Debunking claims that crypto is a scam project [Nigerian Celebrities]

[Alvin_talk]

There have been negative criticism around crypto in Nigeria by some of our celebrities. I wish to use this thread to debunk their claims, since all crypto projects are not scam (e.g: bitcoin)

Seun Kuti

Out of frustration that her sister lost over 50 million Naira in crypto investment, Seun Kuti publicly criticised crypto, calling it "scam".

I can agree with him for most altcoin projects but generalising it to all crypto means bitcoin is inclusive and  I do not agree with that. As it is, It is not possible to invest such amount in bitcoin and end up losing everything, sure if your investment is short term you may end up losing some funds due to bitcoin volatility (I.e if the market is bearish after your investment) but if you invest long term in bitcoin, say 4 years and above, the probability of making gains is very high considering how bitcoin price has moved over the years. I believe her sister might have fallen for some shitcoin scam project but generalising this experience to all crypto including bitcoin is false.
Source

Daddy Freeze

In his words:

Do NOT listen to anyone telling you to invest in any ‘robot’, COTP, or crypto mining for now. You have been WARNED!!

I do not currently approve of anyone marketing these to my followers so don’t get scammed!

Judging from his statement above, I can understand he is trying to protect his fan base or followers from crypto scam which is good but then again when you say crypto mining it means bitcoin mining is inclusive because bitcoin is also a crypto currency. So let's get this straight, bitcoin mining is not a scam, provided you have all the resources required for mining (In this case, constant electricity supply, ASIC, full node, suitable environment) you can always invest in bitcoin mining. Although it is not as profitable as before but one can still make gains out of it, especially if one explores the option of joining a mining pool. I think for a second these celebrities don't really know about crypto especially bitcoin, they are only reacting to negative events that they have heard about.
Source

These are just few I can remember but I bet their are other Nigeria celebrities who talk down on crypto as a whole which is wrong. Although, I don't blame them much considering the bunch of unverified scam crypto projects that has defrauded so many but I think what needs to be corrected is the impression that all crypto project are bad including bitcoin.

[Hypnotizer]

I remember seeing a post on this Forum weeks ago, it’s said Crypto are scam! And yes i partially agree with that statement because come to think of it most of this crypto project are using the name Bitcoin has made as a decentralized currency and under the umbrella of crypto to exploit people and that’s why I partially agree with that.

I emphasize a lot about DYOR to everyone before venturing into anything, you can just invest into some coin and expect to get a huge return without doing your findings, if the Seun Kuti’s sister actually did her own research before investing in any coin, she wouldn’t have lost so much in an investment…she probably invested in some shitcoin..

[Felicity_Tide]

I have a lot to say, but first, how are these two individuals celebrities?... I just happen to know them because I often come across their contributions on controversial and public matters. I don't even know what they do for a living despite them being celebrities. Okay, seun is a son of a well recognized icon, but that doesn't make him a celebrity or does it ?.

And second, I only had time to search for seun's story, and I discovered that it's over a year now.
Well, his crash out was very valid, but you could easily understand that he probably doesn't even know what he was crashing out about. He kept saying "all of you", without specifically mentioning who he was refering to. He couldn't even specifically state how the sister lost the money. I'm trying to understand how someone could have lost #50M. What if she was scammed by someone closed to her?... Or she paid someone to trade for her?... Of course, the possibility of a shitcoin can not be ruled out, but I'm always sceptical of the things that comes out from that dudes mouth, Moreover, he didn't even give a better detail.


This is one of his video I can never forget   - https://x.com/i/status/2047759148075339950

[Amphenomenon]

Daddy Freeze

In his words:

Do NOT listen to anyone telling you to invest in any ‘robot’, COTP, or crypto mining for now. You have been WARNED!!

I do not currently approve of anyone marketing these to my followers so don’t get scammed!

Judging from his statement above, I can understand he is trying to protect his fan base or followers from crypto scam which is good but then again when you say crypto mining it means bitcoin mining is inclusive because bitcoin is also a crypto currency. So let's get this straight, bitcoin mining is not a scam, provided you have all the resources required for mining (In this case, constant electricity supply, ASIC, full node, suitable environment) you can always invest in bitcoin mining.

You got a wrong perspective of what he meant with crypto mining. Here is clearing referring to cloud mining especially seeing the fact that he mentioned bot trading and that was something really common in 2022, looking at the date of the source link you shared, this makes my claim more certain.

Then the cloud mining was often tagged as crypto mining and that is really different from bitcoin mining and you don't have to invest through a source, platform or someone for this. He was right then and even now.

[Alvin_talk]

And yes i partially agree with that statement because come to think of it most of this crypto project are using the name Bitcoin has made as a decentralized currency and under the umbrella of crypto to exploit people and that’s why I partially agree with that.

Does this actually mean Bitcoin is a scam? The simple answer is No. You know these are influencers and they have many guilible followers who believe whatever they spit out of their mouth. Bitcoin is a crypto and calling crypto a scam is indirectly calling Bitcoin a scam too, most likely, these followers will heed to their voices and end up missing out on the opportunity that comes with bitcoin investment. I am highly against them generalising all crypto.

You got a wrong perspective of what he meant with crypto mining. Here is clearing referring to cloud mining especially seeing the fact that he mentioned bot trading and that was something really common in 2022, looking at the date of the source link you shared, this makes my claim more certain.

Then the cloud mining was often tagged as crypto mining and that is really different from bitcoin mining and you don't have to invest through a source, platform or someone for this. He was right then and even now.

Thanks for pointing that out, but I think it would have been better if he used the phrase "cloud mining" for clarity sake. Most of his followers may have misunderstood him just as I did and the end consider everything mining (including bitcoin mining) to be fake or a scam.

[OsaiEmma]

There are so many scam projects out there that makes it scary to enter into the crypto space. Cause of d high price of Bitcoin, alot of people are still skeptical, and hesitant to join.

When I ask people to invest in Bitcoin, they'll first ask, "how much can I start with, because Bitcoin is to high", I'll say any amount from as low as 10k, u can start, they'll be surprised, d next question is, "How much will I make in a month time", then I'll start explaining all about DCA, investment, how Bitcoin works e.t.c.

So that misconception is there, and when someone get burnt once in d space, unless they're educated and well informed, they'll even keep away from Bitcoin.

[Hypnotizer]

Does this actually mean Bitcoin is a scam? The simple answer is No. You know these are influencers and they have many guilible followers who believe whatever they spit out of their mouth. Bitcoin is a crypto and calling crypto a scam is indirectly calling Bitcoin a scam too, most likely, these followers will heed to their voices and end up missing out on the opportunity that comes with bitcoin investment. I am highly against them generalising all crypto.

I believe Bitcoin is very different from crypto or Altcoins, and if the followers do follow up news..they might have probably seen that Iran is wanting to accept bitcoin as toll to pass the strait of Hormuz, proving Bitcoin can never be a scam.

Thanks for pointing that out, but I think it would have been better if he used the phrase "cloud mining" for clarity sake. Most of his followers may have misunderstood him just as I did and the end consider everything mining (including bitcoin mining) to be fake or a scam.

You know he wouldn’t! Nigerian have that mentality of generalizing things in their speech and that’s why I emphasize on the newbie or other people to Do their own research to get the clarity, I know they’re followers who follow influencers blindly no matter what they say without researching further about it.

And if those kinda people come into the space and invest in bitcoin with research, they might probably lose the money and later Blane it on bitcoin, people can be really stupid sometimes.

[Hewlet]

And yes i partially agree with that statement because come to think of it most of this crypto project are using the name Bitcoin has made as a decentralized currency and under the umbrella of crypto to exploit people and that’s why I partially agree with that.

Does this actually mean Bitcoin is a scam? The simple answer is No. You know these are influencers and they have many guilible followers who believe whatever they spit out of their mouth. Bitcoin is a crypto and calling crypto a scam is indirectly calling Bitcoin a scam too, most likely, these followers will heed to their voices and end up missing out on the opportunity that comes with bitcoin investment. I am highly against them generalising all crypto.

This is partly the reason why most bitcoin enthusiast have never subscribed to the general use of the term crypto to include bitcoin because most times, when some of these crypto that are pump and dump coin comes up and fails, the narrative is always that bitcoin is also of the same category with them.

As much as necessary, we have to keep reiterating the fact that bitcoin is different because when you're taking about crypto in general, there are more scam crypto than the genuine ones and fact is that if a love one falls victim of any of them, it's going to give you an impression that crypto in general is a scam and this is why you don't blame a victim that speaks a certain way. The difference is always clear with bitcoin because if You don't rush to sell too soon, there's no way you're going to sell at a loss.

[Sobz]

For those who dont understand bitcoin will always conclude it to be scam, and it shows the level of one understanding. Some of these people who criticise cryptocurrency it is possible they went into cryptocurrency with no understanding and they fall victim of scam but they just conclude it to be scam because of the experience they have. I think at this point it so disappointing for people to think this way, because if topic nations are going into Bitcoin to create a reserve of Bitcoin, i wonder why people should still think by this time seeing cryptocurrency as scam. If it were the early days of cryptocurrency and people think like this, it is well understood but in this time it shows the level of ignorance in the mind of people.

[Yablee0]

Am sure he's not aware that not every crypto investment are scam, he may be classifying or rather mistaking all to be scam which is not right, Bitcoin investment shouldn't be included in all those shit because history can attest to it. However, most of all these misconception about Bitcoin investment has been as a result of ignorance, them say watin you no know big pass you and that's true.

No doubt, their are so many funny crypto investment out there that are not actually legit, but that doesn't means their is no legit investment. The ultimate thing you can do as an investor is to choose wisely, and Bitcoin is that investment that can easily get you covered for life.

[Karl_3000]

It is not a lie that crypto is full of scam. I am talking about heavil scam projects and coins are many in crypto and many of them have died.

If anyone said crypto is a scam, I will not argue because I know the person know what he is saying, but I will let the person know that bitcoin is not a scam.

Then I will further it with how few other crypto are better but I will centralized it most on bitcoin to be a store of value.

[Thewatchman]

I think for a second these celebrities don't really know about crypto especially bitcoin, they are only reacting to negative events that they have heard about.

This is what I expected you to say, been a celebrity doesn't mean you understand how crypto works, you only know your field of engagement, what actually makes you popular is what you actually good at, and then any other things outside your value has to be learned to fully understand it.

Even president Donald Trump doesn't understand crypto, if he wants to get involve in crypto, he'll invite experts to put him through the processes of crypto investment, mining, trading and all sorts of crypto related activities.

These Nigeria celeb crying and warning people today should've invited experts to teach his sister how to run crypto investment, but allowed his sister to do whatever she feels like to do. Doesn't work that way.

[Qhunman]

Seun Kuti

Out of frustration that her sister lost over 50 million Naira in crypto investment, Seun Kuti publicly criticised crypto, calling it "scam".

Frustration can force someone to say negative things about crypto investment and by the way did seun sister seek professional advice before she invested in that particular memecoin or did she simply invest out of ignorance? Because from the way I see it, she didn't do a thorough investigation before she invested in that unknown coin and now she paying for her ignorance.

Seun should criticise crypto all he wants but that won't changed a thing that his sister money is lost forever perhaps he should educate his sister about cryptocurrency so that she wouldn't fall victim for scam rather than generalise it to all cryptocurrency. The fact that his sister invested in a pump and dump meme coin which later turn out to be a scam doesn't crypto investment is a scam,he should blame her for investing in a memecoin she don't understand rather than criticizing crytocurrency generally.

[Agbamoni]

So if we classify people under celebrities, you call Seun Kuti and Daddy Freeze a Celebrity in the country 
Seun Kuti speaks of anything that comes out of his mouth without thinking. He is well known to say mostly rubbish on social media, thus I dont see him as someone to listen to. Funny how people can come online because of their background and say things, and we Nigerians take what they say very seriously. They can think what they want, Crypto is what it is to me.

[Rockson1]

So if we classify people under celebrities, you call Seun Kuti and Daddy Freeze a Celebrity in the country 
Seun Kuti speaks of anything that comes out of his mouth without thinking. He is well known to say mostly rubbish on social media, thus I dont see him as someone to listen to. Funny how people can come online because of their background and say things, and we Nigerians take what they say very seriously. They can think what they want, Crypto is what it is to me.

What do you expect, everyone in Nigeria can be a celebrity, funny people everywhere, I thought daddy freeze as he is been called is a pastor or is he not a pastor again? You should be happy with your level of exposure and understanding because to some people, the two clowns are celebrities.
The few times I wasted my time to listen to the craps spilled by daddy freeze I regretted wasting such data on such an asshole, the last time I listened to him is when he said that Tinubu has tried in making the naira gain against the USD, that was when I know that he is clueless and only good at talking trash.they can talk about crypto which are random shits, but for me the knowledge I have about Bitcoin can never change and I cannot be misled because I know better than them.

[Dogedegen]

There have been negative criticism around crypto in Nigeria by some of our celebrities. I wish to use this thread to debunk their claims, since all crypto projects are not scam (e.g: bitcoin)

Seun Kuti

Out of frustration that her sister lost over 50 million Naira in crypto investment, Seun Kuti publicly criticised crypto, calling it "scam".

I can agree with him for most altcoin projects but generalising it to all crypto means bitcoin is inclusive and  I do not agree with that. As it is, It is not possible to invest such amount in bitcoin and end up losing everything, sure if your investment is short term you may end up losing some funds due to bitcoin volatility (I.e if the market is bearish after your investment) but if you invest long term in bitcoin, say 4 years and above, the probability of making gains is very high considering how bitcoin price has moved over the years. I believe her sister might have fallen for some shitcoin scam project but generalising this experience to all crypto including bitcoin is false.
Source

Yes it is not possible to lose this kind of money in terms of percentage returns in Bitcoin, but it is very possible and even likely to lose it in shitcoins. The most extreme case would be some token or ICO that did a rug pull and people sometimes don't understand how many projects did that, we are talking about thousands and thousands of project. So it is easily possible to have lost everything fast. In other cases that are less extreme there were thousands of coins and tokens, most of which are dead now or are dying with no real use. The founders of the projects earned a lot of money for nothing and are enjoying what they took from investors while the projects are left to die.

Daddy Freeze

In his words:

Do NOT listen to anyone telling you to invest in any ‘robot’, COTP, or crypto mining for now. You have been WARNED!!

I do not currently approve of anyone marketing these to my followers so don’t get scammed!

Judging from his statement above, I can understand he is trying to protect his fan base or followers from crypto scam which is good but then again when you say crypto mining it means bitcoin mining is inclusive because bitcoin is also a crypto currency. So let's get this straight, bitcoin mining is not a scam, provided you have all the resources required for mining (In this case, constant electricity supply, ASIC, full node, suitable environment) you can always invest in bitcoin mining. Although it is not as profitable as before but one can still make gains out of it, especially if one explores the option of joining a mining pool. I think for a second these celebrities don't really know about crypto especially bitcoin, they are only reacting to negative events that they have heard about.
Source

You are right about this but also kind of wrong. I think the idea is to not listen to someone who is pitching you an mining investment, and that is the correct advice. Who would contact you with a legitimate business offer or market it to random people online? Only scammers to be honest. Every kind of mining project that was pitched to me on Telegram or even in person has turned out to be a scam from simple cloud mining scams to just scams where they take your money for investment and you never see anything again about this mining. So in this case it does not matter if we are talking about Bitcoin or crypto mining because the problem is not with what is being mined, the problem is that these kinds of proposals are most often scams. If you want to do mining then buy the equipment yourself.

[Mate2237]

You can't blame them for their ignorance concerning crypto, they are only reacting to it this way because people close to them has lost money in crypto so they have assumed that crypto as a whole is a scam. These celebrities needs enlightenment about crypto so that they will know what crypto is all about. Because we don't even know what type of crypto that the people who lost money actually invested into that made them to lose. Were they trading or investing all these are critical questions that should be answered.


What most people don't even know is that crypto currency is one place that is actually big,  that there are actually different crypto currencies Bitcoin is one of them. Including the hundreds of Altcoins projects which has also been flooded by scam projects coming from criminal minded individuals so if someone who doesn't know all these fall into these types of scam projects the blame will go down to all crypto as a whole this is not fair.

[Alvin_talk]

I believe Bitcoin is very different from crypto or Altcoins

No, I don't think so, look at it from this angle: bitcoin is crypto but not all crypto is bitcoin. I can only agree that all crypto are distinct from one another and amongst all, bitcoin seems to be the most trusted project and probably the likes of ethereum. All, I can say is that It is better to point out the particular crypto that scammed an individual and advice the public to abstain from such project instead of generalising things.

You are right about this but also kind of wrong. I think the idea is to not listen to someone who is pitching you an mining investment, and that is the correct advice. Who would contact you with a legitimate business offer or market it to random people online? Only scammers to be honest. Every kind of mining project that was pitched to me on Telegram or even in person has turned out to be a scam from simple cloud mining scams to just scams where they take your money for investment and you never see anything again about this mining. So in this case it does not matter if we are talking about Bitcoin or crypto mining because the problem is not with what is being mined, the problem is that these kinds of proposals are most often scams. If you want to do mining then buy the equipment yourself.

I guess I failed to look at it from this very perspective, I just thought of it now and you are not far from the truth. But I still believe their are other possible ways to communicate this kind of information so that people don't feel the entire crypto industry is a scam, I mean, if I can misunderstand his statement definitely others might misunderstand him too.

[Hypnotizer]

I believe Bitcoin is very different from crypto or Altcoins

No, I don't think so, look at it from this angle: bitcoin is crypto but not all crypto is bitcoin. I can only agree that all crypto are distinct from one another and amongst all, bitcoin seems to be the most trusted project and probably the likes of ethereum. All, I can say is that It is better to point out the particular crypto that scammed an individual and advice the public to abstain from such project instead of generalising things.

The Crypto project that ends up as a scam or Pump and dump scheme is already gone and done with scamming people, so pointing the particular coin probably have zero impact whatsoever because the damages have been done already but maybe the generalization can help some people do research before jumping onto another crypto investment because they always will be another new crypto project that might be scam. Even though this generalization can kinda hinder the adoption rate of Bitcoin but we need adopter that understand what they’re about to adopt..

I understand and know your point, the fact Bitcoin is the a Cryptocurrency can’t be denied but we can’t also deny the fact that these scans do exist.

[Nathrixxx]

One thing about cryptocurrency is that once you make a mistake your asset is gone and it cannot be recovered, because this is a digital currency and asset that is irreversible once each transaction has been confirmed, this is also another reason why we should take everything we do serious and being intentional at the same time.

Any negligence to the security measure we made can lead to forfeiture of our assets to scammer, Seun Juti sister los her asset to scammers and that one is nobody's fault than they trusted those they are not expected to rely on, someone like me or you can never be a kind of victim by making such mistake, because we are experiencing cryptocurrency.