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Patricia Halts Withdrawals as Paxful Resumes Operations

By
Paul Ugbede Godwin
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0

Patricia, a Nigerian gift card and cryptocurrency exchange platform, has temporarily suspended withdrawals from its users due to a security breach. The breach affected its Bitcoin and naira holdings, but not other cryptocurrencies or customer funds. The company has identified one of the perpetrators with the help of law enforcement and is working to recover the stolen assets.

Patricia is a company that offers various services related to gift cards, bitcoins, perfect money, and other digital assets. You can buy and sell gift cards, trade and store bitcoins, get physical and virtual cards for instant cash out, and accept crypto payments for your business. Patricia also has a learning portal where you can find useful information about how to use their products and services. Patricia is a secure, fast, and easy-to-use platform that aims to change the world with innovative solutions.

Patricia has also hired a security firm to conduct an audit and improve its security measures. The company has apologized for the inconvenience and assured its users that withdrawals will resume once Patricia Personal, the affected division, is cleared for operations.

Relatively- Paxful, a global peer-to-peer cryptocurrency exchange that operates in Nigeria, has resumed its services after a month-long suspension. Paxful, a global peer-to-peer (P2P) crypto marketplace, has resumed its operations in Nigeria after a month-long suspension due to regulatory and internal challenges. The platform announced on its website that it had relaunched its service with enhanced security and user experience.

Paxful had suspended its operations in April 2023 following a dispute between its co-founders, Ray Youssef and Artur Schaback, over allegations of fraud, money laundering, and sanctions evasion. The platform also faced regulatory hurdles in the US, its main market, which prompted Youssef to advise customers to move their assets to self-custody wallets or other service providers. Paxful said its wallet had remained fully operational during the suspension and assured customers that their funds were safe.

The platform also said it was working on providing alternative options for non-US users, such as Noones, a new P2P platform focused on the Global South, and Bitnob, a Bitcoin payments company for Africans. Paxful is one of the leading P2P crypto exchanges in Nigeria, where it has over 1.5 million users.

The platform enables users to buy and sell Bitcoin and other cryptocurrencies using various payment methods, such as bank transfers, mobile money, gift cards, and cash. Paxful said it was committed to serving the Nigerian market and supporting the growth of the crypto ecosystem in the country.

The company also announced the appointment of a new global CEO- Mr Roshan and regional manager, Mr. John Doe, who will oversee the Nigerian market and expand the local footprint. Paxful said it is committed to providing safe and secure services to its Nigerian customers, who are among the most active users of cryptocurrency in Africa.

Coinbase Brian Armstrong wants U.S. Crypto Regulation Clarified

By
Paul Ugbede Godwin
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0

Coinbase CEO Brian Armstrong has recently expressed his concerns about the lack of clarity and consistency in the U.S. crypto regulation. He believes that the current approach of the Securities and Exchange Commission (SEC) is detrimental to the innovation and growth of the crypto industry in the U.S., and may benefit China, which is developing its own digital currency and promoting its blockchain technology.

Armstrong has called on Congress to intervene and provide a clear and fair framework for crypto regulation that would protect investors, foster competition, and support American leadership in this regard.

Coinbase is one of the largest and most popular cryptocurrency exchanges in the world, with over 70 million users and a market capitalization of over $50 billion. However, the company has faced several challenges and uncertainties from regulators in its home country, especially from the Securities and Exchange Commission (SEC).

The SEC is the federal agency responsible for enforcing securities laws and regulating the securities industry in the U.S. However, the SEC has not issued clear and comprehensive rules for crypto assets, leaving many questions unanswered about which tokens are considered securities and which are not.

This lack of clarity has led to what Armstrong calls “regulation by enforcement”, where the SEC initiates enforcement actions against crypto companies without providing clear guidance or notice beforehand. For example, in September 2021, the SEC threatened to sue Coinbase if it launched a lending product that would allow users to earn interest on their crypto holdings. The SEC claimed that the product would involve securities but did not explain why or how.

Armstrong has criticized this approach as unfair and harmful to innovation and consumer choice. He has urged Congress to intervene and provide a legislative framework for crypto regulation that would protect investors, promote competition, and foster innovation. He has also called for a more collaborative and constructive dialogue between regulators and industry stakeholders.

Armstrong argues that the U.S. is falling behind other countries that have adopted more favorable and proactive policies for crypto. He cites the example of China, which has launched its own digital currency and is positioning itself as a leader in the global digital economy. He warns that if the U.S. does not act soon, it will lose its edge and influence in the financial world.

Armstrong also points out that crypto is not just a speculative asset class, but a transformative technology that can modernize finance and empower millions of people around the world. He says that crypto, like the internet before it, has the potential to create new opportunities and benefits for society. He urges policymakers to see the big picture and support the development of this industry in America.

Armstrong has also appealed to Congress to intervene and provide a legislative framework for the crypto industry that would foster innovation and protect consumers. He believes that the U.S. is falling behind other jurisdictions that have adopted more sensible and supportive crypto policies, such as the European Union and the United Kingdom .

He warns that if the U.S. does not create a conducive environment for crypto businesses, they will be forced to relocate to offshore havens where the rules are more favorable. He says that this would be detrimental to the U.S. economy and national security, as well as to the global development of crypto space.

BAT has arrived.

By
Azeez Lawal
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0

BAT has arrived.

We extend our warmest felicitations to President Bola Ahmed Tinubu.

Based on his inaugural speech, we strongly recommend reviewing the President’s campaign manifesto if you have not done so already. It contains numerous valuable insights (for your investment and business decisions) that reflect the envisioned policies of the new administration.

In this update, we have combined some of his statements from today with his manifesto, revealing a strong sense of conviction by the President.

On Subsidy:

Today, he said: “Fuel subsidy is gone.”

“Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.”

Manifesto: “We shall phase out the fuel subsidy yet maintain the underlying social contract between government and the people. We do this by dedicating the money that would have been used on the subsidy to fund targeted infrastructural, agricultural and social welfare programs…”

On Agriculture:

Today, President Bola Ahmed said: “Rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products. A nationwide programme for storage and other facilities to reduce spoilage and waste will be undertaken…”

Manifesto: “We shall introduce commodity boards to establish minimum prices for strategic crops such as cashew, cocoa, sesame, soya, cassava, yam, rubber, okra, palm kernels, groundnut and okra.”

 

Other highlights from the manifesto:

Technology: Within his first two years, the President intends to utilize this sector as a primary source of employment for the youth demographic.

Manufacturing: He is open to harnessing regional benefits to optimize the overall prosperity of the nation. In the North West and North East regions, there will be a concentration on textiles in the establishment of new industrial hubs.

The South East and South-South regions will prioritize labor-intensive manufacturing by establishing a new hub and dry port for investment. In the Southwest region, the abundant fine quality sand resources will be utilized to produce the finest quality glass products.

We have condensed the extensive 80-page manifesto for your convenience. Kindly find the complete summary available for download below.

Elon Musk Acquires Major Share on Oracle’s Spare Servers

By
Paul Ugbede Godwin
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2

Elon Musk has bought up a large amount of cloud computing company Oracle’s spare server space for his new AI venture, X.AI Corp. The news was first reported by Twitter Daily News on May 30, 2023, citing sources familiar with the deal. The deal, which is estimated to be worth over $50 billion, is one of the largest in the history of cloud computing.

X.AI Corp is Musk’s latest project to create a “maximum truth-seeking” AI chatbot that tries to understand the nature of the universe and is unlikely to harm humans. Musk has previously revealed that he is working on a large language model (LLM) similar to OpenAI’s ChatGPT. The chatbot, dubbed TruthGPT, is based on a large language model similar to OpenAI’s ChatGPT, but with more advanced features and capabilities.

Elon Musk has been investing heavily in AI research and development, hiring talent from DeepMind and buying thousands of GPUs from NVIDIA to train his chatbot. However, he still needed more computing power and storage to handle the massive amount of data required for his ambitious vision.

That’s where Oracle came in. The cloud computing giant, which competes with Amazon Web Services and Microsoft Azure, had some spare server capacity that it was willing to sell to Musk at a discounted price. Oracle has been struggling to keep up with the demand for its cloud services, especially from startups.

X.AI is a company that Musk registered in Nevada earlier this year. It is reportedly working on a large language model (LLM) similar to OpenAI’s ChatGPT, but with a twist: it aims to create a “maximum truth-seeking” AI that tries to understand the nature of the universe and is unlikely to “annihilate humans” as Musk said in an interview with Tucker Carlson.

To train such an AI, X.AI needs a lot of computing power and data. Musk has already bought around 10,000 GPUs from NVIDIA and poached talent from DeepMind, a subsidiary of Alphabet that specializes in AI research. He also has access to Twitter’s internal data, since he acquired the social media platform earlier this year as part of his X Corp. conglomerate.

Oracle is one of the leading providers of cloud hosting and database management services, with clients ranging from small startups to large corporations. However, Oracle has been struggling to compete with the likes of Amazon Web Services (AWS), Microsoft Azure and Google Cloud Platform (GCP) in the fast-growing cloud market. As a result, Oracle has accumulated a lot of unused server capacity that it rents out at a discount to customers who need extra computing power.

One of those customers is apparently Elon Musk, the billionaire entrepreneur and visionary behind Tesla, SpaceX and Neuralink. Musk has recently launched a new company called X.AI Corp, which aims to create a “maximum truth-seeking” AI chatbot that tries to understand the nature of the universe and is unlikely to “annihilate humans” because we are an “interesting part of the universe”.

But how is Musk going to train such a sophisticated AI model that requires massive amounts of computing power and data? The answer lies in his recent purchase of Oracle’s spare server capacity, which he reportedly snapped up earlier this year, leaving many startups scrambling for alternatives.

One of the main reasons why Elon Musk decided to invest in Oracle’s cloud computing services is because he believes that they offer superior performance, security and scalability compared to other providers. He said in an interview that he was impressed by Oracle’s ability to handle complex and data-intensive applications, such as artificial intelligence, machine learning and blockchain. He also praised Oracle’s customer service and support, saying that they were always responsive and helpful.

Why Musk chose Oracle’s cloud computing services is because he has a vision of creating a global network of smart cities powered by Oracle’s technology. He said that he wants to use Oracle’s cloud computing capacity to develop and deploy innovative solutions for urban challenges, such as traffic congestion, pollution, waste management and public safety. He said that he hopes to transform cities into more livable, sustainable and efficient places for people.

Elon’s purchase major chunk of Oracle’s cloud computing capacity is not only a strategic investment, but also a personal passion. He said that he has always been fascinated by technology and its potential to improve the world. He said that he sees Oracle as a partner in his mission to make a positive impact on society and the environment. He said that he is excited to work with Oracle and leverage their cloud computing services to achieve his goals.

Which Is Better? Discount vs Cashback

By
Ndubuisi Ekekwe
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0

Let’s discuss strategy. You manage a ride hailing business in a community. But sales are not moving really fast and you want to get things back to the acceleration lane. Two options here:

#1: Offer a  5% discount to customers.

#2: Offer cashback of 6% to customers to spend on your services.

As a business leader, which one do you think is a better strategy over time, considering customer retention, ability to grow, time value of money, and other factors in business. As you know, you need to consider many factors. In engineering, they say “optimize” which means you want to get the best of everything.  You can read here because Uber just made a decision on this.

Ride-hailing company Uber has dropped its 5% discounts on eligible rides for its Uber One subscription service, as it switches to cashback.

Starting from their next billing cycle, subscribed members will now earn 6% Uber Cash on eligible rides that can be used on Uber and Uber Eats.

This move could pose a challenge to Uber ride bookings as discounts have been a major driver of adoption for the service. Since the company launched Uber One in 2021 for $9.99 per month or $99.99 annually, discounts on rides have been a huge adoption driver.

Comment on Feed

Comment 1: Option 2, offering cashback rewards, seems like a better long-term strategy for several reasons. Firstly, it focuses on customer retention and loyalty, which can result in sustained revenue and growth. By giving customers an incentive to use their cashback rewards within your service, you create a virtuous cycle that keeps them engaged with your business.

Secondly, the time value of money is a crucial consideration. With cashback rewards, customers have an immediate benefit they can use to offset future costs, encouraging them to continue using your services. This approach also aligns with the evolving trends in the ride-hailing industry, where companies are increasingly adopting loyalty programs to drive customer engagement.

Remember, optimizing your strategy involves continuously evaluating and adjusting your approach based on customer feedback, market dynamics, and the changing landscape of the ride-hailing industry.

Comment 2: Delayed cash back will definitely be better so that customers will see it as a loyalty program that they can use or cash out every 30days. With discount there is no built in loyalty mechanism and what the business owner needs is a system that guarantees repeat business. Cash back will do that but discount may not

Comment 3: For new customers – offer discounts ; For existing customers – offer cashback… percentages should factor in competition… my take

My Response: That is a deeper level. That mix is superb. It could be what Uber is doing. They begin with discount and then settle at cashback.

Comment 4: I guess I’m late to the party, but yes, I’ll go for the 6% cash back. These days Uber has Uber eats and I think a delivery feature (or maybe that’s just Bolt), so there are ample reasons for repeat patronage especially given the incentive of 6% cash back on the previous transaction. Discounts alone on the other hand don’t offer as much loyalty and believe me, human nature is elusive; at some point they stop sending the discounts if they can not see a significant slash.

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