The fact that Binance even has issues with my country has made me almost completely stop working with it...
Binance doesn't have any issue with our country. It's just this present administration that has an issue with Binance and cryptocurrencies in general. I believe you would've realized that now and with the OKX thing too. I believe this attitude is likely to spread to many more exchanges. If Binance had an issue with Nigeria, it would've frozen assets belonging to Nigerians on its platform long time ago. Nigerians still can trade their cryptos on Binance till date. It's just that we can't convert to the local naira. That's all. This shows that government was the one that asked Binance to remove the naira pair on its P2P. It's the same naira pair removal thing on OKX. I believe it is the same with other fiat currencies. They removed them according to the government's mandate.A lot of traders are actually using the p2p services of binance because of the credibility of the platform. Now, these people need to find alternative trustworthy p2p platforms. However, I highly believe that binance management is working on complying the regulations of those countries, in prder to get those traders back. Well, I believe that many exchanges are afraid now to avoid suffering the same fate that Binance is suffering at the hands of the Nigerian government, especially the way they abducted their executives in a very shameful manner. Going forward, many exchanges will delist the P2P activities on their system but many will still dare the government and continue to offer such a service. To me, I see P2P as no trouble at all, only that our government is just looking for what to blame as usual. Even if the centralised exchanges stopped the P2P service, what about the decentralised exchanges, will they enforce such a law and instil the same fear in them as well? That will not work because even if they block them through the ISPs in the country which they have a say over, we will definitely switch to VPN usage and it will be business as usual for us all. I will not be a party to the exchanging of my cryptocurrency through the local exchanges as the government wants, that will only amount to extortion even as the government doesn't care about anyone in my country but themselves. As for the Binance issue with them, well, Binance continues to talk softly about this and claims they are ever cooperative but our government is proving stubborn. They are being stubborn about what they will lose financially entirely upon if care is not taken. The CEO of Binance even graced an interview with PunchNG a few days ago and the guy was brilliant in his remarks. He alleged the government demanded a bribe of $150m from Binance to trash the case, which I believe since this is the way of our government. The Nigerian government is so unwise and I don't see Binance accepting the NGN service anymore, at least until there is a change in government. |
|
|
|
Bitcoin is the dumbest thing ever invented.
If you think Bitcoin is dumb then why you're present on this forum? If you don't like the idea of Bitcoin and find it useless then I believe someone like you should not be part of the forum that's a place for Bitcoin community. You need some research I believe, no I think you may need some treatment so you can understand Bitcoin properly. For me I think he is just a troll that needs people to actually notice him just like the other fella who always shares post about how he is the original Satoshi Nakamoto and the owner of the forum. Sometimes when I see post like this, ignoring them is probably the best thing but with that being said how can someone even think of uttering such nonsense that Bitcoin is the dumbest thing created, well it's simple if you like being a financial slave to the system then you are free to go but other who don't know the importance of BTC. How is investing in something that people need being a slave, but investing in something no one needs being free? If I invest in dollars I hold something that masses of people need for paying off debt owed to banks. I am the master, not the slave. On the other hand, if you traded dollars for Bitcoin you are the slave because you need other people to invest and buy your Bitcoin otherwise you cannot get your dollars back. It's hilarious how you Bitcoin evangelists think that you're the masters while in reality you're the slaves. Let me say that I appreciate your wisdom and insightfulness about words from the main OP and your subsequent replies. Many take the ideology of Bitcoin to the extreme even though it is not perfect and I think I am one of the few who tells some facts about it here since I've been in the world of investment before the crypto era, unlike many of them who's eyes are just being opened to investment due to cryptocurrency. But from the main OP, your narration was not without faults but I still say that I give you 85%, you are indeed a thinker. Well, you might be wondering why the denial of the remaining 15%, it's because (though risky) whether physical or virtual, anything could be related and referred to as an asset. All the things that are being labelled assets today are because of the importance/relevance people place on them, and whether virtual or not, once people appreciate it to the point of investing and holding their money in it, they are assets and valuable, which is also applicable to Bitcoin in this context. That said, Bitcoin as an asset can do almost everything that fiat money can do as well, all you need to do is to convert it one way or the other and the debt, loan, and mortgage as you cited them in the main OP will all be paid. Obligations can be fulfilled with Bitcoin, for real! About the bonds and other collateralized arrangements/agreements, what is happening in the crypto space is not any different, only that it is not so popular in governance and since many centralised systems have nothing to do with cryptocurrency but fiats, the popularity of such arrangements/agreements, and dependency in such can't be as though you are dealing with the fiat currencies like the USD. Lastly, I give you 100% in this current OP, and my reason is simple, I 100% agree with you (in summary) that the fiat can do without Bitcoin but Bitcoin can't do without fiat which makes the fiat the master regardless of whatever anyone interprets to it. I've always indicated this even as some always preach Bitcoin as the supreme of them all. Let's be realistic! But the whole point is that Bitcoin is not an asset. -snip- I disagree with you in its strong terms to the point that I didn't even bother to read the rest of what you wrote. Bitcoin is an asset and nothing will change that. I've lived in the world of financial markets, payments and settlements long enough to know the difference in this regard. It is so plain and obvious but I wonder why you have not seen it. Maybe you should do your independent research about it and not rely on your wisdom alone. Even Investopedia called Bitcoin an asset among other renowned business, trading and investment websites/outlets. There is no controversy here as Bitcoin is a virtual/digital asset, this is unless you do not even know what asset means. Fine, Bitcoin might be guilty of some of what you narrated in the main OP, but certainly, it's an asset. If it is not an asset, why are people buying and holding it? Don't you know that anything you invest your money in is an asset? For short, an asset is a store of value and Bitcoin perfectly fits into that fact/narration without mincing words. For it to be a "digital" asset doesn't make it less of an asset. The world is revolving and it's high time you accept this easy fact. |
|
|
|
As far as I know there's no official announcement of no-KYC services being banned in this forum. But perhaps it's coming?
It was not allowed for having too many similarities with a mixing service, the non-kyc part was not the issue. In addition they also offers a mixing service indirectly, even as they claims not to be a mixer, any service which offers to take your dirty coins and give you a clean one can also be considered a mixer which such is part of the service they offer. I never opened the website and neither did I take the campaign seriously because of the AML act they boastfully cancelled on their page, as it was no problem with their service. That can only tell you one thing, and that thing is "illegality." I think Bitcointalk has passed that already and kudos to Hhampuz to have painstakingly stopped the cooperation with them. No service of that status will not mix your coin either directly or indirectly, thereby taking us back to the days when what we advertise here was being frowned upon by the law enforcers for one crime committed and the other. |
|
|
|
|
That's thoughtful of you and I've seen countless threads where some users would allege another user, but before you know it, the OP of the thread would lock it. So why allege some without giving such a person the fairness to state his own side of the story and for people to judge? This is certainly unfair.
A strict rule is the answer at the same time, and I even think that the current rules of the forum are outdated, it has to be updated where some points are removed and some are added for the betterment of the forum and its users at large. A lot of users are engaging in some excessiveness, and such should be frowned upon and curbed with the updated rules.
|
|
|
|
-snip-
Why exchange go collect kyc from customers in Nigeria when their are not licensed by government?
Waiten them dey use the kyc documents for and who authorised centralized exchange to do kyc for their customers when the don't have licensed which AML are their trying to protect?
Let me say you have a point there but at the same time, the centralised exchanges have every right to demand for the KYC to satisfy the world's AML campaign regardless of whether or not they are registered in your country. The registration is not a basis but the lawfulness of the establishment, and I tell you today, you will never see a standard establishment that will not ask you for the KYC, they might only delay it but they will eventually ask you. They do this not only to help the law and the AML campaign but to also save their heads. Who knows, whether it's their jurisdiction or not, any case linked to them may be launched and Interpol or other international bodies may scrutinize them about the KYC and their activities regarding a certain person(s) of interest. It will be a blow to their face if found guilty which could attract a huge sanction or worse (jail term) if they are unable to provide the KYC. Fine, our country may not have a direct say here, but your money with them means they are dealing with you financial, so they are obliged by international law to have all the records about you as much as possible. This is not peculiar to exchanges alone, I've dealt with more than 50 international companies that demanded me to identify myself by all means necessary. Despite almost all of them not having a presence in my country, they still demanded it since it is required of them unless they are not registered and operate in any country at all, and unless they are not a standard and recognised establishment. If they are and still do not ask for the KYC, it will not be long before the long hand of the law will reach out against them. |
|
|
|
Hi all! We all seen what Bitcoin was doing for the past month and most of us would like to get some more Bitcoin. I was waiting for a good moment to do that for about 3 weeks and in terms of buying the dip it ain't looking good. It was consolidating for so long now! Please share your thoughts on to when another correction may be expected? Thank you and have a good day  You should have bought under $60,000 some time ago, and I think that is a good enough price for you to buy it if the selling target is in the next few months or next year where many predictions are that Bitcoin will reach its latest ATH. In my opinion, it is impossible for Bitcoin to experience a correction to half its current price, so don't just wait because you will never know what will happen in the future and the more you think about getting it cheaper, the more you will lose opportunities later, because there won't be any who can accurately analyze what will happen in the next month and so on. Well, it's still commendable that you advised him to have bought it at a better lower price, but even below $60,000 is subjective and it depends on the risk affinity of the person. I never bought Bitcoin above $30,000, I do not have the affinity to risk that much. It is better that investors strike at lower prices and even if you are a daredevil-kind of investor, it is still good to use your brain wisely. If not, you might lose believing you would win. Also, one may risk and not gain so much from the investment by buying at a high price which is why it is good to weigh your risk and investment benefits to know if it is comfortable for you in relation to the money you are committing to the investment. Also, I am with you, Bitcoin hovering at about $62,000 may not hit its half price ($31,000) anymore in this bullish season, so anyone planning on that should perish the plan. Fine, the asset is selling for now, it is at least in its major corrective phase, but I do not see Bitcoin reaching below $40,000 this season, not to mention breaking it downwards in the worst-case scenario. Those who did not buy it when it was low have missed much already, and it's better they do not force things to avoid issues for themselves. |
|
|
|
It depends. Usually day trading is more popular and for me, it takes 1/2 days to compete a trading base on altcoin circumstances. There are many altcoins what newly launched and sometime if you see that your project is getting pump continuously then i don't found any necessary to close your trade? Rather let it expand some more days right? I think this is how things works. But as crypto market is volatile, that's why can't execute trade for long and most of the time day trading perform better
If it is a day-trading, it will not last 2 days, it must be concluded on that day, and that is why they call it such. But at times, it could last longer due to the mismanagement of the trader, but in this case, the initial intention was to day trade, but in the end, it lasted beyond it which is understandable, notwithstanding, it does not warrant day trading to last for 2 days, that was just an excessive trading of it. Besides, whether it's a day-trading or long-term strategy, all that matters is the knowledge of the trader about it. Some day traders are good at it and so long-term traders are good at it, which is why you have to learn and train regarding what you learn about the two before you know the one that will be better for you as it will always vary among traders due to many factors attached to them and the time and plan of the trader towards trading. However, if it is about the easier one, I go for the long-term trading, it is so convenient if I must say. |
|
|
|
Hello,friends
How do you think the Bitcoin ETF approval will affect bitcoin and cryptocurrencies in general in the future?
Will it trigger the development and acceptance of bitcoin as a new currency and investment instrument or will it drive us more and more under the control of governments?
Let me start with the question of the title, ETF is never bad, and as a matter of fact, it will give Bitcoin more relevance. However due to the way Bitcoin was created and its function and operation as well, the ETF may not be as important as people believe it to be compared to how it is so important with Crude oil, Gold etc. Bitcoin is structured in a different way like never before and with or without ETF, Bitcoin will continue to gain popularity, and adoption and attract investors. The extensive benefits from the ETF, in the long run, will naturally be directing more investment into it. But this will only be in a way as those who are afraid to buy, hold and manage their Bitcoin themselves or are afraid about the privacy and decentralization of the asset, will join due to the ETF. It will help in this regard since the ETF will make Bitcoin to be more centralised even as the system itself is decentralised. This will also naturally means that the government can oversight the activity better than though it was moving within the core Bitcoin plans of non-custodial approach. This will help them cool their nerves as well. |
|
|
|
Since bitcoin promotes mostly anti-government, banks, etc.
I am wondering; Do you trust bitcoin holders?
You do not have to trust Bitcoin holders if your factors like anti-government and banks are to be put into consideration but only trust in the Bitcoin itself. If you buy Bitcoin today and plan to hold it for the time being, then you are already a holder. Now, do you trust yourself? Can people trust you on this holding? That's the situation. Do not totally trust anyone but your Bitcoin and your plans about it. Nevertheless, the holders have been so important in the sustainability of Bitcoin over the years, this is not the time they will suddenly abandon the coin, they will continue to add their quota even as they hold it more. However, there are categories of holders, some are for the short term, many are for the medium term, and others are for the long term. In between, there are permanent holders as well, so naturally if some holders liquidated their asset due to one reason or the other especially when the time planned for the liquidation has lapsed regardless of the date such a plan has been set as no one is holding you from selling your coin at the time you want to sell it. For these, I believe that the holders should be trusted to a high degree as many had witnessed the thick and thin with Bitcoin and have not panickly liquidated their assets. But I do not know if this will continue to be true if the government starts clamping down on Bitcoin, only fearless holders may stay in this situation. |
|
|
|
I'm feeling the pressure not to miss out on this bull run. I'm confident in my portfolio of solid coins, but I don't think they're quite cutting it. I want my investments to bring in serious wealth. I've heard about meme coins making people rich overnight, but I'm a bit wary of jumping into that arena. By the way, do you think older coins will see the biggest price surges compared to newer ones? What are your thoughts on this?
There are times when Bitcoin would somewhat stop moving with huge volatility but some altcoins will be performing well, which is why I am cautious of the altcoin season of this time, it may not be like before when people will now turn to it as a true tradition. Well, if altcoin season will truly come into play like before where people will earn significantly, let this season's halving first be encouraging, if not, a lot of tradition/myths about the cryptocurrency market will stop completely and people will start facing the reality of it. Many investors have achieved their expected success from the season of altcoins and many have lost capital. It is true that the prices of various altcoins are under upward pressure over time and you have to make the selection process at the right time. But many altcoins can give you more exchange in the next year or so than the previous year's profit, so you can put yourself in a long-term plan to get it. A long-term investment plan can make you less likely to cheat. The cryptocurrency market contain myths and recommend investment plans in harmony with your reality.Investment success also stays with you. I must say that I appreciate the few you just said here even though many may not value it if they did not read it insightfully, but it's indeed valuable. Investors should always be prepared for the good and bad, even as they also prepare for the worst-case scenario and for the best at the same time. This is because anything can happen in the investment world, but still, I implore all gamblers to be good speculators and their chart readers so that they are not just following the myths and mouth-trends, these always put investors in trouble. Also, we should learn how to limit the way we trust the tradition and history of the market. My investment experience has always taught me that what happened today is not an indication of future happenings, anything can change at any time, this is why the market is Dynamic itself. As for the cryptocurrency status, we do not need a seer to tell us that it is bearish in sentiment, but with time, it may be bullish. However, the altcoin season of a thing should be expected with care, anything can happen now that tradition and history about Bitcoin is gradually changing. It may affect all the senses which people are exploring to speculate and expect some happening regarding the cryptocurrency at large, which includes the altcoinseason. I'm not saying this will not happen, but just being cautious about it. Lastly, I like your remark that "Investment success also stays with you," This is large and we should not entirely follow the style of others but ours alone to avoid mistakes, and the result will indeed be ours which may not be able to be replicated by another person. |
|
|
|
Between developers and Investors, who's responsible for the AltCoins that goes dump or likely to be ghost coins in total disappearance even from the market cap?
Rumours goes around that it's the developers intentions while done days it's the Investors impacts that determines how much active the and stable the AltCoins could stay in the market cap.
So, who's responsible when the Coins dies?
Many factors are responsible for the death of those coins if that is the right word to use and many are intentional, while others are not intentional. It is intentional when the developers are attributary to this, it might mean that their intention was to scam initially but later changed their mind when the project gained some relevance, or they are just waiting for the right time to abandon it and get away with the money. But in some cases, it might just be their negligence and not particularly caused by their bad intentions. This is why we need to be careful in the selection of our crypto projects to avoid asset loss. At times too, it could be due to too many issues that are beyond their control, it may be legal issues, the lack of cooperation among the developers or financial constraints. The investors are a contributory factor at the same time. You see, what makes all these cryptocurrency projects to appreciate in price is that people lay importance on them and invest their money in them. But if a project has been wasting away for too long without good relevance and capital inflow, it could cause some chain reaction on the negative side (bearishness and little or no activity) that will lead them to become a redundant coin/token. |
|
|
|
I think that it is problem that can`t be solved. If the casino want to pay taxes without any problems, they must fix cryptocurrencies some moment. The best choice for it can be deposit or withdrawal. I think that withdrawal would be better - in this way the casino hasn`t problems with gamblers balance - it can be in USD, local currency, cryptocurrencies. Every currency will be converted in the local currency during withdrawal.
Yeah. Perhaps there really is no normal or optimal solution to this issue. You are probably right and each casino solves problems with cryptocurrency payments in its own way and based on the requirements of local regulators. But the option of withdrawing from a deposit is apparently good and is most likely used in the practice of casinos in their locations. Well, let me pretend that I understand you correctly, at least a bit, but for the benefit of the doubt since you are not so clear in your narration, did you mean that some casinos will offer you the crypto deposit and will not allow you to withdraw through the same means but through other means supported by their local regulators? I decoded this from what you wrote since this is actually happening in trading and investments but I have never witnessed such with crypto casinos. If this is the case as well, then it is not fair, both shouldn't have been allowed if To is allowed and Fro is blocked to avoid discrepancies. The cryptocurrency itself made it possible for international casino businesses to be more known and accessible, and it should be fair to be allowing the same means of deposit for the withdrawals, but only ensure that the money is paid back to the account/address that deposited the funds. This is the international standard and I know that it is in compliance already with the Anti-money Laundry Act, so what? It also makes transactions tracebale which should not be an issue for regulators to trace and not make it difficult for the customer to get back their money if the option they want to force on them is not comfortable. No. Withdrawal will be in the cryptocurrencies. But it will be recounted in the USD or local currency for tax services. As the result gamblers have an opportunity to use cryptocurrency without conversion, the casino don`t cares about it and when the gambler withdraw his money - the casino get result for tax services. If they need difference between deposit and withdraw - it is possible to count twice: during the deposit and during withdrawal. And nobody cares how price changes between these counting. Now I fully understand. All my thoughts were that you guys were referring to the dealing between the gambler and the casinos only, and the way some casinos could make their deposit and withdrawal flexible for customers made me think that way, needless to say also that it is also happening elsewhere, at least it is happening in the world of trading and investment. However, for the tax payment, it is a very good bargain for the casino to be paying according to the agreement with the country they domiciled, anything other than this could lead to sanction. How many countries of the world would even collect cryptocurrency from you in this current dispensation? Except for a few that are now focusing their beam on a thing like that for investment purposes. And I think El Salvador will be an exception though since such is a legal tender in the country. But the rest of the countries of the world, or should I say the majority, they will frown at that as they may only regulate your cryptocurrency activity but when it comes to payments, they either accept the hard currency like the USD or their local currency that they are used with. |
|
|
|
What I know is that what could be applied to hockey and other sports games could also be applicable to soccer betting as well, which is why I commend you on testing this out. However, this strategy looks odd and it shows some kind of "gambling within gambling" kind of pattern which I am not particularly comfortable with. The best way to bet on sports is to know the full information about the two teams playing and use your discretion and instinct to make your bet. This is still subject to some luck factors as well, and not about a certain pattern that your friend taught you.
Besides, if a team can score a goal and could keep it till the end of the match often, it only means that the team is not weak but strong which is a factor that will reduce the odds of that team against the other. This is never to my advantage and I do not do small odds in my sports betting which has been one of the ways to help me manage my gambling activities well and not be wasting my time like so many people do it randomly.
In other words, this style's risk is too high for me.
Gambling within gambling pattern is always the kind of system done in most strategies even the martingale system which one can apply also in this strategy. and just like @Solosanz said, this is like betting on your favorite team but just multi-betting but this time doing it live and in the 2nd half, and at the same time you are almost sure the team will win because they already scored. And you do not think that the "gambling within gambling" approach is such that can increase the risk of the gambler? As we are looking for a means to reduce risk, you are here advocating more risk, that's certainly not conservative. Just like the martingale approach you mentioned, it is such that puts the account of the gambler at a higher risk and martingale has never been a term in any risky activity to denote something done with ease but it always denotes something done in desperation. Are you now preaching desperation in gambling which we always advised against? As for the betting style, this is not just a good style that denote good and careful speculation but gambling on a certain pattern. Mind you, who says since a team has scored, it has now guaranteed their winning? This is baseless and your argument is not just constructive in this regard, histories would prove you wrong millions of times. Based on my experience, it doesn't work much in the very popular premier leagues or on FIFA because of the chances of DRAWs.
Oh, nice that you know it doesn't work in the EPL. But I do not know what you mean by "FIFA" because that name is the entire football body which the guy claimed he is using the strategy for. So I don't even know if you are For or Against anymore. |
|
|
|
I just voted No for the May disposition of Bitcoin in reaching $75,000, I certainly do not think so. Bitcoin has its own trouble and halving that many rely upon will not be an automatic saving grace as quickly as possible and Bitcoin is facing a whole lot of liquidity issues at the moment (additional capital much enough to breach the ATH) which might tarry for a while more. In case many do not know, it was helped to rise last week due to some factors, which include the FED's Dovisness on Wednesday and the many important news on Friday which later attracted a positive outlook in a short-term disposition, but for how long?
We should be so thorough in our reasoning here and do not think that it will hit the ATH of about $73,850, talkless of moving above it to hit $75,000. I also suspect a scenario where the market will move sideways, it might be moving within $73,850 (ATH) and $56,480 (bottom of the recent fall). A break of either side will announce where the market will truly be biased afterwards, but for now, it is too early to say it will rise or fall.
Nevertheless, unless there is strong news/event that will shake the market, I do not think that $75,000 is feasible, it doesn't have that prospect to garner such liquidity that will make that level to be encouraging in my opinion.
I wouldn't really think that it would be impossible though. I said yes because I think that even if it doesn't happen that doesn't mean that it would be impossible for it to happen. I think it's quite possible for bitcoin to reach 75k because we had a bad April month, so we could have a following up great month as we commonly do. If that is the case then I am sure that we are going to end up with a lot better result eventually. We shouldn't really be considering the situation we are in any better than what we had or any worse, we do not know what the future holds and we are just assuming what will happen. I am sensing that we are going to do fine and not going to have any issues, but I can't really guarantee something like that. When it comes to the market matters, there is nothing like Impossibility, anything can happen in the market, and even if we speculate against a thing, we are not perfect about the speculation, neither are we seers, but we are just speculating which doesn't guarantee anything. I said that for you to know that my stance is void of impossibility, the opposite may happen, that's the market for you, no one knows it all. For these, it is a matter of "trying" to expose what the market may do and not possibility or impossibility, this is why I often choose my words carefully when it comes to the market so that I will not be guilty of my own words. Also, I do not relate to the market based on assumptions and feelings/instincts but based on what I can read on my trading chart and the market psychology at large, which is why I am always constructive in this regard. Though I never called so many strategies and levels out at the time I made the first reply to avoid ambiguity, but still, they were part of my resolve/dispositions, it was just a summary of what I believe the market could do, and most likely, that is what it would do. However, let's mark the support level at $56980 and the low of last week at $56,480. The breach of those levels downwards may not be cool for Bitcoin this month. |
|
|
|
-snip-
While I've come way too far thinking about this as I also goes around the towns and sees old people aging so helplessly as they're vulnerable, I fear not to be in such situations so then, I'm striving on making positive differences.
I've decided to have a diverse of my bitcoin investment for my retirement purpose.
At some points in life, you don't expect to be thought lessions before you could learn but you can learn from others experiences.
Well said. But these days, I do not think there will be a responsible person still living a carefree life without minding their future. The consequence is obvious around us and if we are not taking the future seriously to save towards it regardless of how many children we have, it could be an issue later on. There is nothing bad in committing a huge amount to this with at least 25 years of savings and investments plan. This is irrespective of where we work, our status and our pension, anything can happen, so it is better to get fully prepared for the unforeseen. But if the future becomes the present day and it starts settling itself, our plans would have been an added advantage at that time. But still, your plan is still not without fault if it's Bitcoin you are relying solely upon. You mean you only plan your future on Bitcoin, an asset and a project that has not been tested and trusted for many decades. That's gambling if I must tell you. I would even like to know the price at which you started buying your Bitcoin. For those who started buying at lower than $5,000, it's still a very good deal for them compared to those who bought it after hitting tens of thousands. Without mincing words, the best approach is for you to diversify and randomise your investment in both online and offline investments. |
|
|
|
The fact that Binance even has issues with my country has made me almost completely stop working with it...
Binance doesn't have any issue with our country. It's just this present administration that has an issue with Binance and cryptocurrencies in general. I believe you would've realized that now and with the OKX thing too. I believe this attitude is likely to spread to many more exchanges. If Binance had an issue with Nigeria, it would've frozen assets belonging to Nigerians on its platform long time ago. Nigerians still can trade their cryptos on Binance till date. It's just that we can't convert to the local naira. That's all. This shows that government was the one that asked Binance to remove the naira pair on its P2P. It's the same naira pair removal thing on OKX. We are still saying the same thing and what you explained still means that Binance has issues with Nigeria since the stances and policies of the government make Nigeria and whatever is happening in it or related to it. As for the OKX, I received the news with a heavy heart, but according to the latest meeting with the new SEC's DG, I realised that it has a presence in Nigeria, unlike Binance. And according to the Punch newspaper today, it was one of the stakeholders that joined the virtual meeting with the DG and it was claimed that OKX did not stop the P2P on their platform by force or threat but for solidarity with the government. But I still wonder what that solidarity is for. Maybe it's because they have a presence in the country and want to obey the law of the land. But I doubt if some of the other exchanges will yield unless they sue them. Let's see how that unfolded over time. However the issue of Binance with the government is far different from that of the OKX with the government, you can't just compare that. |
|
|
|
This is no longer a secret warning, the Nigerian government through all their possible actors and agencies is fighting the exchanges in the open. Only that some exchanges are more adamant than each other because by now I believe they must have served all the top-rated ones their dissatisfaction and warning to desist from providing the services that are NGN-related. But still, many of them are still providing the service, let's see who's is next.
Besides, the Nigerian government has taken this matter with a kid's glove, they are not just mature about their approaches. Regulations, I mean a strict one is the solution here, or don't they know that we will always find alternatives to do our P2P thing? One way or another, our cryptos must be exchanged whether they like it or not, this is even as we are finding opportunities to make extra money in the tough economy they've created for us.
The CBN and FG can easily handle this by removing the ban on the Naira card for internationally shopping and purchases, allowing us to trade and buy Bitcoin at the CBN rate, as it was during the Goodluck Jonathan administration before Buhari took office. I doubt anyone would use the black market rate if the rate for card transactions was 1,100 or 1300 (or whatever rate they deemed appropriate). This way, the black market will be unaffected because no one will go there since the CBN rate is better. Allow Naira withdrawals from exchanges at the same CBN exchange rate as before. P2P only became a trend once exchanges stopped accepting withdrawals and Naira cards. If we could get all of these things back to exchanges, Naira P2P would decrease and the supposed "Naira manipulation" would cease. I'm still following up the SEC meeting News, nothing in the News yet. Well, their mismanagement of the economy and the commonwealth has put us all into this mess and now they are blaming dealers, exchanges and the P2P. Besides, the reason why they can't allow our bank cards to function as you said is because they do not have the FX to fulfil such international obligations which is gross and so annoying. And even if there was an option like that, someone like me would never go for it because it would be cheaper and can't mean a good business for me. I would rather locate a parallel market as it is in all countries of the world, only that our country missed it from the beginning which is why things are burning this way. However, the P2P initiative is not the issue, the government through their poor reasoning and action believe it is, but it is not. Imagine, if the country is doing well and there are four places you can exchange your crypto which are; 1. Official/bank, 2. Parrallel market/BDC, 3. Normal local exchanges, 4. P2P. These mediums will merely quote their rates and anyone interested in such rates and the service they render will go for them without any issue. The P2P is working fine in every other country of the world, so why is Nigeria's situation different? The government are just clueless and I wonder how P2P will be the only issue when there are still other three channels quoting similar rates with the P2P. This is the problem we've been facing with the country from the beginning, they never have any solution to problems but just proving smart. As for the news, just do not waste your time, it was never a good one, it's another waste of chance by SEC. |
|
|
|
Bitcoin is the dumbest thing ever invented.
If you think Bitcoin is dumb then why you're present on this forum? If you don't like the idea of Bitcoin and find it useless then I believe someone like you should not be part of the forum that's a place for Bitcoin community. You need some research I believe, no I think you may need some treatment so you can understand Bitcoin properly. For me I think he is just a troll that needs people to actually notice him just like the other fella who always shares post about how he is the original Satoshi Nakamoto and the owner of the forum. Sometimes when I see post like this, ignoring them is probably the best thing but with that being said how can someone even think of uttering such nonsense that Bitcoin is the dumbest thing created, well it's simple if you like being a financial slave to the system then you are free to go but other who don't know the importance of BTC. How is investing in something that people need being a slave, but investing in something no one needs being free? If I invest in dollars I hold something that masses of people need for paying off debt owed to banks. I am the master, not the slave. On the other hand, if you traded dollars for Bitcoin you are the slave because you need other people to invest and buy your Bitcoin otherwise you cannot get your dollars back. It's hilarious how you Bitcoin evangelists think that you're the masters while in reality you're the slaves. Let me say that I appreciate your wisdom and insightfulness about words from the main OP and your subsequent replies. Many take the ideology of Bitcoin to the extreme even though it is not perfect and I think I am one of the few who tells some facts about it here since I've been in the world of investment before the crypto era, unlike many of them who's eyes are just being opened to investment due to cryptocurrency. But from the main OP, your narration was not without faults but I still say that I give you 85%, you are indeed a thinker. Well, you might be wondering why the denial of the remaining 15%, it's because (though risky) whether physical or virtual, anything could be related and referred to as an asset. All the things that are being labelled assets today are because of the importance/relevance people place on them, and whether virtual or not, once people appreciate it to the point of investing and holding their money in it, they are assets and valuable, which is also applicable to Bitcoin in this context. That said, Bitcoin as an asset can do almost everything that fiat money can do as well, all you need to do is to convert it one way or the other and the debt, loan, and mortgage as you cited them in the main OP will all be paid. Obligations can be fulfilled with Bitcoin, for real! About the bonds and other collateralized arrangements/agreements, what is happening in the crypto space is not any different, only that it is not so popular in governance and since many centralised systems have nothing to do with cryptocurrency but fiats, the popularity of such arrangements/agreements, and dependency in such can't be as though you are dealing with the fiat currencies like the USD. Lastly, I give you 100% in this current OP, and my reason is simple, I 100% agree with you (in summary) that the fiat can do without Bitcoin but Bitcoin can't do without fiat which makes the fiat the master regardless of whatever anyone interprets to it. I've always indicated this even as some always preach Bitcoin as the supreme of them all. Let's be realistic! |
|
|
|
Hello Everyone,
I'll keep this short.
BTC 2030, what is your educated opinion on the state of BTC come the end of the decade? Thanks for this question, after all, we are all speculating and the opinion of people at times counts whether it is in agreement with ours or not. For me, I believe that Bitcoin is still very young and we should continue to take a look at its behaviour for the time being. It has started showing some unexpected movements/behaviours now by hitting its former ATH again which has never happened before and we do not know the extent to which that might delay the rising of the coin this season that people expect halving to help it grow further. Also, what happens between now and next year will determine what will happen afterwards to know whether or not it will break the tradition that people have already known Bitcoin for. Also, my concern goes to the lack of liquidity to push the asset higher. Though many are not looking towards that angle and many will attack others for it, but the truth be told all the time. Bitcoin needs more investors who are ready to push it to the next important level of $100,000 which is also a psychological level. But if it is unable to hit the level of the bullish season but slips to a long-term bearish mode afterwards, then I can't have such a serious bullish on Bitcoin in 2030, it might hold below $100,000 by then in that sense. But if it does otherwise and breaches above $100,000 this bullish season even if it later slips below it during the bearish season, then in 2030, I will not be surprising to see Bitcoin between $100,000 and $135,000. |
|
|
|
There are two types of people who learn trading, there are those who already have a source of income and are looking for way to multiple it so they choose trading as an option for them, while their others without any source of income but just learning to trade for the sake of knowledge and hoping that one day they will be able to make enough capital to invest into trading.
How would you advise a newbie trader without any source of income to gather together money that they can use in trading?
Exclude this options that they have to get a job and save up money because if it was so easy to get a good paying job, some of them may not even be trading.
What will you advise, would you advise them that at a level when they are sure of their knowledge should try to convince other people they know to give them some money as investment or convince strangers to invest in them?
Let me be frank with you now, we can't exclude the safety of people securing a job before engaging in trading, this is the only way they can calm their nerves doing it. Many would say that they can do it, but after many years, have they done it? That is part of the issue. Trading would have been better in terms of the money people gain and their consistency in it if they were not so desperate about it, and this desperation is as a result of the lack of a quality job they can fall back on if the money they are trading with was lost. This will always cause emotion for traders and no matter how you think you are good, once the emotion creeps in, then your trading account is technically finished because sooner or later, you will hit the margin call and will be stopped soon after. That is why the psychological part of trading must first be taken care of before trading if you have the opportunity, you can't just remove that from it. However, if your view is to be enforced, then it could be good that they at least engage in some menial jobs still, there is no alternative to that. What helped me in trading today was my persistence in depositing one way or the other and I am happy to tell you that I would have blown more than 100 trading accounts before I became a consistent earner. If one has no job or a means of replenishing the trading account to continue learning, do you think it will be easy? Regardless, such a person may still engage in some posting for bonus activities of some brokers and try demo contests to try and gain funds. If they work for him, then it is still a good bargain. |
|
|
|
|
Show Posts
