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Elon Musk calls Fiat Currencies a Scam; Metaverse Photorealistic Avatars

By
Paul Ugbede Godwin
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0

Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, has recently made a controversial statement on X, formerly known as Twitter, calling fiat currencies a scam. He wrote: “Fiat currencies are a scam. They have no intrinsic value and are manipulated by central banks. Bitcoin and other cryptocurrencies are the future of money. They are decentralized, transparent and scarce.”

This tweet has sparked a lot of reactions from his followers, some of whom agreed with him, while others criticized him for being irresponsible and misleading. Some also pointed out the irony of his statement, given that Tesla accepts fiat currencies as payment for its products and services.

What is the basis of Musk’s claim? Fiat currencies are money that are issued by governments and not backed by any physical commodity, such as gold or silver. They derive their value from the trust and confidence that people have in the issuing authority. Central banks can control the supply and demand of fiat currencies by adjusting interest rates, printing money or buying and selling foreign exchange.

Bitcoin and other cryptocurrencies, on the other hand, are digital assets that are created and exchanged on a peer-to-peer network, without the need for intermediaries or central authorities. They use cryptography to secure transactions and prevent counterfeiting. They also have a limited supply, which makes them deflationary and resistant to inflation.

Fiat currency is a national currency whose value is derived from a country’s promise to back it, not from physical commodities like gold or silver. Fiat money is backed by the general public’s faith in a country’s central bank and the national government issuing it. If a country were to become insolvent, its fiat currency would drastically lose value.

Some of the most popular examples of fiat currencies are the euro, the Japanese yen, the US dollar and the pound sterling. Nearly all national currencies are fiat currencies, although the value of many currencies are linked directly to the export of a nation’s commodities. For example, the Russian ruble and Canadian dollar are both strongly influenced by the price of oil.

Fiat money originated during the Chinese Tang dynasty in the 11th century as pieces of paper, each one being authenticated by government officials. The general principle of fiat money remains the same today. It gets its value from the backing of governments, allowing individuals and businesses to put their faith in it as long as they have faith in their government.

Musk is not the first one to criticize fiat currencies and praise cryptocurrencies. Many proponents of the latter argue that they offer more freedom, privacy and security than the former. They also claim that cryptocurrencies are more efficient, transparent and fair than fiat currencies, which are prone to corruption, manipulation and devaluation.

However, there are also many challenges and risks associated with cryptocurrencies. They are highly volatile, unpredictable and speculative, which makes them unsuitable for everyday transactions and long-term savings. They also face regulatory uncertainty, legal disputes and cyberattacks, which can undermine their credibility and stability. Moreover, they have environmental and social impacts, such as high energy consumption, carbon emissions and illicit activities.

Therefore, it is not clear whether cryptocurrencies are indeed superior to fiat currencies, or whether they can replace them in the near future. Both have their advantages and disadvantages, and both require trust and cooperation from their users and stakeholders. Perhaps the best approach is to adopt a balanced and informed perspective, rather than making sweeping generalizations or judgments.

Metaverse Photorealistic Avatars

The metaverse is a term that describes a shared virtual reality where people can interact with each other and digital content as photorealistic avatars. The concept has been popularized by science fiction novels like Snow Crash and Ready Player One, and by social media platforms like Facebook, which recently rebranded itself as Meta.

The metaverse promises to offer new possibilities for entertainment, education, work, and socializing. Imagine being able to visit exotic locations, attend concerts, play games, learn new skills, and meet new people without leaving your home. Imagine being able to express yourself in any way you want, with full control over your appearance and identity. Imagine being able to collaborate with colleagues and clients across the globe, with immersive tools and realistic simulations.

But how realistic is the metaverse? How close are we to achieving it? And what are the challenges and risks involved?

One of the main challenges is creating photorealistic avatars that can convincingly mimic human appearance and behavior. Current technology can produce realistic 3D models of faces and bodies but animating them in real time is still difficult. Facial expressions, eye movements, gestures, and speech are subtle and complex, and require a lot of computational power and data to simulate. Moreover, capturing and transferring these data from real users to their avatars poses technical and ethical issues, such as privacy, security, and consent.

Another challenge is ensuring interoperability and compatibility among different platforms and devices. The metaverse is envisioned as a seamless and open network of virtual worlds, where users can move freely from one to another without losing their avatars, assets, or identities. However, this requires a common set of standards and protocols that can enable communication and exchange among diverse systems. Currently, there is no such universal framework, and different platforms have their own proprietary formats and features.

A third challenge is addressing the social and psychological implications of living in the metaverse. How will people cope with spending more time in virtual reality than in physical reality? How will they balance their online and offline lives? How will they maintain their sense of self and authenticity? How will they deal with potential addiction, isolation, or alienation? How will they handle conflicts, harassment, or abuse in the metaverse? And how will they respect the rights and responsibilities of other users and creators?

These are some of the questions that need to be answered before the metaverse can become a reality. The metaverse is not just a technological innovation, but a cultural and social phenomenon that will have profound impacts on our society and humanity. It is up to us to shape it in a way that is beneficial, inclusive, and ethical for everyone.

1,500,000 Bitcoin Remaining to be Mined, As Microsoft Explores Bitcoin and Crypto Wallet Option on Xbox

By
Paul Ugbede Godwin
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0

Have you ever wondered how many bitcoins are left to be mined? Well, I have some good news and some bad news for you. The good news is that there are still about 1,500,000 bitcoins remaining to be mined, which means you have plenty of opportunities to get your hands on some of the most valuable digital assets in the world.

The bad news is that it’s getting harder and harder to mine new bitcoins, as the network adjusts the difficulty every 2016 blocks (about every two weeks) to keep the average block time at 10 minutes. This means that the mining reward, which is currently 6.25 bitcoins per block, will keep halving every 210,000 blocks (about every four years) until it reaches zero around the year 2140. That’s right, there will be no more new bitcoins created after that point, and the total supply will be capped at 21 million.

So, what does this mean for you as a bitcoin enthusiast? Well, it depends on your perspective. Some people see the limited supply of bitcoin as a feature, not a bug. They argue that this makes bitcoin a scarce and deflationary asset, which increases its value over time and protects it from inflation and manipulation by central authorities.

Others see the dwindling supply of bitcoin as a problem, not a solution. They worry that this will create a shortage of bitcoin and reduce its liquidity and utility as a medium of exchange. They also fear that this will lead to increased centralization and inequality in the bitcoin network, as only a few large players will be able to afford the high costs of mining and secure the majority of the remaining bitcoins.

Whatever your opinion on this issue, one thing is clear: bitcoin is a revolutionary invention that has changed the way we think about money and value. It has created a global, decentralized, peer-to-peer network that enables anyone to transact with anyone else without intermediaries or censorship.

It has also inspired countless other cryptocurrencies and blockchain projects that aim to improve various aspects of our society and economy. Whether you are a miner, a trader, a hodler, or a developer, you are part of this amazing movement that is reshaping the world. And you still have a chance to get some of the remaining 1,500,000 bitcoins before they are gone forever. So, what are you waiting for? Grab your mining rig, your wallet, or your keyboard, and join the bitcoin revolution today!

Microsoft is building a Bitcoin and crypto wallet into Xbox according to leaked roadmap

If you’re a gamer and a crypto enthusiast, you might be in for a treat. Microsoft is reportedly working on integrating a Bitcoin and crypto wallet into its popular gaming console, XBox. This is according to a leaked roadmap that was shared on Reddit by an anonymous user who claims to have insider information.

The roadmap suggests that Microsoft is planning to launch the wallet feature in the second quarter of 2024, as part of a broader update that will also include cloud gaming, VR support, and social media integration. The wallet will allow XBox users to store, send, and receive Bitcoin and other cryptocurrencies, as well as use them to buy games, subscriptions, and in-game items.

Microsoft has not officially confirmed or denied the leak, but some crypto experts believe it is plausible. They point out that Microsoft has been experimenting with blockchain technology for a while, and that it already offers a Bitcoin payment option on its online store. They also note that integrating a crypto wallet into XBox could give Microsoft an edge over its competitors, such as Sony and Nintendo, who have not shown much interest in crypto so far.

However, some skeptics are questioning the authenticity and the feasibility of the leak. They argue that Microsoft might face regulatory and security challenges in offering a crypto wallet to millions of XBox users across the world. They also wonder how Microsoft will deal with the volatility and scalability issues of Bitcoin and other cryptocurrencies, especially during peak gaming hours.

What do you think? Is Microsoft really building a crypto wallet into XBox, or is this just a hoax? And if it is true, would you use it? Let us know in the comments below.

South Korea’s Regulatory Landscape for Digital Assets

By
Paul Ugbede Godwin
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0

South Korea is one of the most technologically advanced and digitally connected countries in the world, with a strong interest and enthusiasm for emerging technologies such as blockchain and digital assets. The country has a large and active digital asset market, with millions of users and billions of dollars in trading volume. However, the regulatory landscape for digital assets in South Korea is still evolving and facing some challenges.

One of the main issues is the lack of a clear and consistent definition and taxonomy for digital assets. The term “digital asset” is often used interchangeably with “virtual asset” or “cryptocurrency”, but these terms may have different meanings and implications in different contexts and jurisdictions. For example, the Financial Services Commission (FSC), the top financial regulator in South Korea, recently published guidelines on which blockchain-based tokenized assets will be treated and regulated as securities under its capital markets rules.

The FSC said that digital assets that provide a stake in the operation of a business, promise future profits or dividends, or represent ownership or rights in an underlying asset or project will be considered security tokens (STOs) and subject to securities regulations. However, the FSC also said that virtual assets or cryptocurrencies should not be termed “digital assets”, as they are different from tokenized securities.

This distinction may create confusion and uncertainty for digital asset service providers (VASPs) and users, as they may not be sure which category their digital assets fall under and what rules they need to comply with. Moreover, the FSC’s guidelines may not be aligned with global best practices or standards, such as the Financial Action Task Force (FATF)’s recommendations on virtual assets and VASPs, which use a broader definition of virtual assets that includes both payment tokens and security tokens.

Another issue is the balance between innovation and risk management in the digital asset sector. In March 2020, the South Korean Parliament passed an amendment to the Act on the Reporting and Use of Specific Financial Transaction Information, which came into effect a year later, extending licensing requirements to VASPs.

The amendment aims to ensure consumer protection and prevent money laundering and terrorism financing in the digital asset industry. However, the amendment also imposes strict conditions and obligations on VASPs, such as obtaining information security certification, partnering with banks for real-name verification of customers, reporting transactions to the Korea Financial Intelligence Unit (KoFIU), and obtaining approval from local authorities.

These requirements have proven to be difficult and costly for many VASPs to meet, resulting in only five entities obtaining full licenses so far, while over 60 entities have had to cease operations altogether. The amendment has also discouraged some traditional financial institutions from dealing with digital assets, fearing regulatory scrutiny or sanctions.

The FSC has recently declared its support for digital assets amid the crackdowns, saying that it will promote the use of digital currency and safeguard the interest of investors. The FSC also said that it will revise the Digital Asset Basic Act (DABA), which is expected to be in force in 2023 and is poised to be the leading regulation for South Korea’s burgeoning digital asset industry. The DABA aims to provide a clear legal framework and policy direction for digital assets, while fostering innovation and growth in the sector.

The future of digital assets in South Korea depends largely on how the regulators and policymakers will address these issues and establish regulatory clarity and certainty for the industry. South Korea has the potential to be a leader in the region and globally in terms of adoption and regulation of digital assets, but it needs to adopt a clear taxonomy for digital assets aligned with global standards, balance innovation and risk management in the sector, and provide a supportive environment for VASPs and users.

NAFDAC Guidelines For The Registration of Pesticides Made in Nigeria

By
Emmanuel Ifeanyi Ogbuka
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0

The National Agency For Food and Drug Administration and Control (NAFDAC) Guidelines For The Registration Of Pesticides in Nigeria are for the interest of the general public in particular and manufacturers of pesticides made in Nigeria.

This article will be looking at the provisions of these guidelines.

Definitions of Terms

“PESTICIDES” include:

– Herbicides, Insecticides, Rodenticides, Fungicides, Molluscides Nematicides, Repellents, Attractants, Insect growths regulators, Fumigants and Plant growth regulators. These are used in agriculture, public health, horticulture, and food storage.

-While some of the chemicals may be used without great hazard to health, others are so toxic that their use must be strictly controlled to protect humans, animals, and the general environment.

-Some pesticides quickly disappear or are broken down into harmless degradation products (they are environmentally friendly).Others persist after application and may breakdown to form even more poisonous products. Since unsafe levels may appear in foods, such as food crops, milk & meat products, it becomes imperative that the levels of pesticides in these products should be regulated and controlled.

– It is necessary to emphasize that, no Pesticide product shall be manufactured, imported, advertised, offered for sale, distributed or used in Nigeria unless it has been registered in accordance with the provisions of NAFDAC Act CAP N1 (LFN) 2004, other related Legislations and the accompanying Guidelines.

-NAFDAC will not entertain new applications for the registration of imported regulated products on the Federal Government Import Prohibition List and NAFDAC Banned List.

Applications

Step 1 – Documentation

The following documents are uploaded on the NAPAMS portal after successful submission, all original documents will be presented upon request :-

– The application letter and print-out of the registration form are to be accompanied with two (2) sets of the following documents are to be submitted at the Liaison Office of the Director (LOD), R & R Directorate, NAFDAC:

  1. Evidence of Business Incorporation by Corporate affairs Commission (CAC).
  1. Evidence of payment to the Agency.
  1. Contract Manufacturing Agreement (where applicable).
  1. Evidence of Registration of Brand Name with Trademark Registry in the Ministry of Industry, Trade and Investment. This should be done in the name of the owner of the Trademark/Brand name as the case may be (where applicable).
  1. Evidence of satisfactory Inspection issued by the relevant Directorate or Good 

Manufacturing Practice (GMP) certificate for product line (companies with registered products). 

  1. Label or artwork of the product (should conform to Pesticide Labelling Guidelines).
  1. A Comprehensive Certificate of Analysis. The certificate of analysis must be presented on a letter-headed paper of the Quality Control Laboratory where the sample was tested/evaluated and should contain the under listed information:

a). The brand name of the product

b). The batch number of the product

c).The manufacturing and expiry dates

d). The name, designation and signature of the analyst 

e). For more Information on the Inspection of manufacturing facility, applicants should visit the Veterinary Medicine and Allied Products Directorate section of the Agency’s website.

Step 2 – Product Approval Meeting

– Upon satisfactory Documentation review, GMP inspection of the production facility and laboratory analysis of product, products are presented for Approval Meetings. 

– For products labels with compliance issues, compliant artworks may be submitted with a commitment letter from manufacturer stating that the commercial products will be in compliance.

Step 3- Issuance of Certificate

– For products approved at the meeting, an electronic Certificate of Product Registration is issued to the Applicant.

Labelling Information

– Labelling should be informative, accurate and in conformance with the Agency’s Pesticide Registration Regulations or any other relevant Regulations.

Tariff

As directed by NAFDAC.

Notes

It should be noted that :-

– It is the responsibility of the applicant to ensure safe disposal of all expired stock in consultation with the appropriate Government bodies.

– Local field trials under appropriate tropical climatic conditions for adaptability may be required for pesticides with insufficient safety and efficacy data in Nigeria.

– Failure to comply with these requirements may result in the disqualification of the application or lead to a considerable delay in the processing of a registration application.

– A successful application will be issued a Certificate of Registration with a validity period of five (5) years.

Poverty of Hope in Nigeria

By
Paul Ugbede Godwin
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0

Nigeria is a country blessed with abundant natural and human resources, yet it remains one of the poorest and most unequal nations in the world. According to the World Bank, more than 40% of Nigerians live below the national poverty line, and the gap between the rich and the poor is widening. But beyond the material deprivation, there is another form of poverty that afflicts many Nigerians: the poverty of hope.

The poverty of hope is the lack of optimism, confidence and aspiration for a better future. It is the feeling of helplessness, frustration and despair that pervades the lives of millions of Nigerians who face daily challenges such as insecurity, corruption, poor governance, unemployment, poor education, poor health care, environmental degradation and social discrimination. The poverty of hope is the result of decades of failed policies, mismanagement, bad leadership and institutional decay that have eroded the trust and faith of the people in their government and society.

The poverty of hope is a serious threat to the development and stability of Nigeria. It undermines the social cohesion, civic engagement and human capital that are essential for economic growth and social progress. It fuels violence, crime, extremism and migration that destabilize the country and the region. It deprives Nigeria of its potential to become a prosperous and influential nation in Africa and the world.

The poverty of hope can be overcome, but it requires a collective effort from all stakeholders: the government, the private sector, the civil society, the media, the religious leaders, the traditional rulers, the youth and the citizens. It requires a vision of a new Nigeria that is inclusive, democratic, accountable, transparent, efficient, innovative and responsive to the needs and aspirations of its people.

It requires a commitment to implement policies and programs that address the root causes of poverty and inequality, and that promote human development, social justice and environmental sustainability. It requires a culture of dialogue, tolerance, solidarity and peace that respects diversity and fosters unity. The poverty of hope is not inevitable. It can be changed. It must be changed. Nigeria deserves better. Nigerians deserve better.

The other day a man was saved from committing suicide when he attempted to jump off Falomo bridge in Lagos. The video went viral on social media. Many Nigerians are going through a lot of hardship this period. The economic realities have actually made millions of Nigerians indigent. Diaspora family members are largely the social security net for those with such privileges. Businesses are going down, new jobs are unavailable, some in employment are being laid off, income is dwindling, purchasing power of people is being stifled by the day, many have cut down and cut down on their lifestyle that malnutrition has become a survival option. Mental health of many is in steep decline.

Mid- to lower middle-class population has been pushed to the poverty line. These are the realities. Beyond these hardships Nigerians face, the most critical and damning is the poverty of hope. This is near-complete uncertainty of what tomorrow holds. Nothing reduces lifespans faster. Sadly, this is the most terrible epidemic presently in Nigeria. On September 23, Senator Dino Melaye shared a video of the State Government sharing of palliative in Kogi State on his X (formerly Twitter) handle. Octogenarians queued to collect a few cups of rice and a few Naira notes (likely N1000). Check the video, and you weigh your compassion.

The Nigerian leaders must not lose sight of the duty of Government, more than anything else, is to inspire hope, by providing clear, sincere and measurable road maps that can help people predict tomorrow. It is such hope that will console millions of Nigerians going through thick and thin to bear the economic vagaries of the present. It doesn’t seem the government is doing much about this, at least it is yet to be seen.

A video of the minister of FCT, the Chief of Staff to the President Femi Gbajabiamila and Co. in the kitchen in Wike’s house was all over social media the other day. It is ok for Government officials to holiday and rest, and do what they love doing, but to show Nigerians, many of whom have not eaten, how you’re living the life in your expensive kitchen seem a bit insensitive. Beyond the Government, I really encourage Nigerians to look out for one another at this time – including those that you imagine are ok, for they may not really be ok.

This is not a time for the default quick ‘Hi’ greeting, no, try to stop by, take a handshake, look into the eyes and ask, “how are you doing?” Share the little you have with others. See if there is a child you notice around that has stopped schooling and consider assisting if you can. Pick up a habit of random charity – something for your estate gatekeepers as your drive in, something extra for your domestic staff, a can of water to a Nigerian Police (and others) officer on the road, etc. What is really nothing for you, could be life saving for another. Smile at people as much as possible. It is something to hope for.

Churches, it is important you reduce whatever form of financial demands you make on people, including payments you charge for facilities (like hall rentals, etc.), for your members. A simple appeal for support (while emphasizing that those who cannot afford should not worry), will do at this period. Help people not to feel guilty that they are not contributing as they would wish to. As much as possible, provide support for those in need. Remember how it was done during COVID! Many are in a worse state now than during COVID.

Law enforcement officers: Nigerian Police, FRSC Nigeria, Lastma, VIO, etc., please be kinder with people on the road. Motorists show humanity to officers on the road. Dear fellow Nigerians, let everybody look out for somebody, together we’ll pull through this tough period.

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