Following reports that merchants and holders of the “Zugacoin” cryptocurrency are unable to make withdrawals, Nigerian crypto founder Sam Zuga responded by accusing unnamed ” responded by accusing “ignorant people. One Nigerian expert advised potential Zuga Coin investors to prioritize learning the finer details about the project before investing.
Financial System for the Future
As promoters of zugacoin, a Nigerian cryptocurrency created to end poverty in Africa, continue to promote the token as a legitimate digital currency, social media has seen an reports of coin holders are increasing. These reports have sparked suspicions that the project is yet another scam cleverly disguised as a complex cryptocurrency project.
Complaints and allegations against the project have in turn prompted Archbishop Sam Zuga, founder of Zugacoin, to publish a series of Facebook posts accusing “ignorant people” of peddling misinformation about the project. In one of his latest posts, Zuga said that he is not engaged in cryptocurrency trading and is instead “building a digital financial system to correct the future of finance.” He added that his crypto, which “automatically gives you a 200% profit on any amount you transfer to it,” is “just being used as a driver for the system into that future.”
In a lengthy post on August 25, 2022, the founder denied allegations of manipulation within the Zugacoin ecosystem. Zuga’s post also explains how the ecosystem works and why some holders may be having problems with withdrawals. He states.
“The only challenge is lack of user knowledge. If fewer people are withdrawing than are depositing, anyone can conveniently withdraw. If what goes out is more than what comes in, no system can survive.
There is nothing wrong with the “samzuga” ecosystem anywhere. The only problem is your ignorance of how the system is designed to work. Merchants can transfer money from the merchant area of the merchant app to the merchant wallet, and from there they can conveniently transfer money to P2P.”
Zuga similarly attacked an unnamed individual in an earlier Facebook post, accusing him of muddying a “noble project” with his ignorance.
Experts question the project’s lack of transparency.
However, despite Zuga’s ardent defense of the crypto project, leading figures in the Nigerian blockchain industry told Bitcoin.com News that they remain unconvinced. They point to the project’s lack of transparency and its apparent exploitation of Nigerians’ affinity for religion and religious leaders as red flags.
One of the players, Ophi Rume, aka “Cryptopreacher,” told Bitcoin. com News. Lume, a blockchain analyst and educator, noted that scammers often take advantage of people’s desperation and ignorance, and that ordinary Nigerians should only consider investing in the project after doing basic due diligence. He pointed out that.
Nigerians can read and learn a lot about this project by searching Google for the words “Is Zugacoin a scam or Ponzi scheme? Nigerians also need to know the people involved in this project before they invest. They need to know the board of directors, the developers, and if the project is on Github.
According to Lume, if a prospective investor learns or realizes such details about the project, they will probably abandon their investment and thus keep their meager savings.
Meanwhile, another expert, who wishes to remain anonymous, lamented that scammers are increasingly using religious titles when pitching their projects to unsuspecting victims. According to this expert, when religious leaders are named in dubious cryptocurrency projects, people will refrain from criticizing them. The expert explained.
As for big and questionable projects like “Zuga,” it turns out that no one wants to be seen as a prophet of doom or an enemy of progress. Besides, the founder was a Christian leader with a sizable following who used his influence to project Zuga outwardly, remember Inksnation.”
Nigerians can read and learn a lot about this project by searching Google for the words “Is Zugacoin a scam or Ponzi scheme? Nigerians also need to know the people involved in this project before they invest. They need to know the board of directors, the developers, and if the project is on Github.
For Paul Eze-Ahlukwe, former president of the Society for Blockchain Technology Association of Nigeria (SIBAN) and team leader of Bitjet Africa, Zugacoin is the most volatile cryptocurrency, one that has failed to fully deliver on its promises. Among the promises were claims that the cryptocurrency would not only end poverty, but also help reduce Nigeria’s debt. Nigeria will reduce its debt
“Another promise, like the moonlit evening talk, is the ability to pay Nigeria’s national debt worth $97 billion and help liquidate Africa’s debt. From their position, it is clear that they do not understand how cryptocurrencies work. I believe the promoters have sold the lie that the ability to mint tokens translates immediately into monetary value without building an ecosystem to support the utility of the tokens,” the former Sivan leader explained.
Ezeafulukwe said it is unfortunate that some poor and gullible people invested in Zugacoin based on these promises. For investors still thinking of buying Zugacoin, Ezeafulukwe said they should “look at these two promises (poverty eradication and debt repayment in Nigeria) and do a quick survey to find out if these things are possible for one individual.”
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