Re:Binance: Nigeria orders cryptocurrency firm to pay $10B
by Hucklederry on Sunday March 03, 2024 @12:25AM
(#39578657)
>force everybody to accept your devalued currency at gun point?
Well, yes, welcome to fiat currency. This is literally what backs it. This is its value. If there were no men with guns to enforce its monopoly, there would be no value.
Re:Binance: Nigeria orders cryptocurrency firm to pay $10B
by tgsovlerkhgsel on Saturday March 02, 2024 @11:21PM
(#39578400)
For now, it seems like the end game is "take two executives hostage and try to extort enough money to fix the economy from their company"
Re:Binance: Nigeria orders cryptocurrency firm to pay $10B
by lern_too_spel on Saturday March 02, 2024 @11:53PM
(#39578507)
Crypto promoters still don't understand they have to obey the same laws as the banks in the countries they operate in. Blockchain isn't a get out of jail free card.
Re:Binance: Nigeria orders cryptocurrency firm to pay $10B
by kyleee on Sunday March 03, 2024 @12:20AM
(#39578630)
Whereas being president or a high enough level politician in a country is a get out of jail free card
Re:Binance: Nigeria orders cryptocurrency firm to pay $10B
by lern_too_spel on Sunday March 03, 2024 @03:17PM
(#39584101)
In countries where this is the case, somebody who is above the law can save energy by running your scams without blockchain. Blockchain benefits nobody except cross-border scammers stealing from rubes.
Re:Binance: Nigeria orders cryptocurrency firm to pay $10B
by kikimora on Sunday March 03, 2024 @06:03PM
(#39585346)
Interestingly blockchain seems to highly benefit Nigerian citizens who can use it to save their assets from devaluation despite government opposing it.
Re:Binance: Nigeria orders cryptocurrency firm to pay $10B
by lern_too_spel on Sunday March 03, 2024 @08:29PM
(#39586181)
Only by breaking laws. As I said, they can do that using less energy without the blockchain.
Re:Binance: Nigeria orders cryptocurrency firm to pay $10B
by melodyogonna on Monday March 04, 2024 @10:47AM
(#39591794)
Yeah, the government is looking for who to blame for 10 years of incompetence. Laughable really, Binance has made it clear they have no intentions of paying any fine.
From the article:
> After he came into office last year, President Bola Tinubu scrapped the policy of pegging the naira to the dollar, allowing traders to buy and sell the currency at rates determined by the market. But special advisor Bayo Onanuga said the recent collapse was not the result of normal activity.
> "All of a sudden the exchange rate went through the roof... and it was being caused by the people on Binance platform," he told the BBC Newsday programme.
And later in the article:
> To the frustration of Nigerian users, Binance and several other cryptocurrency firms have been suspended in the country in recent weeks including Coinbase, Kraken, Forextime, OctaFX, Crypto and FXTM in an attempt to halt the slide of the naira.
> In another measure intended to curb foreign-currency trading, Nigeria has closed thousands of bureaux de change.
So they depegged the currency from the dollar, as expected it devalued, then shutdown down forex shops because they’re facilitating people to trade what they feel is the fair market value of the devalued currency.
And then they are angry with the crypto exchanges for effectively doing the same thing as the forex shops they shut down, but now at a wider and less traceable scale.
What’s the end game? Lock down the exchange and force everybody to accept your devalued currency at gun point?