The Hypocrisy of Centralized Government exposed

gentleshaid (70)in SCT.암호화폐.Crypto • 3 years ago

Those who have been following events from the African most popular and populous nation, Nigeria, will know that a few weeks ago, the Nigerian Central Bank launched a rather scathing attack on cryptocurrency. In his words

cryptocurrency is issued by largely unknown unregulated elements using computer codes that are basically meant to encrypt or hide information about both the transactions and the operators and in a sense, it is seen it is money that is created out of thin air

It sounds unbelievable coming from a supposedly educated entity, not just in any field but in a finance-related field. The complete video is below:

What led to the Central Bank Governor being invited by the relevant senate committee and spitting this nonsense was the decision to ban all crypto-related transactions by Nigerian banks, including a retrospective ban on all accounts related to crypto transactions.

Ok fine. Let us all be stupid together for just a few seconds and assume crypto is, indeed, money created out of thin air. News emerged just last week that the same government that this man represents printed the sum of sixty billion Naira, about $120,000,000 (I'm poor at Mathematics), to be shared by the various state Governors as their monthly allocation. Now, you will all agree with me that the money printed by the Central Bank Governor is money backed by gold - oh! wait, silver - copper - or what? Now we can do away with being stupid.

While the United States printed money from thin air to be distributed as palliatives (stimmy cheques) to her citizens, the Nigerian government printed money to be shared by politicians while giving her own citizens nothing as palliatives. Instead, the government and her cohorts have been slamming increment upon increment on the citizens, including a hike in the pump price of fuel and electricity tariffs.

Yes, Nigerians are known to be one of the most resilient humans on this planet and will always find a way to adapt to situations. With the ban on crypto transactions by banks, everyone has since shifted 100% to peer-to-peer transactions. Nigeria is not just the second biggest Bitcoin market for a reason.

A few seconds of stupidity again; since the government cannot really ban crypto, can we all agree that crypto is indeed money from thin air? (please don't unfollow me :))