South Africa, CEO, Nigeria discussed on African Tech Roundup


Gonna being you're you're sort of top leads in south africa looking really interesting to you set out to me five so first thing is a about myself i'm not really a being countered type ceo i'm not good with numbers and spreadsheets and all that guy that just like dude customer support all day talking to people like i'll be a guy getting customers sport i talked to people in one guy from nigeria hits me up as a gallon of by and i phone acts like okay ever faced for bitcoin is again but i wanna i phone but i can't buy with my visa card because you said the limited averages nigerians to one hundred dollars a month taking spent online with their visa mastercard you got the limit moved to a thousand but he's still wasn't enough to buy and i phone next so i figured out a way for him to actually using ali pay account sellers bitcoin some dion china you center mahogany eleven hundred dollars with valley pay day buckeye phone apps from the express right so i like solving problems that's kind of guy on these numbers don't really mean too much to me because they really don't mean much at all because just getting started peer to peer finace right what this ashley is it's about a lot more than just buying and selling bitcoin it's a framer there were giving people do anything they want with their money like are slogans your money your way no borders no school safety right so the numbers don't really mean too much to me it's all about the people like look at nigeria right so i went to nigeria it's an amazing place that some of the most entrepreneurial source of people i think i've ever met in my life nigerians are mazing right they will find a way to do something right and there's a huge unemployment problem over there right you there's so many young people there so much unemployment and that's something we see all throughout africa so basically i spent a good portion of my time as a ceo doing business development in customer support online talking to people from nigeria talking to students figure out all the limitations of obstacles there and i see like sitting down showing people how to trade bitcoin investing in them and i didn't think anything of it then i look back in like three months later this market has exploded right the nigerian people just took that little little league don't like three months of my time they just ran with it and discredit something amazing and i'm looking around like while they go after his amazing like they're capable of doing this why did this happen before it didn't happen before because they do not have an open and say financial system when you look at africa it's really a miracle that africans on extinct considering how closed in and how a oppressive the financial system is over here in new york city right now is in a cab and this one cabdriver from senegal he's like she had a phd this guy he started telling me that senegal ivory coast unify malley alley and a think one other country they're all boarding each other they all have the frank these the frank reich and they don't even print the frank in those countries they have it printed them in paris they charge a fee they send it over there and even limit the amount of frank acsi by each year and they to even make matters worse you choose a different version of the frankly we can't even trade amongst each other think about that the level of balkanization and financial press and the africans have had to deal with the past four hundred years here's now we actually have a way to give people a way out lincoln actually reach out and actors every single financial network in the world that is the greatest opportunity the twentyfirst century and africa's poised to be on any other like emerging market economy take full full advantage of that so i'll bites i'll bites i i buy into what you're saying here and let's assume for a second that you know and there's a massive sort of generalization to make given what i know the realities on the ground in most in many african countries 'em assume you know the central bank governor in country x on the continent is ridi rini rini concerned to solve the issues that you just outlined really articulating please give that person some guidelines on how to view or treats the growing trend towards the use of crypto in general and of course peer to peer trades as you guys are enabling it right now and by the way shutout to shelve i love good friend of the show he she had some questions with me that he wanted me to ask you and the reason i asked him is because it's thanks to me that he's now a you know the notion of sort of block chain tech and distributed ledger technology and crypto those notions of starting to grow and him and he's a very conservative invest a former bain consultant at cetera so he does not sort of pivot very easily from from certain values he has so shout out to you a refill and that's definitely a question you asked me to ask you which is shift some insight twists twist wellmeaning high integrity individual who's currently running a central bank in any one of the country's you mentioned something else on the continent paps and one of the bigger markets growth markets on the continent how how should i think about crypto and and and distributed ledger technology even more so how should i think about this trend towards peer to peer trade well it's good to be cautious it's good to be skeptical especially in africa skepticism is good it keeps us alive especially in this place that's right the scams so let's get let's zoom out for a minute and a we're the three eliza we're currently age of compliance right so be american s e c u s house finance committee is we've talked all these people right and we've actually come to them first right and they really appreciate that because the only time they ever hear about crypto currencies when someone get scammed price especially the whole i feel bubbly way all these scams came in and that was the first impression of crypto currency and all these regulators all around the world are playing catch up you try to understand what is this how do we regulate this how do we protect people right so africa should not feel left behind everyone else is just getting started now here's an amazing opportunity africa ashley has the potential to leave all these regulators right and you don't have to you know put out some huge over arching regulation right you know how to do that all you have to do is extend the transparency that bitcoin blockchain technologies have created this bitcoin is completely transparent it's totally public it's just anonymous right every single transaction anyone can see on the boxing as long as you know who controls he addressed it becomes completely transparent circulatory system of the world economy right if you think about that that's kind of a central bankers wet dream right this total complete transparency so just extend that transparency out right so this peer to peer find those things happening people are beginning to realize they could trade anything they want using bitcoin is universal clearing later right that pattern returns only gonna grow especially in africa to central banks do what governments do the k let's put out a pure pure license if this guy here wants to sell and trade bitcoins guy universities and get you know building a business out of it cool but i'm like let's gives him a license let him register with the us let him tell everyone pays taxes and let's make it like let's let's legitimize it says regulate this it's worked out beautifully in japan and korea why couldn't work out here in africa africa did that it would leave the space and would bring back the focus on what this is all about which is peer to peer find that so i courage people to a look at peer to peer finest in a positive way and if we really put more focus there it'll move more africans away from the mining scams and speculation the multi level marketing which is still wrecking havoc on people over here so it's all about trends education and transparency so let's talk about an optical that's trending within policy circles around the world not just see on the continent it's an article put out by the mit technology review by mike all cuts 'em it's called once hailed as on heckle blockchain's now getting hacked and the sub hitting is even more disturbing which reads needs more and more security holder appearing in crypto currency and smart contract platforms and some fundamental to the way they were built so this is definitely a an article i recommend everyone breeding ends i have the have simon dingle on the show ten packet because he he takes exception to some of these some of these assertions made in this article i do get the sense that it's hard to argue now that you know again back to the trust thing back to the legitimate reasons why the reserve bank driving a policymaker wellmeaning sort of super integris individual anyway on the well never mind you know including on the african continent might be concerned about how well equipped platforms like your exchanges perhaps there's a growing trend seeing you know to to vulnerabilities emerging in these spaces and of course if they're human beings behind the have to be an i know the fundamentals of the blockchain sound but how do we settled in a world that's starting to to worry that they might be inheritance infrastructural vulnerability t in system with building a new jersey's folks are calling twitter is raise we tweeted by guy named oriole rubini which is a professor in stern school of business and he's and he's a massive bitcoin hater right oh yeah this but we have actually we talked quite a bit you know people were just attacking this guy nonstop in the beginning like hold on a second this is not a dumb guy this is a really really smart guy i know he's hitting hard here but let's stop for a minute and let's look at his perspective as well educated we were honest people everyone's perspective should be interesting especially if people don't know find that so well so he makes a lot of good points actually and he was asked to write about what happened in two thousand seventeen with seo scams excetera why not add the truth is that smart contracts contracts are inherently flawed as security model your bisky putting the programming language into this boxing and wants to give people the ability to write any code they want to write anything can happen and we saw that with the dow aka and if you make cetera so let's assume for a moment at all these new smart contract platforms are risky and they are and that's absolutely true let's assume everything in articles true okay fine we still have basically right we still have this universal blocks in right the doctors clearing later for the people and it doesn't have a turning complete smart contracts language and that's by design dot com.

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