Ex-CEO of Google Africa: Bitcoin a ‘Gift’ That Will Change Humanity

Ex-CEO of Google Africa: Bitcoin a ‘Gift’ That Will Change Humanity

Ex-CEO of Google Africa and WeWork South Africa GM Stafford Masie has argued that Bitcoin will revolutionize global trade

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Computer scientist and general manager of WeWork South Africa, Stafford Masie, has said that Bitcoin (BTC) will change the future of humanity more than any other technological innovation. 

In a keynote delivered at the SingularityU South Africa Summit on Oct. 16, Masie — formerly the CEO of Google Africa — said that Bitcoin’s provision of an exchange of value without intermediaries is the greatest gift mankind has ever gotten technologically.

Revolutionary for global trade

Masie argued that while the crypto wallet is “misunderstood, misused, misrepresented and viewed as complicated,” it will revolutionize global trade. Its main potential, he continued, is not for developed and already highly digitized economies, nor for cash-dominated informal economies, but for what he dubbed “third economies,” in which barter systems still prevail:

“The third economy is an economy where people don’t have access to electronic forms of distributing value or cash […] Think of the people who live two hours outside Shanghai, China’s central coast. They will use Bitcoin to trade and unlock international transactions outside of the existing frameworks in a manner that you and I cannot imagine.”

Masie also took pains to address fundamental misconceptions about Bitcoin, such as its alleged hackability — underscoring that “It’s the exchanges that can be hacked, not the Bitcoin.”

In parallel to his advocacy of decentralization, Masie took stock of the rise of tech corporations — as exemplified by Silicon Valley’s FAANG — as a watershed for global markets:

“When combined, Apple, Amazon, Alphabet, Facebook and Microsoft’s net asset value represents the same value as S&P 500 companies combined and this is extraordinary because we have never seen the concentration of wealth like this in history. Combined, these companies have value that equates to the gross domestic product rates of some countries.”

WeWork’s woes

WeWork — which notoriously saw breakneck growth — pulled its planned $47 billion initial public offering (IPO) earlier this year amid a spate of controversies over its business model and corporate governance.

Earlier this week, reports surfaced that the firm was poised to sack 2,000 of its employees imminently — roughly 13% of its workforce.

This September, Cointelegraph published an analysis of the prospects for crypto adoption in South Africa, the second-largest economy on the continent, which some recent surveys suggest has the highest ratio of crypto owners among internet users, at 10.7%, in the world.


Zur Quelle
[/ihc-hide-content]

Ex-CEO of Google Africa and WeWork South Africa GM Stafford Masie has argued that Bitcoin will revolutionize global trade

Bobby Lee: Chinese Always Saw Bitcoin as Investment, Not for Payments

Bobby Lee: Chinese Always Saw Bitcoin as Investment, Not for Payments

Bobby Lee, co-founder and ex-CEO of China’s first crypto exchange BTCC, says the Chinese have always seen Bitcoin as an investment rather than as a payment system

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bobby Lee — co-founder and former CEO of China’s first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system. 

Lee made his remarks during an interview for Charlie Shrem’s Untold Stories podcast on Sept. 18.

Designed for non-geek users

Beyond sharing his reflections on the Chinese cryptocurrency landscape — covering interactions with regulators and observations about local investor tendencies — Lee used the airtime to discuss his latest crypto venture, a hardware wallet dubbed Ballet:

“Ballet is the culmination of my experience […] I led the [BTCC] exchange, I led the mining pool, we produced mobile wallets. Under the BTCC brand, we launched the production of physical bitcoins. As part of the Ballet project, we are developing an innovative solution that, we hope, will be the simplest and most convenient in the world – the most reliable hardware wallet.”

The impetus to create a simple and robust hardware storage solution, Lee said, was spurred by the consideration that average “non-geek” users such as himself are not terribly fluent in digital security. He noted:

“They don’t know how to correctly set a strong password […] they don’t know what two-factor authentication is, how to work with firmware, security updates, etc. They hardly understand how to log in, not to mention 2SA and SMS verification.”

Mass adoption of crypto, he thus argued, relies on simplifying the steps required for average users —  „from a nine-year-old child to a 99-year-old grandmother.“

The hardware wallet landscape

As reported earlier this month, Ballet is a credit card-sized device offering cold storage of Bitcoin (BTC) and fourteen altcoins, including Ether (ETH), XRP and Litecoin (LTC). Another eighteen are expected to be added in the future, according to the project’s website. 

The existing hardware wallet landscape is dominated by firms such as Trezor, Ledger and KeepKey

While a broad consensus exists that hardware storage offers more security than online hot wallets, vulnerability allegations have occasionally been raised regarding several popular consumer devices, sparking independent developers to devise third-party security measures for the products.


Zur Quelle
[/ihc-hide-content]

Bobby Lee, co-founder and ex-CEO of China’s first crypto exchange BTCC, says the Chinese have always seen Bitcoin as an investment rather than as a payment system

Ex-CEO of BTC-e Exchange’s Spin-Off WEX Is Arrested in Italy

Ex-CEO of BTC-e Exchange’s Spin-Off WEX Is Arrested in Italy

Former CEO of now-defunct crypto exchange WEX, a spin-off of controversial BTC-e exchange, was arrested in Italy

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Former CEO of now-defunct crypto exchange WEX, a spin-off of controversial BTC-e exchange, was arrested in Italy.

No official statement to date

Dmitri Vasilyev, who reopened BTC-e exchange as WEX.nz in September 2017, was detained by Italian prosecutors. While no official statement has been disclosed to date, BBC Russia reported the arrest on July 19. In the report, the publication cited an unnamed friend of Vasilev and two anonymous WEX investors. The reason for detention remains unclear.

In April 2019, Vasilyev became the subject of a criminal investigation by the police department in Kazakh city Almaty, as the alleged suspect was charged with defrauding a local investor in the amount of $20,000 through WEX exchange, as crypto media outlet Forklog reported. According to the report, the 32-year-old suspect was announced wanted under an international arrest warrant in the territory of the Commonwealth of Independent States.

WEX, a spin-off of troubled BTC-e, quickly fell under suspicion

Defunct BTC-e, WEX’s parent exchange, still remains subject to a $4 billion fraud investigation by Greece and the United States, with the alleged founder Alexander Vinnik currently in the custody of Greek police, BBC noted. 

Following Vinnik’s arrest in 2017, Vasilyev relaunched the exchange under name of WEX that soon was reported as exhibiting suspicious tendencies including overpricing Bitcoin (BTC) compared to global norms. Eventually, WEX halted withdrawals in July 2018, which led to claims from users that the platform was a scam.

In late 2018, WEX’s fellow exchange and major global crypto trading platform Binance froze funds sent from wallets associated with WEX after users claimed that the exchange was involved in money laundering.

Meanwhile, Russian authorities continue to fight for Vinnik’s extradition to Russia, with Russia’s Commissioner for Human Rights having recently asked the United Nations High Commissioner for Human Rights to help extradite the alleged criminal.


Zur Quelle
[/ihc-hide-content]

Former CEO of now-defunct crypto exchange WEX, a spin-off of controversial BTC-e exchange, was arrested in Italy