Most Nigerians always think that we do not have many things other nationals could be jealous of. In the sea of our corruption, perpetual darkness and Boko Haram, we should be off the minds of many. Yet, despite these challenges, the world continues to care.
The world comes for the oil and they ship them out. They open bank accounts for our politicians in Switzerland and they steal our money.
Now, our national currency symbol is under attack by hedge funds in Wall Street. We like the Naira – not because of the absolute value which is deteriorating but because it is part of the things that define us as Nigerians. Everyone grows knowing the Naira and we treasure it.
The Naira sounds great and the symbol, ?, is also supremely appealing.
Now, someone is adopting it in the name of making money in Wall Street. It is not clear why he could not make a unique symbol instead of cloning a national currency symbol.
Twenty nine year old South African, named Richard Craib, with funding from the likes of Union Square Ventures, is launching its own cryptocurrency, the Numeraire.
It is the first virtual currency issued by a hedge fund and one of the first released by a company (rather than a group of developers or a non-profit). Numerai is ensembling machine intelligence from thousands of data scientists around the world to achieve breakthroughs in stock market prediction accuracy
According to Forbes, the company plans to redesign finance and the hedge fund business with the wisdom of the crowd.
Data scientists entering Numerai’s tournament currently receive, weekly, an encrypted data set that is an abstract representation of stock market information that preserves its structure without revealing details. The scientists then create machine-learning algorithms to find patterns in that data, and they test their models by uploading their predictions to the website, which so far has received about 40 billion predictions. The models get ranked, with the top 100 earning bitcoin.
The interesting thing is that he chose to use the Naira symbol for the denomination of this digital currency. This is the letterboard of the company with the symbol clearly that of the Naira.
We wish him good luck but will hope he makes another symbol and leave the Naira alone. Naira is already under intense pressure from our government, central Bank and corrupt politicians; it needs a break!!! ::)
/photo credit: Numeraire