Last week, was a busy, random week. Not only for me-as I struggle to create posts and curate using my laptop, eating a lot of expensive data with bad network- but also for other’s. As such, companies and individuals all have some stories to tell, some good and others bad.
The #inleo #marchinleo prompt given by @leo.tasks for today urges me to talk about news, both local and crypto.
As such, this post would be a summary of the breaking news of last week, and early this week, recounted to the best of my ability. Since some of the news I’ll be sharing on here would be news affecting me in my geo-political region, there is the possibility that these last week and weekend headliners would be new for some of you folks not constantly following or contributing to the #newsonleo tag on threads.
There’s still the possibility that someone from the same geo=political zone as I just shared or is about to share these headliners and thus, either of us have already broken the then broken news..
Ahhh, the competition of journalism : )
LOCAL NEWS
- MTN Network Breakdown.
Mobile Telephone Network (MTN) is Nigeria’s biggest network provider. Originating from South Africa, with its head office in Johannesburg, it eats amongst the top brass of network providers in the world and sits at the pinnacle in Africa.
Regardless, last week on the 13th of March, MTN experienced major connectivity outage in Nigeria. This outage, lasted till late 16th and although the network is back, its not as reliable and/or stable as it was prior the outage.
On the 14h of March, MTN released a statement. Placing blame on an undersea cable who got damaged. The outage really got subscribers outraged (including me) as the telecommunications company over a million subscribers had faith in was down and their daily lives centred on using network services were halted.
In no time, Nigerians went to social media, primarily X to voice their complaints, leading to quite hilarious memes and jokes : )
Goes to show that no matter how serious a situation is, Nigerians would still laugh about it.
For more information about this, read here.
- Dollar’s 1500-1620 Limbo, Binance Departure from Nigeria and Orders to Snitch on its Former Users.
The rise and fall of United States Dollar (USD) in respect to Nigerian Naira (NGN) is now a topic in which everyone is interested in.
More and more, the citizens of my beloved green and white country turn to trading and other crypto related activities in order to escape or at least stay above the crippling weight of the falling economy. Earning in dollar was good work, and with its rates constantly going up, traders found themselves getting happier and fatter by the day.
“Those not earning in Dollars aren’t earning at all.”- a quote, although paraphrased, said by my mentor @bhoa, and at such it’s this certain money hunt that led me to #hive.
Earlier in the month of February, the Federal Government of Nigeria made a bold move of chasing away Binance in order to stop trading of dollars and bring back some dignity to the Nigerian currency. This move, as expected angered a massive population of Nigerians, one arguing that “they weren’t stopping trading, just adding a massive discomfort to the already hard life of being a Nigerian.”
The disapproval from the masses didn’t stop the government though and Binance was effectively shut down with the currency NGN removed from all trading pools.
This move indeed felled the rate of dollar, which was at a height of “1800-1900₦ for 1$” and now its flying at a slightly higher rate of ‘1500-1600 ₦ for 1$’.
Nigerians, didn’t allow the removal of the number 1 trading platform anger them for long and in a move that’s almost like a child trying to find a way around the rules its parents set, went about using VPN and/or trading in other smaller platforms who were still active in the country.
The news about Binance doesn’t end there though. In recent times, the Federal Government, brought out a new reason as to why Binance was ousted from the country as they have concluded that it was one of the main means of terrorist and fraudulent activities in the country.
A Federal High Court in Abuja directed the operators of Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data and information of all personnel’s who are (in actuality “where”) trading on the platform.
@bhoa,@kenechukwu97 dem they watch your moves
The order was given on February 29th and till date it is unknown if Binance has complied.
- For more information… Read here
CRYPTO NEWS
- Bitcoin Halving?
In the world of Crypto news this year Bitcoin has been or played a part of the headline. Its ETF protocol signing, the short sell after that then the massive buy after the sell.
Now, next in line is the Halving .
For those crypto illiterates… (No shame in admitting it, I’m still an illiterate
Bitcoin Halving is simple the reducing of the block rewards of the coin by 50%. The bitcoin protocol was structured to undergo 32 halving incidents in total and its meant to happen with a span of four years between each other. The third and latest halving incident occurred in May 2020.
“The expectations is that halving would increase the price because users expect supply to be constrained.” – Douglas Boneparth.
Due to the block rewards being halved again, Block traders have upped their games, trying desperately to save for winter and a whopping 93.6% percent of Bitcoin has been mined, leaving a bare 1.34 Million Bitcoins left for us poor folks..
Following the Bitcoin Block rewards history, we can see a drastic reduction scheme. The initial block reward being 50 BTC per block, in which earners could earn from 2009 – 2012. By April 22, 2010, a quarter of Bitcoins Maximum 21 million supply had been mined, by Dec 2011, miners had claimed half of the supply.
The three quarters mark was met by 2015 and by 2021 ninety percent had been released into the circulation.
This leaves one to wonder how much more can this giant of a coin take?
With only 1.34 million left to be mined, we’re looking at a literal market dash, for the most profit.
Of course, the wallets who hold a considerable percentage of the 93.6% percent of mined bitcoin belong to companies, countries, exchange trade products and funds also some defi and smart contracts.
These holdings are still partially owned by customers using the exchanges and their services. Then there are still Zombie Bitcoins which are bitcoins that haven’t been moved from their wallets for an extended time, hinting at lost coins yet can’t be definitely declared as such.
The halving event in 2028 would reduce the mining rewards even more to 1,5625 BTC and studies show that by 2035, ninety-nine percent of bitcoin would be successively mined.
By the seventh halving, well, there just might not be enough bitcoin to go around. The underlying scarcity is clear, if your birthday is coming up 2 BTC would be a nice gift, cause as the price is now sitting at $67,797.30 USD, 0.81% down we can expect it to at least blow pasy the 75k mark after the halving.
P.S: My birthday is April 15th
For More Info, read here
- The Future Of Leo.. WLeo & CACAO token Pair.
Now for a bit of news that’s a bit closer to home here on #hive.
The Leo token is being listed on a new decentralized exchange protocol.
An enthusiastic interviewed client, gave me the full breakdown of what the lion has been doing on its prowls and the way its recent movements would affect the rest of the pride.
In short, the WLEO (which stands for wrapped LEO) token is going to have a liquidity pair with the Maya protocol’s CACAO token. The pair, WLEO-CACAO would enable swapping of different assets like BTC, ETH, KUJI and DASH to be swapped for WLEO.
The WLEO can be unwrapped to the native LEO token we all know and love at any time.
The power this would bring to #inleo community and #hive community as a whole cannot be overstated.
This might just be the breakthrough we need, as one curious trader may just see this pair, do a little research and come into our now blossoming coin.
Regardless, for more information about this and the MAYA Protocol, including the wallet’s and how to use them, read this interesting article by @l337m45732.
- Header Image Gotten from here and edited using Canva
- All unsourced Gifs is gotten from Tenor
My Instagram page.
Posted Using InLeo Alpha
Wow!!! You did a great job in putting this together!
Thanks😂😂
The inspiration was just flowing...
https://inleo.io/threads/seki1/re-leothreads-29tw1b4x9
The rewards earned on this comment will go directly to the people ( seki1 ) sharing the post on LeoThreads,LikeTu,dBuzz.
You really know a lot about currencies and exchanges. I guess it's a survival mechanism, but really, I'm impressed :)
Know a lot?
Not really 😂😂😂
To be honest, I'm still just a novice😂😂😂
Plus like you said I'm not learning because I want to, just because the world is veering towards that niche and well, I need to at least understand it to be able to live comfortably.
If I had a choice, I wish I could just watch anime and read books till I'm 80😭
I just knew that MTN network thingy would be the first one your list 😂😂. Gosh, if frustration was a person at that time, it'd be me.
Btw, for the first time😏, I love your report. You should come work in my media house.😂
Seems like stress😂😂