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Safemoon Officially files for Chapter 7 Bankruptcy As Crypto Market Shows Signs of Ticking Along Sideways

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Safemoon, the popular cryptocurrency project that promised to revolutionize the industry, has announced that it is filing for chapter 7 bankruptcy. This means that the project will be liquidated, and its assets will be distributed among its creditors.

The announcement came as a shock to many investors who had hoped that Safemoon would recover from its recent troubles, such as the departure of its CEO, the hacking of its wallet, and the regulatory scrutiny from various authorities. Safemoon had claimed to be a deflationary token that rewarded holders with passive income and burned a portion of every transaction. However, critics had accused it of being a Ponzi scheme that relied on constant inflow of new buyers to sustain its price.

According to the bankruptcy filing, Safemoon owes more than $200 million to its creditors, including exchanges, developers, marketing agencies, and legal firms. The filing also reveals that Safemoon has less than $10 million in assets, most of which are in its own token. The value of Safemoon has plummeted by more than 99% since its all-time high in April 2021, making it virtually worthless.

The bankruptcy news has sparked outrage and disappointment among the Safemoon community, many of whom have lost their life savings by investing in the project. Some have blamed the team for mismanagement and fraud, while others have blamed themselves for falling for the hype and not doing enough research. Some have even expressed suicidal thoughts and asked for help on social media.

Why did Safemoon collapse?

SafeMoon was a cryptocurrency project that launched in March 2021 and quickly gained popularity on social media, thanks to its innovative mechanism of rewarding holders and burning tokens. However, the project soon faced a series of challenges and controversies that led to its downfall. In this blog post, we will explore the reasons why SafeMoon collapsed and what lessons can be learned from its failure.

One of the main reasons why SafeMoon collapsed was that it was accused of being a fraudulent scheme by the U.S. Securities and Exchange Commission (SEC). The SEC filed a complaint against SafeMoon and its executive team in December 2021, alleging that they violated federal securities laws by conducting an unregistered offering of digital assets and making false and misleading statements to investors.

The SEC claimed that SafeMoon raised over $1.5 billion from more than 2.5 million investors worldwide but failed to disclose the risks and costs associated with its tokenomics model, such as the 10% fee imposed on every transaction.

The SEC also alleged that SafeMoon’s liquidity pool was not locked as claimed, and that its executives diverted millions of dollars from the pool to their personal accounts or to other projects. The SEC’s complaint triggered a massive sell-off of SafeMoon tokens, which resulted in a 40% price drop in one day.

Another reason why SafeMoon collapsed was that it faced multiple class-action lawsuits from disgruntled investors who claimed that they were deceived by the project and its celebrity promoters. Two different groups of investors filed lawsuits against SafeMoon and its endorsers, such as rapper Lil Yachty, YouTuber KEEMSTAR, and boxer Jake Paul, accusing them of engaging in a “pump and dump” scheme.

The lawsuits alleged that SafeMoon and its promoters artificially inflated the price of the token by hyping it up on social media, and then dumped their holdings when the price reached its peak, leaving the investors with worthless tokens.

The lawsuits also claimed that SafeMoon and its promoters violated various state laws by failing to register their offering of securities, disclosing material information, and acting in good faith. The lawsuits sought damages for the losses suffered by the investors, as well as injunctive relief to prevent further harm.

A third reason why SafeMoon collapsed was that it lost credibility and trust among its community and the wider crypto industry. SafeMoon’s reputation was tarnished by several scandals and controversies that exposed its lack of transparency, professionalism, and competence. For example, SafeMoon’s chief technology officer left the project in November 2021, citing personal reasons, but later revealed that he had been threatened by other members of the team.

He also accused SafeMoon’s CEO John Karony of mismanaging the project and lying to the public about its progress and partnerships. Moreover, SafeMoon’s website was hacked in October 2022, resulting in the leak of sensitive data of over 500,000 users, including their email addresses, passwords, wallet addresses, and transaction histories.

Furthermore, SafeMoon’s ambitious plans to launch its own exchange, blockchain, wallet, NFT marketplace, wind turbines, and expansion in Africa were met with skepticism and criticism from experts and analysts who questioned their feasibility and viability.

SafeMoon collapsed because it failed to deliver on its promises and expectations, and because it faced legal actions and reputational damage from various stakeholders. SafeMoon’s story serves as a cautionary tale for investors who are interested in investing in cryptocurrencies and DeFi products. It also highlights the need for more regulation and oversight in the crypto space to protect consumers from fraud and deception.

The fate of Safemoon serves as a cautionary tale for anyone who is interested in investing in cryptocurrency projects, especially those that promise unrealistic returns and have no clear use case or roadmap. While there are many legitimate and innovative projects in the crypto space, there are also many scams and failures that prey on the naive and greedy. Investors should always do their own due diligence and never invest more than they can afford to lose.

Crypto market is showing signs of ticking along sideways for remainder of 2021

Meanwhile, the crypto market has been experiencing a prolonged period of low volatility and sideways movement, which is likely to continue until the end of the year. This is according to a recent report by CoinDesk, which analyzed the historical trends and current indicators of the major cryptocurrencies.

The report found that the average daily volatility of Bitcoin, Ethereum, and Litecoin has been declining since the peak in May 2023, when the market experienced a sharp correction.

The volatility index, which measures the standard deviation of daily returns, has dropped from over 8% in May to around 3% in December for Bitcoin, from over 12% to around 5% for Ethereum, and from over 16% to around 6% for Litecoin.

The report also noted that the correlation between the top three cryptocurrencies has increased, meaning that they tend to move in the same direction more often. The correlation coefficient, which ranges from -1 (perfectly negative correlation) to 1 (perfectly positive correlation), has risen from around 0.6 in May to around 0.8 in December for Bitcoin and Ethereum, and from around 0.5 to around 0.7 for Bitcoin and Litecoin.

These trends suggest that the crypto market is in a consolidation phase, where traders are waiting for a clear signal or catalyst to break out of the current range. The report identified several potential factors that could influence the market direction in the near future, such as:

  • The launch of Bitcoin futures ETFs in the US, which could increase the institutional demand and liquidity for Bitcoin.

  • The transition of Ethereum to a proof-of-stake consensus mechanism, which could reduce the supply and environmental impact of Ethereum.

  • The adoption of Litecoin as a payment option by major retailers and platforms, such as Walmart and PayPal, which could boost the utility and popularity of Litecoin.

  • The regulatory developments and legal challenges in different jurisdictions, which could affect the risk and compliance of crypto assets.

The report concluded that the crypto market is showing signs of maturity and resilience, as it has survived several shocks and uncertainties in 2021. However, it also warned that the market is still subject to high volatility and unpredictability, as new events and innovations could trigger significant price movements at any time. Therefore, investors and traders should be cautious and well-informed when entering or exiting the crypto market.

The Woman In The Help Me, Help Me Vocals Is Entitled To Royalties From Asake

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“Help me, help me, he Dey carry me go where I no no”, was/is a popular phrase in Nigeria that almost everyone has heard of. It was from a policewoman who was allegedly abducted by a bus driver and in her cry for help, she voiced; the help me, help me line. 

The voicing was funny that people have been creating content around it and are still making content using the vocals of the “Help Me Help Me; even popular musicians like Asake used the vocals “Help me, help me, he Dey carry me go where I no no” as an intro in one of his hit songs; Peace Be Unto You”, the song have garnered over thirty million views on YouTube and hundreds of millions of streams on the streaming platforms. 

Using funny vocals extracted from other people’s content as an intro for songs is not new to music-making both in Nigeria and in other jurisdictions. In the recent Phyno’s hit single; “Do I”, he used the vocals of “Mess Up, Mess Up”, a vocal content which is accredited to a famous Nigerian actor, Mike Ezuronye. It was from a scene in a movie where Mike Ezuronye was caught by Uche Jumbo cheating on her with other ladies; having been caught, Mike Ezuronye voiced “mess up, mess up”, in regret. 

As for the “help me, help me police lady, she was recently diagnosed with some illness and Asake reached out to her a few days back and gifted her the sum of five million nairas and this gift of five million naira from Asake the woman has generated a lot of controversy on social media with numerous divergent opinions. Whilst Some are praising Asake for his philanthropic act of gifting the lady five million naira, others say that Asake has been unfair for gifting the woman a meagre sum of five million naira out of the money he has made using the woman’s vocal. Some are also claiming that the woman does not own the legal rights to the contents since she did not copyright the vocals nor trademark the phrase. 

Well, in instances like these; according to intellectual property laws and international best practices, an owner of a vocal or content used or sampled in the making of another content like a song or a video is presumed to be a co-owner of the song or video that the content was sampled in, therefore, he or she is entitled to royalties that accrue from the music or video. 

Therefore, the lady in the Help Me, Help Me vocals definitely deserves royalties from the Asake’s “Peace Be Unto You” song in which the vocals were used as an intro and the royalties will sure be far more than five million naira. So as every other person whose voice has been used or sampled in a song over a video is entitled to royalties unless there is a contract stating otherwise and the owner of the content does not necessarily need to copyright the vocals or trademark phrase before they will be the legal owner of the contents and legally entitled to the royalties. 

Be it as it may, I am not oblivion of the recent court judgment in the case of Banire V NTA Star TV and I can therefore fully appreciate the argument that the person who recorded the video and posted it is the rightful owner of the content and not the woman as adjudged in the case of Banire V NTA star TV (CA/A/345/2017) but this can be distinguishable because she was recorded without her consent or approval, hence she can lay claims to the content as her intellectual property. 

Same with the” Mess up, mess up” vocals used by Phyno in his song which was lifted from the content of Mike Ezeruonye. In this instance, the producer(s) of the movie is entitled to royalties from Phyno’s “Do I” which the vocals were used as an intro unless there is a clause in the contract for engagement that every intellectual property in the movie is both shared with the actor/ the producer or it reverts back to the actor after sometime then Mr Mike Ezuronye will be entitled to the royalties. 

How Nigeria Can Become Richer [video]

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In my study of 2,000 years of gross world product (aggregate of GDPs of nations), I realized a clear correlation between property rights and economic development. Amazingly, no nation has cut-off that trajectory of converting assets to capital, to create more capital, before becoming rich.

On my discovery, I divided the last 2,000 years into three eras: the invention society era, innovation society era and the accelerated society era. For each nation, I looked at what happened when it established a regime of stronger property rights. 

In the United States, the nation changed on July 31, 1790 when Samuel Hopkins was awarded the first United States patent. In my 2009 book – Nanotechnology and Microelectronics: Global Diffusion, Economics and Policy – which received the 2010 IGI Global Book of the Year award, I explained that the patent system with the broad intellectual property rights could be considered one of the greatest policy innovations in economic history. Yes, that IP rights boosted the broad property rights and American GDP rose.

As we approach 2024, I call on the Nigerian government to unlock WEALTH in the nation by turning our assets into capital through the enactment of appropriate laws and regulations. If we do not do that, we cannot develop, irrespective of our efforts!

The Eras In Our World – Invention, Innovation and Accelerated Society Eras <p data-wpview-marker=

Comment on Feed

Comment 1: Another profound comment from our esteemed prof. Every Nigerian decision maker should read at least the last paragraph.

I can point to the Certificate of Occupancy (C of O) as one factor that prevents Nigerians from realizing the value of their landed property. The certificates are the property title. They are issued by state governors who also can and do cancel them capriciously.

With so little security of Title, a Nigerian land owner has little opportunity to use the equity in property to fund a business or lifestyle.

First evidence to me that government is serious about growth will be when they take the C of O out of the hands of politicians

Comment 2: Initial instinct is nice words for deaf ears. Will the government listen when it is full of people mainly looking for ways to display criminal tendencies and exploit the common wealth without common sense?
But then second thought is maybe they will repent and listen or somehow the right people will listen. And it’s good to keep saying because not saying is the problem of the mouth and not hearing is the problem of the ear.
Please keep advising and writing your common sense which is not even common

Comment 3: I believe balancing property rights for economic development is essential. While strong intellectual property rights, exemplified by the United States, drive economic evolution, overly stringent regimes can stifle innovation and fair competition. Achieving the right balance is challenging but crucial for pushing an innovation-friendly environment.

I also believe that addressing economic complexities involves tailored, woven approaches considering regulatory frameworks, education, and inclusive policies.

My take is while property rights play a vital role, a holistic strategy may provide a more comprehensive solution.

The call for the Nigerian government to enact laws for wealth creation is valid but requires a thoughtful, nuanced approach that anticipates challenges and prioritizes inclusive growth. We will continue to engage in a dialogue embracing diverse perspectives to craft lasting solutions.

Comment4: Seminal thinking . But it’s understanding, adoption and implementation require the availability of like-minded people, who would appreciate what Ndubuisi Ekekwe is saying. The truth is that we have a paucity of such people here. We like to argue that we don’t, but the reality is that we do. That is even fundamentally why we are where we are, and why we are how we are. The cargo-cult mentality is still reigning supreme in our waltenchaung.

People are still grumpy about Inflation

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Inflation is a topic that affects everyone, from consumers to businesses, from workers to investors. It is the general increase in the prices of goods and services over time, which reduces the purchasing power of money. Inflation can have both positive and negative effects on the economy, depending on its level, causes and duration.

However, in recent months, inflation has become a source of frustration and anxiety for many people around the world. According to the International Monetary Fund (IMF), global inflation rose to 3.9% in October 2021, the highest rate since 2008. The main drivers of this surge were the disruptions in supply chains caused by the COVID-19 pandemic, the rising energy and commodity prices, and the expansionary fiscal and monetary policies adopted by many governments to support the recovery.

Many people are feeling the pinch of inflation in their daily lives, as they have to pay more for food, gas, rent, utilities, health care and other essential items. Some people are also worried about the impact of inflation on their savings, investments, wages and pensions. Inflation can erode the value of money over time, making it harder to plan for the future and achieve financial goals.

While some economists argue that inflation is a temporary phenomenon that will subside as the pandemic eases and the supply-demand imbalances are resolved, others warn that inflation could become more persistent and entrenched if not addressed properly. They urge policymakers to act swiftly and decisively to rein in inflationary pressures and anchor inflation expectations.

One of the strategies to cope with inflation is to adjust your spending habits and budget accordingly. You can try to reduce your expenses on non-essential items, look for cheaper alternatives or discounts, and avoid impulse buying. You can also save money by using coupons, cashback programs, loyalty cards or apps that offer rewards or discounts. You can also plan your purchases ahead of time and buy in bulk when possible.

Another strategy is to increase your income or sources of income. You can ask for a raise or a bonus from your employer, look for a better-paying job or a side hustle, or sell some of your unwanted items online or at a garage sale. You can also invest in yourself by learning new skills or upgrading your qualifications that can boost your earning potential.

A third strategy is to invest your money wisely and diversify your portfolio. You can look for investments that offer higher returns than inflation, such as stocks, bonds, real estate, commodities or cryptocurrencies. However, you should also be aware of the risks involved and do your research before investing. You should also diversify your portfolio across different asset classes, sectors and regions to reduce your exposure to market volatility and inflation shocks.

A fourth strategy is to hedge against inflation using financial instruments or products that are designed to protect your purchasing power. For example, you can buy inflation-linked bonds or securities that adjust their interest payments or principal value according to changes in inflation rates. You can also buy gold or other precious metals that tend to increase in value when inflation rises. You can also use derivatives such as futures or options contracts that allow you to lock in prices or profits in advance.

These are some of the strategies that you can use to cope with inflation. However, you should also consult a financial advisor or planner who can help you tailor a plan that suits your specific needs and goals.

Libya’s Biosafety and Biosecurity Standards Need Global attention, As Iraq Enter’s Unaccountable State

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Libya is a country that has been plagued by instability and violence since the 2011 uprising that toppled Muammar Gaddafi. One of the most critical challenges facing the Libyan authorities and the international community is how to reform and rebuild the security sector, which is fragmented, politicized and under-resourced. The security sector includes not only the armed forces, police and intelligence services, but also the various militias, armed groups and paramilitary forces that operate in the country.

One of the key aspects of security sector reform is the control and management of weapons and ammunition, especially those of mass destruction or proliferation concern. Libya possesses a large stockpile of chemical weapons, which were declared to the Organization for the Prohibition of Chemical Weapons (OPCW) in 2004. The OPCW has been overseeing the destruction of these weapons since 2012, but the process has been hampered by technical difficulties, security threats and political turmoil.

Another issue is the security of biological materials and facilities, which could pose a serious risk if they fall into the wrong hands or are misused. Libya has a history of pursuing a biological weapons program, which was reportedly dismantled in 2003. However, there are still concerns about the fate and whereabouts of some of the biological agents and equipment that were involved in the program.

One of the most alarming incidents occurred in 2019, when a breach was detected at a laboratory in Tripoli that housed dangerous pathogens, such as anthrax, brucella and plague. The laboratory was part of the National Center for Disease Control (NCDC), which is responsible for public health surveillance and response. The breach was discovered by a team of UN experts who visited the laboratory as part of a project to enhance Libya’s biosafety and biosecurity capabilities.

The UN team found that the laboratory had been looted and vandalized, and that some of the pathogens were missing or unaccounted for. The team also reported that the laboratory had poor security measures, such as inadequate locks, alarms and cameras, and that it was located in a volatile area near a military base. The team warned that the breach could have serious consequences for public health and security, both in Libya and beyond.

The incident highlighted the need for urgent action to improve Libya’s biosafety and biosecurity standards, as well as to strengthen its oversight and accountability mechanisms. The UN team recommended that the NCDC should conduct a comprehensive inventory of all its biological materials and facilities, and that it should implement a robust system of physical protection, access control and personnel reliability. The team also suggested that the NCDC should collaborate with international partners, such as the OPCW, the World Health Organization and Interpol, to enhance its capacity and to share information.

The breach also underscored the importance of addressing the broader challenges of security sector reform in Libya, which is essential for achieving lasting peace and stability. The security sector reform should aim to establish a unified, professional and accountable security apparatus that can protect the Libyan people and their institutions from internal and external threats. The security sector reform should also involve disarmament, demobilization and reintegration of former combatants, as well as reconciliation and justice for victims of human rights violations.

Libya’s security sector reform is a complex and long-term process that requires political will, national ownership and international support. It is also a vital precondition for advancing other aspects of Libya’s transition, such as constitutional drafting, elections and economic recovery. Only by addressing its security sector challenges can Libya hope to overcome its legacy of violence and build a more secure and prosperous future.

These laboratories are potential sources of biological and chemical weapons, as well as infectious diseases that could pose a threat to public health and security. Libya has a history of pursuing weapons of mass destruction (WMD) programs, and although it renounced them in 2003 and dismantled most of its WMD facilities, some of its laboratories remain operational and poorly secured.

According to a recent report by the James Martin Center for Nonproliferation Studies, Libya has at least 10 biological and chemical laboratories that are located in different parts of the country, some of them in conflict zones or under the control of armed groups. The report warns that these laboratories are vulnerable to theft, sabotage, diversion or misuse by actors who may seek to acquire or use biological or chemical agents for malicious purposes. The report also highlights the lack of transparency, accountability and regulation of these laboratories, as well as the insufficient training and awareness of their staff.

The report recommends several measures to enhance the security and safety of Libya’s laboratories, such as:

  • Conducting a comprehensive inventory and assessment of all biological and chemical laboratories in Libya, including their location, ownership, purpose, equipment, materials, personnel and security measures.
  • Developing and implementing national standards and guidelines for biosafety and biosecurity, as well as a legal framework for the oversight and regulation of biological and chemical activities.
  • Providing technical assistance and training to laboratory staff on biosafety and biosecurity practices, as well as on how to detect, report and respond to potential breaches or incidents.
  • Establishing a national authority or agency responsible for coordinating and monitoring biological and chemical activities, as well as for facilitating cooperation and information sharing among relevant stakeholders.
  • Enhancing regional and international cooperation on biosafety and biosecurity issues, especially with neighboring countries and organizations such as the African Union, the Arab League, the European Union and the United Nations.

The report concludes that improving the security and safety of Libya’s laboratories is not only a matter of preventing the proliferation or use of WMDs, but also a matter of protecting public health and human security in Libya and beyond. It urges the Libyan authorities and the international community to take urgent action to address this issue before it is too late.

Iraq’s unaccountable state

Iraq is a country that has been plagued by violence, corruption and instability for decades. The recent protests that erupted in October 2019 have exposed the deep dissatisfaction and anger of the Iraqi people towards their political system, which they perceive as unaccountable, ineffective and sectarian.

The protesters demand basic services, jobs, justice and dignity, as well as an end to foreign interference and political quotas. They also call for a complete overhaul of the constitution and the electoral law, which they blame for entrenching the power of the ruling elite and marginalizing the majority of the population.

The Iraqi state is unaccountable in many ways. First, it lacks transparency and accountability mechanisms that would ensure the proper management of public funds and resources and prevent corruption and embezzlement. According to Transparency International, Iraq ranks 162 out of 180 countries in the Corruption Perceptions Index 2020, making it one of the most corrupt countries in the world.

The Iraqi people have little access to information about how their government spends their money, or how it makes decisions that affect their lives. The parliament, which is supposed to represent and oversee the executive branch, is often dysfunctional and divided along sectarian and ethnic lines. The judiciary, which is supposed to uphold the rule of law and protect human rights, is often politicized and influenced by external actors.

Second, the Iraqi state is unaccountable to its citizens, who have little say in choosing their leaders or holding them accountable for their performance. The current electoral system, based on proportional representation and closed lists, allows political parties to dominate the political scene and distribute seats among themselves according to a power-sharing formula that reflects their sectarian and ethnic affiliations. This system reduces the accountability of individual candidates to their constituents and encourages patronage and clientelism.

Moreover, the electoral commission, which is supposed to organize free and fair elections, is not independent or impartial, but rather appointed by the parliament according to the same quota system. The next parliamentary elections, scheduled for October 2021, are unlikely to bring any meaningful change or reform, unless the electoral law and the electoral commission are reformed.

Third, the Iraqi state is unaccountable to its own laws and obligations, both domestic and international. The constitution of 2005, which was drafted under US occupation and approved by a controversial referendum, contains many contradictions and ambiguities that undermine its legitimacy and coherence. For instance, it recognizes Iraq as a federal state, but does not define the powers and responsibilities of the federal government and the regions.

It also guarantees a wide range of rights and freedoms for all Iraqis but does not provide effective mechanisms for their implementation or protection. Furthermore, the Iraqi state has failed to comply with many of its international commitments, such as the UN Convention against Torture, the International Covenant on Civil and Political Rights, or the Rome Statute of the International Criminal Court.

The lack of accountability of the Iraqi state has serious consequences for the stability and prosperity of the country. It erodes public trust and confidence in state institutions, fuels social discontent and unrest, undermines economic development and growth, exacerbates sectarian and ethnic divisions and violence, and enables external interference and intervention.

To address these challenges, Iraq needs a comprehensive reform process that would enhance the accountability of its state at all levels: fiscal, political, legal and moral. Such a process would require a genuine dialogue among all stakeholders: political parties, civil society groups, religious authorities, tribal leaders, regional actors and international partners. It would also require a strong political will from all sides to overcome their narrow interests and work for the common good of Iraq.