Is BTC not such a sure business?
A few weeks ago I made a post recalling how the year 2024 closed with BTC at 100 grand. Only to decline few months later, to a scary 78 grands.
There is a good news however, as BTC is gradually making a comeback with it's current price between 92-94 grand.
That to me seem like something reliable and can be trusted, right?
But what I still can't understand is the Cbex platform that claims to be an exchange. And there were bots trading for the user (good idea, nice plan).
However, it wasn't sitting pretty with me considering the fact that it had no problem solving goal (maybe it was an an exchange, how many tokens were traded)? Now I feel like I should have ventured into it to have a first hand experience and interact with the platform to have more concrete information(I don't do Ponzi, and just couldn't bring myself to do it).
Anyways, Cbex came with its get rich quick packs and Nigerians who are interested in getting rich within 24 hours, jumped on the train.
If this information is right, Nigeria is the 20th poorest nation in the world as at 2025. Though very rich with natural resources (can we talk about this another time? Yes, and thank you 😂)
https://www.focus-economics.com/blog/the-poorest-countries-in-the-world/Yet, the same country, I mean the very nation that made it to the list of poor nations, lost about $6 million that is over 1.3 trillion naira to Cbex.
My interest here would be:
After the series of losses to different schemes like mmm, and others why will anyone trust that Cbex was different?
Why were they not interested in buying a fraction of BTC and hodl for a period of time? Wouldn't this have been a better and reliable investment?
I learnt Nigerians are living in abject poverty, with its rise at over 38 percent. Yet, there is so much to throw with the wind through Cbex?
Annoyingly, there has been a back and forth from the offices responsible for the registration and clearance of any business in the country.
For instance: The Security and Exchange Commission of Nigeria says the fraudulent Cbex is not registered and does not the approval to function as an exchange, and not recognized as such.
The said Ponzi business did not register with Corporate Affairs Commission of Nigeria either. It only paraded an Economic and Financial Crimes Commission clearance. The said commission has claimed they don't give businesses the legal operating right (That also is true).
Everyone is speaking the same language using different sentences. They are all throwing blames around, eventually this too shall pass without any proper investigation and reasonable conclusion.
Rumour has it that, the promoters are victims, as they are to be arrested for promoting the platform. (Who will arrest the authorities for not doing their jobs)?
How exactly did Cbex come in and gained ground in the country without proper documentation.
Cbex was advertised massively did none of these agencies or commissions get hint of this Ponzi scheme?
Chances are, there are more of this kind of short term businesses growing daily, and the people will only cry foul, when the chips are down.
Are there still working commissions and agencies to regulate the affairs of the country?
Are Nigerians really too greedy (that's the speculation that many Nigerian want to do nothing but have everything) to detect or at least do their own research?
Let's talk!!!
