Let the counter-reaction begin... 1,2,go

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.

Dear @comeandcollect
The rate on the Ziing app is graduated (depends on the duration)
For the duration stated on your post, you will be getting 6%.
And be rest assured with Ziing your fund is 100% secured.
Lastly Ziing also give Introduction letter to the Embassy for proof of financial support.
Sorry for the late reply but the Bot keeps banning me.

To register on Ziing kindly use the link on my signature or you can also put my Ziing ID in the referral space under the profile page.

For more info feel free to reach me.

Summary of the paper for those that do not want to read it. CBN banned cryptocurrency because:

1. It's untraceability and anonymousity makes it viable for terror financing and money laundering.
2. Other countries have also banned it e.g China, Canada.
3. It's speculative and can lead to loss of capital.
4. It has no fundamentals as an investment instrument.
5. It has no hope as a payment method, can't replace FIAT.

EarlyCareer:
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.

That's why i put Oga Emma and Warren in the same boat. Being in the game for long doesn't mean they are infallible.

Warren missed out on Amazon and Google because he no wan gree understand tech.

EarlyCareer:
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.

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...

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.

steveneche:
Pls How does one withdraw from AFRIVESTOR? I have placed several withdrawal mandates from their app and web portal but they have refused to credit my account.. I need help pls

Speak to your account officer, did withdrawal last month and intend doing again this Thursday. You as well send a mail stating the details

emmanuelewumi:


You make money by providing solution to a problem, render services or manufacture goods at a profit.

So simple, when it involves too much English and technical jargons that you can't explain how you make money to a 10 year boy, then it is likely to be unsustainable or a scam

A lot of money in this world is also made via asset speculation. You don't have to provide solutions or render services or manufacture goods to make money. A fair percentage of billionaires on the Forbes List made their money via asset speculation.

I didn't plan to respond to this issue here again as it's been overflogged but given that I wrote a response on a same front-page topic, I've decided to paste it here.
Of note is the link to the Bank of England Govs comment and you see a stark difference between those who do and those who are told what to do.

jedisco:
Seems they just regurgitated some overflogged and ignorant cons or crypt0 without equally examining the pros.

Lets examine the reasons

1. Banned in other countries- definitely not in Canada. Even with the ban in China, 70% of bitc0in is mined in China. As per the remaining countries- their names speak for themselves. How about the US, Canada, UK etc who aloow it to be traded freely even by their banks? You can buy crypt0 from the bank app of some Western banks

2. WB- hehe. See what a central bank is saying. Hope they also asked him what he thinks of multiple exchange rates, paying fuel subsidy and giving scarce forex at a discount to those going on pilgrimage to spend in other countries. Also, how about asking him what he thought of current internet giants like Amazon, google e.t.c.. and why its not banned in his country. We should also ask Lord Lugard since we're asking dinosaurs

3. Andrew Bailey's speech- Bank of England Gov. Folks pls spare a minute and read his view on the crypt0 space.
It critically examines it all, pros and cons and how they regulate the sector. No wonder they colonised Nigeria. https://www.bankofengland.co.uk/speech/2020/andrew-bailey-speech-on-the-future-of-cryptocurrencies-and-stablecoins

4. 'Reports' on kidnapping, terrorism... This is so basic there is nothing to say. Lets hope the ban will stop herdsmen from kidnapping and pillaging the country.

5. Central bank backed digital currencies- the name variant means nothing. Whether its called crypt0 or central bank currency. The underlying tech is thesame.

6. Protect the youths- lol... This is the only time Nigeria wants to protect her youths more than the EU, UK, USA, Canada e.t.c... good protectors indeed.

7. Volatility- The volatility in the US stock market last year has made that of crypt0 look like a joke. Guess they should end their stock market to.

8. Legal tender- Bitc0in was never meant to replace fiat or be a legal tender. Countries can make fiat banking on thesame tech but bitc0in remains a store of value not a legal tender.


Never thought I'd say this but I'm ashamed of CBN and Nigeria.
Those in the sector know this does nothing. It only makes what is a simple process in other countries more complex here as usual.

Today, Asia (China) does the mining, the West own the exchanges, Africans are excluding themselves. Tomorrow, they'd say digital currencies were made to impoverish Africans.

It's February 2021. lets see how this decision will age.

TotoNaRubber:
Remittances doesn't go to the FG when crypto is sent by anyone, exchange sites uses their channels to pay account holders in Naira, FG benefits nothing from it so it's one of the reasons of stopping it.


FG didn't ban crypto, it banned the use of Naira to buy crypto which is the right thing.
Nigerian economy is down, why pull it down more.

The economy has been down since 2015. The naira has lost over 300% of its value since 2015 Is it BTC that caused it? When money is remmitted, is it not spent in Nigeria. So if FG makes money from BTC transactions, the naira would be great again. You are making a lot of sense. I no fit laugh abeg

einsteine:


A lot of money in this world is also made via asset speculation. You don't have to provide solutions or render services or manufacture goods to make money. A fair percentage of billionaires on the Forbes List made their money via asset speculation.

Let him check how Bill Ackman made $2.6bn from the stock market last year. Even financial products like options and derivatives are based on speculation.

Tobex4realTobex234:


That's why i put Oga Emma and Warren in the same boat. Being in the game for long doesn't mean they are infallible.

Warren missed out on Amazon and Google because he no wan gree understand tech.

Instead he go dey buy energy company when people dey navigate to renewables

einsteine:


A lot of money in this world is also made via asset speculation. You don't have to provide solutions or render services or manufacture goods to make money. A fair percentage of billionaires on the Forbes List made their money via asset speculation.

l

A lot of money is also made by corruption, stealing, crime etc.

I hope you read about the sustainability part of what I wrote.

Can you give examples of the so called billionaires who have consistently maintained their top spot on the Forbe list for 10 years through asset speculation, what is their percentage?

Warren Buffet has maintained his position for over 30 years on the list, his Investment company still has over $110 billion in liquid cash

Show me a billionaire who committed suicide, there is a high probability that he was a speculator or his income streams are not sustainable

emmanuelewumi:
Continuation

Finally they got some from the south to write something intelligent unlike the first memo where the writer couldn't even spell public and writing CBN as central of bank of Nigeria. Smh

EarlyCareer:
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.

Mallams for bureau de change Don dey lose monopoly so their ogas who controls the puppet emefiele had to do something.. Any other excuses giving na okpata yarn

Tobex4realTobex234:

What happened to Forex trading. Is it also banned?

emmanuelewumi:
l

A lot of money is also made by corruption, stealing, crime etc.

I hope you read about the sustainability part of what I wrote.

Can you give examples of the so called billionaires who have consistently maintained their top spot on the Forbe list for 10 years through asset speculation, what is their percentage?

Warren Buffet has maintained his position for over 30 years on the list, his Investment company still has over $110 billion in liquid cash

Show me a billionaire who committed suicide, there is a high probability that he was a speculator or his income streams are not sustainable

There are so many examples. Jim Simmons, George Soros, John Paulson, Bill Ackman and yes, even Warren Buffett. Warren Buffett made a lot of money from convertible arbitrage and he has also engaged in derivatives trading. Even his much touted investing is not the buy and hold investing that retail investors engage in but activist investing. He is not sitting around hoping the market eventually recognizes his valuation of the companies he has bought. Instead he buys controlling or influential stakes in them so he can ensure that a proper management is put in place to manage it.

Comparing asset speculation to crime and corruption as you have tried to do is just silly. Lots of people make bank purchasing undervalued assets and selling it once the value is up (across various markets), that's exactly what's going on in the commodities and cryptocurrency markets. People do it in land and even in stocks, so I don't see why you should compare it to crime or corruption.

Asset speculation is a legitimate means of generating wealth. Don't deride it because you don't understand or are uncomfortable with it and yes, it is sustainable judging by the number of speculators who have maintained their rankings on the Forbes List year in, year out.

One of the worst arguments I have heard against cryptocurrencies is that they are used to facilitate crime. It's just stupid to say this considering that cryptocurrencies have a TRANSPARENT Blockchain. You can see every single bitcoin transaction that has ever occured. You can track the passage and transfer of funds from the beginning to the end. Yet some people think the opacity of the global banking system where even major banks like HSBC have been indicted for laundering funds for major drug dealers is better than a fair, trustless system like Bitcoin that has a public Blockchain. Funny.

In the early days, even the people who used Bitcoin thought it was anonymous. Bitcoin is not anonymous, it is pseudonymous. Slight but important difference. There are many people in jail in the US today because they thought cryptocurrencies were a great way to hide the proceed of Crimes. No, they are not. They are actually one of the worst ways, especially for large sums.

Cash has always been what criminals use. Hence why the 500 Euro note, 1000 CHF note and 100 USD note, high value notes that major economies have introduced despite knowing these bills would be the currency for much of criminal traffic. Why hasn't Germany allowed the removal of the 500 Euro note?

The CBN can give monetary reasons for the disallowing of banking services to cryptocurrency operators but to blame crime is just silly. If anything these cryptocurrency operators can help you fight crimes because they have details of the users. For example, to transact more than 20 million a day on Binance, an address verification is needed. Selfies are also taken and matched with identity documents. BVN is collected. Instead, you are driving crypto users and traders into a black market.

It seems it is the policy of the current government to create black markets where none is needed.

einsteine:



There are so many examples. Jim Simmons, George Soros, John Paulson, Bill Ackman and yes, even Warren Buffett. Warren Buffett made a lot of money from convertible arbitrage and he has also engaged in derivatives trading. Even his much touted investing is not the buy and hold investing that retail investors engage in but activist investing. He is not sitting around hoping the market eventually recognizes his valuation of the companies he has bought. Instead he buys controlling or influential stakes in them so he can ensure that a proper management is put in place to manage it.

Comparing asset speculation to crime and corruption as you have tried to do is just silly. Lots of people make bank purchasing undervalued assets and selling it once the value is up (across various markets), that's exactly what's going on in the commodities and cryptocurrency markets. People do it in land and even in stocks, so I don't see why you should compare it to crime or corruption.

Asset speculation is a legitimate means of generating wealth. Don't deride it because you don't understand or are uncomfortable with it and yes, it is sustainable judging by the number of speculators who have maintained their rankings on the Forbes List year in, year out.

Never said speculation is crime ooo.


There is a thin line between speculation and Investment.

Speculators put in money in an asset with the hope of capital appreciation, investors put money in a venture or asset with the aim of cash flow and passive income

Investors sell an asset when it becomes overpriced relative to the income the asset generates, so not surprised if the legendary investor Buffet sold some Investments.

Speculation is not sustainable, hence the reason why smart speculators diversify part of their loots into stable income generating assets

Rizin:


What happened to Forex trading. Is it also banned?

They have not given birth to the person that will ban forex trading or crypto currency trading.

CBN did not ban crypto currency trading

Don't Just Save let your savings be Saving for you

How all the PFAs performed in all the Fund categories
12 out of the 22 PFAs performed above the average ROI of 9.28%, for all the funds put together. NLPC Pension Fund Administrators Limited topped the list (20.33%), followed by Investment One Pension Managers Limited (14.5%), Veritas Glanvills Pensions limited (12.02%), AXA Mansard Pensions (10%), OAK Pensions Limited (9.7%).
By Nairametrics

With the window now opened for contributors to switch from one PFA to another, it will be wise of you to move to a PFA that rank among the best in terms of returns.
Investment one pension is ready to give you more than you deserve in terms of returns on your RSA.

Don’t just save let your savings be saving!

Wait no further just PM, call or chat me up for details on how to switch and enjoy better returns. Check my signature now!

Even hustlers wey never chop belleful (talk less of owning any kind of financial assets) are coming here to write analytical epistles on crypto

Na wa o...

Forex trading is the best thing that can happen to anyone at the moment

Tobex4realTobex234:
https://www.bloomberg.com/news/articles/2021-02-08/tesla-invests-1-5-billion-in-bitcoin-plans-to-accept-cryptocurrency

Now I see why Elon Musk started preaching about Btc0ins from nowhere. That guy is a very sharp guyman wey dey find mugu to help further drive up the price after he enter the party late

Watch as new dealers will start appearing and promoting Tesla cars and products in Naija

emmanuelewumi:



Never said speculation is crime ooo.


There is a thin line between speculation and Investment.

Speculators put in money in an asset with the hope of capital appreciation, investors put money in a venture or asset with the aim of cash flow and passive income

Investors sell an asset when it becomes overpriced relative to the income the asset generates, so not surprised if the legendary investor Buffet sold some Investments.

Speculation is not sustainable, hence the reason why smart speculators diversify part of their loots into stable income generating assets

Once SEC makes it a digital asset you will buy

Former CBN chieftain, Kingsley Moghalu's remarks

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

I think this issue has been overflogged and it's time to let sleeping dogs lie. The most important thing is for folks to make profits in their respective endeavours.

As regards what I trade, remember I said it here, we may never see bitc0in below 30k again..... That'd likely be the floor of the next bear market (if we get it).