DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 4218

The Great Caution on Nigeria’s Trending Street Slang on Twitter

0

Recent tweets about Idan, a Yoruba word for supernatural power, have brought to light the political and ideological dimensions of language use in Nigerian society. The use of Idan to describe extraordinary people raises important questions about how we perceive success and power in Nigeria. Based on 22 narratives drawn from 76 tweets posted by Nigerians between 1 a.m. and 8:30 a.m., our analyst argues that people should be cautious of how they use the word in political and wealth contexts.

By focusing on individual achievement and power, we risk ignoring the social and political structures that enable or hinder success. Success is not simply a matter of individual effort or ability; it is also shaped by factors such as social class, access to resources, and systemic inequality. When we focus exclusively on individual achievement, we may overlook the ways in which systemic inequality and injustice limit opportunities for many Nigerians.

By idolizing individuals with extraordinary achievements, we risk overlooking the collective efforts and contributions of ordinary Nigerians who may not have achieved such spectacular success but who nonetheless play important roles in building our society.

When we celebrate individuals solely for their achievements, we may overlook their flaws and shortcomings as leaders. This can create a culture of impunity and corruption in which leaders are insulated from accountability and scrutiny.

When we celebrate only those individuals who have achieved extraordinary success, we may overlook the perspectives and experiences of ordinary Nigerians who may have different ideas and values. This can lead to a political system that is disconnected from the needs and aspirations of ordinary Nigerians.

Our analyst submits that while celebrating individual achievement and excellence is important, we must also be mindful of the social and political structures that hinder success. We must also recognize the contributions of ordinary Nigerians and prioritize shared values and principles over personal loyalty and patronage in politics for us to build a more inclusive and just society for all Nigerians.

Political orientations and ideologies in the tweets

Pan-Africanism: The reference to Idan as a source of power that transcends national boundaries and unites people of African descent suggests a pan-Africanist perspective, which emphasizes the solidarity and unity of African peoples across the world.

Socialism: The reference to Idan as a force for the common good and the upliftment of the masses implies a socialist or social-democratic ideology, which emphasizes the importance of social justice, equality, and the welfare of the people.

Populism: The use of emoticons such as “??” and “?” suggests a populist tone, which seeks to mobilize popular support for a charismatic leader or cause by appealing to people’s emotions, values, and aspirations.

Anti-establishment: The reference to Idan as a means of challenging the status quo and disrupting the existing power structures implies an anti-establishment or radical political orientation, which seeks to overthrow or transform the dominant political and economic system.

Identity politics: The use of the term “Yoruba first” in one of the tweets suggests an identity politics perspective, which emphasizes the importance of group identity, representation, and recognition in politics.

Overall, these political orientations and ideologies reflect a diverse range of views and values that are shaped by historical, cultural, and social factors, and which continue to shape the political landscape of Nigeria and the wider African continent.

Crypto is not Designed to Facilitate FRAUD

0

One of the most common misconceptions about crypto and Non fungible tokens is that they are designed to facilitate fraud and scam. This is far from the truth. In fact, cryptocurrencies are based on the principles of transparency, security and decentralization, which make them more resistant to manipulation and corruption than traditional forms of money.

Cryptocurrencies are digital assets that use cryptography to secure their transactions and control their creation. They operate on a peer-to-peer network, where users can exchange value directly without intermediaries or central authorities. This means that no one can censor, freeze or confiscate your funds, as long as you have access to your private keys.

Cryptocurrencies also have a public ledger, called a blockchain, that records every transaction ever made. Anyone can verify the validity and authenticity of the transactions, as well as the supply and distribution of the coins. This creates a high level of trust and accountability among the users and prevents double-spending, counterfeiting and fraud.

Cryptocurrencies are not created to ease scam, but to empower people with more freedom, privacy and control over their own money. They offer a new way of exchanging value that is more efficient, inclusive and innovative than the traditional financial system. They also have the potential to transform various sectors and industries, such as e-commerce, remittances, gaming, social media and more.

However, like any new technology, cryptocurrencies also come with some challenges and risks. They are still in their early stages of development and adoption, and they face various technical, regulatory and social hurdles. They also require a certain level of knowledge and responsibility from the users, who need to understand how they work and how to protect their funds.

The vast majority of Crypto scams can be divided into either Rugpulls or Honeypots. So let’s start with

Rug-pulls

Why are they called rugpulls? Imagine you’re standing on a carpet. You’re safe because the carpet is your support. Now, this evil guy comes along and pulls out the rug underneath your feet. That’s a rugpull. You lost your support. It works the same way with coins. When you buy a coin, it is usually supported by a Liquidity Pool. It’s a collection of funds which are locked in the contract and provide a “pool” for you to buy and sell coins. Rather than waiting for someone to come along to match your buying or selling, you use the pool to trade faster.

What the scammers do is they launch a new coin, attach a liquidity pool to it and wait for people to start buying coins. Once enough people have bought the coin, the scammer will pull the liquidity pool, run off with the money and leave you with a worthless coin.

You won’t find out until it’s too late. It’s usually that moment when your coin’s value drops from maybe $0.0034823 down to $0.0000000 or $0.0000002.

Honeypots

To be honest, I never found an explanation as to why they are called honeypots, but you can pretty much figure out why on your own. It’s basically a pot of honey where your money gets stuck and can’t leave. They are often less obvious to the untrained eye and therefor also often more difficult to detect, even for people who trade smaller coins on a daily basis. Experienced traders routinely fall victim to honeypots because they see a coin pumping and jump in without verifying everything first.

What the scammers do is basically insert a piece of code into the contract which allows only their own wallets to withdraw from the coin. They launch the coin and people start buying. You see the coin pumping and think wow, this is amazing. It’s just going up and up. There’s little or no red candles on the chart. You will likely stay for a while until you think it’s enough and try to cash out.

And that’s when you notice that you can’t, because the contract says nobody except specific wallets can cash out. Your money is stuck forever and there is nothing you can do about it. The scammer can withdraw any time, though. Some of these scams go on for days or weeks and people think they found a real gem of a coin that is going to the moon and will keep buying.

Therefore, it is important to educate yourself before investing or using cryptocurrencies. Do your own research, learn from reputable sources, and be aware of the potential scams and pitfalls that may arise. Always use trusted platforms and wallets, and never share your private keys or passwords with anyone. And remember: if something sounds too good to be true, it probably is.

Delivery Startup Nuro Plans to Lay Off 30% of Its Workforce

0

American delivery startup Nuro has revealed plans to downsize its workforce by 30%, which is about 340 employees, as part of a restructuring meant to extend its capital runway.

Nuro co-founders Dave Ferguson and Jiajin Zhu via a blog post disclosed that the downsizing of its workforce was necessary as the company plans to shift resources away from commercial operations.

Also, owing to the fact that over the past year and a half, capital markets in general, and deep tech funding, have significantly retracted, the company revealed it had to implement new strategies to be more efficient with its balance sheet.

Part of the blogpost read,

There is a fundamental tension in the development of self-driving between capital efficiency and speed in building an initial service. We have historically invested heavily in deploying commercial services and have learned a great deal from our customers. But commercial deployments come at a significant cost, both in terms of resources and autonomy focus. And until the unit economics of these services make sense, we think it is prudent to focus on what we can do efficiently as a startup.

Going forward, we will change our approach to building the Nuro business. While in the past we developed autonomy systems, designed and built custom vehicles, and deployed commercial pilots with partners in parallel, we will now pursue a more sequential development model.

At the center of this new approach is our hyper-focus on autonomy. Recent advancements in AI have increased our confidence and ability to reach true generalized and scaled autonomy faster. We have invested in AI and ML from day one, and a large portion of our autonomy stack is already directly learnable from data. Our focus now will be on making our autonomy stack even more data-driven, enabling us to scale to larger operating areas even more rapidly.

“In addition, we will delay the previously planned production line of our third-generation vehicle, reduce the scale of our commercial pilots in the near term, and explore more efficient deployment models with partners. This focus on accelerating autonomy progress and sequential development of our service will provide a leaner model for AV development and will more than double our runway from about 1.5 years to nearly 3.5 years”.

Nuro will provide laid-off employees with 12 weeks of severance, plus two additional weeks for employees with two or more years of tenure. Eligible employees will also receive 62.5% of the target bonus (prorated for new hires) or payment of spring bonus amounts for employees on a biannual performance bonus.

This is the second time in less than a year that Nuro has laid off workers in a bid to cut costs and extend the capital runway. In November, the company laid off about 300 people, which is 20% of its workforce.

By implementing a new strategy, the company will be able to operate twice as long, by giving it enough capital to operate the firm for another three years without the need to raise more money for operational purposes.

Partly Defending the Nigerian Banks On Those High Lending Rates

1

Trust me, I am not writing this to defend Nigerian banks. I am writing to explain how the banking system works. In a post where I shared the profit margins of publicly traded companies in Nigeria, many of our members were not happy that banks were well represented, even though they hardly offer affordable loans to small businesses. Those sentiments are justified but those are not the full story. Read on…

The Central Bank of Nigeria (CBN) recently raised its benchmark lending rate to 18%.  With that, you can have  the total cost model from a typical bank on lending thus:

  • Lending rate from CBN (Central Bank of Nigeria): 18%
  • Cost of deposit insurance (NDIC, etc): 0.5%
  • Expenses: 2%
  • Margin: 3%

So, expect your bank’s minimum loan rate to be at least 23.5%. Of course, there are other sources of capital which can make it possible for banks to lend at sub-23.5%. Typically, funds from DFIs (development financial institutions like African Development Bank, and African Export–Import Bank) can make that possible but those coming from CBN will be at least 23.5%.

The implication is clear: the high interest rate is not a bank’s fiat decision.

Then you will ask: why can’t CBN lend to banks at 2%?  The issue is inflation. If you make the cost of capital very low, bad things could happen, as the economy is flooded with easy money, resulting in the cost of goods and services rising.

So, managing inflation and strengthening the currency could be defined as the core roles of any central bank. Yes, central banks work mainly to stabilize or strengthen their currencies (to reduce inflation) and create employment by managing interest rates. While they can make lending rates low, they also need to consider that easy money can ravage their currencies. Simply, those high lending rates are not 100% on the banks.