It is not news that many blockchain and crypto experts became aware of Bitcoin through various online investment programs. The experience of popular Nigerian crypto expert Samuel Joseph is one that is worth mentioning. Via a recent interview with eBlockbuzz, Samuel revealed how viral MMM ponzi led him to crypto and blockchain evangelism;
eBlockbuzz: We are aware that you got to know about Bitcoin through MMM. To what extent did MMM redirected your consciousness to Bitcoin:
Samuel: after MMM crashed, i was curious to find out what was special about bitcoin that MMM was willing to pay 50% for, instead of 30%. This unanswered question made me start researching and reading about Bitcoin, my research showed me the technology behind bitcoin was/is blockchain, so o decided to start reading about blockchain technology. During my course of study, i noticed the use case of blockchain was basically for 2 things:
1. Transfer of monetary value without 3rd party (banks) and without and with extremely huge speed and low or zero cost.
2. Transfer of data (names of election voters, names of cars, names of land property) without 3rd party.
eBlockbuzz: is Bitcoin a Ponzi or MMM?:
Samuel: Bitcoin is not a ponzi for 2 reasons:
1. MMM is gone and we still have cryptocurrency (Bitcoin) .
2. Big tech companies like Facebook, amazon and Interswitch are already using cryptocurrency and/or blockchain technology, even the Chinese government are working on their own digital currency.
eBlockbuzz: What is your advise to people still involving themselves in ponzi schemes.
Ponzi comes in different forms, so it’s quite hard to say “don’t invest in ponzi”, however ponzi have similar things in common:
1. Constant fixed reward, example 20% or 30% monthly.
2. Little or no work input required
3. Constant need to refer new people.
Any business opportunity that has all of these properties is likely to be ponzi. So make sure to do enough research about the business opportunity.
eBlockbuzz: How were you able to cater for your needs so far without parental support:
Well, i had a barber shop, i had a shirt and boxers business, a projector renting business and a personal tutorial class i was handling.
eBlockbuzz: Should Bitcoin investment be a full time hustle or side hustle?
Samuel: Bitcoin investment could be a full time hustle or part time hustle, depending on the services you’re offering. If you offer what people needs everyday, then you’ll make money every and it will become full time.
eBlockbuzz: If you are gifted N1m right now, and you are required to invest all sum on 5 cryptocurrencies, which will you purchase and how much will you invest on each?
Samuel: My Top 5 crypto pick would be:
3. Eos (and some of its forks)
But if i get 1 million naira, i won’t buy any of the above, I’d rather build a crypto service / solution (i have tons of ideas) for the African space. This way it will be easier to get the top 5 above faster.