I know this goes agains the general sentiment of HN readers, who seem to dislike cryptocurrencies.
And when you see someone creating a new coin without creating new innovative technology around it, it makes you feel they just want to capitalize for their own profit.
So in cases like this I think the devil is in the details. It's possible Akoin is pushed as a fair decentralized, efficient currency that isn't designed to make Akon richer, but it might also turn into a hot mess used to make Akon richer and providing no real advantage to people using it.
To me, at least, it's that blockchains are being shoehorned into use cases that are better suited by other technology. In many cases, the blockchain solution is a worse choice technologically and economically.
For example, Bitcoin is a poor substitute for electronic payment networks because the network can only handle a few dozen transactions per second.
It's also a poor choice economically, because the transaction fees are more than $25 right now. I've seen posts claiming that Bitcoin would be a great choice for people in 3rd world countries, but they don't acknowledge that the fees alone would cost many multiples of whatever goods they're using BTC to buy.
I don’t know how this will play out, but his best, IMHO, song is aptly titled “Locked Up”.
But then they do invest heavily in a company managed by a single person
You realise that "a country's jurisdiction" is defined by the very same "corrupt politicians" that you rally against, do you?
Besides, let me quote you to you. Emphasis mine:
"""
Being under a country's jurisdiction also seems to give the project legal accountability. I really wish this project success, and hope everything they do is audited properly to prevent corruption.
"""
Oh, look, cryptocurrencies are running into a real worl now. The project needs those "corrupt politicians, judges, lawyers, economists etc." to provide it with jurisdiction, legal accountability and auditing.
Notice how you still need:
- jurisdiction (provided by "corrupt people")
- legal accountability (your words, not mine. Laws are provided by the very same "corrupt people")
- auditing (the laws and processes of an audit are also written by the very same "corrupt people")
A government that has the power to destroy everything also has the power to create everything.
Just like church and state haven been separated in most civilized places, there is absolutely no reason to allow governments to manage or control the means to exchange value between economic entities.
If you need proof of that last assertion, all it takes is looking at the history of currency in the last 2000 years, starting with the Romans.
Governments can never resist the appeal of the infinite money faucet.
Every single mistake they make, every single problem they face, can seemingly be fixed short term by opening the faucet a little wider.
Until it all goes to shit, of course.
The story of currency debasement leading to societal collapse is as old as money and has repeated itself countless times over the course of history.
Cryptos take the sharp tool out of the hand of the retarded child.
It's certainly not fixing the fact that the child is retarded, and he can and will certainly find other ways to cut himself, but at least not with that particular tool.
And give it to what? The magical hand-of-the-market? An effect that is more or less akin to turning on a firehose and letting it thrash around wildly. The fire doesn’t get put out, but hey, at least that “retarded child” as you so eloquently put it isn’t involved anymore.
how is a cryptocurrency made by an American singer after his name, to run (quoting) "a residential and commercial hub, complete with resorts, towering condos, recording studios, a stadium, and e-commerce franchises" better than a stable economy made on decades of political and social progress, that benefit every Senegalese citizen?
Wouldn't it be better to finance that progress directly instead of building the SoDoSoPa of Senegal?
genuinely curious.
for example I've read that Akon financed renewable energy plants in Senegal.
That's a great way to help!
Building an entire new residential city founded by a single person in his own name for rich people? not so much IMO.
Well, if you are building one where
The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment and 75% of the population lives in chronic poverty, maybe there is something more urgent that could be done.
Unless you think that UAE and Dubai are a good example of development.
Plus, foreign aid did not exactly work well in africa; maybe it is better to teach people how to fish this time
USA military intervention is what did not work if you ask me.
Also USA support to Riad regime is not exactly for the good of middle east.
Having said that, Senegal learned to fish a long ago, it's politically stable with a stable (growing) economy and a stable currency shared with other countries and tied to euro.
A startup city would still be inside Senegal territory and be subject to Senegal immigration's laws.
Instead of spending 6 billions to build a one man vanity project, use those 6 billions to open a fund that guarantees loans requests by those people that do not have enough bank guarantees to access credit.
That's how you teach people to fish, IMO.