Since the SEC Nig declared Binance Nigeria LTD an illegal group last year for operating illegally in Nigeria without a licence. I want to believe that the EFCC has every right to interfere because Binance has been declared and tagged as fraudulent; it is not the SEC's responsibility to track their criminal activity; they have no right to pursue fraudsters; they simply regulate and allow the EFCC to take action.
Read the OP again. We are not discussing about criminal activities but naira exchange rate. This is not about EFCC. There is nothing like Binance Nigeria. The people behind it said they created it in preparation if Binance will think of coming to Nigeria. Binance Nigeria is not Binance Limited and also not created by Binance Limited. Saw posts of some Nigerians asking CBN to go after other exchanges as Naira begin to depreciate again.
Are you minding the illiterates? No one among them will admit that the federal government are not holy in this. They always turn to what is not. We have the federal government to blame as the cause of volatile market rose from them. If they want crypto P2P total ban, we will move to decentralized exchanges. You will even see people selling at higher prices there. They should find something to do against the falling of GDP and they should open land borders so that food will be cheap. We were better when land borders were opened. They did not solve the problem but looking for something to fault about exchange rate. |
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It's laughable how our agencies doesn't even know their duty limits if not what is even the connection between EFCC and forex regulations?
Maybe they mean that criminals are using exchanges  . I do not know the work of EFCC that is related to this also. Even CBN has little say. The people that should regulate crypto are the SEC. Although, in some countries, central bank are given power to some extent. It is disappointing to be talking about exchanges rate and EFCC is involved. |
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P/Harcourt refinery: Marketers eye N500/litre petrol, set to loadOil marketers said that the refinery will soon begin PMS (petrol) production and the price will be ₦500 per liter. Likely the PMS production will begin in this month. Also it was said that Dangote refinery will begin PMS production in May and the price will be ₦500 per liter also. You can read further: https://punchng.com/p-harcourt-refinery-marketers-eye-n500-litre-petrol-set-to-load/
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What I think about the further crackdown is that Binance is not the only exchange that they are going for this time, that other exchanges also. What is this? Who are they deceiving. Or illiteracy as EFCC wants to do the work that is not their role to play. Although, Punch said 'two sources said' it. While EFCC said the commission was doing everything lawful to ensure sanity within the country’s forex market, but which is different from whatnthe sources said. A source said, “The EFCC is going after all currency speculators to stabilise Nigerian forex.”
Another source noted, “The commission is not only going after Binance but other cryptocurrency compliance and exchanges, this has been helping in stabilising the market.”
Reacting to the development when contacted, the spokesperson for the EFCC, Dele Oyewale, said the commission was doing everything lawful to ensure sanity within the country’s forex market.
“The commission is doing everything within the ambit of the law to ensure that there’s sanity in Nigerian the foreign exchange market,” he said. EFCC did not say anything that is directly related to it. But what if EFCC is truly going for other exchanges? Who are they deceiving when the exchanges websites has all been blocked? Also their work is about crime. I do not know when they tuned to be doing the work of other regulators. They all deceived Nigerians to think exchanges were the cause of naira price devaluation. Again they are relating it to exchanges but some foreign analysts related the recent naira crash to interbank moves of the commercial banks. Meanwhile, some foreign exchange market analysts have stated that the dollar rose slightly against the naira between Wednesday and Friday due to interbank moves of the commercial banks.
I do not think this money market analyst, Agba Akin is right as his own analysis is different and also related it to crypto exchanges but ehichnis not the cause of the recent nairs crash: Meanwhile, some foreign
A money market analyst, Agba Akin, had on Friday posted a snapshot of the P2P trading platform on X, saying, “Since Wednesday, the dollar has started increasing again at BDC, here is why. The emergency lovers of Binance are back speculating on other P2P apps.
“They’ll keep adding N50 every day until they take it back to 2,500 which was their initial plan, and recoup their loss. CBN, act now.”
You know that the parallel market rate is lower than the official rate. This has been taken advantage of as some people are making use of the opportunity for profit. The parallel rate recently decreased more than the official rate, people make use of it for profit. The CBN made parallel rate to be lower than the official rate. But people also see it profitable to manipulate the exchange rate just as they accused people using crypto exchanges manipulating. Read this: Speaking with Sunday PUNCH, the Adhoc Committee Chairman of the Association of Bureaux De Change Operators of Nigeria, Almustapha Muhammed, said while it was true that the dollar gained during the week, the BDCs were not behind the currency gaining as it resulted from certain moves of the commercial banks.
He said, “Some people just want to put it at the BDCs. Actually what happened was that the dollar rose from the interbank rates and not from the BDCs. BDCs are parallel markets, while the banks are connected with the Federal Government’s official rate.
“CBN is giving us dollars at N1,101, but some commercial banks are doing interbank conversions. They convert from their accounts – domiciliary accounts and naira accounts. But the parallel markets are doing lower than the Federal Government.”
Speaking further, he said, “Last week, the CBN gave the dollar at N1,101, but the parallel market sold at N950. That was what even made some BDCs not bid for a collection of dollars at CBN, because when you collect that dollar from CBN, automatically you run at a loss because we sell at N950. Unfortunately for the dollar, banks are now doing their interbank.
“That was what made people rush into the parallel market and buy it (the currency) at the lower rate and then deposit it in the commercial banks, automatically making N20, N40, N60 gains, because when you deposit your dollar into your domiciliary account and ask for its conversion into naira, automatically, you are making that difference. That is exactly what happened.” |
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This transaction could save 36% on fees by upgrading to native SegWit-Bech32
Comparing it with legacy address, you can save up to 42% or more. Many ppl recommend creating a new (SegWit-Bech32) walltet and transfering all funds to the new wallet. But don't I need to pay fees for such transaction (given I want to slice my funds into smaller chunks )?
You will need to pay money for fee. OmegaStarScream has given you the right answer. You will need a new wallet for it or you can import the old seed phrase to a wallet that support native segwit and send you coins there. But why not just generate a new seed phrase instead which is what I would like to go for. |
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i want to know what cause this skyrocket in fee after halving 840000
Read through this thread: Everyone is celebrating about the fourth halving but what is this?Mempool congestion is super high now. I have never seen such congestion before. Even with a 600+ vMB is not enough to get the next block LOL
Cause?
My wild guess is Bitcoin Ordinals.
Yes. But the mempool is slightly lower than 600 sat/vbyte for now |
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I search for US, UK, France, Japan and some other countries. In all the countries that I searched for, paternity fraud is not illegal. Some countries will not even allow you to do the DNA test unless it become a court case. I do not know if this is totally true: like no country has any law against this devilish crime. ... Both are immoral but not illegal Something like this and romance scam are not illegal. Men should dey wise. |
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If you want to spend it immediately when you receive it, I will not against this.
If you do not want that and you want to hold it on your noncustodial wallet, you can still use ViaBTC free accelerator. But if you have many UTXOs, you can spend it with 3 inputs to 1 address at a time and use ViaBTC to accelerator with 19 sat/vbyte as fee rate.
Signature campaign is in segwit version 0 address and that is the reason for my reply. With 3 inputs and 1 output, the size will still be less than 500 bytes.
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I suggested some friends to invest before and they are blaming me for the suggestion. I told them to wait for final effect as it can take some days for effect on prices but they are impatient.
Did you not tell them about the (short term) risks also? Someone that is not patient can not hold bitcoin. Know that it can take months before the price will start to increase to the extent that we can call it bull run. |
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For what it's worth: I never trusted them, they've been posting BS here from day 1. This can truly mislead someone to think it is conjoin. It is a centralized mixer and not conjoin. Thanks I have emailed them but no reply I also tested a smaller payment like 200 wich has cleared already buy I done coinjoin not advanced for that praying it clears through as quite alot
Just make sure you let us know what is going on. If the mixer is able to solve your problem or not, let us know on this thread. |
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The mempool congestion after halving today may be the cause. On the mixing website, you can see a link that you can use to contact the customer care. If it is the mixer that I am thinking of that has advanced mixing, click on the menu (the three lines) at the top right corner. You will see FAQ. Click on the FAQ. Scroll down to see 'what's the Mixero's guarantee?'. You will see an email there that you can send your complaint to with your letter of guarantee.
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To some extends, we the fellow Nigerians are the cause why the the local producers disguises their products to be foreign made because we belittles home made products nomatter how high quality it may be but chooses to recommends the foreign products.
It is because many among the locally made products are inferior, which is normal. But there should also be good ones which can be expensive. If you do something good, people will know. Example is the cables made in Nigeria which are one of the best in the world. |
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Completely safe as of now. 12 words seed phrase are safe as long as you keep it safe.
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This is not political discussion but about what you think can help our economy. This is also not about political parties.
During Obasanjo, Yaradua and Jonathan, land borders were opened. There was slight inflation but better than Buhari time in a way people do not that complained about it. If I can remember very well, during Jonathan time, people complained about terrorism (Boko Haram) and corruption most, but the economy was good. Nigeria emerged as the largest economy during his time and GDP grew significantly at the time..
Buhari became the president and closed the land borders. Inflation started. The borders are still close and inflation continued. This time is not really different than unstable economy. Increase in supply is important at times which can lower the price of goods.
The United States which has the largest economy in the world even import than export.
Exporting is good as it will increase GDP, but Buhari and Tinubu government look for ways Nigeria are going to produce more things locally but our GDP is decreasing. Sometimes, it is easy to explain in theory, but in real life it can be different.
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Land borders were opened during the good days. Buhari closed border and suffering began till today. |
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FCCPC pointed out some reasons the price of local goods are expensive: Multiple taxation, others responsible for high prices of goods — FCCPCWe have discussed about some on this forum before like transportation. But taxation is also one of the reasons. Also the impact of herdmen is part of the reasons but which we also know would be. Another reason is anti-competitive practices by cartels that restrict supply. Increase in supply will also help. But what about the land borders that are closed. Ontop of this matter Don lock up 1 big super market for Abuja say them they sell goods above normal price way eh suppose be, this nah really good development if them fit continue like this, just two to 5 major business sealed go alert others go reduce there price with speed. Did you read the link in the OP? What you just posted was there. The Federal Government on Thursday initiated sporadic enforcement raids at multiple supermarkets and markets within the Federal Capital Territory to ensure adherence to price display and quantity regulations, aiming to reduce the cost of food commodities nationwide.
During the exercise that lasted several hours, the FCCPC sealed 4U Supermarket and evacuated 33 bags of fake stallion and caprice rice filled with weevils from one of the branches of the same supermarket located at 58 Adetokunbo Ademola Crescent, Wuse II.
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OH I just noticed this now, I guessed Wikipedia usually update theirs yearly though Base on this link on wiki, the current GDP is now $252.73 billion while they still say Nigeria is the second largest economy in Africa https://en.m.wikipedia.org/wiki/Economy_of_NigeriaThis was where I initially got the information from: https://en.m.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal) Although it is countries of the world but you can easily point out the African countries among rhem before Nigeria. Base on the information you provided I can see Nigeria and Egypt rank drop is mainly because of their currency devaluation but do you think this will increase if the value of our currency increases since though we have experience some significant drop but things have not really changed?
Currency devaluation will reduce the GDP as it is estimated in dollars. |
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Unstoppable wallet has added replace-by-fee and also cancel transaction. You can use cancel transaction on some wallets like Electrum but it means that you will double spend the unconfirmed transaction with higher fee in a way that the coin will be sent back to an address on your wallet. Maybe someone can provide a link to the detailed guide for RBF or CPFP in bitcoin core wallet?
I am sorry for this late reply. I am not a Bitcoin Core user. But if you can can provide a guide for it, I can add it somewhere in the OP. |
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1. MAJOR BITCOIN UPGRADE
Accelerate/cancel pending Bitcoin transactions.
First, do not use the word 'accelerate' because on this forum, it means a different thing from bump fee or increase fee by double spending or replace-by-fee. This are the common terms used as what Unstoppable wallet meant as 'speed up'. Or you could have just use 'speed up'. Second, there are other updates about bitcoin that you skipped but which is what that is most important to us. You can now use coin control on Unstoppable wallet. Users can preview previously used addresses for incoming bitcoin payments. Also we can add memo now for incoming bitcoin payments. Bitcoin wallets within Unstoppable received substantial enhancements:
users are now able to speed up / cancel pending Bitcoin transactions.
advanced and/or privacy-conscious users have the ability to control which Bitcoin UTXOs are used for transactions.
users are now able to view previously used addresses for incoming Bitcoin payments.
finally, there is an option to add public on-chain notes (memos) to outgoing Bitcoin payments.
The abovementioned improvements also apply to other Bitcoin-like blockchains i.e. Litecoin and Bitcoin Cash. But it is nice that you brought this. |
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