Igebotz Nigerian Local Board Merit Source Application

[Igebotz]

I'm formally applying to be a merit source for the Nigerian local board; I'm not the best, but I have an excellent eye for proper merit posts. This has been on my mind since we got our local board, though I noticed Charlse-Tim edited his old General board merit source application to the local board application, which is a good thing; the more sources we have, the better it becomes; this is about having the two best candidates apply for a position to help the local board move forward, this is not a competition, we are only giving theymos more options and the local board will be okay with whatever option we got. The amount of quality posts and activities has increased dramatically in the last few months, and I believe I am qualified and want to volunteer myself to serve as a merit source for the local board, just as I have been with my few earned smerits.


I contributed greatly to the creation of the local board with my [CHARTS] Monthly Overview Of Nigeria Local Board📈

I'm the second MOST generous smerit sender on the local board

I've been actively assisting the General board merit source (C.Brainboss) with monthly highest top best posters for his monthly merit reward since the board was created in addition to his constant reviewing of the board.

also. I still select the best poster below the the Full member rank for the Satoshiprincess monthly BTC reward.

These are the things i do on the local board; rewarding quality posts and reporting spam and duplicate posts daily.


Local board link https://bitcointalk.org/index.php?board=275.0



These are my 10 under-merit posts on the local board. ( there are just too many to pick from)

1.

But why BTC is the only coin people feel like hodling more than 6 or 7 years? Is it becos d coin was d first coin in cryptocurrency or base on d results other investors have achieved from it, becos d confident we have in hodling BTC for long is different from other coins in d community.

Bitcoin do and do increase to all-time-high as usual, but some altcoins failed to do that. During bull market, altcoins may not reach all-time-high again or in time. Some coins are shitcoins and some become dead.

Let me give you some good examples:

Bitcoin increased to $69000 in 2021. Now at $29300
Dash increased to 478 in 2021. Now at $31.80
Filecoin increased to $430 in 2020. Now at $4.2
Solana increased to $259.9 in 2021. Now at 23.17

Most altcoins are still 10 times lower than their all-time-high in 2020/2021, but bitcoin is just not more than 2.5 times lower.

In 2020, bitcoin got to all-time-high above $19600 of 2017. Its price increased to $69000 in 2021 which is the present all-time-high. There are many well known altcoins that did not get to all-time-high at all in 2020/2021.

Examples of coins that did not get to all-time-high in 2020/2021:
EOS
Bitcoin cash
Zcash
And many other coins.

Like I have once mentioned, your topic is about bitcoin and this can be taken as an investment assets, but altcoins are gambling assets and only use them to gamble.

After a significant bear market and if you are able to risk your money, risking the amount of money that you can afford to lose, there are some altcoins to go for, but not for long term investment except ether, but which I will not encourage anyone to invest on due to privacy reasons and centralization. There has been no coin like bitcoin.

I can only advice people to invest in bitcoin which is less volatile, most decentralized and most secure.

2.

If I may ask about long term holders and short term holders, who profit most?  I believe there are some people here who have never experience long term holding but dey want to swatch, what will be your advice to them? Your opinion is welcome.

This one go different and na based on the different coins dem wey you dey interested in wey go determine if you go go long term or short term. If we dey based dis discussion for just bitcoin then na long term wey sure pass because even all the OG wey hold their bitcoin from the day wey Bitcoin was sent to their wallets to dis day go comfirm to you say nothing sure pass for Bitcoin side then to become a long term hodler. Long term holding helps you in so many ways that isn't just profit gaining. If you be long term hodler e go make you develop the habit of patience and this one no go only help you for Bitcoin but all round investment that includes the industry and other investment options.

E go make you to get patience and with patience your investment go dey profit you, if you know wetin you dey invest inside and e no be scam. Short term holding no bad but if you're get the opportunity to choose which one you go belong among the two choices, choose long term hodling. This one go make you get less stressed for the market and all the shakara wey e dey do. But if this topic involved all coin that one be say you need to decide weda you go hold long or short on your own as nobody know how profitable any coin fit dey at a particular time. Altcoins investment dey very unpredictable and e dey get plenty wahala wey be say if you no put your head for ground you fit fall mumu to scammers.

3.

Moreover, I saw that Binance started using the black market rate on it's spot trading like 5days ago, and same as "Trust wallet" whose value per dollar started falling gradually from on the 15th of June at #610/$1 to this day at #816/$1 on Trust wallet. As you can see below in the images.

With BitPay, I can set it on Electrum too, but still of lower rate, at ₦752 to a dollar. I do not know what cause it but it has also changed from CBN rate.


upload image to website

But first, I need clarity on whether this topic is about making the economic and technical analysis or a mere page where we can just post/quote the BTC/NGN price daily/regularly.

Technical analyses, fundamental analyses, news, statistical analyses and all possible things that can have effect on bitcoin price can be on this thread. But it would be good to let the discussion to be what would correlate more to bitcoin holding instead of trading.

Besides, there is something I would like to also point out. It would have been better if you used the I&E window for this to make it looks more official. This is because I've never seen reliable BTC/NGN pricing charts that are sourced from the parallel market.

It has to be an I&E window, and all the charts to sort the speculation can't state otherwise.

I have thought about this several times, they both almost even have similar price as at now. I think this will not cause confusion. I will edit it to I&E rate. But let us see what other people will post about this.

4.

Bitcoin price increased from ₦24,275,000 to ₦25,751,000 yesterday and reached above the year-to-date high.

Yeah bitcoin at 25 million plus after having more than 2% increase in the last 24 hours but aside the XRP FOMO and the current reports of big financial institutions moving towards bitcoin ETF, I think the bitcoin to Naira is also greatly affected by the fact that the Naira is down against the dollar. The Naira is trading above 815 against the dollar which also increases the price of bitcoin. So far so good the I and E setting the market hasn’t helped the Naira against the other currencies but with time we shall see

This is a great initiative to have our own local speculation board (+1).

BTC/NGN is currently trading at 25,030,082 as of the time of this post which the high value in NGN is as a result of the Naira falling against the dollar which it's rate has gotten to #842 to $1. If this continues will might see 1 Bitcoin to 40,000,000 sooner than we expect as a result of our Naira being devalued over the dollar.

That is true, naira has been more devalued. Holding naira is just a loss for many people. It is not worth it at all. But I see bitcoin at $25,251,000.

Bitcoin is at $29990 as I posted this, naira at 841 to a dollar.

$29990 multiply by $841 fines ₦25,251,580.

Nah say my brain dy pain me abi watin, cuz I remember say I been don see diz reply earlier diz morning, same reply but some part don loss  and the post no dy show like watin dem edit.


I don't know how long we should be updating the price if it's every 24hrs or every price change, be that as it may the current BTC/NGN is #25,640,595 with dollar rate at #855 per Dollar multiply by the current rate which is $29,989

5.

I received the notification too and I tried using the service as instructed in the Kucoin fast trade page.

After visiting the page, I noticed that the 1USDT is = 807.89 naira, which is cheaper than that of P2P transactions that ranges around 866Naira; I decide to give it a try!




After entering the necessary card details and some address information they requested, my card verification failed, which I don't know why. Maybe some of the information was not right, but I am sure I input the correct details.



I then chose another payment method, and I was redirected to a p2p platform where I could trade with someone, but this time the price was the same as the one on the p2p platform.

Observation
Maybe if the card details worked the price of USDT will be cheaper than that of p2p; but why require additional information apart from card details?

It is Treasura that Kucoin is referring to which I saw on kucoin through the web:

When I heard "Bank transfer", I thought maybe the new deposit option initiated by Kucoin will be using the bank dollar rate of #770 currently, but mere seeing this image given above, just got me slowly discourages from giving this a try, as I see no difference between this method and the p2p, as both still uses the black market of #850 to #877 per 1usdt. Which I was thinking of giving this a try for an arbitrage opportunity.

How, I think "Remitano" also accept both bank transfer (Deposit & withdrawal) on their Naira wallet, which works effectively in few minutes

That is,
#10,000/11.4USDT =#877

Which means on "Treasura", 1usdt is been sold at #877

6.

My people, una don hear say CBN don direct all banks to lift all the restrictions wey them sama give some accounts wey dey do business in cryptocurrency and other finTech. To me. This na better news for us wey dey for the crypto industry.

Make una no forget say, the action of CBN be slow down cryptocurrency businesses and activities for our country as many people who for dey use crypto come dey comot body to avoid wahala from our government. Even GTB been carry the matter for head come dey close account of people wey them notice say na crypto or forex them dey do.   But as e be say them don give greenlight say people dey free to use crypto, we go dey expect say crypto will have greater penetration for our country and that na good thing.

This na the article for people wey wan read the full gist:
https://www.primebusiness.africa/cbn-orders-nigerian-banks-to-lift-restriction-on-accounts-of-crypto-other-firms/

My people how una see the matter?

We have people of wisdom in Nigeria, but why the process to do something correctly is hard in the country. Nigeria need to be fast on regulating cryptocurrencies. The suspended CBN president failed to see how Nigeria government will earn from regulating cryptocurrencies, how cryptocurrencies will increase Nigeria economic growth and development and how it will increase employment. Even without regulation, employment increased and many Nigerians depends on crypto job as of today.

Our problem for this country just circle round the former CBN governor, dat guy was a cancer in our economy. Nothing wey him do wey favor the economy of the country. Na only to dey put laws wey go take us backwards na wetin sabi. What's the need of taxing crypto when it isn't regulated in the county. Na only money mata wey we dey rush sign, we no go do the one wey go make the citizens survive and encourage more business and people to enter the cryptocurency market. E dey do me like say the government rush passed that taxation bills so dem fit dey suck all this crypto companies wey dey country dry.

Dem no go create a conducive environment for business to prosper with regulations yet dem wan dey tax dem. The taxation no be bad thing oh like e good say government dey take tax as na very good way for government to dey gather money way dem go use package the country but what about the regulations of the industry. To do business for this country na big wahala. As of now the taxation wasn't necessary or abi US dun passed their own taxation bill because this country sabi follow follow (maybe na why dem hurry go pass the bill). Anyway sha I just hope say as the taxation bill dey take effect e go make governments to begin reason regulating the industry.

7.

I no too understand di different kinds of lightening networks, wey @charlestin de explain, but dat one no go be problem, na to research and understand am better.

I know say charles-tim don reply you but I just wan add say de one wey him dey talk na LN for wallets like electrum.

E get plenty people wey been dey criticize Binance say dem never add Bitcoin lighning network as part of the services wey dem dey offer, so e good as dem add am, and i believe say now wey Binance don add am, many exchanges go also try add am in the future.

Kraken, OKX, Bitfinex na some of de exchanges wey don already dey support lightning network, so na beta development say de world's largest exchange don follow suit. De integration of LN go benefits Binance users and maybe increase their user base. From de reaction of de news from some of their users, I come realize say e get some people wen dem wan send small amount of bitcoin to anoda exchange, dem dey like convert am to anoda coin wey d withdrawal fee dey minimal like TRX before dem send am, and trade am back to BTC wen de deposit successfully reach de exchange. But with de integration of LN and as many exchanges begin to support am e go help users to swiftly withdraw and deposit BTC.

This is gud. But I don't think the way the lighting network works in other non custodian wallets will be the same way Binance will also use it.

I think de only similarities be say you fit generate invoices wen using either of dem and send BTC from CEX 2 CEX, CEX to non-custodial wallets and vice versa. But LN for non-custodial wallet get im own added benefit or advantage and Charles-Tim don already explain am.

Binance is a centralized exchange platform which is mainly for business and profit making. So that free transaction that happens in other wallets might not happen in Binance because they need profit in dealings.

Any person wey dey run any business na to maximize profits and Binance is no different. De free transaction fee no dey available for Binance and oda CEXs.

One thing I always afraid of using Binance to send coin is the transaction fee. Their transaction fee na to kill person oboy. But e fit bi sae LN can reduce it.

In terms of transaction fees, I feel say Binance dey try wen compared to oda exchanges. I neva really compare de transaction fee with oda exchanges but 0.000002 BTC no bad.

8.

I just received this information for my gmail, and e dey KuCoin website also. I dey sure say e go dey useful to all of us wey dey dis board na why I say make I drop am here. KuCoin talk say then go make kyc mandatory for new members wey just dey create account with them, so if you be new member you go need complete your verification before you go fit dey use your account, no be like before wey you no need submit any documents before you go fit use KuCoin.

Dis one no shock me say this update dey come out just before the bull market wey be say investors go begin full the crypto market wey dey come ahead. E dey always surprised me when Kucoin no be decentralized exchange but an average player for the centralized exchanges industry yet e still dey run no KYC parole and SEC never come for them. Well I been know say na just a matter of time before dem go join others dey begin dey make am compulsory say make we all run our KYC verification. See eh e no bad when this centralized exchange dey request am because they're mandated to know their customers to avoid any mumu business wey men wan use their exchange dey run.

But for the sake of privacy, those KYC no make sense and that's why we get other options wey be say people fit dey use and they stay anonymous. I just dey pity kucoin exchange because some of their customers na people wey dey run away from all this KYC wahala so as kucoin before no been dey request am. Men begin dey use the exchange but now wey dem dun join others to request KYC it means they no get advantage again and it's better to use a well recognize exchange wey be say get plenty volume than now using kucoin when you go still need to verify your KYC. Kucoin dun fuck up although I no blame them.

9.

I was greeted with one of the most relieving news of the year today "The limit on the domiciliary account has been lifted." No doubt that cryptocurrency has helped in place of a domiciliary account for cross-border payments, but certainly not in the area of savings in the USD with confidence, that's at least for me as the security of my money is important.

The limit restriction introduced by Emefiele's CBN in May 2021 must surely affect those of us that have been saving in dollars before cryptocurrency. This savings approach is good since it doesn't devalue our money and we also get to gain through it, and also with the hope that we can send our money anywhere in the world if need be. But suddenly, Emefiele made sure that our savings could not be transferred abroad anymore if sorted at home or use as we like, he scattered the whole process.

With this news, it shows that the new CBN acting head seems to know where some of Nigeria's problems lie. Causing more hardship is not the economic solution but allowing the market flows freely after making positive policies is. This restriction removal means that I can save and use my dollar like before.

You can try this too as a good option for saving in fiat.

Besides, another pressing issue that needs major attention by the CBN is that of the Naira debit and credit cards. These cards are now worthless in Nigeria, but all were working in cross-border swapping arrangements before Emefiele restricted them and caused more hardship for Nigerians in payments, especially where cryptocurrencies are not accepted.

People now use either third parties for payments of something that supposes to be private, and as such, pay more, or are forced to use the dollar version of the cards which goes with more issuance and maintenance fees thereby enriching the banks more.

It will be a great relief if the CBN could do this for Nigerians. They don't have an excuse anymore after removing the fuel subsidy.

10.

I'm aware they have issues and I only cited it as an example.

Which means it is not the right time to mention Patricia. The exchange is not functioning right now and the exchange hold customers funds, while we do not know if the exchange is going to pay it or not. I am surprised that you have not excluded the exchange.

First since the creation of this thread I have gone into research to see the financial act and what it entails because I am sure cryptocurrency is not mentioned their in and I wanted to ask the ops to share a link to the information he posted...

https://pwcnigeria.typepad.com/files/2022-finance-bill_hor.pdf



I just went through it as fast as possible, I have no time to read it in details yet, but I saw that cryptocurrencies are mentioned under chargeable assets.

cc: theymos
      Cyrus

[icopress]

Supported! Now we are in the same boat (waiting for Theymos to make a decision). 

[SmartGold01]

I myself specifically give support to this user, well there are more to mention on his contribution to our local board, Igebotz is also another best user who cares about our way about to know our condition and state of wellbeing. I was up today was for his sake after discovering we are from same locality and not just that, trying all he could do to make sure my orientation and backwardness changes and he gave me the narratives to say I can survive here after giving me few reference how women do survived here and he specifically mentioned them to me and that sounds as a lubricant that gears up my strength and power to scale through.

Although I can't rudely say that I am the best in making quality post, but I can boast of changes in life from whom I used to be to another person who has the zeal to always uncover things that seems to be very difficult whenever I am trying to climb up. Actually I don't want to fully expressed all it takes in my heart to be here or even flood here with my content about his way about but, what I could only say is that "Theymos" Igebotz deserved the right to be given a merits source and he is a reputable member.

[Harkorede]

Strongly opined, but a critical thinker and highly observant, he's a positive asset to the forum!

Application supported!!

[Hyphen(-)]

I wish our words of support will be worthy of consideration by Theymos to grant you a merit source of Nigerian Local board due to the tireless contributions you have always been given in the local board and the forum in general.

I strongly support your application, good luck.

[Hhampuz]

I support this application, Igebotz is a highly valued and someone I have a lot of respect for.

[MainIbem]

Coming online after some days off watching over the meta section and to see the application from Igebotz was like something very great to our Localboard.
I am in full supported of this application.
Good luck Igebotz

[buwaytress]

I'm hardly active or aware of meta, actually still new to me to see there are merit applications but when I heard Igebotz was applying, I thought I'd throw my support behind it. Don't know the fella outside of the gambling sub but he is one of the more active posters worth reading -- initially appearing brash but as someone above said, actually reflective of strong opinion, with different slants.

I believe he would make an effort to (formally) recognise good content with merit, perhaps with an eye slightly different from those already looking. The diversity in opinion and styles of this forum is what makes it special and the same should reflect in merit sources.

[Fiatless]

I will always support any application for merit source because it will lead to wider distribution of merits. I have seen from some threads that many merit sources have been inactive for some time, so new ones need to be positioned.

Igebotz sir, I am wowed by your sequential and well arrange application. I don't know how long it took you to come up with this write-up, but it is glaring that you backed your position with strong shreds of evidence that prove that you are capable of executing your task as a merit source effectively and efficiently. Your rank as the second most generous merit distributor in the local board when you are not a merit source is commendable.

I also read Charles' merit source application and I gave my support. My question now is, is it not possible to have more than two merit sources on a local board? This is because I am supporting both of you. If it is not possible, I guess Theymos will have to make a hard choice choosing between both of you.

The Legendary Igebotz, I wholeheartedly support your noble cause.

[Nwada001]

Igeh has been one of the most active members on our local board since I realized we have one. His endless contribution to the growth of the local board is really something I admire most about him, and aside from our local board, I have seen him around on other boards and how contributing he has been and how supportive he has been to other members, both in correction and merit awards.
 
I don't know how the merit source of a thing works, but if it's to be done by voting, I am giving out support (a vote) to him as I believe he will do excellent work in that position.

[Lida93]

Over time I have been in the forum the Nigerian local board right from when it was just as a moderated thread Igebotz has been one of such propellers with a great impact to the now Nigeria local board with his wealth of knowledge.  I strongly believe that giving him the opportunity to serve as a merit source would be a motivation for him to do more not just to the Nigeria local board d but to forum.


I therefore strong give support to his application as a merit source.

[Spaceman1000$]

I wholeheartedly support your request to be a merit source at the local board, I've taken out time to see your contributions at the local board, sincerely I must appreciate you for your efforts, because you've shown a high level of commitment to the betterment of the local board.

[Upgrade00]

A very active member in the general and local boards, which is one of the necessary factors for a merit source.
I highly recommend this user abv hope theymos considers this request the next time we have a new set of merit sources, which has taken a bit of time.

[CryptoHeadlineNews]

Wishing you the best Sir "Igehbot" as you've just taken a bold step to apply to be a merit source for the Nigerian community here on the bitcointalk forum. Because right from time, it's notably clear that you have always proven to be of great value both to the local board & forum at large for your selfless service and valued contribution to forum discussion at all times. One of which is your devotion to always ensuring you to give a detailed forum member monthly local board activity. And it's a privilege to have you Sir.

[CHARTS] Monthly Overview Of  Nigeria Local Board📈 Monthly Merit Reward

Just praying Sir "Theymos" finds your application worthy of approval.

[_BlackStar]

I support your merit source application, Igebotz. But I would probably say the same about your merit source app as I've said about other merit source apps - of course because so far several other members have also lined up and waited for Theymos to come grant the application.

Update the best posts regularly in this app thread - surely the hope is Theymos can review that basically you are really worthy to be appointed as one of the merit source for Nigerian local board. Be patient - but I hope you are one of them later.

[GiftedMAN]

Considering Igebotz activeness and good works in the forum and Nigerian local board, I will give him 100% of my support because he is a reputable and trusted member of the forum and seeing his application here once again I plead that his request be granted to him because I believe he will not disappoint nor fail to deliver in his duties very well.

[BitcoinGirl.Club]

I believe I am qualified and want to volunteer myself to serve as a merit source for the local board, just as I have been with my few earned smerits.

You are more than qualified IMHO. I think one of the requirement for a merit source is to be always active in the forum and you are one of those members I always see sharing your opinions in discussions. You post qualities are good, when you speak you make sense most of the times. Well done flumpnuggets.

@Theymos, give it to my darling. She can do a great job and I don't think anyone will regret the result.

[CryptopreneurBrainboss]

Supported, you're a perfect fit for the local board merit source and I don't think there's anybody that can opposed that. You have been constantly contributing to the growth of the board and there isn't anyone I'll love more to be able to judge the quality of discussion been made on the board than you. There's nothing wrong with having multiple options for theymos to choose from, giving him just one option means he can decide to not select the person but as there's more options definitely he'll find someone worthy of the position of the merit source.

For the fact that you have been incharge of the quality assessment of the local from the time of its creation to this moment and there hasn't been any incident of your judgement been wrong I can boldly support that you'll do the work perfectly. Theymos as I have written you before, the board needs more sources and an increase of merits flowing in the board to encourage discussion there and not take discussion that were meant to be in the local board outside.  Goodluck Igebotz, we now leave the ball in the court of theymos

[GeorgeJohn]

It's quite alright that everyone will like to support the idea of Igebotz concerning having a merit sources of in nigeria board, I was anticipating to make this kind of thread by fish out some of active Nigerian to apply for merit sources in which I know very well that Igebotz would have be one of the nominees I should have listed.

When I visited Nigerian local board I noticed alot of stagnant accounts that have been created for long time but they all lacks merit, in order to make the local board to be proactive or active they most a circulation of merit, and when looking at the local board of nigeria and make a statistics of the mosted user who give out merit in the board you will know that Igebotz is among the top five [5] user that distributed merit, if I'm not mistaken I will say brainboss is the highest and seconded by Igebotz, so therefore, through my observation Igebotz deserve to be merit source in board of nigeria.

When you check the comments of people you will notice that op merit to be a merit sources, and Nigerians will be elevated from numerous low ranks to higher ranks, I will like the staffs and theymos to consider this application because it will really enhance growth into the community of Nigerians to expand from the status they are now to another status. I give all my support to Igebotz to redeem this position to Nigerians.

[skarais]

Igebotz, I support your application. I think you're a user who deserves to be a merit source for your local board based on your contributions and the quality of your posts. But unfortunately so far the admin has not received any application that have been posted on meta, so make sure you still have to be patient to get your turn.

I know we can contribute in other ways even though we are not a merit source, but of course it will be easier for you to get more users with merit if you are a merit source. Best of luck to you, Igebotz.