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Author Topic: The Bank of Nigeria has a great sense of humor  (Read 277 times)
vintages
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March 06, 2018, 06:14:07 PM
 #21

People in Nigeria who have crypto just need to move from this country. I would do that in their place. Best decision.
Lol...this got me laughing. What an awkward advise. So you advise them to move from their country to where exactly? Having crypto do not guarantee you will make it in the next country you settle. Does it occur to you that their living standard somehow differs from other country? And the rate of1 bitcoin turned to their currency can make them wealthy? Simply, they should ignore their banks and keeps on with cryptos.
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March 06, 2018, 06:19:59 PM
 #22

Well the warning that was issued by the Central bank of Nigeria is a right step at the right because it is not the Nigeria government that is the first to issues such warning against bitcoin and crypto currency in general. If allowed at this time when there is no regulation or control by the government i believe that will pave way for more Capital flight abroad without government monitoring.

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March 06, 2018, 06:32:24 PM
 #23

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. 
I think you should be able to differentiate between developing and underdeveloped country. Nigeria cannot in any way be refer to as underdeveloped country if you have ever been to Nigeria. I strongly believe that Nigerians understand more about Bitcoin and crypto currency in general contrary to your insubstantial submissions.

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March 06, 2018, 06:47:07 PM
 #24

This sort of remind me of what happened in India. Guess you really can't just expect governments to take bitcoin lightly. It is after all, competition. In time they will find that they are better off incorporating it into their economy. In time.

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.

Agreed. Not everyone's capable of just moving out and never coming back. Going abroad for work is kinda common in my country (and I sure hope the workers hear about bitcoins and invest) but those people eventually retire to come home.

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March 06, 2018, 06:51:35 PM
 #25

in year 2017, the nigeria apex Bank has already threw their weight behind digital currencies in the country and that was why we some Nigeria banks like guaranty trust bank trying to have their own coin called GTcoin. they actually felt threatened that the adoption of digital currencies can affect the local currencies which can eventually give room for fraud, that was why they reversed a bit on thier decision
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March 06, 2018, 07:20:33 PM
 #26

The warning by the Nigeria apex bank is to safe gard the Nigerian investors from crypto currency volatility as the is no insurance to safe gard their investment. And encouraging crypto currency at this stage may encourage money laundry, so the directive by the apex Bank is a good one.

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March 06, 2018, 07:41:32 PM
 #27

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.

It's not about humor, it's a simple disclaimer. After all, it's true that cryptoinvestors are not protected by law. And aside from "normal" cryptocurrencies there are thousands of scam projects promising over 9000% benefits. Assuming that in Nigeria there's millions of financially ignorant people wishing to make money out of nothing, the disclaimer sounds quite reasonable.
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March 06, 2018, 09:31:11 PM
 #28

Well, it is only typical of what the bank and government of any country would do so as not to liberate its citizens from poverty. Instead, they will really block every means of Cashflow in the economy of the country. I did read the news/official letter from the Central Bank yesterday and I was really smh.

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March 08, 2018, 01:07:22 PM
 #29

Well, it is only typical of what the bank and government of any country would do so as not to liberate its citizens from poverty. Instead, they will really block every means of Cashflow in the economy of the country. I did read the news/official letter from the Central Bank yesterday and I was really smh.

You see, they are very short sighted, they could actually embrace the new technologies and make something good instead of insisting on a clearly wrong policy.

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March 08, 2018, 01:44:04 PM
Last edit: March 08, 2018, 02:22:22 PM by haroldtee
 #30

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.

Lol. I can imagine, but funny enough, Nigerian citizens are not falling for this bullshit because they have been kept in the dark for long and most of them who are smart are already liberating themselves. You should check out the way the adoption of cryptocurrency in this country, as well as the the interest is increasing daily and I also read recently in an article of how Luno exchange (former bitx) boss, since the exchange is operational in Nigeria, saying the rate of adoption is growing pretty fast.

While there is certainly interest, “Adoption is still small compared to some other markets, but it’s definitely growing fast,” Marcus Swanepoel, CEO of the largest bitcoin exchange in Nigeria, Luno, told Bitcoin.com. According to Coinhills, daily trading volume on Luno, Lunoformerly BitX, was 224 bitcoin and 117 on Localbitcoins at press time, placing Naira the 16th most traded currencies for bitcoin.

So I guess the government is losing pretty fast on this one!
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March 08, 2018, 02:16:51 PM
 #31

If a country having this kind of aggressive approach to stand against cryptocurrency only show something is happening within the government officials who are controlled by the same person who hated bitcoin personally.. The central banks hostage a shallow minded public servicemen who are in the field being they’re spokesperson.. They have been used because they allowed it..

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March 09, 2018, 01:51:45 AM
 #32

The most funny aspect of this news is that Nigeria is especially known in the world for the so called "Nigerian 419 Scam", which consist in all those letters that each of us has received at some point of people who allegedly need to send you millions of dollars for the most surreal reasons. Many people worldwide have been falling at this scam, which alone is responsible for a consistent part of Nigeria's GDP. So the Bank of Nigeria should have better been warning the world about the Nigerian scammers. But, as said, they have really a great sense of humor.

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March 09, 2018, 02:50:51 AM
 #33

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. 
I think you should be able to differentiate between developing and underdeveloped country. Nigeria cannot in any way be refer to as underdeveloped country if you have ever been to Nigeria. I strongly believe that Nigerians understand more about Bitcoin and crypto currency in general contrary to your insubstantial submissions.
with the internet anyone can recognize bitcoin. so, any country can not be said to be an underdeveloped country as long as they can access the internet.
Bitcoin is rapidly widespread with internet information in various countries possibly including in Nigeria.


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March 09, 2018, 06:44:09 AM
 #34

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.
Certainly because they feel threatened and I am not surprised with a country like Nigeria where corruption and Monopoly has really gotten so deep, and even the house members from what I heard even get paid more than the president of some countries, coming to try to sway the attention of the public from cryptocurrency.

It absolutely will not work, as these guys are in dire need to survive and as long as the government is not giving them that, they are busy outsourcing by themselves. However, China is even doing worse than this.
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March 10, 2018, 11:57:48 AM
 #35

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 understandable that they feel threatened by the existence of cryptocurrency and from the look of things, Nigerians really do not care about whatever the government tells them which is why it has been so easy for the likes of the scam TBC, Onecoin and Ponzi schemes to really affect most of the citizens while on the verge of trying to get themselves free from government policies.

However, the rate of adoption in Nigeria for bitcoin is increasing hugely from some of the news I have been reading and I am sure the their Central Bank must have seen that coming and trying every means to pour some cold water on their soul, but who listens to the government these days anyway?
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March 10, 2018, 12:59:16 PM
 #36

People in Nigeria who have crypto just need to move from this country. I would do that in their place. Best decision.
Move where? Just because of a warning that is not yet even a ban? Easier said than done or you think migrating to other country is an easy task, right?

But what would anyone expect from a Central Bank coming from Africa where mediocrity is king. The warning is even coming too late.

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March 10, 2018, 01:11:02 PM
Last edit: March 10, 2018, 01:21:30 PM by Mpamaegbu
 #37

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.
Lol...You got me laughing there. You sure have a sense of humour too like the Nigeria government officials. I guess you are wiser than the Nigeria princes then for not allowing them keep your money for you.

I once read an article where some dude claimed his miners from France were sent back to France after they arrived the Nigeria seaport. The Nigeria customs summoned him while trying to clear his parcel as they couldn't figure what they were thinking they could be some explosive devices...Lol. Dude was lucky not to have been locked up after he struggled to educate them on what a miner was.

Africa is really backward in technology, not just on leadership alone. Not even South Africa.

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March 11, 2018, 05:04:52 AM
 #38

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
One of the funniest things to me is that they are trying to fight bitcoin without fighting bitcoin directly after all they know very well there are going to lose, so it will be embarrassing to fight bitcoin and then fail and then admit they never had any chance to win to begin with so they are trying to make it seem as if they are accepting it but behind the curtains they are trying to do everything to stop adoption.
IndzheborgC
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March 11, 2018, 05:16:28 AM
 #39

Musa Gimon said that they can not confiscate the crypto currency and this is very troubling. We understand him Grin.
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March 12, 2018, 05:08:13 AM
 #40

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 understand what you are getting at and obviously from a corruption ridden country, I would not expect less as the banks feel threatened the most, which unfortunately they can do nothing about. However, with corruption aside, I feel this is just a normal trend for the Central Bank of most countries, and in their mind, they are doing their own part but they are all just some bunch of hypocrites who have no knowledge and would rather want the citizens to be in the dark.
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