.

Veqtor:
They better reverse the ban on Cryptocurrency.

They think dey r clamping down on Southerners, especially Igbos, with that ban but they are just shooting their own feet. Dimwits.

must u involve tribe?
Na people like una be Nigeria problem..

privaldo:


It seems you don't understand my point. How will the government clampdown on you when they can't monitor your transactions, or even clampdown on you, since you no longer bank in Nigeria? If there is a way to be monitored, please enlighten me.

Government can not monitor your transaction that is if you can even make transactions at all.

Presently, you can't even buy crypto with a Nigerian bank card or payment gateway.

You can only do offline p2p not online.

Government can not monitor offline p2p but online, they have dismantled the means of buying until further notice

3 btc sold and cash dey my bank . i dey my house come and hol me na

thebosstrevor1:
Even the writer of this article criticizing government policies is clueless.

You mean people shouuld open a PayPal account that they can't operate from Nigeria.

People should go to the unregulated p2p crypto market where you can be easily scammed.

You cannot buy crypto with any Nigerian visa or debit card and you can’t withdraw crypto to any bank says the writer and then he wants you to open a paypal account

Now, Deposit in naira to buy crypto have been stopped by most exchanges ( binance and luno) now, this will affect everyone in crypto, another method will be found that will benefit those who have a trusted buyer living outside Nigeria.

The method can be, find a reliable Nigerian living abroad, deposit equivalent money in the person Nigerian account and then the person helps you to buy the crypto you want and then send them to your wallet, this method is good but it is crazy when people understand that sending btc and ethereum from one wallet to another is very expensive that will make you lose.

People don't understand how very volatile crypto is. The volatility can make you panic and make you lose your cash very fast.

Imagine you buy ethereum or btc worth 100k from luno, when that 100k worth of ethereum shows on your ethereum wallet, it can be 98k, in 2 weeks, that ethereum can be worth 110k, in 4 days time, can be worth 99k..this volatile coin can play with your emotions and make you panic sell.

What about network fee.

If i send 10k ethereum to my friend's ethereum account, sometimes, sending fees can be 6k.

The crypto world sometimes when you look at it clearly, works like an organized ponzi scheme.

At the end of the day, i prefer stocks to the crypto scam even though the returns can be huge, if you are an early buyer

You gave the example of ethereum but ethereum is one of the worst examples of cryptocurrency out there - it's blockchain is horribly bloated, inefficient and open to manipulation by a central body, the very antithesis of the dream as stated in the bitcoin whitepaper.

There are plenty of better options where you will not spend $30 to send $300. Even bitcoin tx fees are nowhere near that high, xmr, ltc, doge, bch are all cheap and easy to send.


P.S.
I was under the impression that Nigerians could open paypal accounts.

Sctests:
How can Emefiele the CBN governor and his bosse in Aso rock just wake up one morning and start criminalizing the use of crypto assets without recourse to the courts.What does he really intend to achieve? To create panic everywhere?

Why not give a timeline for people to withdraw their monies and asset, instead of these knee-jerk reactions that exposes the leadership of the CBN as riddled with confusion, cluelessness and nincompoopery. What kind of hopeless and retrogressive country is this for heaven's sake?

Modify. The president's defacto order

Sctests:
How can Emefiele the CBN governor and his bosse in Aso rock just wake up one morning and start criminalizing the use of crypto assets without recourse to the courts.What does he really intend to achieve? To create panic everywhere?

Why not give a timeline for people to withdraw their monies and asset, instead of these knee-jerk reactions that exposes the leadership of the CBN as riddled with confusion, cluelessness and nincompoopery. What kind of hopeless and retrogressive country is this for heaven's sake?

The CBN governor is just a figure head.... The order came from the top.... He only came out to announce and implement it.

Ok
And crypto dn surge now

thebosstrevor1:


Government can not monitor your transaction that is if you can even make transactions at all.

Presently, you can't even buy crypto with a Nigerian bank card or payment gateway.

You can only do offline p2p not online.

Government can not monitor offline p2p but online, they have dismantled the means of buying until further notice

una funny o. na how many people dey use card trade btc before sef? go to localbitcons and other merchants and see the reality. the only people that can ban this na paxful, remito and localbitcoins and the rest. yes if them ban , that is when this will take effect. all those old people are not even smart enough to know how btc works. these are all empty threats

RRodwave:
Ok
And crypto dn surge now

this type of senseless news cant make it surge my guy

the cattle industry have not understand the crypto technology

thebosstrevor1:
Even the writer of this article criticizing government policies is clueless.

You mean people shouuld open a PayPal account that they can't operate from Nigeria.

People should go to the unregulated p2p crypto market where you can be easily scammed.

You cannot buy crypto with any Nigerian visa or debit card and you can’t withdraw crypto to any bank says the writer and then he wants you to open a paypal account

Now, Deposit in naira to buy crypto have been stopped by most exchanges ( binance and luno) now, this will affect everyone in crypto, another method will be found that will benefit those who have a trusted buyer living outside Nigeria.

The method can be, find a reliable Nigerian living abroad, deposit equivalent money in the person Nigerian account and then the person helps you to buy the crypto you want and then send them to your wallet, this method is good but it is crazy when people understand that sending btc and ethereum from one wallet to another is very expensive that will make you lose.

People don't understand how very volatile crypto is. The volatility can make you panic and make you lose your cash very fast.

Imagine you buy ethereum or btc worth 100k from luno, when that 100k worth of ethereum shows on your ethereum wallet, it can be 98k, in 2 weeks, that ethereum can be worth 110k, in 4 days time, can be worth 99k..this volatile coin can play with your emotions and make you panic sell.

What about network fee.

If i send 10k ethereum to my friend's ethereum account, sometimes, sending fees can be 6k.

The crypto world sometimes when you look at it clearly, works like an organized ponzi scheme.

At the end of the day, i prefer stocks to the crypto scam even though the returns can be huge, if you are an early buyer

Sharrrraaappp

No money to steal and deduct unnecessary charges on
People are wiser now, how do you explain charging me on my money you are using to do business...
The youth are getting more informed and they are angry because it is decentralized..
Let them continue to shoot themselves in the leg in the name of useless monetary policies.
Mtcheeew

thebosstrevor1:
Even the writer of this article criticizing government policies is clueless.

You mean people shouuld open a PayPal account that they can't operate from Nigeria.

People should go to the unregulated p2p crypto market where you can be easily scammed.

You cannot buy crypto with any Nigerian visa or debit card and you can’t withdraw crypto to any bank says the writer and then he wants you to open a paypal account

Now, Deposit in naira to buy crypto have been stopped by most exchanges ( binance and luno) now, this will affect everyone in crypto, another method will be found that will benefit those who have a trusted buyer living outside Nigeria.

The method can be, find a reliable Nigerian living abroad, deposit equivalent money in the person Nigerian account and then the person helps you to buy the crypto you want and then send them to your wallet, this method is good but it is crazy when people understand that sending btc and ethereum from one wallet to another is very expensive that will make you lose.

People don't understand how very volatile crypto is. The volatility can make you panic and make you lose your cash very fast.

Imagine you buy ethereum or btc worth 100k from luno, when that 100k worth of ethereum shows on your ethereum wallet, it can be 98k, in 2 weeks, that ethereum can be worth 110k, in 4 days time, can be worth 99k..this volatile coin can play with your emotions and make you panic sell.

What about network fee.

If i send 10k ethereum to my friend's ethereum account, sometimes, sending fees can be 6k.

The crypto world sometimes when you look at it clearly, works like an organized ponzi scheme.

At the end of the day, i prefer stocks to the crypto scam even though the returns can be huge, if you are an early buyer

yes u are making good points but if you are as old as i am in this, u will know that govt ban is totally useless. 98% of people buying crypto dont use cards, they use sites like paxful, localbtc etc. where u have to send the cash to the persons account. now tell me, how will bank track that? the only people that can ban naija are those top companies. but i bet you they wont because they know that naija is a top player in this. as for the guy talking of paypal, ignore am , he is as cluless as the govtt. infact majority of the people screaming about crypto ban are just cluless

thebosstrevor1:


Government can not monitor your transaction that is if you can even make transactions at all.

Presently, you can't even buy crypto with a Nigerian bank card or payment gateway.

You can only do offline p2p not online.

Government can not monitor offline p2p but online, they have dismantled the means of buying until further notice

You don't get me, do you? I meant if you open an account outside Nigeria maybe another West African country, and carry out your transaction seamlessly will the government stop you?

For context, you would still maintain your Nigerian account just that you would transfer to your foreign account when you want to make a crypto transaction.

thebosstrevor1:


You trade on the most popular platform which is binance . Binance wrote that for now, you can't buy crypto with your Nigerian debit card but you can withdraw to your bank account.

This is what the binance ceo wrote.

If you have $NGN on Binance, you can:
1. withdraw NGN soon, or
2. convert to #crypto and hold it


The reality is that p2p will flourish but it will also lead to lot of scams, making people distrust crypto investments

bro most of you guys here sound so clueless. do you know that 98% of crypto is traded using p2p? by p2p i am talking of platforms like localbitcoins etc NOT THAT CURRENCY SCAM THREAD U GUYS USE FOR RUBBISH IN THE NAME OF TRADING

thebosstrevor1:


Government can not monitor your transaction that is if you can even make transactions at all.

Presently, you can't even buy crypto with a Nigerian bank card or payment gateway.

You can only do offline p2p not online.

Government can not monitor offline p2p but online, they have dismantled the means of buying until further notice

stop misinforming people. so u are saying i cant use paxful or localbtc to buy it? well let me not even over disclose shit here, na the ssame nigerians cast the btc. let me return to my ahsawo thread

SatantheDestroy:
bro most of you guys here sound so clueless. do you know that 98% of crypto is traded using p2p? by p2p i am talking of platforms like localbitcoins etc

That's what many don't understand, almost all of Nigeria's crypto transaction is P2P, so its not a new scenario.

SatantheDestroy:
yes u are making good points but if you are as old as i am in this, u will know that govt ban is totally useless. 98% of people buying crypto dont use cards, they use sites like paxful, localbtc etc. where u have to send the cash to the persons account. now tell me, how will bank track that? the only people that can ban naija are those top companies. but i bet you they wont because they know that naija is a top player in this. as for the guy talking of paypal, ignore am , he is as cluless as the govtt. infact majority of the people screaming about crypto ban are just cluless

Yes Government can track that transaction not in the crypto sense of it but know that anything that passes through the banking system can be tracked.

P2p will increase but also p2p is risky if there is no escrow

Guys.... Whats the way forward with this ban.?
How can i make crypto purchase amidst all this?

SatantheDestroy:
bro most of you guys here sound so clueless. do you know that 98% of crypto is traded using p2p? by p2p i am talking of platforms like localbitcoins etc

Didn't you read where i wrote p2p will flourish

privaldo:


That's what many don't understand, almost all of Nigeria's crypto transaction is P2P, so its not a new scenario.

exactly. reading the comments here even made me realise that most of the guys acting as if they know it all about crypto are basically clueless.
this is something the united states, china and many other countries with very sophisticated tech couldnt crack down. is it naija that cant even count their citizens properly that will be able to crackdown on crypto?
well, i see this as another news to distract people so they can carry out their loot

When you elect uninformed, poorly exposed, unteachable, and backward thinking octogenarians leading the nation, what else do you expect?


Progress


Una never see anything for this country.

Government na barawo

bloggers na arm robber

imam dey gbaladun


pastor na enjoyment

So long as blockchain exists, crypto shall continually exist.........

Crypto dealers would simply look for alternatives and other exchanges...........

Going underground and still dealing........

thebosstrevor1:


Didn't you read where i wrote p2p will flourish

yes i saw that. but u saying there will be so much scams is where i am not even getting you. how will you scam someone using localbitcoins or remito?

privaldo:


You don't get me, do you? I meant if you open an account outside Nigeria maybe another West African country, and carry out your transaction seamlessly will the government stop you?

For context, you would still maintain your Nigerian account just that you would transfer to your foreign account when you want to make a crypto transaction.

When you open your account outside, that is a different ball game but if you are sending from exchanges abroad direct to your bank account, your account will be flagged

thebosstrevor1:


Yes Government can track that transaction not in the crypto sense of it but know that anything that passes through the banking system can be tracked.

P2p will increase but also p2p is risky if there is no escrow

how will u be doing p2p without using reputable sites like paxful or localbitcoins?
also how will govt track down the 200k u paid me for crypto without u writing its purpose?
some of these things are just not obtainable

thebosstrevor1:


How do they want to wreck Nigerians?

Don't be deceived by all these hype, many Nigerians don't know about crypto

Maybe in the North where you are. In the South, crypto is pretty popular here particularly with fintechs changing hoe we do business.

thebosstrevor1:


When you open your account outside, that is a different ball game but if you are sending from exchanges abroad direct to your bank account, your account will be flagged

That was what I meant, you create an alternate account abroad do your crypto transactions and send it back to your Nigerian account in fiat currency.

The people investing in Nigeria are very strong.
I wonder how they do it?

This is one of the worst places for investment.

That is why many Nigerians with one million or above are already investing in American stocks.

And the number is going to get higher.

SatantheDestroy:
exactly. reading the comments here even made me realise that most of the guy acting as if they know it all about crypto are basically clueless.
this is something the united states, china and many other countries with very sophisticated tech couldnt crack down. is it naija that cant even count their citizens properly that will be able to crackdown on crypto?
well, i see this as another news to distract people so they can carry out their loot

Many of them just speak because they want to be on the side of the government, even those in the government know they can't stop it. This move by CBN will only make people look elsewhere, and business will continue as usual.