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Cryptocurrency Lolcows

Discussion in 'Cryptoshekels' started by AnOminous, Feb 13, 2016.

  1. African to finance construction of real life Wakanda in Senegal via crypto scheme
    [​IMG]Image copyrightGETTY IMAGES
    Image captionAkon released his debut album, Trouble, in 2004

    Akon has announced plans to build a "real-life Wakanda" in Senegal, built on the back of his almost-eponymous cryptocurrency, Akoin.

    Which - as anyone who has watched Black Panther, and seen Marvel's imagined city, will understand - sounds rather magical.

    The government appears to agree: the 41-year-old told crowds at Cannes Lions on Monday he had been gifted a not insubstantial 2,000 acres of land to start the project off.

    But as far as we know, neither Senegal nor Akon have their own supply of vibranium - the fictional metal which gave Wakanda its wealth and power - and cities don't come cheap.

    Which has left us wondering: what is going on?

    Where exactly is this real-life Wakanda?
    It is unclear. The BBC has tried to contact the government and Akon's representatives to find out more about the gift - to no avail.

    However, we can try to pinpoint these 2,000 acres - the equivalent of 2,000 football fields - by what Akon's own website tells us: it is within five minutes of the new international airport, and a short drive from the capital, Dakar.

    [​IMG]Image copyrightAKOIN
    Image captionThis drawing appears on Akoin's website, showing what his version of Wakanda might look like
    Which sounds very much like he may be talking about Diamniadio, the new city currently under development. The idea for the new city was first unveiled about three years ago, and is part of President Macky Sall's wider scheme to revitalise Senegal's economy.

    There is another bit of evidence which suggests this and Akon Crypto City are one and the same: the picture of his new Wakanda includes some of the same buildings which appear on promotional material for Diamniadio Lake City, an exclusive development boasting high-end flats, houses and penthouses.

    If this is Wakanda, it seems Wakanda is not cheap.

    But how much will it cost?
    The short answer: a lot.

    Diamniadio Lake City is costing about $2bn to construct, according to an article by FDI Intelligence.

    Now Akon, who was born in the US to Senegalese parents, is reported to be worth a not insubstantial $80m (£60.3m), but even that falls a little short of the total bill.

    [​IMG]Image copyrightSEMER INVESTMENT
    Image captionThis is a picture of Diamniadio Lake City - which looks very much like the same place, albeit from a slightly different angle
    However, on paper, this city-within-a-city does not appear to have anything to do with Akon. Instead, Diamniadio Lake City is being built by the Semer Group, which has offices in Dubai and Senegal.

    Semer Group refused to comment on any relationship with the singer when contacted by the BBC - and of course, Akon may be talking about somewhere else entirely.

    What about this cryptocurrency?
    Akoin - the musician's cryptocurrency - will be at the centre of the city's "transactional life", according to the Akoin website.

    But more than that, it will be "established as stable currency alternative throughout Africa".

    "It brings the power back to the people and brings the security back into the currency system," Akon explained at Cannes Lions on Monday.

    "It also allows the people to utilise it in ways where they can advance themselves and not allow government to do those things that are keeping them down."

    However, when it comes to the details, he admitted he left "the geeks" to figure it out.

    To the uninitiated, it sounds like a big ask, leaving some, like Michael Kimani, the chairman of the Blockchain Association of Kenya, sceptical - even if he understands Akon's desire to move Africa away from its dependence on Western currencies.

    "I think it is pie-in-the-sky," he told the BBC.

    [​IMG]Image copyrightAKOIN
    Image captionAKoin's offical website details the plans for the new currency
    Especially, he adds, across the continent: such a currency would need stability across Africa, as well as a large take-up, in order to work.

    "I have seen the need for cryptocurrencies, but within the context of small communities," he explains. "If there is a small business community somewhere, they could really benefit from having their own currency."

    And that doesn't take into account that Akoin appears to rely on a smartphone in order to work.

    Is Senegal ready for an app-based economy?
    The average wage in Senegal at the end of the last financial year was 96,206 CFA ($170; £128.50), according to APA News.

    With Orange, one of Senegal's largest mobile phone providers, 2.5GB of data over the course of a month will set you back 5,000 CFA ($9; £7) - which is about 5% over the average income.

    But even if they can afford it, how much of the population can actually download the app?

    [​IMG]Image copyrightAKOIN
    Because, while almost everyone in Senegal has a mobile phone, the latest statistics by the US-based Pew Research Centre suggest just 34% of the population have a smartphone.

    So, at the moment, it doesn't seem likely that the entire country will be on a cryptocurrency run through an app anytime soon.

    But what do the Senegalese think about it all?
    Not much, according to the BBC's Alex Duval Smith in Dakar.

    The announcement has not been widely picked up in Senegal, she says, and the president's spokesman did not respond to a request for comment.

    What's more, amid World Cup fever, social media statistics show only a few dozen uses of #Akoin.
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    millais The Yellow Rose of Victoria, Texas

  2. OH NO NO NO
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  3. The reason there are fewer women in Crypto is proportionately fewer women suffer from the crippling autism required to be interested in Crypto, mystery solved
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    MarineTrainedTard You have a tenuous grasp of the English language

  4. Attached Files:

    #304 CrunkLord420, Aug 26, 2018
    Last edited: Aug 27, 2018
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  5. Wat?

    Correct me if I'm wrong, but crypto currency is essentially a digitized gold standard, and it too comes with greedy assholes, centralized institutions (generally online, but most crypto currency wind up being regulated by SOME semi-formal body in my experience), and I've seen both moonbats and wingnuts flock to crypto currency for their own reasons.

    Besides most right wing ideologies tend to TRUST formalized institutions and are economic conservatives, which runs counter to libertarianism.
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    Verified True & Honest Fan

  6. You see this type of sentiment a lot from pseudo-commie SJW-types who believe libertarianism (and capitalism in general) is fascist. It's crazy to see an actual NYU professor say this type of shit, though.

    He's not just some random professor either, this is the guy who is going in front US Senate Banking Committee to argue against cryptocurrencies on a regular basis. Here's him from 2 days ago. [Timestamp: 6:29]
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  7. I was with him until the end... Distrust of corporations and especially centralized governments is, like, the opposite of fascism. I don't think the Nazis or the Italian Fascists supported lessening the power of the government.

    Like, everything was fine until "Fascism at its core!" and then it's like, uh.... what?
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    MarineTrainedTard You have a tenuous grasp of the English language

  8. Something something late stage capitalism. Something something capitalism is gonna collapse this time for sure. Honestly you could use the "This time Nintendo is finished for sure" shitpost in this context and it would work.
    • Like Like x 1
    #309 Pop-Tart, Oct 14, 2018
    Last edited: Oct 14, 2018

    Pop-Tart Owing da X-tards one post at a time.
    True & Honest Fan

  9. This motherfucker has been showing up in my Twitter real recently.

    I'm pretty convinced something triggered him into a full psychotic break. He kinda hopped up out of the bushes and has been talking intense shit about crypto for several days now.
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  10. Ms. Cegination

    Ms. Cegination AKA Jean Poole

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    #314 CrunkLord420, Nov 8, 2018
    Last edited: Nov 8, 2018
  11. Jihan Wu gets removed from his director position at Bitmain, is now a "supervisor" ahead of their IPO. Bitmain is cleaning house after Jihan got memed by lolcows like Roger Ver and Craig Wright and lost the company tons of money. https://bitcoinist.com/bitmain-jihan-wu-no-influence/ (https://archive.fo/i9piu)
    https://twitter.com/JihanWu/status/1060740771723137024 (https://archive.fo/LIHZ6)
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    #315 CrunkLord420, Nov 13, 2018 at 8:03 AM
    Last edited: Nov 13, 2018 at 8:19 AM
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