How You Can Become A Millionaire In Crypto

By

-

September 18, 2021

A friend made a great statement about the future of wealth that got me thinking. Many never took him seriously, but I know what he meant.

Here is what he said that you should pay attention to. He said, here is how different industries and the market had created millionaires.

It started with the agriculture industry where those that have cash crop farms become very rich. But when time passed, the trend faded.

Then what followed in places like Nigeria was the oil business. This business created many millionaires, some are still millionaires today. Then came the gold rush, where those that have gold become millionaires.

The new trend is technology. But to be very specific, Cryptocurrency is the new gold rush. It is likely creating millionaires faster than any other invention in human history.

I have been saying that Cryptocurrency is more than a business, it’s rather a disruptive technology. Those that embrace it early will reap the first-mover advantages.

The goal of this article is very clear. It is to show you how you can also make your millions in crypto. That way is the Trenndify way. Are you excited already? Now let’s get started.

The Trenndify Blueprint To Make Millions In Crypto

What works always ends up becoming a blueprint or a template. During my research for this article, I discovered a thread on Twitter. The thread asked this question; what is the one word to be rich. The responses were mind-blowing, but it is similar to what I will be sharing.

Crypto Compounding

Compounding is an investment principle that means the multiplicative growth of an asset. It is like planting a seed and harvesting hundreds in return. In crypto, your investment has the potential to compound 10X and even 1000x. This is due to the speed in the adoption of crypto innovations by institutional investors and the growth of the crypto industry.

But, it is not all crypto projects that have compounding potential. The risk is very high, as there is a 100% chance that the project may not succeed. But, good projects like Solana(SOL), Avalanche (AVAX), Axie Infinity Shard (AXS) will always succeed.

Here is the secret.

Crypto Portfolio

In investing, a portfolio is a term used to mean a collection of investment vehicles like a basket containing different fruits. So, in crypto, a portfolio is a collection of different crypto assets with the goal of growth.

How do you know the digital assets to include in your crypto portfolio? How do we know the ones that will compound in value after sometimes?

Trenndify uses a tool called the 7G indicators to research and build portfolios for its clients. The 7G indicator helps you to research great coins from shit coins on Coinmarketcap and those not on Coinmarketcap.

Imagine, you have a crypto portfolio worth $10000 and in 1 year it grows to $1000, 000. What do you call that, it is the compounding nature of crypto.

This was exactly what happened to Solana (SOL) investors and holders.

After that, you need a set of skills to manage the portfolio. They are explained in the next session.

Crypto Essential Skills

It is good to hold crypto assets or digital assets but it is better to hold crypto assets with certain skills. Here are the basics skills you need to develop.

Knowledge Skill: You certainly need to know how to use your wallet and manage your crypto assets. You need to know how to protect your passphrases; you might share them with an untrusted fellow.
Timing Skill: Holding digital assets or crypto assets is a business of time as investing is time in the market. So, you need to know two things, the time to enter the market and the time to exit the investment.
Patience: While the patient dogs eat the fastest bones, the greedy dogs eat no bones. You need to be patient and don’t be emotionally glued to the market.

Here is an analysis of how to make decisions based on market phases.

The market is volatile but over time your investment will compound and not overnight.

But when it does grow, don’t allow greed to keep you longer in the market, the negative side of volatility is loss-making.

Trenndify believes the above three areas form the basic template and blueprint for making your millions in crypto. It is faster to become a millionaire in this age than it was decades ago.

With Cryptocurrency, the possibility has become a reality. What a generation and a moment to be alive and be active.

Originally published at Trenndify

As Nigeria Waits for Dangote Refinery on Fuel, CBN Detours To AbokiFX on Naira

By

Ndubuisi Ekekwe

-

September 18, 2021

5

Great decision from the AbokiFX team and it is a very smart one because FX manipulation is a global crime. But as I have noted, you cannot believe anyone including the Central Bank of Nigeria (CBN) on this one since there is really nothing compelling the nation is doing to strengthen the Naira.

Our balance of payment continues to move to the unfavourable territory due to lack of catalytic infrastructures like electricity to drive local production. Our productivity continues to fade as Nigeria continues to remove merit from all domains of the public sector. As the nation waits for Dangote Refinery to save it from fuel subsidies and wastes, AbokiFX is now expected to save the collapsing Naira from the forex paralysis.

But AbokiFX has offered a challenge: we will not publish new FX rates on Naira, and now it is for the nation to see what happens to Naira. This is a pseudo experiment and with no information on what the parallel rates are, people can converge, in the short-term, on whatever the apex bank offers with a variance of few points.

But that will not last. Yes, you cannot take Nigeria to the industrial age, pre-internet era where supply was the most dominant part of the market systems due to information asymmetry (think of buying an air ticket where you paid whatever the agent told you because you did not know what the airlines were charging). Today, aggregators and demand controllers are catalytic because everyone has unbounded sources, and platforms remove the frictions by brining all info in one place. So on that, I am not sure the suspension of AbokIFX will save Naira when Naira cannot save itself fundamentally because another aggregator will emerge.

Why? Once people do not believe whatever the apex bank is posting as the FX rate, they will converge to another AbokiFX to believe whatever it has there to conduct transactions. Of course we do hope the digital platform will be decent enough not to use its market power to illegally distort market equilibrium.

Following the news that the Central Bank of Nigeria (CBN) is going after exchange rate aggregator and publisher, AbokiFX, the online platform has issued a statement announcing that it’s suspending its publishing of parallel market exchange rates until further notice.

The CBN governor Godwin Emefiele on a TV interview, alleged that AbokiFX has been responsible for the free-fall of the naira by manipulating market prices.

The naira depreciated to N570/$1 on Friday despite the apex bank’s efforts through monetary policies to stem the tide. However, experts believe that the continuous crash of the naira is as a result of insufficient dollar liquidity in Nigeria. Increase in demand for is said to be forcing the CBN to deplete Nigeria’s dollar reserve, fueling the fall of the naira.

Data from the CBN shows $116 billion to be the total dollar inflow to Nigeria’s economy in 2020. Compared to 2019’s $142 billion and 2014’s $160 billion, there are 20% and 30% drop in dollar inflow to the economy respectively. The situation was compounded by the economic strains emanating from covid-19 pandemic.

AbokiFX said it hopes the suspension of its FX rates operation, among other things, will help the naira to appreciate in parallel market. Read full statement below:

With AbokiFX self-suspending, Naira may start waking from coma but until we have warehouses and factories operating well, Naira’s FX disease will remain. CBN should work to fix that and wake up those engines of exports.

AbokiFX Announces Operation Suspension Over Allegation of FX Market Rates Manipulation

AbokiFX Announces Operation Suspension Over Allegation of FX Market Rates Manipulation

By

Samuel Nwite

-

September 18, 2021

0

Following the news that the Central Bank of Nigeria (CBN) is going after exchange rate aggregator and publisher, AbokiFX, the online platform has issued a statement announcing that it’s suspending its publishing of parallel market exchange rates until further notice.

The CBN governor Godwin Emefiele on a TV interview, alleged that AbokiFX has been responsible for the free-fall of the naira by manipulating market prices.

The naira depreciated to N570/$1 on Friday despite the apex bank’s efforts through monetary policies to stem the tide. However, experts believe that the continuous crash of the naira is as a result of insufficient dollar liquidity in Nigeria. Increase in demand for is said to be forcing the CBN to deplete Nigeria’s dollar reserve, fueling the fall of the naira.

Data from the CBN shows $116 billion to be the total dollar inflow to Nigeria’s economy in 2020. Compared to 2019’s $142 billion and 2014’s $160 billion, there are 20% and 30% drop in dollar inflow to the economy respectively. The situation was compounded by the economic strains emanating from covid-19 pandemic.

AbokiFX said it hopes the suspension of its FX rates operation, among other things, will help the naira to appreciate in parallel market. Read full statement below:

“AbokiFX has taken the decision today, the 17^th of September 2021, to temporarily suspend rate updates on all our platforms, until we get better clarity of the situation. Final rates have been posted this evening but the AbokiFX news section and the Crypto rates section will still be active.

Who we are

AbokiFX was established in 2014 as a research and information service company, to conduct market research and gather data on the parallel market rates. We also wanted to provide some transparency around the parallel market with the availability of information technology.

AbokiFX does NOT TRADE FX, which we have always maintained in our emails and social media platforms. We do not Trade FX neither do we have the power to manipulate the rates as we DO NOT CREATE the rates.

We are the only entity in Nigeria that has a full set of parallel rates, right from our inception in 2014, when the exchange rate was trading at N166 to $1. We collated data for years before we started publishing, as we realized the demand increased for our historical data.

To most users of our platforms, we are just a parallel rate board but to many institutions, ranging from IVY league universities, to global businesses and research centres, we are a key source of data, especially, historical data (almost a decade’s worth of data on parallel rates). Companies use our data for their internal and external audits as well as planning and budgeting.

We ONLY publish what we source on the streets of Lagos, hence the phrase, Lagos Parallel Rates. The rates sourced are carefully collated, reviewed and a mean rate is published from the data pool. This explains our three daily updates- *Morning **Midday, ***Evening. Sometimes, rates come in late but we have to wait for the full set of rates before they are published, to prevent volatility of rates.

None of our data source providers know who we are or what their rates are being used for. This is to avoid any manipulation of rates. Our staff have a daily routine of going to the market to gather rates, as all the BDCs in the country have their rates clearly displayed on their rates board and parallel market rate dealers give the information away freely. All we do is collate all that information and display it on all our platforms daily.

Replay of 2017 vs 2021

In 2017, Nigeria experienced an FX crises and the Naira depreciated to over N500/$1. AbokiFX was accused of manipulating the parallel market rates. Once liquidity was injected, the Naira appreciated and we published the appreciation which is basically what we do.

2021 has seen a similar scenario with the naira depreciating and we have published what we have been given, which has led some to believe we are manipulating the market. Yet no one can complain about our rates deviating +/- 2% from the parallel market rates when they patronize the dealers in the market.

If we do not create the rates, how then can we control the rates. Our only sources of income have been our API and advert sales.

Allegation against our director

All allegations against our director are yet to be confirmed but we at the AbokiFX DO NOT trade FX neither do we manipulate parallel market rates. Outside the media allegation, we have not received any communication from any government body and our accounts are not closed as stipulated in the media.

Way forward

AbokiFX is fully functional BUT we will not be publishing any form of rates on our platforms for now. We sincerely hope this suspension will lead to the Naira appreciation from next week. With our decision to temporarily suspend online rate publication, we are aware that there will be limited visibility of parallel rates information which will impact decision making for many.”

Could Nigeria’s E-Commerce Stimulus Plans be a means to outflank the ‘Southern Governors’ VAT decentralization efforts?

By

John Mc Keown

-

September 17, 2021

1

The Federal Government has said that it is targeting an increase in e-commerce trading, from the current market value of $13bn to about $75bn by 2025. The Permanent Secretary, Ministry of Industry, Trade and Investment, Dr Evelyn Ngige, disclosed this on Tuesday in Abuja at the second National E-commerce Roundtable.The statements were made on Ngige’s behalf by the Director, Commodities and Export Department, Suleiman Audu.

However Prof Ndubuisi Ekekwe has produced an interesting article for Tekedia Institute yesterday entitled: ‘Buhari’s Legacy And Great Unification of Southern Nigerian Governors‘ In the article, Ekekwe muses on a Presidential ‘own goal’ following with a verbatim quote of the ‘meeting of the governors of Southern Nigerian in the Government House, Enugu, yesterday (16 September):

**Southern Governors 16 September 2021 at Enugu**

‘ #3. Reaffirmed its earlier commitment to fiscal federalism as resolved at the inaugural meeting of the Forum held on Tuesday, 11th May 2021 at Asaba, Delta State and emphasized the need for the Southern States to leverage the legislative competence of their respective State Houses of Assembly as well as representation in the National assembly to pursue its inclusion in the Nigerian Constitution through the ongoing constitutional amendment.

#4. Following from paragraph “3” above, the meeting resolved to support the position that the collection of VAT falls within the powers of the States.’

Conceivably, since E-Commerce transactions actually take place in ‘The Cloud’, it can be an interpretation by FGN that such transactions do not enjoy the jurisdiction of any specific state within the Federation.

This is irrespective of where any E-Commerce business chooses to site its physical activities, such as its administrative HQ, its distribution management or its warehousing (as applicable).

Over time, more and more shopping in Nigeria will be done online. Should FGN ultimately lose the legal war with individual States on VAT jurisdiction, FIRS (Federal Inland Revenue Services) may claw back VAT on online sales, interpreting them to be ‘extra-state’ in nature.

Is it any wonder then, that FGN may find a renewed eagerness and enthusiasm for virtual trade?

However, parallel to this we know that there are quiet but concerted efforts to end the Twitter ban:

‘I can tell that we’re just actually talking about a few, just a few more days now.’ said the Minister of Information and Culture, Lai Mohammed, while briefing journalists at the State House in Abuja on Wednesday.

The question is, should FGN argue the jurisdiction of E Commerce trade as being the preserve of FIRS in respect of VAT, wrestling it back from States…Does this set a dangerous precedent in FGNs delicate efforts to secure income from Social Media Moguls?

If FGN establish the jurisdiction of E Commerce trade as being ‘extra state’…

What is to stop the social media moguls to cite the case, and use the same argument to establish that their operations are indeed, ‘extra-sovereign’ ?

For now, at least, multiple final outcomes are unclear.

We might say, its a bit up in the clouds!

Nigerian Activists and Their Mental Health Status

By

Mutiu Iyanda

-

September 17, 2021

0

Like other countries in the world where socioeconomic and political injustices are on the rise every day, people who believe in fighting for themselves and others are also on the increase every day. The global and national markets of activism as huge as the number of various socioeconomic and political problems, including the needs of people and communities.

In schools, communities, workplaces among other places, there are a number of people who are fighting for one cause or the other. In schools, students usually have political activism as a means of getting what they wanted from the authorities. We have seen how students fought school authorities due to the inability to get certificates due to protests and other activities related to activism they involved in. Students also engage in social activism to advance social development on campuses. These activism categories also exist outside the school environment.

However, winning the cause is not an every day thing. There are situations where socioeconomic and political activists did not win. In such situations, many things crept in. In our conversation with mental healthcare professionals and advocates, many activists usually have one form of mental illness or the other without knowing.

Since political and social activists experience violence, interpersonal conflicts, use of social media frequently and having lower resilience and social support, it is advisable that they check their mental health status. According to the mental health specialists and advocates who spoke with our analyst, activists in most cases have bipolar disorder, a mental health condition where a person’s mood swings from high and overactive to low and dull, without knowing.

As noted earlier, this condition occurs in times of sadness. For instance, when it is difficult to erase the unbearable sadness of not winning certain causes, many activists develop bipolar disorder. The symptoms aggravate when activists engage with the opposing parties on social media or people react to them angrily, our analysis of recent posts of some activists and people’s reactions reveals.

EndSARS, a recent protest is a typical example of cause, that could trigger bipolar disorder among the campaigners and activists. When the Lekki Killing incident was reported, some people reacted angrily on social media, blaming the participants. The trends of the counter and alternative narratives about the incident led to a spike in public interest in the protest and bipolar disorder between October 21 and October 31, 2020. This suggests a possible public interest in understanding the mental illness along with the personalities of the protest participants, most importantly the involved activists.

How You Can Become A Millionaire In Crypto