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Comment by africanboy | Hacker News Reader

> economy based on math and pre-defined rules, not the whims of corrupt politicians

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.

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I am assuming this new coin will be made with the technology and of another successful coin, be it ethereum, cardano, polkadot, stellar, or even XRP. And I'm also hoping the code is fully audited before launching. Smart contracts seem like a must in that upcoming city.

Same reasons why a startup is better than a publicly-owned company

are you saying that startups are the equivalent of SoDoSoPa or that NASA didn't work?

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.

nasa is not a company. I dont see something wrong with startup cities. They are not for everyone nor advertised as such

> I dont see something wrong with startup cities. They are not for everyone nor advertised as such.

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.

Dubai is the opposite example of this as it does not allow migrants to settle in or (until recently) own land. Presumably startups cities want to jumpstart their economy, not to subsidize it with oil money. But still, UAE spends its money better than other oil-making countries in the region.

Plus, foreign aid did not exactly work well in africa; maybe it is better to teach people how to fish this time

Foreign aid worked and the stability of Senegal it's proof of that.

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.

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