Bitcoin Forum

Im just saying if there is no recourse for malpractice in the crypto world it wont be long before they too cotton onto the fact that its the perfect crime as nobody is gonna do anything even if there is proof.

very generalized statement but I hope it brings the point across as We all know about the 419 scams

In Nigerians defense of the over 20 I have met I would say 1 maybe 2 were sketchy blokes.

Not trying to start a race war here just helping bang out the possible fatal flaws of the current crypto sector.   

It already is. Check Localbitcoins volume for Nigeria. Then check MMM.

In the case of MMM though it's a Russian scamming Nigerians which is an impressive reversal.

Then that nigerian prince that kept sending me e-mails can invest into bitcoin or maybe invest in some miners. But I think that to most of the people there, bitcoin if unheard of and many probably have no idea what it is and I doubt that government would like it to be otherwise.

Those Nigerian princes will start selling cloud mining or something.

There's a bunch of people doing the digital payment thing i places like Nigeria and Africa. Majority of the people that use Bitcoins are living in 3rd world Countries and places that are not within the United States. The price of Bitcoin would go up because the supply would go down some. Bitcoin could get transferred to someone on the other side of the world within seconds, that is why Nigerians would use Bitcoin other than their government currency.

Bitcoin is gaining ground in Nigeria they have at least 1 exchange that I know of.

But what they dont know yet is the full spectrum of 860 other crypto coins

Let Me count the ways they will scam us.

Yeha the Prince of Nigerias cousin is My gardner or so He says....
You never know them Africans are all related

i am thinking that if nigeria seriously start this, then its should be good news for bitcoin community and the other country could thinking that nigeria is small country even they are not have much assets in their country as other country. the other country will be thinking what is behind the story that would make nigeria wants seriously to start involved in the crypto currency and i think the other government will make an approach with the nigeria government.

If you are stupid and greedy enough to fall for that, then you deserve it.

That would ve great. Since Nigerians are good in promoting and very well in mlm, involving them really helps. They don't have an official escrow to convert btc to fiat money vice versa. Once they have it, expect its market to widespread.

The economy of the country might move forward. Long back itself bitcoin experts suggested that the one who is gonna adopt bitcoin as the country's currency will get benefited much. The reason is that digital currency network will be popular soon, so the country with official usage will serve as the financial center for digital network related activities which itself an added beauty to the country.

That made me laugh. Haha. Seriously, third world countries stand to benefit from bitcoin, if only transaction fees can be kept to a minimum. It's always easier to attract a market if bitcoin proves to be more economical, but as the transaction fees keep escalating, this might not work in poor countries and it will just be another blow to bitcoin as a currency.

Any currency can be used for bad things. Even fiat currencies such as the US dollar are used for illegal activities all over the world and within the United States.

i am not entirely sure what you are trying to say with this topic and the other ones you keep starting!

the scams,... are a common thing in the whole world. people do it whether you and i like it or not. when they come online they feel more confident about scamming and when bitcoin comes in their confindence also grows.

but in the end if you count the number of scams using bitcoin and using fiat you will see there are far more scams using fiat than there is bitcoin.

He is saying Nigerians are known for scams and what would happen when the Nigerians figure out how they could use Bitcoin to scam people anonymously. The thing is, this might already be happening but due to the nature of Bitcoin's pseudo-anonymity it would be close to impossible to pin that on them.

There might be Nigerians behind Ransomware or Cloud mining Ponzi schemes and we might not even know it. ^grrrrrr^

You have to remember that Bitcoin is just another form of currency and it is not immune to people with criminal minds. We just hope that Bitcoin would be used more by people with good intentions than those people who wants to use it for scams. ^sad^

This is more or less the same as with the internet. The internet are used for more "good" things than "bad" things, so you cannot throw out the baby with the bath water, when some people use it for the wrong reasons.

Although, some Nigerians are known to be expert in fraudulent activities but not all of them are scams as there are still some that are true to their word when it comes to financial relationship and because in all climes of the society, there is people engaging in criminal activities. One thing Nigeria has is population and because the financial system is not fully advanced as other countries in the West, it makes bitcoin thrives as there are several exchange sites doing their thing without interference...

I was scammed in crypto mostly by new zealanders, and I don't think nigerians can outperform dutch or kiwis at scams.

No recourse for malpractice in the Bitcoin world? Think again, there is! There have been a number of lawsuits against people who have scammed or participated in illegal activities with Bitcoin.
Bitcoin isn't going to be 'untraceable' forever, there are companies that are devoted to blockchain analysis.

Just one example on how the FBI is going to catch criminals (specifically for randsomware):
http://www.coindesk.com/catch-bitcoin-ransomer-inside-fbis-cyber-investigation-process/

Many countries in Africa, such as Zimbabwe, are already making good use of Bitcoin, I'm not sure about Nigeria, but I think it's only a matter of time. The results of this are increasing demand, liquidity and stability for Bitcoin.

That is the problem with third world countries as they have low income and jobs are not readily available they turn to other ventures where they can make easy money and so the people affected by these Nigerian price emails are people who are greedy enough to make money without a sweat.Most of the people now understand their schemes and are avoiding those scams and if they get involved with crypto we have to point them out as scams.

Actually I want to say I am happy because more user equal to more increasing price, but then I heard that there is so many scammed attempts made by those country's citizen, I started to worry because if the people give negative thing to bitcoin then, it will be more difficult for us to introduce bitcoin to new user and the worse thing is, when you got scammed you can't do too many things because all of their identity is hidden and difficult to trace

The topic is about the effect it will have on bitcoin if Nigerians start using bitcoin not but I am surprised that the entire thing is being changed that its about scams Nigerians are known for as if no other Nationalities scam people. Even on this forum where there are several cases of reported scams I have not seen where it has been concluded that this is done by Nigerians. I have been scammed before so I know what I am saying. In as much as we are happy that the popularity of bitcoin is increasing, then we should also not be unmindful of to keep ourselves safe from scammers.