No doubt Nigerians are always victims of these Ponzi scheme platforms..following this CBEX fraud recently..Nigerians would invest in anything they deem fit and so does other countries as well as the US so long money is involved and it paid one or two people that’ll serve as testimonials..but one thing worth noting is that all these Ponzi scheme companies target hungry nations to capitalise on because they’ll literally do anything to make that extra bread on the little cash they have set aside for investments..
I believe With the schemes and scams in the Nigerian crypto market na why the government still never fit freely make am legal Even tho we still dey trade am our own way.

That's because they are only interested in the results without understanding the technical hows of it...The last bull run was crazy it made a lot of people who weren't interested in cryptocurrency start gaining interest in it... In Nigeria money is hard to come by, people are looking for ways to survive everyday. Cryptocurrency is an opportunity to take advantage of.. There are lots of people in Nigeria that are into crypto but not all Make profit, a lot of them lose consistently

You made a solid point in your line of arguments because timing is key and fundamental when it comes to crypto currency because the crypto market fluctuates due to inflation it's advisable to buy your crypto assets when the price is down and hold for as long as possible so when the bull season comes you can get a good deal on your investment this is very important and any one who doesn't get this will be always discouraged as you have mentioned



Understanding of what the crypto market is the difference between making it on the crypto space as every business has it timing period where the business will give profit it's so when it comes to the crypto market so buy when the price is down and sell when price is up

It's a GREAT PITY how that a nation that was noted in few times past to be pioneering in diverse areas of national development in her continent (likewise noticed intercontinentally) is now an international center for useless economic and financial activities!!
My boss told me their mathematics teacher was an indian who came for survival just like now that somehow at least here in Africa 9ja are the most travelers in search of bread n better life in general!!

The economic trajectory is so unbearable that anything that promises overnight increases people will willing participate (even knowing how queriable the whole thing appears, they will still tryout with the mind that before it crashes I must have gotten something out, I don't want to delay just like the other one).

Falling victim of crypto ponzi and concluding say even BTC go be scam na because of improper information about crypto, uncultured mind about money making and lack of knowledge of the stand of BTC in the first place globally... b4 person go point fear of losing limited cash again. (all that can make some not to think BTC)
One big bad idea about crypto is going about it without patience just like anything investment (overnight success loaded)

If you ask me why the goment never make crypto legal tender, well it can't be too far from what you are pointing @Rgram but somehow maybe (in addition) they haven't figured out how to do with it what they know how to do economically... As in themselves are not reliable to start with.
Are these goment officials that have not made btc legal not having crypto?
Wondering and also imagining why crypto is happening here where it is not yet legal in high capacity as those countries where it is legal.
What is actually stopping it from becoming legal?

At some point it is very necessary for us to be always specific about the crypto we are making references to to avoid certain misconception and misinterpretations, when it comes to Bitcoin or while we consider Bitcoin as the best coin among other coins you will agree with me that it doesn't have any best time to buy, you can buy even at the peak price and be patient for as long as possible because you can be waiting for the price to go down before you buy and the price keep going up making you to miss buying opportunities, for Bitcoin buy anytime you have your investment money readily available while I don't advocate getting pretty much involved with other coins because they are so many where majority are only for scamming without any solid foundation.

It is good to know, and where such knowledge doesn't abide should be learnt. I have listened to so many people talk about Bitcoin investment and Bitcoin trading sometimes, they don't know how distinct both are, they confuse both to be one. On our own, if we did not get in touch with this forum, all our thoughts would be the same as theirs. Knowledge rules, since they are not knowledge on stuff regarding Bitcoin, it is likely that they make mistakes as such. We should fancy Bitcoin at its bear season rather than when it goes up.

Yes, its true that one of the biggest mistake most of our fellow Nigerians make is invest in Bitcoin at it's bull period when it's price is at its peak, but neglect investing in it during bear market. Which has resulted to a lose of fund by these set of individuals, into having a poor faith in believing in what Bitcoin stands for. But still you wouldn't blame these set of people who only jumps into investing in Bitcoin only during bull market, because with the way people, media and TV stations talks about and praises Bitcoin during bull periods are enough to convince any individual to wants to give it a try. Of which during bear markets, you hardly see Bitcoin make headlines on news  media.
Hence, I think people need to be educated that bear markets are the best time to accumulate as much Bitcoin as you wish.

OP, I think you are forgetting to state the major cause why we Nigerians are mostly after quick gains kinda of investment of enriching ourselves.

Our country bad, our government na dem spoil am the more for us, making things to be hard for its citizens to survive on. Every little opportunity wey come our way, whether good or bad, we Nigerians now see am as an opportunity to make riches out of am, since nothing d work for our country to uplift poverty out of the country that has dwell for long for the country.

I know that we are not making the right decision or step on our investment journey as our country but if you reason why most the Nigerians d fall victim to ponzi schemes, you no go kukuma d blame Nigerians for falling for Ponzi schemes all the time despite several once wey don scam people go.

We Nigerians wan to make it by all means to leave the country cos em d like our hustle no payoff again. Anything wey we labor for, d enter for feeding ourselves and family. Sometimes em no d d enough.

No blame people abeg, the country no easy and no be everybody get enough to fit lock some for years because if na for us to invest when the market dey bad in the bear market, we'll have to hodl for some years at minimum two and this time self people no get assurance say the market go soft for them when things return to normal. This na for people wey invest inside altcoins sha and na there we dey get plenty investors pass. The country no easy so everybody they try see how them go fit get extra money. We're mostly coming in at the wrong time sha but to many of them, they think say na the right time be that. I dey get plenty people wey they ask me when the market go start to increase and this one they always mean say, na that time then wan invest too. It's all wrong mindsets that's the problem that we need to let go for we to conquer this industry.

This is quite an interesting observation from the OP, to mention. And I can say this is also driven as a result of the mindset kept by many of these victims who want to join the bandwagon. It is not always the best thing to do really. It only shows lack of focus, patience and consistency for any individual being a family or friend that only gets to reach out to you when they hear news of the bitcoin or crypto value rising during the bullish season. While a few may be lucky enough to gain something out of it, plenty others will lose their hard earned money into the system while trying to outsmart the market with little or no know of how the market truly operates.

I see it as a form of desperation from the person. And the outcome for desperation has always resulted to multiple failures. Although many won't listen, but I wish we can sensitize many of our loved ones trying to join the bandwagon during the bull run season to exercise a little bit of more patience so as to learn the process, invest gradually and earn big in the next bullish season, it will be more profitable to them and save them potential loses vis-a-vis the psychological trouble that comes with it.