The Responsibility of your crypto is in your hands

[Amphenomenon]

So, I do follow ZachXBT on X and Telegram and his recent post on Telegram, is a reminder of the kind of government we have in Nigeria, who hasn't done much in protecting her people and of my pressing example is the Patricia exchange how they ruin others life and the CEO is still outside living freely but Binance and others were chased out because they were trying to make money from them.

Ranking the bottom 5 jurisdictions for crypto related victims from my own experience:

🥇 Nigeria
🥈India
🥉Canada
4). UK
5). Russia

(If you contact me from them I will likely have to decline formally assisting due to stagnant legal cases)

His post showed how he doesn't get response about legal cases in the list of the country listed and we are leading the list sadly.
Now he will have to be turning down investigation from there, we need to be careful on we keep/store our cryptocurrency and bitcoin, and platforms we use because if anything doesn't go well and we fall has victim, we have little to no legal support to help us get our money back and sadly that it how it has been.

This is a reminder of how well we should take full responsibility of ourselves and cryptocurrency. God help us.

[Ambatman]

I don't know I see it from the angle that he's having issue with our regulation
How it's lapsed and KYC are not projected.
Cryptocurrency is relatively new and laws on dispute are still fresh
I guess their focus is extorting from citizens rather than finding a way to protect them.

In the end, It seems we advocating for some level of centralization.

[Abu-Naim]

The legal support that the Nigerian government can’t give is the main reason why they never accept Bitcoin officially, they don’t want to be responsible if any of such scams as you mentioned happen because most of these platforms that do come to offer such services are not officially registered, and the government is mostly not benefiting from their service, and a lot of Nigerian will go for their service blindly without learning or doing some research about the platform.

Chasing Binance and some other exchanges was because they used politics that they do affect our local currency, and how that they are no more in their side the Naira didn’t get the desired value they wanted; so who to blame now?

Let’s just take the responsibility of our assets on ourselves; don’t depend on anyone to help you recover your stolen funds or lost funds, be your bank and keep your seed phrase. This is another right time to remember everyone that not your keys, not your Bitcoin.

[Fiatless]

This is a reminder of how well we should take full responsibility of ourselves and cryptocurrency. God help us.

We live in a country where we provide our power, security, water, and so on. So we need to be careful because the goverment no send you when your money enter one chnace.

The legal support that the Nigerian government can’t give is the main reason why they never accept Bitcoin officially, they don’t want to be responsible if any of such scams as you mentioned happen because most of these platforms that do come to offer such services are not officially registered, and the government is mostly not benefiting from their service, and a lot of Nigerian will go for their service blindly without learning or doing some research about the platform.

I see this as a flimsy excuse. At a time when other countries are taking advantage of the benefits that the crypto industry offers, the government is giving such an excuse. All they need to do is come up with a robust law that will also include a legal framework that the crypto industry can operate on. 

[Mia Chloe]

~snip

People these days trust centralization too much. The problem is most people think theses centralized bodies and projects got  their backs but it's all lies and people seem to have this analogy because they think the government got their backs. These days projects and initiatives are all in for profit and don't really care about the People.

In the end it turns out that these information still wont enlighten the right audience. People will see it as a normal blog kinda post and related stuff.

[Felicity_Tide]

AFAIK, I don't think our legal system has been effective generally, so protecting us especially in cases that concerns financial dispute is almost like a big joke. The troubles that comes with Centralization is the a big problem that so many people haven't identified. The massive trust of users in Cex is still something I haven't fully understood despite the wild complaints that we keep getting every now and then.

Satoshi already made it clear in the whitepaper. Bitcoin is a p2p electronic cash that doesn't require a third. In as much as the third party is there to make certain things a bit easy, such direct coin for cash, it still does make it best suitable for keeping funds. Like a user above said, No your keys, not your coins.

Practicing self custody is not an option.... It's a must.

[Donk1]

It's easy to say that our Nigerian government sees all this platform like Binance as a threat to them because we Nigerian Nigeria  crypto enthusiasts can easily trade the Naira for other assets and because of this they believe that our Naira will keep reducing value. So in return they are trying their best to shut down all those international companies. That's why up until now  we can easily tell that our government doesn't care about we the citizens of this country. Right now thir main focus is on how to preserve the value of our Naira so definitely there is no way we can place our hopes on them to keep our investment safe.

Furthermore i believe that any platforms like Binance exchanges that we are trading our crypto/bitcoin on we have to be very very careful because right now it doesn't matter if the company is a local company or international company. When you become a crypto enthusiast the responsibility of your coins are now in your hands. That's just it.

[Amphenomenon]

It's easy to say that our Nigerian government sees all this platform like Binance as a threat to them because we Nigerian Nigeria  crypto enthusiasts can easily trade the Naira for other assets and because of this they believe that our Naira will keep reducing value. So in return they are trying their best to shut down all those international companies. That's why up until now  we can easily tell that our government doesn't care about we the citizens of this country. Right now thir main focus is on how to preserve the value of our Naira so definitely there is no way we can place our hopes on them to keep our investment safe.

This is not the major problem of our own governments. They're just greedy and making unnecessary regulations to get money, notably looking how they acted against top foreign CEX's and regarding CBN ban of cryptocurrency with banks, this is different.

They could make regulations that forster both, but they know that with this scheme they are going to get more opportunities to exploit citizens, remember this ban was uplifted before and then last year brought back when they were trying to pressure top CEX's [Binance especially] to pay fine.

[VivaMan]

Obviously is in your hands that is to show that you are in charge and full control of it. This happened with much determination patient and time. Being patient is either you lose or make profit out of it, ensure your crypto is where properly maintain or secured it is advice one should have a proper pattern or password to secure it from scam platform or website updating and maintaining it always.

[Hewlet]

This is a reminder of how well we should take full responsibility of ourselves and cryptocurrency. God help us.

most if not all crypto investor have made peace with the fact that once things goes south to the point that a legal process becomes the only solution to retrieve ones asset, that the asset is automatically gone and gone for good. i mean, how many regular bitcoin holder can come out to sue a suspected scammer that steals there asset in the process of doing her p2p transaction? the larger number of them will dare not try that because the justice system in the first place is not working and when it relates to bitcoin, it gets even worse.

from the security of your keys to ensuring that theft and scammers do not have access to you and your funds, you have to take full responsibility of everything and see to it that you stay guided such that you have no reason whatsoever to go face case with the justice system that will not give you positive result in the first place.

[Obim34]

They could make regulations that forster both, but they know that with this scheme they are going to get more opportunities to exploit citizens, remember this ban was uplifted before and then last year brought back when they were trying to pressure top CEX's [Binance especially] to pay fine.

Nigerian government knew what they did, we are still using P2P till today, why haven't they attacked smaller exchanges like Bybit, Bitget, including local exchanges that does P2P, if they really are trying to protect NGN over US Dollar. They won't attack any small exchange at the moment, why Binance was the largest and if they are going to be paid fine from these exchanges, it is going to be big amount, seeing the pressure from Nigerian government, Kucoin hurriedly ended P2P even without being called out, probably smaller exchanges wouldn't be able to withstand the government without paying fines.

It is better to prioritize decentralized wallets for holding over CEX, move only to exchange when plan on selling.

[Chilwell]

They could make regulations that forster both, but they know that with this scheme they are going to get more opportunities to exploit citizens, remember this ban was uplifted before and then last year brought back when they were trying to pressure top CEX's [Binance especially] to pay fine.

Nigerian government knew what they did, we are still using P2P till today, why haven't they attacked smaller exchanges like Bybit, Bitget, including local exchanges that does P2P, if they really are trying to protect NGN over US Dollar. They won't attack any small exchange at the moment, why Binance was the largest and if they are going to be paid fine from these exchanges, it is going to be big amount, seeing the pressure from Nigerian government, Kucoin hurriedly ended P2P even without being called out, probably smaller exchanges wouldn't be able to withstand the government without paying fines.

It is better to prioritize decentralized wallets for holding over CEX, move only to exchange when plan on selling.

You are actually right because they realized that if they go for the smaller exchange they will not see anything that's why they go for the big boys, which is binance. But to be honest if you check Kucoin, they pay taxes to the government and they have disabled p2p. Why taxes when p2p is no more, it has been distributing because I don't see any benefit we are getting from them.

I actually agree with you regarding the choice of wallet we choose to store our coins, i prefer to hold in decentralised wallet than the centralised wallet because you can easily have access to it and be in full control.