond.

It is not all technology that Africans are ready for.

We aren't ready for guns, we aren't ready for social media and I insist we aren't ready for cryptocurrency.

The development of crypto can be traced to the dark web and the silk road - a network for the purchase of illegal/illicit materials - drugs, steroids, guns and weapons of kind.

Like placing Victorian era individuals in the presence of a nuclear reactor, all they'll do with it is kill themselves.
Africans aren't ready for some new advancements.

We've done it with social media and we'll see an upswing in kidnappings with payment through cryptocurrency in the next couple of weeks.

Strap on your seatbelts[/s].

Oga shut up abeg!
Were there no kidnappings before crypto?
Banning crypto won't stop kidnappers
U should blame the porous security state of our nation, which is as a result of poor leadership. Bitcoin is a global currency, even if u ban it in Nigeria, they can still trade it elsewhere. Govt can only ban our nation exchangers, not bitcoin & do u have an idea of the level of unemployment crypto have solved in the world?

I know the police won't make any effort to trace them


Check out my signature for quality and durable furniture for homes and offices

Brainless cow

GavelSlam:
Government should make it illegal for cryptocurrency to be used in any form in Nigeria.

Should it be found on your person it should be immediate jailing.

I know sole slowpokes would come here to talk nonsense.

Nigeria is not a technological/advanced society and even many advanced countries are yet to accept it.

In addition, criminal actions are rife across the country. Unlike any other nation.

In fact, the youth embrace it with impunity and bravado.

We must outlaw cryptocurrency.

GavelSlam:
Government should make it illegal for cryptocurrency to be used in any form in Nigeria.

Should it be found on your person it should be immediate jailing.

I know sole slowpokes would come here to talk nonsense.

Nigeria is not a technological/advanced society and even many advanced countries are yet to accept it.

In addition, criminal actions are rife across the country. Unlike any other nation.

In fact, the youth embrace it with impunity and bravado.

We must outlaw cryptocurrency.

They should ban what is not even a legal tender here.
Kukuma say make them disconnect the whole country from Internet &Technology so we can go back to stone age jejely.

GavelSlam:


I'm an itsekiri man with advanced degrees in the physical sciences.

Live more than 200 days in a year in Europe and the States.

What do you know?

Where have you been?

What is the standard of your education?

And lastly, of what benefit is cryptocurrency to the local Nigerian economy?

You are daft @bold
An illiterate is more sensible than u

GavelSlam:


I'm an itsekiri man with advanced degrees in the physical sciences.

Live more than 200 days in a year in Europe and the States.

What do you know?

Where have you been?

What is the standard of your education?

And lastly, of what benefit is cryptocurrency to the local Nigerian economy?

It is a source of livelihood for some ppl. Local economy isnt buying and selling in the market only. It transcends to the transactional activities of our macro and micro economy.
Alot of things add up together to make a strong economy. But like I pointed out before in my first comment, before seeing yours, crypto will be forced out of the world soon by America just like liberty reserve. It aids fraud easily because of the neutral(no history of senders n receivers) history of transaction they encourage.

Well, physical sciences, being in Europe and states hmmm, may be you shouldnt have added the question I Bolded above.

Kidnapping going digital
Lol

TrendVibes:


https://www.dailytrust.com.ng/i-paid-15000-to-secure-my-daughters-release-ardo.html

We are in deep deep shit cryptocurrency untraceable money - we are in deep, trouble

Globaladventure:
Track bitcoin? Are you that dumb??

If you’re not knowledgeable about something ask experts. Unmixed bitcoins can be traced.
Don’t just assume you know it all

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If anybody quotes GavelSlam again, ten years ban awaits such a person! Gavel slammed! Court!

Bitcoin is easier to trace than cash.

If only our security agencies can do the work.

A lot of criminals are under the illusion that bitcoin is anonymous. It is not.

It is merely pseudonymous.

Lots of vendors on Silk Road are now doing jail time because of this misplaced belief.

Bitcoin has a clear blockchain and you can see all transactions.

yinkeys:

If you’re not knowledgeable about something ask experts. Unmixed bitcoins can be traced.
Don’t just assume you know it all

Interesting if this is true

Lol
RIP GavelSlam

olajide8:


We are in deep deep shit cryptocurrency untraceable money - we are in deep, trouble

Bitcoin is not untraceable.

Monero, yes.

Bitcoin, no.

At some point, they are going to have to change it to fiat. That's when they are caught. You can follow the entire transaction and with the help of court orders, uncover the identity of each wallet the money moves through.

For instance, let's say the kidnappers receive the money in a Luno or Paxful wallet, is that untraceable?

GavelSlam:


The advanced works is also looking for ways to stop cryptocurrencies.

The banks don't like it. The banking system cannot see its benefit.

It leads to anonymity as can be embraced by criminal organisations e.g. kidnappers in Nigeria.

Its history stems from illicit trade and even today it is a dark currency.

I have asked a simple question of what use is it to Nigeria?

None of you can answer it.

I can give you various reasons why it isn't beneficial.

What use is Democracy to Nigeria?

GavelSlam:
Government should make it illegal for cryptocurrency to be used in any form in Nigeria.

Should it be found on your person it should be immediate jailing.

I know sole slowpokes would come here to talk nonsense.

Nigeria is not a technological/advanced society and even many advanced countries are yet to accept it.

In addition, criminal actions are rife across the country. Unlike any other nation.

In fact, the youth embrace it with impunity and bravado.

We must outlaw cryptocurrency.

OMG! We are breeding foolish people in this country

Ban cryptocurrency? Do you know how many people earn legally through that? I don't blame you, you only rely on your BMC job.

einsteine:


Bitcoin is not untraceable.

Monero, yes.

Bitcoin, no.

At some point, they are going to have to change it to fiat. That's when they are caught. You can follow the entire transaction and with the help of court orders, uncover the identity of each wallet the money moves through.

For instance, let's say the kidnappers receive the money in a Luno or Paxful wallet, is that untraceable?

Not a fan of all this cryptocurrency - honestly, I don't know much about it - apart from the fact that terrorists, use it as a medium of exchange for arms purchase and illegal payments and laundering as said by cgtn, and aljazeera news

einsteine:


Bitcoin is not untraceable.

Monero, yes.

Bitcoin, no.

At some point, they are going to have to change it to fiat. That's when they are caught. You can follow the entire transaction and with the help of court orders, uncover the identity of each wallet the money moves through.

For instance, let's say the kidnappers receive the money in a Luno or Paxful wallet, is that untraceable?

Scammers change bitcoin to Monero and then to another monero acct before finally converting to bitcoin once again.

It thereby makes it untraceable.

GavelSlam:


I'm an itsekiri man with advanced degrees in the physical sciences.

Live more than 200 days in a year in Europe and the States.

What do you know?

Where have you been?

What is the standard of your education?

And lastly, of what benefit is cryptocurrency to the local Nigerian economy?

You are a bush man. What is the difference between cryptocurrency and the blockchain? Do you even know the function of cryptocurrency, which was not even designed as an alternative payment system?

GavelSlam:
Government should make it illegal for cryptocurrency to be used in any form in Nigeria.

Should it be found on your person it should be immediate jailing.

I know sole slowpokes would come here to talk nonsense.

Nigeria is not a technological/advanced society and even many advanced countries are yet to accept it.

In addition, criminal actions are rife across the country. Unlike any other nation.

In fact, the youth embrace it with impunity and bravado.

We must outlaw cryptocurrency.

Criminals have been receiving cash for ransom, then it means cash should be outlawed too.

I love this thread, someone has been put to the sword here....


He was expecting his minions to back him up but they retreated, and he was taken to the gallows.

DrHoganObi:
Police paid Ransome to releas DPO from kidnappers.

This one weak me�

stagger:


You are a bush man. What is the difference between cryptocurrency and the blockchain? Do you even know the function of cryptocurrency, which was not even designed as an alternative payment system?

Stagger you of all people should keep quiet.

The blockchain is simply the mechanism through which cryptocurrencies work.

The blockchain's benefit is not limited to cryptocurrencies.

I have asked any of you to explain its benefit but you can't.

All you know is that youngsters buy, keep and sell when it appreciates.

Perhaps you can use it in the black market perhaps a few transparent businesses would accept it but I can count on my fingers those that might.

Stop following the crowd.

Stop being parochial.

As the less educated but criminally minded realise they can commit crimes using cryptocurrency as the payment regime, you would begin to see it affect you directly.

In the late noughties, when kidnapping of expatriates was in vogue, many of the likes I see here, who cannot think on their own, were praising the kidnappers.

I could see how it would evolve to local inhabitants being kidnapped.

Many of you are jumping at the sound of money not realising this us the very thing that would destroy you.

R. I. P gavelslam

denitro:


Criminals have been receiving cash for ransom, then it means cash should be outlawed too.

Cash is should also be minimized if not completely phased out.

Technology has use but some form of technology can be injurious.

If we could, we should eliminate cash and have only bank transactions.

This would reduce a lot of crime which we aren't ready for.

Many of you think you can tackle wanton kidnap.

Maybe it would reach your side - heavens forbid, maybe then you would begin to ask proper questions.