[Competition]💡Naija Board Quiz Competition 💡June Edition 📅

[Charles-Tim]

As for the third question, I also think it is AdolfinWolf. I traced it and noticed theymos sent him merit some minutes before the one I posted above which later made me included that I was wrong about it.

2. AFAIK, the idea is to produce blocks at an average of 10mins, so few adjustments must been made after 2140 blocks which is approximately 2 weeks.

It is 2016 blocks and not 2140 blocks.

5. Bitcoin volatility correlates with Inflation when buyers choose to preserve their fiats as a result of fiat losing its stance against the prices of goods. While in times of recession, we find Bitcoin dumping because investors are now moving to fait in a reverse case.

Can you explain better with good examples?

The 2020 recession is only just a coincidence while bitcoin rose back as fast as possible when it fell from $7800 in March of that year to $3850 or so before it increased back to $5700 in less than 2 hours and later back to $8000 in just like 2 or 3 weeks. I remember that day as I saw the market move. Later bitcoin increased to almost $10000.

Also I still remember what CZ which was Binance CEO at the time later said about it: https://cointelegraph.com/news/bitcoin-price-did-not-crash-60-due-to-coronavirus-says-binance-ceo

I did not just believe the news just like that but I believe it as I do follow how the price of bitcoin moves, I knew he is right just as I do follow other news to be either right or wrong. Although, that was my opinion.

8. I will continue to say it, there is no clear stances of Bitcoin in Nigeria and our legal system. Let's just say it is legal to use and also not legal.

Bitcoin is legal in Nigeria. Or how is bitcoin not legal in Nigeria?

CBN that said it was not legal before also made it legal in December 2023. Regulators were clueless during naira rate was floated and they tried all possible means to stop what is causing the falling of naira price.

You can have you crypto businesses legally in Nigeria if you follow the regulatory framework of the SEC about it. Also you are totally free in Nigeria to own bitcoin.

Please you both should drop a BEP-20 address (here or in PM) for the winning prize.. could have sent through bitcoin but I’m not home now and don’t have access to my wallet but still have stable coin in an exchange account.

I can wait until you get home. You can also deduct the transaction fee from it. Should I drop the bitcoin address instead?

[Onyeeze]

I think that since you have selected a winner it's best time for you lock up the thread, because if it's left open people will began to spam the thread, secondly you wouldn't have be so fast to select the winner because its few people that participated and I don't think that people that participated in this forum is up to 30 people in this place which I have verified, you have allow community users to participate very well before selections

[Ever-young]

Please you both should drop a BEP-20 address (here or in PM) for the winning prize.. could have sent through bitcoin but I’m not home now and don’t have access to my wallet but still have stable coin in an exchange account.

I can wait until you get home. You can also deduct the transaction fee from it. Should I drop the bitcoin address instead?

Yes please you can…

secondly you wouldn't have be so fast to select the winner because its few people that participated and I don't think that people that participated in this forum is up to 30 people in this place which I have verified, you have allow community users to participate very well before selections

I don't know about the OP and its reasoning, but the quiz rules were simple. Maybe you missed the part where the OP talked about the quiz time frame being 48 hours, which was also later extended to 72 hours, if not more. If the answer has been gotten, what's the point of delaying announcing the winner, if I may ask? Besides, it was almost obvious that this is almost like a first-to-answer kind of thing.

[Charles-Tim]

I think that since you have selected a winner it's best time for you lock up the thread, because if it's left open people will began to spam the thread

From my last post on this thread, I created a good discussion already. Felicity_Tide may want to reply and we are having a good discussion. No need to lock the thread for now because no spam yet. People do not spam a thread like this one.

Yes please you can…

This is my bitcoin address: bc1qzx0rr40pkzmpesgnvf8lvaqv8tsx9m0jccvemv

[EL MOHA]

Here comes the result of the competition!!!
However, I decided to extend the time for people to participate enough but to my disappointment with the numbers we have in the local board only a few participated.

Here is the score of each participant.
Callido - 5/8
Felicity_Tide - 8/8
Charles-Tim - 7/8
ColdLava40 - 4/8
Ambatman - 6.5/8
Ruttoshi - 5/8
Sexylizzy2813 - 4/8
EL MOHA - 5.5/8
B-BossMan - 3/8
Abu-Naim - 5.5

So we have a winner 🏆
Congratulations to @Felicity_Tide as he emerged 1st and a runner up @Charles-Tim.

Congratulations to all winners and also to the participants, let’s keep this and hopefully in the future we will have more of this as it is educational for both newbies and established members in the space, personally will love to have more of technical related questions to help educate everyone here.

My concern now is the marking of these quiz, it’s not straightforward to me because I find some members having different answers yet getting similar marks, the winners scored similar scores but reading there quiz answers reflected that the answers were in same category or they answers were kind of counter against each other. This makes me want to ask what was the real answers, as it been published will also help one’s learning process.

So please the quizze I would like to see your answers too to improve my knowledge and also know where my mistakes are

[Ambatman]

Now that I think about it competition always goes with rewards, thought it was a thread for educating and engaging.

The issue with quiz competition of this nature is that the latter poster are more likely to be right than earlier.
Since they can gain from the earlier poster and improved on it.

It would be nice to see a thread that would be on such questions with no rewards attached, could help improve our boards quality.
Giving merit could be prohibited to prevent misuse.

As for the third question, I also think it is AdolfinWolf. I traced it and noticed theymos sent him merit some minutes before the one I posted above which later made me included that I was wrong about it.

Wow I never knew about this. Went to the first thread about merit and realised I was wasting my time. A plus about the competition, I learnt something

[Ever-young]

Reward for @Felicity_Tide have been sent

Transaction Hash: 0xe6a93b928040a5f6d549edf3ed6005e667ae55c10e192dcafe74eb50c8c763d3

Reward have been sent to @Charles-Tim -

Txid: 30bd446cb553e6e13705b3c935f8fb7a278dc5b4d5c70d8626b868c326c22c10

You both can check and confirm..

[Charles-Tim]

My concern now is the marking of these quiz, it’s not straightforward to me because I find some members having different answers yet getting similar marks, the winners scored similar scores but reading there quiz answers reflected that the answers were in same category or they answers were kind of counter against each other. This makes me want to ask what was the real answers, as it been published will also help one’s learning process.

I think it is straightforward, but what I noticed is that Felicity_Tide did not get the second question correctly which makes him also get 7 out of 8, and we can still debate about the ones that I quoted above. I do not know of others. Although, nothing bad at all, we are having fun.

[Felicity_Tide]

I think it is straightforward, but what I noticed is that Felicity_Tide did not get the second question correctly which makes him also get 7 out of 8, and we can still debate about the ones that I quoted above. I do not know of others. Although, nothing bad at all, we are having fun.

It would have been best if the OP had posted the correct answers from his own point of view. I wasn't even expecting to win this due to how flexible and too personal my answers were.

And as for that number two, I noticed the moment I hit the post button, but the rules are the rules, despite the chance to edit without it showing (edited). I actually specified the average time it takes to hit that 2,016 blocks, which is two weeks.

It is 2016 blocks and not 2140 blocks.

Yeah, I noticed that immediately after I hit the post button.

Can you explain better with good examples?

I wasn't too sure I understood the question well, but I had to relate(correlate) it to inflation and recession as stated by the OP.
If inflation tends to drive the price of goods higher while reducing purchasing power of fiat, consumers would prefer to put their money in something that can appreciate in other to meet up with the hike.

The reverse happens during times of recession.

Bitcoin is legal in Nigeria. Or how is bitcoin not legal in Nigeria?

CBN that said it was not legal before also made it legal in December 2023. Regulators were clueless during naira rate was floated and they tried all possible means to stop what is causing the falling of naira price.

It is one thing for Bitcoin to be legal, which I admit, and it is another thing for everyone, including the law enforcement agencies to recognized that legality. I've heard series of cases where people are being manhandled for just having a cex app on a mobile phone.

I'm not talking about the companies that has/must register under the license of the government. I was only considering the regular users. There is a video I'm searching for that perfectly describes what I'm talking about. I hope to find it. But, I feel it's still a two-way thing.


But I definitely look forward to seeing how the OP responds, and identify where correction lies.

[Charles-Tim]

It is one thing for Bitcoin to be legal, which I admit, and it is another thing for everyone, including the law enforcement agencies to recognized that legality. I've heard series of cases where people are being manhandled for just having a cex app on a mobile phone.

This can not be from EFCC but I know that Nigeria Police can do something like that. They will think someone is a Yahoo boy and they will think they are using cryptocurrencies.

Did you know that it is even illegal for a police to just stop someone and be searching person's phone in Nigeria except during legal investigation? But we are in Nigeria where many people will misuse their power and not obey the law. Some citizens also do not know their right. No police will just come and search my phone, I can not unlock the phone except they took me to their station and after I see and speak to my lawyer. Yet they will see many crypto exchanges there but I committed no crime.

I have been to many places, I have seen police on the road stopped me times without number, but none has ever told me to open my phone. It was very common when people protested against SARS (I mean end SARS), and we all know that SARS officials were misusing their power and getting hold of innocents and become the scammers to people by misusing their power. But something like that has significantly reduced now.

As for EFCC, they search phone during investigation to know if someone has committed crime and not about the person using bitcoin and other cryptocurrencies.

[Churchillvv]

Just like everyone of you said that the questions are not direct, it wasn't meant to be direct that's the purpose of the quiz, it's more like a test of intelligence and knowledge.

Most of the questions are merely to get your personal opinions but in accordance to what it truly is, however almost all the answers you can get them from any source it's all over the internet hence I twisted to make it more difficult things can be direct for the first to just get the answers right it has to be very much well thought.

Here are the answers.
1. SHA-256 is important to the bitcoin network because it performs the function of; proving transactions integrity through verification (Proof of work) and what makes it more important is that it prevents double spending.
note: as long as one mentions the proof of work it's correct from my judgement:

2. By making new blocks to be mined within or approximately 10 minutes.
Simplified

3. AdolfinWolf received the first merit from Theymos: after the implementation of the merit system AdolfinWolf was first to make a thread about it just immediately he noticed the change and Theymos sent the first merit to him on 24th or 25th based on different local time. Just explaining in details for better comprehension.

4. The cyberpunk community is known for Cryptography and privacy minds hence bitcoin uses this features which were already in existence with the cyberpunk community which some of the guys who contributed to bitcoin also belong to.

5. After the 2007/8 financial crisis bitcoin was born and while it increases over the years, the 1% per cent who chose bitcoin preserves their money in bitcoin as it's directly opposite the inflated fiat that losses value as time goes by. on the macro stage (recession) bitcoin is a store of value. Simply put bitcoin is a deflationary currency

6. Miners will rely on Transaction fees as rewards when all bitcoin is mined. Has no effect on bitcoin network system.

7. The AML and KYC negates bitcoin advocacy which is privacy by requesting your identity to access bitcoin through exchanges hence making the core tenants of bitcoin seem like a fiction except to those who are deep privacy advocates by using DEX.

8. The ISA has only recognised it as an asset that can be traded but has not cleared the air on its stands. Legal nor illegal.

Mpamaegbu did first proposed Naija local board, he desire our own home like others have, where our own identity as Nigerians is known.

The answers just needed to hit the underlying message, that's why I requested them raw not filter.
Would have loved to respond to each message but this thread is not a discussion thread maybe I will open another for discussion specifically and anyone can ask their questions. Let's not make it one.

I also see the interest in technical discussions, I will make it more technically focused in a bit.

[Ambatman]

Just like everyone of you said that the questions are not direct

I don't understand what you mean by not being direct, the questions were straight forward Imo.

Most of the questions are merely to get your personal opinions but in accordance to what it truly is

Well most of the questions weren't subjective. They had a definite answer.

the 1% per cent who chose bitcoin preserves their money in bitcoin as it's directly opposite the inflated fiat that losses value as time goes by. on the macro stage (recession) bitcoin is a store of value.

Sorry I didn't really get this. If I recall the question is on the correlation between Bitcoin and inflation.

this thread is not a discussion thread

If there are going to be more of such competition then there could need for a discussion board
But if not, this thread would do.

[Mia Chloe]

Shouldn't this topic be locked already?
Op you have done well and it's high time the topic ended... This whole thing could turn into spamming.