Title: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Churchillvv on June 20, 2025, 09:41:42 PM https://www.talkimg.com/images/2025/06/20/Uu6oL9.jpeg This competition is basically going to have only one winner and for now rewards will be basically in merit however as time goes by it will be integrated to a larger volume and sponsorship might be held hence rewards will include financial support.Welcome to Naija board monthly quiz competition, this is not your usual contest, it's an inspiration from some of the little things I (we) have noticed in the local board but instead of forcing people to go with my (initiatives) an innovative idea was born to help achieve the goal in a fun way. Rewards 1st position - 🏆 Winner - 10 Merits + $10 worth of BTC 2nd position - 🏆 runner up - $5 worth of BTC Rules for the Competition 1. You must be an active member of the local board. 2. You must rank at least Member to be eligible for this competition. 3. You must have earned at least 10 merits in your last 120 days to participate. 4. We do not accept edited submissions; all posts will be watched closely. Edited posts will be automatically disqualified. Fastest fingers are encouraged, as the first to get the answers right wins. 5. The competition will be open for 48 hrs before a temporary lock. Posts one minute late will not be counted. 6. Use of AI is highly prohibited; all answers must be raw, with no sentence enhanced post. 7. Do not enroll your Alts. You, a person, are not allowed to enroll with more than one account. 8. Read rule number (1-7) again. I also reserve the right to deny any post as eligible and disqualify any participant based on personal discretion. Competition Questions 1. [Technical] Bitcoin SHA-256 is very important to the bitcoin network, what exactly does it do that makes it so important? 2. [Technical] How does Bitcoin’s difficulty adjustment algorithm maintains network stability? 3. [Historical] Who was the first to receive merit on the forum and who was the sender?. 4. [Historical] Satoshi Nakamoto created bitcoin with some features which makes it a preborn ideas of the cyberpunk community! what are the correlation of cyberpunk community with bitcoin, what are the features? how do they help bitcoin. 5. [Financial & Economical] Bitcoin price is volatile what is the correlation of bitcoin volatility and recession and/or inflation since 2009? 6. [Financial & Economical] Miners mine for block rewards but in 2140 block rewards would exist, what incentives will be a core tenants for rewards? and how might that affect network security. 7. [Regulatory and Legal] How do global anti-money laundering (AML) and know-your-customer (KYC) regulations affect Bitcoin’s pseudonymous (privacy) nature? 8. [Local board] What is the position of bitcoin in Nigeria legal system; who first proposed Naija local board? on what premises was his inspiration? Goodluck everyone!! Wishing you all the best and have fun. Regards - Churchillvv Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Churchillvv on June 20, 2025, 09:41:56 PM Reserved
Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Ever-young on June 20, 2025, 09:49:02 PM I like when a context have a monetary reward attached to it, I will be donating $10 to the first person who will emerge as winner and $5 to the second person.
Inbetween; Op don’t you think 48hrs is too short or it’s enough time for anyone to search out the answer and publish their result. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Perfectbaby on June 20, 2025, 09:49:27 PM This is a welcomed idea and these are the kind of things we need to make this forum more fun and lovable to interact with, I could remembered few people who also hosted contest as then and you hosting this shows a great improvement.
Good luck to the participants. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Callido on June 20, 2025, 10:25:27 PM 1. SHA-256 helps in POF (Proof of Work).
2. Bitcoin alogrithm is created to be efficient, not too difficult not also very easy. Bitcoin adjust it's hash rate every two weeks making the process of mining to be balanced, not too quick and not too fast. 3. Satoshi the founder sent the first ever merit to Hal Finney 4. The first thing to come in mind is total decentralization, Bitcoin has it so those the Bitcointalk community and its advantage is to keep the community out of physical attack where users here are mostly anonymous. 5. The near correlation is that inflation/recession isn't a good climate for individuals not just individuals including firms and companies who prioritized investing in Bitcoin to continue. Individually, during inflations prices of everything goes high, living stability becomes tragic, this scenario in general will affect how much is thrown into the market, as we know Bitcoin growths rely on Buy/Sell. 6. In 2140 no new Bitcoin will be mined, what will the miner receives as rewards will be transaction fees and will be too little for us to have the same number of miners we have currently. 7. AML and KYC always asks for your personal information, like ID's or Passport, NIN... 8. Bitcoin continues to remain legal as of recent, only that our government are a bit skeptical with the way they judge matters about Bitcoin, but no rule is against Bitcoin. CryptopreneurBrainboss talked about it earlier. The initiative of CryptopreneurBrainboss was firmly to build a community of Bitcoin enthusiast within his own region. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Felicity_Tide on June 20, 2025, 11:01:43 PM Nice initiative @OP.
Some of the questions about the forum and local board already exist far before so many people (including myself), came to the forum, but I hope the search button works well in this case. Let me give it a shot... 1. There is something we call Pow(proof of work), which is how different computers runs their computation is securing a block that houses all valid transactions. The SHA-256 is the algorithm being used in that computation, so when a block is secured and added to the chain, it makes a reversal difficult. 2. AFAIK, the idea is to produce blocks at an average of 10mins, so few adjustments must been made after 2140 blocks which is approximately 2 weeks. 3. Receiver - AdolfinWolf Sender -Thymos 4. AFAIK, the Cyberpunk community are strong advocates for cryptography, decentralization and privacy, though, Bitcoin offers a level of decentralization and uses cryptography, which we are all familiar with. 5. Bitcoin volatility correlates with Inflation when buyers choose to preserve their fiats as a result of fiat losing its stance against the prices of goods. While in times of recession, we find Bitcoin dumping because investors are now moving to fait in a reverse case. 6. The question wasn't direct, but I assume you mean 2140(coming years). Answer - By then all Bitcoin would have been mined, so miners would focus on collecting transaction fees only, and it might affect the network security because the fees is definitely going to skyrocket from what we are seeing now. Maybe those who can afford higher fees would get a better preference. 7. Financial privacy is still a very key principle that so many of us would have love to enjoy, but those regulatory affects us especially through centralized exchange platforms that happens to be the common medium to transact and exchange Bitcoin for fiat, or the reverse. 8. I will continue to say it, there is no clear stances of Bitcoin in Nigeria and our legal system. Let's just say it is legal to use and also not legal. Mpamaegbu made the proposal, but I'm not sure of what premises, but I guess it was for us as Nigerians to have our own place where we can communicate probably in our own pidgin language. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Charles-Tim on June 20, 2025, 11:11:37 PM 1. [Technical] Bitcoin SHA-256 is very important to the bitcoin network, what exactly does it do that makes it so important? It is used in PoW for data security. It is used in block headers and transaction data and Merkel tree also makes use of it 2. [Technical] How does Bitcoin’s difficulty adjustment algorithm maintains network stability? It makes new blocks to be mined in approximately 10 minutes. If there are more miners generating more hash rates, the blocks will be mined mostly in less than 10 minutes. If there is decrease in the hash rates, blocks will be mined in more than 10 minutes leading to mempool congestion. But there is difficulty adjustment in the next block 2016 blocks which is around 2 weeks so that block mining will be approximately 10 minutes.3. [Historical] Who was the first to receive merit on the forum and who was the sender?. Theymos received the first meritDahman El_Harrachi sent the merit to theymos https://bitcointalk.org/index.php?topic=178608.msg28792130#msg28792130 I am wrong. I am sure about it. 4. [Historical] Satoshi Nakamoto created bitcoin with some features which makes it a preborn ideas of the cyberpunk community! what are the correlation of cyberpunk community with bitcoin, what are the features? how do they help bitcoin. Freedom from oppressive restrictions from the authorities. Decentralization and privacy. Bitcoin has all these characteristics. But people now see bitcoin more as an investment although if they want to be private, they can. Bitcoin is decentralized in design and you can make use of bitcoin to avoid many government restrictions like for cross border payments and alternative to fiat in some cases.5. [Financial & Economical] Bitcoin price is volatile what is the correlation of bitcoin volatility and recession and/or inflation since 2009? This chart answers it:https://www.talkimg.com/images/2025/06/20/UuPvdm.jpeg Also bitcoin supply in mining and the remaining to enter into circulation is reducing. Limited and total supply of 21 BTC. It is a deflationary currency. 6. [Financial & Economical] Miners mine for block rewards but in 2140 block rewards would exist, what incentives will be a core tenants for rewards? and how might that affect network security. The block reward is reducing into halves every 210000 blocks mined which always takes approximately 4 years. By 2140, approximately all bitcoin would have been mined which people refers to all bitcoin would have been mined.7. [Regulatory and Legal] How do global anti-money laundering (AML) and know-your-customer (KYC) regulations affect Bitcoin’s pseudonymous (privacy) nature? They are both not affecting bitcoin because all what we consider is the bitcoin network and noncustodial wallet which is when part of it. We do not consider exchanges and custodial wallets, including others like ETFs. Although, they are helping in adoption but you can decide to remain private or anonymous if you want.8. [Local board] What is the position of bitcoin in Nigeria legal system; who first proposed Naija local board? on what premises was his inspiration? Bitcoin is legal in Nigeria.Mpamaegbu first proposed (https://bitcointalk.org/index.php?topic=5107528.msg49639304#msg49639304) naija local board. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Ambatman on June 21, 2025, 08:47:18 AM 1. SHA256 helps with security by hashing
2. Occurs after 2016 Blocks are mined in making sure blocks are mined approximately 10 minutes. It makes sure that Bitcoin supply is consistent hence the limit of 4× increase and 75% decrease. 3. Uhhhmmm this one is hard. Ninjastics stops at 2020. But I'm certain is not satoshi. I'd say lutpin received first by a user obviously :) . 4. Privacy and Decentralization. It helped pushed for self custody after the 2008 financial Crisis 5. I'd say positive correlated but they were times bitcoin failed to keep up with inflation increase. 6. Transaction fee. We assume that the few should be enough to sustain miners. 7. It makes users provide their real information rather than relying on pseudonyms. Worse it pushes for a centralized system despite bitcoin itself being decentralized. 8. Not a legal tender but isn't illegal either. Mpamaegbu proposed Quote it will be wonderful aggregating them to help push crypto talks further down home. Also, our pidgin English flavour is something to savour when Nigerians communicate. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Ruttoshi on June 21, 2025, 02:02:02 PM 1. SHA-256 is used in POW, which role is to maintain the network security from attackers.
2. The difficulties stabilize the network because the target is always calculated aagain in every 2016 blocks which is apprx two weeks in order to guarantee that blocks are mined once in every ten minutes. If a block is mined in less than ten minutes , the difficulty increases and vice versa. 3. Can't get this information. 4. Financial freedom from the government and third parties. It gives us the right to be our own bank and control our funds privately in a decentralized manner. 5. Positive and negative but bitcoin a deflationary currency. 6. Miners will get their profits from tranaction fee after the last bitcoin has been mined in 2140. 7. Bitcoin network is still the way it was created which is decentralized. It hasn't changed despite the government involving in it for regulation. Use bitcoin in a decentralized way and enjoy privacy. 8. Bitcoin is not illegal in Nigeria because we have Nigeria exchange operating hee in the country owned by Nigerians. Mpamaegbu proposed first. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Sexylizzy2813 on June 21, 2025, 03:24:38 PM 1. [Technical] Bitcoin SHA-256 is very important to the bitcoin network, what exactly does it do that makes it so important?
Answer: E dey help to maintain the general accepted opinion for the mechanism inside Bitcoin. 2. [Technical] How does Bitcoin’s difficulty adjustment algorithm maintains network stability? Answer: ?? 3. [Historical] Who was the first to receive merit on the forum and who was the sender?. Answer: Me wey no know first person to drop post for our local board...bros I no sabi oh 4. [Historical] Satoshi Nakamoto created bitcoin with some features which makes it a preborn ideas of the cyberpunk community! what are the correlation of cyberpunk community with bitcoin, what are the features? how do they help bitcoin. Answer: ?? 5. [Financial & Economical] Bitcoin price is volatile what is the correlation of bitcoin volatility and recession and/or inflation since 2009? Answer: Bitcoin dey experience inflation because dem dey always dey mine new new coins...I no fit get more on this one. 6. [Financial & Economical] Miners mine for block rewards but in 2140 block rewards would exist, what incentives will be a core tenants for rewards? and how might that affect network security. Answer: ?? 7. [Regulatory and Legal] How do global anti-money laundering (AML) and know-your-customer (KYC) regulations affect Bitcoin’s pseudonymous (privacy) nature? Answer: this AML and KYCdey help users wey dey always keep or leave their money for exchange to get that assurance say their money dey fully protected from all these wayo people them so if incase something happen them go know wetin to do. 8. [Local board] What is the position of bitcoin in Nigeria legal system; who first proposed Naija local board? on what premises was his inspiration? Answer: the government never legalize am but them no dey too much against am like when them be dey actively against am for February 2021... The users Becky99 and BrainBoss nai I know of. Support PIGIN For Our Local Board... Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: EL MOHA on June 21, 2025, 03:28:44 PM 1. [Technical] Bitcoin SHA-256 is very important to the bitcoin network, what exactly does it do that makes it so important? The most important part of this is that each block gets a unique number because of each block header that is hashed, this actually makes each block different and avoid exploits like collision. 2. [Technical] How does Bitcoin’s difficulty adjustment algorithm maintains network stability? Bitcoin adjustment is simply the process by which the bitcoin difficulty is adjusted every 2016 blocks apart to ensure that the bitcoin block mined is correlated, this was implemented such that the overall block doesn’t get hard or easy to mine. For example if the average time to mine 2016 blocks is higher than 10 minutes, the difficulty adjust higher for the next 2016 blocks and if it is below 10 minutes then the difficulty adjust lower for the next 2016 blocks, all this is to make sure the block mined is within the average 10 minutes threshold even if the hashrate of the miners equipment increases or decreases. 3. [Historical] Who was the first to receive merit on the forum and who was the sender?. Theymos would be the first person to get merited because after he created the merits requirement and rank on 24th January 2018, it might have been tested on his profile by members. I think the sender was VOD 4. [Historical] Satoshi Nakamoto created bitcoin with some features which makes it a preborn ideas of the cyberpunk community! what are the correlation of cyberpunk community with bitcoin, what are the features? how do they help bitcoin. Both Cyberpunk community and the idea of bitcoin was centered on people having freedom and privacy on their money and to not have their money censored, all this translate to decentralized system without government or institutional control. 5. [Financial & Economical] Bitcoin price is volatile what is the correlation of bitcoin volatility and recession and/or inflation since 2009? The bitcoin itself which has an hedge against inflation has been doing excellently well since its inception with the its price have been on an increase and has done more than 100000x compare to any other asset most especially with the inflation and recession eating up the value of the traditional currency 6. [Financial & Economical] Miners mine for block rewards but in 2140 block rewards would exist, what incentives will be a core tenants for rewards? and how might that affect network security. Base on the difficulty adjustment bitcoin will be total mined around 2140 and that stops the block reward which leaves only the transaction fees as the only source of incentives. In as much as this will take a longer time from now, with the present transaction fees this to me wouldn’t be enough for most miners to stay on board and the security changes I expect is that the mining will be done by pools as solo miners wouldn’t be able to cope, will this cause censorship or make the network weak to attacks like 51% attacks? I don’t think it will make the network vulnerable. 7. [Regulatory and Legal] How do global anti-money laundering (AML) and know-your-customer (KYC) regulations affect Bitcoin’s pseudonymous (privacy) nature? As stated bitcoin is pseudonymous which means regulations like this aren’t going to affect bitcoin user except any one going through a centralized platform but peer to peer transaction using the addresses without reuse of addresses protects one privacy. 8. [Local board] What is the position of bitcoin in Nigeria legal system; who first proposed Naija local board? on what premises was his inspiration? Bitcoin position in Nigeria isn’t clearly stated but it hasn’t been legally approved by the government and it is not declared illegal either, hopefully in the future the right stands will be made. User Mpamaegbu proposed the idea on the basis that newbies from Nigeria can find ease to communicate in our local pidgin English dialects Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Churchillvv on June 21, 2025, 11:07:37 PM I like when a context have a monetary reward attached to it, I will be donating $10 to the first person who will emerge as winner and $5 to the second person. Thanks for the offer we will communicate it in the OP. Inbetween; Op don’t you think 48hrs is too short or it’s enough time for anyone to search out the answer and publish their result. I already thought of it and have decided to make it 72hrs to help those who might find it difficult within the time participate. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: B-BossMan on June 22, 2025, 08:16:55 AM 1: before I answer this question, I go like know watin the SHA mean first which is( SHA stands for "Secure Hash Algorithm" the SHA dey among family of cryptographic hash functions.
SHA-256 dey important to Bitcoin because: →E dey help Bitcoin stop fraud which make sure say all members accept that all transactions dey legit in times of network. →SHA dey also make sure say the unity and legality of digital documents work smoothly. → E dey also served as proof or work done. 2: E dey works by vigorous adjustment of difficulties which make sure say the network stability remain assured. 3: me I no fit stress my head on this, I don do search tire, but I guess say na Theymus be receiver while Satoshi na sender. 4: 1:what are the correlation of cyberpunk community with bitcoin ? Answer- the correlation na privacy because if you make any transactions, no any authority or Government go control you or interfere over your transactions. 2: What are the features of Cyberpunk ,? -privacy and - Decentralized E dey help Bitcoin to promote individual's freedom too. 5: since Bitcoin dey highly volatile in nature,we go need to understand the concepts of Volatility: Volatility na something wey dey estimate the difference on asset price, or any assets wey dey fluctuate anytime na volatile. So relationship of Bitcoin and volatility na market fluctuations. 6: What incentives will be a core tenants for rewards? Answer: this na transactions fee and reward of block. and how might that affect network security? Answer: watin dey affect network security na hashrate or if activities of minners dey reduce E dey affect network protection. 7: How do global anti-money laundering (AML) and know-your-customer (KYC) regulations affect Bitcoin’s pseudonymous (privacy) nature? Answer: As Bitcoin get the KYC and AML regulations E go help Fighting fraudulent activity and make sure among the users, they get a good trust among them sef because of users identity verification in terms of financial system. 8: What is the position of bitcoin in Nigeria legal system? Answer: at this point I will say partially "YES" because since our main 2 bodies don set a regulations and guidelines wey citizens go follow such as SEC and CBN I would say YES who first proposed Naija local board? Answer: Na Mpamaegbu on what premises was his inspiration? Answer: It because he don already know say Naija people get talent and them dey very hard working, which hopping that Naija people go carry crypto matter go the higher level of communication. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Churchillvv on June 22, 2025, 07:56:54 PM We are extending for the next 24hrs
Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Abu-Naim on June 23, 2025, 11:24:14 AM 1. [Technical] Bitcoin SHA-256 is very important to the bitcoin network, what exactly does it do that makes it so important? Enhanced further security that makes Bitcoin network more secure and difficult to attack.Quote 2. [Technical] How does Bitcoin’s difficulty adjustment algorithm maintains network stability? It maintains the rate of stability of block mining duration by increasing whenever blocks are quickly produced, and decreases when the blocks are slowly produced so as to maintain consistent block production rate at an appropriate 10 minutes.Quote 3. [Historical] Who was the first to receive merit on the forum and who was the sender?. OgNastyQuote 4. [Historical] Satoshi Nakamoto created bitcoin with some features which makes it a preborn ideas of the cyberpunk community! what are the correlation of cyberpunk community with bitcoin, what are the features? how do they help bitcoin. Financial Freedom Decentralization Security And resistance to censorship. Quote 5. [Financial & Economical] Bitcoin price is volatile what is the correlation of bitcoin volatility and recession and/or inflation since 2009? Global adoption of Bitcoin keeping increase and it is a reason for it’s volatility.Bitcoin is a tool against inflation. Bitcoin has always been an option for investors in any kind of natural disaster. Store of value. Quote 6. [Financial & Economical] Miners mine for block rewards but in 2140 block rewards would exist, what incentives will be a core tenants for rewards? and how might that affect network security. It might affect the mining power, and can also lead to centralization. Quote 7. [Regulatory and Legal] How do global anti-money laundering (AML) and know-your-customer (KYC) regulations affect Bitcoin’s pseudonymous (privacy) nature? Quote 8. [Local board] What is the position of bitcoin in Nigeria legal system; who first proposed Naija local board? on what premises was his inspiration? The main aim is to unite fellows Nigerians in order to share the good news of Bitcoin among themselves and also to have further discussions related Bitcoin in Nija. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Mia Chloe on June 24, 2025, 03:31:11 PM Op did you discard this contest or you don't have the answers to the questions yet?.. I had a few smerits I wanted to distribute but I've used them up already on a couple of other posts. It's already four days any you still haven't dropped the winners I'm sure others are actually waiting for the results. Even if you end up concluding everything today I may not be able so send any merits since I'm already out of smerits.
Also Op a suggestion from me, some of the questions are not fully direct and seem to have some extras under them don't know if was done based no usage of AI or not. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Churchillvv on June 25, 2025, 08:00:44 PM Here comes the result of the competition!!!
However, I decided to extend the time for people to participate enough but to my disappointment with the numbers we have in the local board only a few participated. Here is the score of each participant. Callido - 5/8 Felicity_Tide - 8/8 Charles-Tim - 7/8 ColdLava40 - 4/8 Ambatman - 6.5/8 Ruttoshi - 5/8 Sexylizzy2813 - 4/8 EL MOHA - 5.5/8 B-BossMan - 3/8 Abu-Naim - 5.5 So we have a winner 🏆 Congratulations to @Felicity_Tide as he emerged 1st and a runner up @Charles-Tim. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: B-BossMan on June 25, 2025, 09:33:22 PM Here comes the result of the competition!!! However, I decided to extend the time for people to participate enough but to my disappointment with the numbers we have in the local board only a few participated. Here is the score of each participant. Callido - 5/8 Felicity_Tide - 8/8 Charles-Tim - 7/8 ColdLava40 - 4/8 Ambatman - 6.5/8 Ruttoshi - 5/8 Sexylizzy2813 - 4/8 EL MOHA - 5.5/8 B-BossMan - 3/8 Abu-Naim - 5.5 So we have a winner 🏆 Congratulations to @Felicity_Tide as he emerged 1st and a runner up @Charles-Tim. Congratulations to the winners, we try harder next time. Please after the announcement of the winners, OP should kindly assist us or posting correct answers so that we newbies can learn something and correct ourselves..... Thank you Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Ever-young on June 25, 2025, 10:05:28 PM So we have a winner 🏆 Congratulations to the winners.. Congratulations to @Felicity_Tide as he emerged 1st and a runner up @Charles-Tim. Please you both should drop a BEP-20 address (here or in PM) for the winning prize.. could have sent through bitcoin but I’m not home now and don’t have access to my wallet but still have stable coin in an exchange account. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Charles-Tim on June 25, 2025, 10:17:02 PM As for the third question, I also think it is AdolfinWolf. I traced it and noticed theymos sent him merit some minutes before the one I posted above which later made me included that I was wrong about it.
2. AFAIK, the idea is to produce blocks at an average of 10mins, so few adjustments must been made after 2140 blocks which is approximately 2 weeks. It is 2016 blocks and not 2140 blocks.5. Bitcoin volatility correlates with Inflation when buyers choose to preserve their fiats as a result of fiat losing its stance against the prices of goods. While in times of recession, we find Bitcoin dumping because investors are now moving to fait in a reverse case. Can you explain better with good examples?The 2020 recession is only just a coincidence while bitcoin rose back as fast as possible when it fell from $7800 in March of that year to $3850 or so before it increased back to $5700 in less than 2 hours and later back to $8000 in just like 2 or 3 weeks. I remember that day as I saw the market move. Later bitcoin increased to almost $10000. Also I still remember what CZ which was Binance CEO at the time later said about it: https://cointelegraph.com/news/bitcoin-price-did-not-crash-60-due-to-coronavirus-says-binance-ceo I did not just believe the news just like that but I believe it as I do follow how the price of bitcoin moves, I knew he is right just as I do follow other news to be either right or wrong. Although, that was my opinion. 8. I will continue to say it, there is no clear stances of Bitcoin in Nigeria and our legal system. Let's just say it is legal to use and also not legal. Bitcoin is legal in Nigeria. Or how is bitcoin not legal in Nigeria?CBN that said it was not legal before also made it legal in December 2023. Regulators were clueless during naira rate was floated and they tried all possible means to stop what is causing the falling of naira price. You can have you crypto businesses legally in Nigeria if you follow the regulatory framework of the SEC about it. Also you are totally free in Nigeria to own bitcoin. Please you both should drop a BEP-20 address (here or in PM) for the winning prize.. could have sent through bitcoin but I’m not home now and don’t have access to my wallet but still have stable coin in an exchange account. I can wait until you get home. You can also deduct the transaction fee from it. Should I drop the bitcoin address instead?Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Onyeeze on June 25, 2025, 10:49:37 PM I think that since you have selected a winner it's best time for you lock up the thread, because if it's left open people will began to spam the thread, secondly you wouldn't have be so fast to select the winner because its few people that participated and I don't think that people that participated in this forum is up to 30 people in this place which I have verified, you have allow community users to participate very well before selections
Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Ever-young on June 25, 2025, 11:01:01 PM Please you both should drop a BEP-20 address (here or in PM) for the winning prize.. could have sent through bitcoin but I’m not home now and don’t have access to my wallet but still have stable coin in an exchange account. I can wait until you get home. You can also deduct the transaction fee from it. Should I drop the bitcoin address instead?secondly you wouldn't have be so fast to select the winner because its few people that participated and I don't think that people that participated in this forum is up to 30 people in this place which I have verified, you have allow community users to participate very well before selections I don't know about the OP and its reasoning, but the quiz rules were simple. Maybe you missed the part where the OP talked about the quiz time frame being 48 hours, which was also later extended to 72 hours, if not more. If the answer has been gotten, what's the point of delaying announcing the winner, if I may ask? Besides, it was almost obvious that this is almost like a first-to-answer kind of thing.Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Charles-Tim on June 25, 2025, 11:05:53 PM I think that since you have selected a winner it's best time for you lock up the thread, because if it's left open people will began to spam the thread From my last post on this thread, I created a good discussion already. Felicity_Tide may want to reply and we are having a good discussion. No need to lock the thread for now because no spam yet. People do not spam a thread like this one.Yes please you can… This is my bitcoin address: bc1qzx0rr40pkzmpesgnvf8lvaqv8tsx9m0jccvemvTitle: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: EL MOHA on June 25, 2025, 11:23:41 PM Here comes the result of the competition!!! However, I decided to extend the time for people to participate enough but to my disappointment with the numbers we have in the local board only a few participated. Here is the score of each participant. Callido - 5/8 Felicity_Tide - 8/8 Charles-Tim - 7/8 ColdLava40 - 4/8 Ambatman - 6.5/8 Ruttoshi - 5/8 Sexylizzy2813 - 4/8 EL MOHA - 5.5/8 B-BossMan - 3/8 Abu-Naim - 5.5 So we have a winner 🏆 Congratulations to @Felicity_Tide as he emerged 1st and a runner up @Charles-Tim. Congratulations to all winners and also to the participants, let’s keep this and hopefully in the future we will have more of this as it is educational for both newbies and established members in the space, personally will love to have more of technical related questions to help educate everyone here. My concern now is the marking of these quiz, it’s not straightforward to me because I find some members having different answers yet getting similar marks, the winners scored similar scores but reading there quiz answers reflected that the answers were in same category or they answers were kind of counter against each other. This makes me want to ask what was the real answers, as it been published will also help one’s learning process. So please the quizze I would like to see your answers too to improve my knowledge and also know where my mistakes are Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Ambatman on June 25, 2025, 11:50:27 PM Now that I think about it competition always goes with rewards, thought it was a thread for educating and engaging.
The issue with quiz competition of this nature is that the latter poster are more likely to be right than earlier. Since they can gain from the earlier poster and improved on it. It would be nice to see a thread that would be on such questions with no rewards attached, could help improve our boards quality. Giving merit could be prohibited to prevent misuse. As for the third question, I also think it is AdolfinWolf. I traced it and noticed theymos sent him merit some minutes before the one I posted above which later made me included that I was wrong about it. Wow I never knew about this. Went to the first thread about merit and realised I was wasting my time. A plus about the competition, I learnt somethingTitle: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Ever-young on June 25, 2025, 11:57:58 PM Reward for @Felicity_Tide have been sent
Transaction Hash: 0xe6a93b928040a5f6d549edf3ed6005e667ae55c10e192dcafe74eb50c8c763d3 Reward have been sent to @Charles-Tim - Txid: 30bd446cb553e6e13705b3c935f8fb7a278dc5b4d5c70d8626b868c326c22c10 You both can check and confirm.. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Charles-Tim on June 26, 2025, 12:08:09 AM My concern now is the marking of these quiz, it’s not straightforward to me because I find some members having different answers yet getting similar marks, the winners scored similar scores but reading there quiz answers reflected that the answers were in same category or they answers were kind of counter against each other. This makes me want to ask what was the real answers, as it been published will also help one’s learning process. I think it is straightforward, but what I noticed is that Felicity_Tide did not get the second question correctly which makes him also get 7 out of 8, and we can still debate about the ones that I quoted above. I do not know of others. Although, nothing bad at all, we are having fun.Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Felicity_Tide on June 26, 2025, 01:07:49 AM I think it is straightforward, but what I noticed is that Felicity_Tide did not get the second question correctly which makes him also get 7 out of 8, and we can still debate about the ones that I quoted above. I do not know of others. Although, nothing bad at all, we are having fun. It would have been best if the OP had posted the correct answers from his own point of view. I wasn't even expecting to win this due to how flexible and too personal my answers were. And as for that number two, I noticed the moment I hit the post button, but the rules are the rules, despite the chance to edit without it showing (edited). I actually specified the average time it takes to hit that 2,016 blocks, which is two weeks. It is 2016 blocks and not 2140 blocks. Yeah, I noticed that immediately after I hit the post button. Quote Can you explain better with good examples? I wasn't too sure I understood the question well, but I had to relate(correlate) it to inflation and recession as stated by the OP. If inflation tends to drive the price of goods higher while reducing purchasing power of fiat, consumers would prefer to put their money in something that can appreciate in other to meet up with the hike. The reverse happens during times of recession. Quote Bitcoin is legal in Nigeria. Or how is bitcoin not legal in Nigeria? CBN that said it was not legal before also made it legal in December 2023. Regulators were clueless during naira rate was floated and they tried all possible means to stop what is causing the falling of naira price. It is one thing for Bitcoin to be legal, which I admit, and it is another thing for everyone, including the law enforcement agencies to recognized that legality. I've heard series of cases where people are being manhandled for just having a cex app on a mobile phone. I'm not talking about the companies that has/must register under the license of the government. I was only considering the regular users. There is a video I'm searching for that perfectly describes what I'm talking about. I hope to find it. But, I feel it's still a two-way thing. But I definitely look forward to seeing how the OP responds, and identify where correction lies. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Charles-Tim on June 26, 2025, 08:42:35 AM It is one thing for Bitcoin to be legal, which I admit, and it is another thing for everyone, including the law enforcement agencies to recognized that legality. I've heard series of cases where people are being manhandled for just having a cex app on a mobile phone. This can not be from EFCC but I know that Nigeria Police can do something like that. They will think someone is a Yahoo boy and they will think they are using cryptocurrencies.Did you know that it is even illegal for a police to just stop someone and be searching person's phone in Nigeria except during legal investigation? But we are in Nigeria where many people will misuse their power and not obey the law. Some citizens also do not know their right. No police will just come and search my phone, I can not unlock the phone except they took me to their station and after I see and speak to my lawyer. Yet they will see many crypto exchanges there but I committed no crime. I have been to many places, I have seen police on the road stopped me times without number, but none has ever told me to open my phone. It was very common when people protested against SARS (I mean end SARS), and we all know that SARS officials were misusing their power and getting hold of innocents and become the scammers to people by misusing their power. But something like that has significantly reduced now. As for EFCC, they search phone during investigation to know if someone has committed crime and not about the person using bitcoin and other cryptocurrencies. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Churchillvv on June 26, 2025, 12:17:27 PM Just like everyone of you said that the questions are not direct, it wasn't meant to be direct that's the purpose of the quiz, it's more like a test of intelligence and knowledge.
Most of the questions are merely to get your personal opinions but in accordance to what it truly is, however almost all the answers you can get them from any source it's all over the internet hence I twisted to make it more difficult things can be direct for the first to just get the answers right it has to be very much well thought. Here are the answers. 1. SHA-256 is important to the bitcoin network because it performs the function of; proving transactions integrity through verification (Proof of work) and what makes it more important is that it prevents double spending. note: as long as one mentions the proof of work it's correct from my judgement: 2. By making new blocks to be mined within or approximately 10 minutes. Simplified 3. AdolfinWolf received the first merit from Theymos: after the implementation of the merit system AdolfinWolf was first to make a thread about it just immediately he noticed the change and Theymos sent the first merit to him on 24th or 25th based on different local time. Just explaining in details for better comprehension. 4. The cyberpunk community is known for Cryptography and privacy minds hence bitcoin uses this features which were already in existence with the cyberpunk community which some of the guys who contributed to bitcoin also belong to. 5. After the 2007/8 financial crisis bitcoin was born and while it increases over the years, the 1% per cent who chose bitcoin preserves their money in bitcoin as it's directly opposite the inflated fiat that losses value as time goes by. on the macro stage (recession) bitcoin is a store of value. Simply put bitcoin is a deflationary currency 6. Miners will rely on Transaction fees as rewards when all bitcoin is mined. Has no effect on bitcoin network system. 7. The AML and KYC negates bitcoin advocacy which is privacy by requesting your identity to access bitcoin through exchanges hence making the core tenants of bitcoin seem like a fiction except to those who are deep privacy advocates by using DEX. 8. The ISA has only recognised it as an asset that can be traded but has not cleared the air on its stands. Legal nor illegal. Mpamaegbu did first proposed Naija local board, he desire our own home like others have, where our own identity as Nigerians is known. The answers just needed to hit the underlying message, that's why I requested them raw not filter. Would have loved to respond to each message but this thread is not a discussion thread maybe I will open another for discussion specifically and anyone can ask their questions. Let's not make it one. I also see the interest in technical discussions, I will make it more technically focused in a bit. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Ambatman on June 26, 2025, 01:26:38 PM Just like everyone of you said that the questions are not direct I don't understand what you mean by not being direct, the questions were straight forward Imo. Quote Most of the questions are merely to get your personal opinions but in accordance to what it truly is Well most of the questions weren't subjective. They had a definite answer. Quote the 1% per cent who chose bitcoin preserves their money in bitcoin as it's directly opposite the inflated fiat that losses value as time goes by. on the macro stage (recession) bitcoin is a store of value. Sorry I didn't really get this. If I recall the question is on the correlation between Bitcoin and inflation. Quote this thread is not a discussion thread If there are going to be more of such competition then there could need for a discussion board But if not, this thread would do. Title: Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅 Post by: Mia Chloe on June 26, 2025, 08:29:50 PM Shouldn't this topic be locked already?
Op you have done well and it's high time the topic ended... This whole thing could turn into spamming. |