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Author Topic: The Bank of Nigeria has a great sense of humor  (Read 245 times)
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March 01, 2018, 10:16:27 PM
Merited by Hydrogen (1)
 #1

Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/

One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.

The governments that have awful economic policies are one of the "use cases" clearly.

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March 01, 2018, 11:04:45 PM
Merited by Hydrogen (1), Mpamaegbu (1)
 #2

Since the introduction of bitcoin the Naira has fell in price vs the USD by a factor of approximately 3.5. Bitcoin on the other hand has increased by a factor of near infinity. If only those Nigerian princes who keep wanting to give me their money would have invested it in to Bitcoin, they could give me much much more.

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March 02, 2018, 01:01:54 AM
 #3

Many governments and their banks act like this. They don't give any example to be followed, they don't give any incentive to their citizens, they aren't transparent, but the real danger here is Bitcoin and AltCoins. They are already feeling threatened by Bitcoin and the changes it can promote... That is why they spread these notes.

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March 05, 2018, 04:23:12 AM
 #4

Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/

One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.

The governments that have awful economic policies are one of the "use cases" clearly.
Central banks are all the same, they are deceiving the population of the world it's just that some do it better than others and no one gets fooled by the central bank of Nigeria anymore, I know it is very hypocritical for them to say such things but they have to, it is not like they are going to have a change of heart and accept all the damage they have done to their citizens and accept their responsibility for it, they are just trying to keep their monopoly that is all.
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March 05, 2018, 06:28:40 PM
 #5

Since the introduction of bitcoin the Naira has fell in price vs the USD by a factor of approximately 3.5. Bitcoin on the other hand has increased by a factor of near infinity. If only those Nigerian princes who keep wanting to give me their money would have invested it in to Bitcoin, they could give me much much more.

It is incredible, I do remember also that bitcoin is much more expensive in Nigeria or at least it was a few months ago. Is like when it became cheap in Korea or China when there were ban news.

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March 05, 2018, 06:42:18 PM
 #6

It's not only the the bank of Negeria, but people from Nigeria 🇳🇬 is also funded of humor and that's one I like about them too, it's no wonder that their bank will support if they know it will help their people earn something from it.

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March 05, 2018, 06:52:09 PM
 #7

What you guys are honestly surprised that a Central Bank wanted to keep the status quo? They have two choices fight it or adapt and seemingly most financial institutions are choosing to fight it. Don't think that is wise because we all know how that battle is going to end Wink

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March 05, 2018, 07:05:38 PM
 #8

Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/

One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.

The governments that have awful economic policies are one of the "use cases" clearly.

I think this is vein in front of the crypto currency and underdeveloped countries like Nigeria wont understands the proper use of it. I dont think they will be able to regulate it any way because they dont even have proper financial framework. If they cant even regulate the centralised currency in proper way then how could they blame the crypto currency users in their own country. I think this is just laughable thing that they are speaking all about it and not even focusing on their own countries other problems. If those people are earning money from the crypto currency then they should allow it as thats the only great way to earn for them. 


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March 05, 2018, 07:10:45 PM
 #9

it is not a new thing as we have seen so many times the banks of the most unstable economies and corrupted one keep warnings on cryptocurrencies, maybe they think that the only problem in their perfect system is just crypto.

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March 05, 2018, 08:03:40 PM
 #10

The problem is that they can't cashout everything to bitcoin, they don't have where to buy the bitcoins, it's not like they have local exchanges in Nigeria, so they are actually locked, that's the reason bitcoin's price on 3rd world countries is usually much higher than usual.

On the other hand they can't keep the situation as it is because the price of their local currency is just going down and they are losing the value of their savings.
That's why everybody should hold a small amount of bitcoins, so just in case something like that happens, they won't stay empty-handed.

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March 05, 2018, 08:08:07 PM
 #11

People in Nigeria who have crypto just need to move from this country. I would do that in their place. Best decision.

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March 05, 2018, 09:12:42 PM
 #12

Their currency is trash and worse than many cryptocurrencies like bitcoin, litecoin and even bitcoin forks but most tokens are very risky investments, I think tokens and currencies are very different in risk.

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March 05, 2018, 09:13:09 PM
 #13

Well, basically, all states which have central banks and print money uncontrollably are money countefeiters.
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March 05, 2018, 09:14:33 PM
 #14

Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/

One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.

The governments that have awful economic policies are one of the "use cases" clearly.
Same action the government in my country did. Banks and government had collaborated to issue an agenda warning people and investors about bitcoin and cryptocurrency. They said that cryptocurrency promises nothing and investors might lost their investments for they’ve just invested in nothing. Bitcoin is nothing, not guarantee and not physical and so on and so forth.
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March 05, 2018, 09:49:06 PM
 #15

People in Nigeria who have crypto just need to move from this country. I would do that in their place. Best decision.
And then what? If you don't have sufficient resources to move away from your country, even if you convert your wealth to crypto, you basically leave your job and everything behind to face uncertainties in another country.

It only makes sense to move out of your country when you can maintain yourself appropriately for many years, even when you don't have an actual income at all during the initial period.

Also, the only crypto I would ever trust my wealth to will be Bitcoin. Altcoins depend on too many variables to increase in value, where with lightning network in mind, altcoins aren't a good long term investment at all.

It's either Bitcoin or nothing.

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March 05, 2018, 10:21:32 PM
 #16

One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.

The governments that have awful economic policies are one of the "use cases" clearly.
With all the major banks all over the world are declaring and warning users against crypto currency investment and the risk it contains ,i really think that the Nigerian bank was forced to come up with this news because they did not want to be left out from the entire warning saga. Cheesy But one thing i can tell is that i would not bother listening to any corrupt government or banking speeches,warning is their option and making a decision what is best for me is my choice. Grin














 

 

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March 05, 2018, 10:27:44 PM
 #17

People in Nigeria who have crypto just need to move from this country. I would do that in their place. Best decision.
If moving out and settling out was an easy task i am sure everyone would do that,unless you have the financial stability to have a good life and the life becomes so hard that you are unable to stay there and there is a risk involved with it,then i would consider moving out,other than that is it not a realistic solution. Tongue

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March 05, 2018, 10:36:17 PM
 #18

it is not a new thing as we have seen so many times the banks of the most unstable economies and corrupted one keep warnings on cryptocurrencies, maybe they think that the only problem in their perfect system is just crypto.

They are probably not aware that their economy suffers because of their own policies and bad regulation and not because of the crypto. Their people are just looking for a backdoor to avoid the faulty system of their government. That backdoor is crypto and the banks of Nigeria are in fear of losing the population to the crypto.

They are probably operating through their regulations a with a shady background and their greed is rising. This can be also seen in some other countries in which the term democracy is not known.

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March 05, 2018, 11:58:11 PM
 #19

Well actually there are other big banks that releases warning statements for the people in investing on bitcoin, why? because most of us know that investing and keeping money into bitcoin is a lot better than saving it in fiat because of the price and demand it is getting from the community. don't mind banks, they are simply "threatened".

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March 06, 2018, 05:58:32 PM
 #20

It is not surprising that nigeria bank issued warning about bitcoin, whatever  currency exiting in any country that is not controlled by the central bank of that country will definitely be  considered by the government as a threat to her citizen so the need to warn their people against any loss that may arise fromany transtion with such currencies.

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