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Where is Michel Foucault in Adeleke’s Inaugural Speech as Osun Governor?

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Osun local government

Senator Ademola Adeleke was sworn in as Osun state’s sixth Executive Governor on November 27, 2022. Hours have passed. Days have passed. Weeks have passed. But he hasn’t been governor of the state for a month. Opposition parties and individuals continue to express mixed feelings about his ability and capacity to lead the state. Regardless of the criticism that will continue to surround his administration, he will remain governor until 2026, unless the electoral tribunal and courts rule against him. Meanwhile, this piece examines his inaugural speech, with selected views, in relation to the position on power and knowledge of Michel Foucault, a French philosopher, social theorist, and historian of ideas. This is imperative, according to our analyst, as the public continues to perceive his recent executive orders as harsh and uncharacteristic of a new governor from a former opposition political party. What does Foucault say about the types of knowledge and power expressed by Governor Ademola Adeleke in his speech and recent activities?

Adeleke: Today, I stand on the podium of history with a sacred pledge to God and the good people of Osun State that my intellect, passion and strength will be devoted to nothing but the welfare, peace and security of our people.

Foucault: Truth is linked in a circular relation with systems of power which produce and sustain it.

Adeleke: As I accept the mantle of leadership entrusted upon me by the people of our dear State, I am conscious of the enormous challenges and responsibilities ahead of me and will beginning from this hour work day and night with deep sense of purpose to be a servant to you all.

Foucault: The individual, with his identity and characteristics, is the product of a relation of power exercised over bodies, multiplicities, movements, desires, forces.

Adeleke: Under my watch as the Governor of Osun State, I will boldly correct all past injustice, corrupt acts or policies by any previous administration which are against the collective interest of our people.

Foucault: There is no power relation without the correlative constitution of a field of knowledge, nor any knowledge that does not presuppose and constitute at the same time power relations.

Adeleke: Our administration will demonstrate a high sense of urgency, transparency, justice and innovation to tackle and solve the problems of poverty, illiteracy, disease, and poor infrastructure.

Foucault: To change something in the minds of people – that’s the role of an intellectual.

Adeleke: Your Governor will be a people’s Governor. I will be accessible, responsive, consultative and proactive in handling small and big matters of State Governance.

Foucault: To change something in the minds of people – that’s the role of an intellectual.

Adeleke: I know that as a product of the collective will of you my people, there is a heavy weight of history on my shoulders and I accept the urgency of your expectations, the depth of your aspirations and your conviction in me to build a better State.

Foucault: To change something in the minds of people – that’s the role of an intellectual.

Adeleke: All policies that are not favourable to the growth of effective local government administration will be reviewed in accordance with the law.

Foucault: Visibility is a trap.

Adeleke: No form of illegality will be allowed to stand and all acts of impunity committed by the immediate past administration on local government administration will be reversed following due process.

Foucault: We are in the society of the teacher-judge, the doctor-judge, the educator-judge, the social worker-judge.

Adeleke: My Good People of Osun, since you elected me as your Governor on the 16th of July 2022, which the INEC announced on July 17th 2022, the former Governor, Alh Isiaka Gboyega Oyetola maliciously started putting road blocks to make things difficult and almost impossible for the new administration to serve you.

Foucault: We are in the society of the teacher-judge, the doctor-judge, the educator-judge, the social worker-judge.

Adeleke: Mass employment were carried out without budgetary provisions for salary payments for the new employees; even when the state was struggling to pay salaries and deliver other services. Various hurried and criminally backdated Contracts were awarded and again without budgetary provisions.

Foucault: We are in the society of the teacher-judge, the doctor-judge, the educator-judge, the social worker-judge.

Adeleke: Appointments of several Obas were hurriedly done without following due process, just to mention a few.

Foucault: We are in the society of the teacher-judge, the doctor-judge, the educator-judge, the social worker-judge.

Adeleke: All efforts to get the Governor set up a Transition Committee and submit hand-over notes in line with best practices proved abortive.

Foucault: We are in the society of the teacher-judge, the doctor-judge, the educator-judge, the social worker-judge.

Adeleke: It is therefore my desire to ask for your patience and understanding to give my administration a few weeks to review and sort out all the actions and malicious confusions which the immediate past administration has created since July 17th 2022. Those actions were indeed vindictive measures against the people of Osun State for voting them out of office.

Foucault: The judges of normality are present everywhere.

Adeleke: Consequently, I hereby issue the following directives which will be backed up with appropriate Executive orders:

  1. Immediate freezing of all government accounts in banks and other financial institutions
  2. Immediate establishment of a panel to carry out an inventory and recover all government assets
  3. An immediate establishment of a panel to review all appointments and major decisions of the immediate past administration taken after the 17th July, 2022
  4. An immediate reversal to the constitutionally recognised name of our state, Osun State. All government insignia, correspondences and signages should henceforth reflect Osun state rather than State of Osun which is unknown to the Nigerian constitution.

Foucault: Power is not an institution and not a structure… it is the name that one attributes to a complex strategical situation in a particular society.

Amazon AWS, Margaritaville Beach Resort Tops Alameda Creditor List

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In another day of contagion for FTX and Alameda Research, certain bankruptcy documents have been released. The list of ‘Creditors Who Have the 50 Largest Unsecured Claims and Are Not Insiders’ is mainly made up of law firms and unsettled payments. However, the top payable claim is for Amazon Web Services (AWS) totaling $4,664,966.

Even for large corporations, this is a large AWS bill. Some community members believe this is due to the intense machine learning environments that Alameda may have deployed. Woodrow Oates tweeted the Top 5 Creditor on the list.

Though it is likely that Alameda was running resource-heavy machine learning environments with AWS, this is more an example of Alameda not paying their bills. By comparison, Facebook spends $11m per month on AWS as at 2020.

The evidence stacks up as the list of payables continues. Even Bahamas bar Margaritaville Beach Resort is owed $55,319. Their online menu features no prices, but a two-night stay currently costs $357.

Company costs can add up, but it’s hard to deny that Alameda Research was reckless with its spending.

One of the few actually expected outgoings is for Bloomberg Finance LP, totaling $80,256. Bloomberg sells industry-grade terminals that help financial firms analyse data in real-time, the $80,256 could equate to just four licenses. The rest of the currently visible payables totals $253,605 and is solely made up of lawyer fees from around the world.

Why You Should Care

As more updates are released regarding the financial situation of FTX and Alameda Research, the lines become blurry. Creditors and payables are important to the ongoing case, as only some of them may be reimbursed. Depending on the size of the reimbursement, this could positively affect the cryptocurrency market.

Alameda, FTX and MobileCoin:

My takeaway from this batshit Alameda story involving an exploit of FTX’s margin system is that someone walked away with +$1 billion of PnL on a MobileCoin trade. Anyone want to step up and claim this one? One of the greatest of all time? Throw your name on the Forbes list?

Sam Bankman- Fried, may argue this is just how banks (and brokerages) work: they take deposits, they lend them out based on credit judgments to earn a spread, and – as long as depositors don’t ask for deposits back en masse – all is perfectly fine. But let me tell you what banks don’t do.

Banks do not:

Lend 70% of their deposits to one borrower.

Have that borrower be the founder of the bank.

Accept made-up “tokens” as collateral – the actual worst collateral ever conceived.

Have almost all that collateral be just two (made up) assets.

Apply de minimis haircuts to collateral—Accept derivatives of the bank itself as collateral! $FTT is not random – it relates to FTX.

As Matt Levine said, Goldman Sachs should not take $GS equity as collateral – it is circular risk. And definitely not pretend-GS equity. Alameda (Sam) and FTX (also Sam) invented intrinsically worthless tokens, keeping almost all of it for themselves.

They traded a tiny percentage, controlling the trading price. This manipulated the implied value of all of Sam’s $FTT tokens, then used the resultant implied token value as collateral to extract “borrow” customer funds from FTX.

The bogus collateral was one giant identical non-diversified risk, funding related-party transactions. And FTX lied about doing it via misleading Terms of Service.

When Sam says;

He “poorly risk-managed” it means, “I, FTX’s CEO Sam, should not have allowed Alameda Sam to use pretend Sam-money as collateral to take real-$$ from Sam’s customers.

It’s like in Dumb and Dumber when Lloyd spends all the found money, but replaced it with IOUs.

Elon Musk Is Offset About Apple’s App Store Exorbitant Fees, Charges Higher Subscription Fees For iOS Users

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Twitter CEO Elon Musk has made a move to offset Apple App Store’s outrageous fees by charging iOS users $11 per month for Twitter blue plan subscription.

The blue premium subscription is a service that elevates quality conversations on Twitter, with the plan fee set at $7 per month.

Following the recent increase in price for iOS users, Twitter has mandated existing Twitter Blue subscribers who initially subscribed on iOS to upgrade to the higher price to receive a blue checkmark. These users will also receive a prorated refund for the remaining days of their previous subscription. 

Apple on the other hand is known to charge a 30% tax on app developers who make over $1 million through the app store on an annual basis.

This has never sat well with Musk who has on several occasions called out the company, which he last month described their fee as a “secret tax”.

Also, last year, he stated that Apple’s app store fees are a “De facto global tax” on the Internet.

Recall that Musk last month alleged that Apple threatened to remove Twitter from its App Store, which he stated that if the microblogging platform is removed, he will go ahead to make an alternative phone that can work with the platform.

However, he has recently come out to backtrack on his allegations by disclosing that Apple never considered pulling down Twitter from its app store after he had a meeting with the company’s CEO Tim Cook.

In his words, “Tim was clear that Apple never considered doing so”.

However, Musk isn’t the only one disgruntled by Apple’s app store fees, as many developers have taken issue with the company’s 30% cut, claiming that it is too expensive.

In 2018, Video streaming company Netflix considered disabling its users to subscribe to services from their iPhones because it didn’t want to pay the 30% cut that goes to Apple for in-app purchases.

Amid increased regulatory scrutiny over how it runs its App Store, Apple in 2020 announced the reduction of App Store commissions for smaller businesses.

Under the new guidelines of the “App Store Small Business Program,” developers earning up to $1 million per year will only have to pay a 15%.

Once developers’ apps surpass the $1 million threshold, they’ll be moved to the standard commission rate, generally 30%.

However, in defense of its presumed high App store fees, Apple has stated that such fees could be defended on the grounds of its great innovation in the market.

On its restrictive rules, Apple says its restrictions are crucial to iPhone’s safe hassle-free appeal while noting that it vets all the apps in its app store for security, privacy, and suitability.

In addition to the App Store, Apple’s Services business includes other subscription offerings, including AppleCare, Apple Music, Apple Pay, Apple TV+, Apple Music, Apple News+, and more. 

Words for Binance CZ As He Plots to become Warren Buffett of Crypto Winter

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“Binance CEO, Changpeng Zhao (CZ), said in an interview with Bloomberg that the leading global crypto exchange has over $1 billion to deploy on acquisitions and investments amid the bear market. CZ disclosed that the funds would be committed to supporting decentralized finance (DeFi) applications and non-fungible token (NFTs) projects to help accelerate the adoption of crypto assets.”

I had noted in the past how Warren Buffett calmed the market during the great recession: “Warren Buffett lent money to Goldman Sachs in the valley of the 2007-2008 great recession and calmed markets. Lehman Brothers was gone and many people were troubled. Buffett came out and said that he was still investing. That was a turning point for many.”

As CZ pushes to become Warren Buffett during this Crypto Winter, I want to leave these words with him: ‘Warren Buffett did not save the banks during the great recession; it was the government which did. But Buffett provided a quasi-bridge which supported the government’s playbook. Indeed, besides this Industry Recovery Fund, Binance and its peers should march to the Securities & Exchange Commission (SEC) and say: “Please regulate the cryptocurrency industry. We need help”’. 

Indeed, the most important pending innovation in the crypto industry is US government regulation. If that happens, many good things will take shape and that will make this Binance $1 billion war chest to go further. Otherwise, it is filling a leaking bucket on a long-term viewport.

Comment on Feed:

Comment 1: You’re still playing by the old rules sir. Like I said with banks, crypto is changing amd would change a lot of things, regulations are not what crypto needs. Also, crypto does not need a Warren Buffett style quasi bridge. That is s the old way of thinking. Government Regulations in the markets have failed us. Allowing a few to control the majority.

So, NO TO YOUR GOVERNMENT REGULATIONS!

My ResponseToday in crypto, there is a regulation but that is done by few men. The top 5 miners control more than 80% of all new bitcoins. In other words, 5 people print more than 80% of all new bitcoins. In exchange, the top 5 control more than 60% of all funds. Again, 5 men dominate that. When FTX collapsed, it took down at least 1 million users; many companies in Nigeria like Nextcoin, etc have fired workers because of FTX exposure. 

FTX wiped more than $200 billion on crypto in days. But who regulates FTX? SBF who said he was not even aware that the $$billions were not there.  Do not be deceived: crypto is regulated today but my few men. You better wish the power is moved from them to the government which will have the interests of everyone!

I am not sure you will keep USD or Naira if 5 men in US or Lagos control 80% of things which affect it. As we write, there is massive “regulation” in BTC and crypto but by 5-6 men, not government. 

Comment 2: Proff. Before Tekedia started accepting crypto, you had a refuting/negative PoV on bitcoin. You literally won’t accept it even if it was used in exchange from the crumbs that fell from your table.

My Response: You did not read me well. I have always supported Bitcoin as a means of exchange, not a store of value. Visit tekedia.com and all my articles are there. As I noted, nothing stops you collecting BTC from that customer in Zimbabwe and changing it to Naira (alternative is to lose that market). I am against hodling but I am bullish that it can be used to exchange value as a currency, not as an appreciating asset. We have invested in startups which built products to make it easier to accept and pay with BTC (Bitmama, etc) but will never invest in hodling companies.

Comment 3: Decentralised, but regulated…Nothing makes more sense than this.

Anything that has an idea of complete borderlessness has the potential to attract more bad than good (on the long run). Regulation creates more checks and creates balance.

Binance to Spend $1 billion on Acquisitions and Investments Amid Bear Market

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Binance CEO, Changpeng Zhao (CZ), said in an interview with Bloomberg that the leading global crypto exchange has over $1 billion to deploy on acquisitions and investments amid the bear market.

CZ disclosed that the funds would be committed to supporting decentralized finance (DeFi) applications and non-fungible token (NFTs) projects to help accelerate the adoption of crypto assets.

Binance Has Invested $325M This Year

As a market leader, Binance has invested $325 million in 67 projects this year, excluding the $500 million the exchange used to support Elon Musk in his $44 million Twitter acquisition. In contrast, the company only invested $140 million in 73 projects last year.

In June, Binance Labs, the investment arm of the exchange, launched a $500 million fund to support promising Web 3 projects and start-up firms with great potential.

Binance to Invest in Real Products

Despite the $325 million investment, CZ said the company plans to spend another $1 billion on “real products that people use.” He noted that the exchange would not consider financially distressed firms, referring to crypto lenders such as Voyager Digital and Celsius Network that have experienced severe setbacks since the market crash in May. Changpeng Zhao said;

We did look at a lot of lenders in recent months because that’s where all the issues are. Many of them just take a user’s money and give it to somebody else. There’s not a lot of intrinsic value. In that case, what’s to acquire? We want to see real products that people use.

The Binance CEO also revealed that the exchange might be interested in investing in traditional e-commerce and gaming companies. The exchange revealed earlier this year that it is looking to expand its business offerings outside the crypto space by investing in different projects in every economic sector.

Meanwhile, unlike Binance, which is focused on investing in real products, its major rival, Sam Bankman Fried’s FTX, has been bailing out plagued firms since the market turbulence.

During the peak of the Crypto winter, FTX CEO disclosed that the company still had around $1 billion to buy out these firms and has since become crypto’s white knight in time of need, in November FTX and Alameda Research filed for Chapter 12 Bankruptcy with over $8B of Customers Assets stacked on the platform.

“SBF vs CZ: The Epic Showdown”; CZ wrote:

We don’t focus on competitors because it’s a waste of time and resources when the industry has only touched 6% of the population. We want multiple exchanges, multiple blockchains, multiple wallets, etc, to co-exist in the ecosystem.

CZ wants to be the savior of crypto.”

Crypto doesn’t need saving. Crypto is fine. It’s the beauty of decentralization. We are just part of it. We want to help other good projects that may be in a cash crunch because of recent events. It’s in our collective best interest.