S44: not a get rich quick scheme

At the end of today's series

1. You will understand it is not a get rich quick scheme

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Let's get started

How are you guys doing today?

How is dollar doing today @moses.

"What's your prediction for the year-end Naira to US dollar exchange rate?

1. Above ₦2000/1$

2. Below ₦2000 but above ₦1000/1$

3. Below ₦1000/1$"

for me, i think its going to be getting higher as we progress, and i am going to explain that to you in a bit,

but first of, as of 21st of August, two months ago, the closing exchange rate of crypto market was ₦874/1$, if you had ₦1,000,000 in dollar, you would have had $1,144. if you convert that same money at today's opening exchange rate of ₦1,165/1$; you will have ₦1,333,000. that is a gain of N333,000, that is again of 33% in two months.

Let's look at another scenerio.

just imagine that instead of buying dollar, you bought BTC instead. as at this time two month ago, the same ₦1M would have bought you 0.0436BTC at $26,188.69/BTC. if you sell it at today's opening BTC rate of $29,746.02/BTC, you will have $1,299.39 which is equal to ₦1,514,000, that is a gain of ₦514,000, that is 50.14% of your money.

even if you want to play safe and you are not going all in on btc, so you decided to do 50% USD or USDT and 50% BTC, you will still have a gain of about ₦427,000, that is an alarming 42.7%.

so stay positive, make wise decision, you don't have to risk it all, this is not rocket science.

I know someone will be saying, "No be person wey get ₦1m, go dey buy this, buy that". that is small thinking, and its people like you that fall victim to "get rich quick scheme" more

You can do ₦100k, if you don't have ₦1m, you can do ₦10k, if you dont have ₦100k. you can save up ₦1k, everyday or every other day for 5days. and start buying in chunks of ₦5k weekly. or ₦2,500k weekly

the ugly truth

as you buy more asset, i want you to know that you are part of the problem. want you are doing is demanding more dollar, don't forget that the reason for floating exchange rate is to allow the market force of demand and supply decide the foreign exchange.

but right now, you and i are demanding more dollar, and that means we are dumping naira, and naira will continue to devalue.

sd

so because we buy more dollar, naira will continue to depreciate. and things will become very expensive.

then good people will start to think of mitigating and edging to stay on top of the situation, some other ones will start to produce locally, and sell at local price.

so instead of floor bread that will sell for 5k, you can opt for cassava bread of ₦500.

but then

we have the bad players, the dubious ones, the greedy and impatient ones, the malicious ones, whose thought is to steal your money and destroy you.

they come by stealing your atm cards, or stealing your financial identity to access your money directly or indirectly. if you are on my whatsapp contact. i shared an experience that went viral on tiktok of how scammer used skimming to steal a customer card at one zenith bank branch in lagos. it was a pathetic story. 1.5M naira carted away just like that. how save can you be.

remember to set a withdrawal limit on your account, while it is strenous, it is safer. go back and listen to S43; Card Fraud.

get rich quick scheme

but today one of the many ways that bad actors will want to exploit you is introducing get rich quick scheme to you. if its within crypto currency space, the complexity makes it more difficult for you to understand.

someone added me to a bitcoin club group. and if i had not know this signs i would have fall victim to there circle

these are the few signs for you to pay attention to, if you encounter any of these signs, proceed with caution.

1. closed group: when you are added to a new group on whatsapp, on telegram or the likes, and it is only admin that can send message. becareful. every group should provide an alternative group for discussions and Questions and Answer. don't be deceived to believe that its because they don't want people to post irrelevant stuffs.

2. admin private chat: if admin private chat you, and looks like he's trying to do you an extra favour, like an offer that is tailored for you because you are lucky. just gbaga. run o.

3. sending money without product; they want you to send money, becareful.

4. safe short term return: they can promise you 100% return in 6hrs, no risk. you need to understand that every concept, system have a flaw, loose end or limitation. a good working system will tell you the risk and limitation, and tell you the effort they are putting to correct it.

5. No regulatory input, no disclaimer: when a system over promise, and they are not regulated yet they didn't give a disclaimer. or you can reach customer support, an admin or a representative that understand what the system is all about. don't engage it. (*say the story of NBA*)

6. Check negative reviews: when you go online to check reviews about anything, you don't wanna check the good review, go for the 1 star review, 2 and 3 star reviews next. you will read real problems and real issues people have face or are facing with the platform.

In conclusion,

Now you know how to recognise and deal with "get rich quick scheme". go out there and tell someone about it. share it and put it on your status.