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Or being someone without access to a bank account, or without proper means of identifying yourself. Which applies to a substantial number of people in Africa.

by darawk 7y ago

arcticbull 7y ago
Are you sure? How much do you know about banking in Africa? I know that I personally don't know much, which is why I don't offer solutions -- but what I do know is that services like Flutterwave and M-Pesa [2] are absolutely killing it. [1] https://money.cnn.com/2017/07/31/technology/business/flutterwave-africa/index.html https://money.cnn.com/2017/07/31/technology/business/flutter... [2] https://www.forbes.com/sites/tobyshapshak/2018/11/27/how-mobile-money-continues-to-boom-in-africa/#69317ca8205c https://www.forbes.com/sites/tobyshapshak/2018/11/27/how-mob...
- darawk 7y ago
  Those businesses are succeeding exactly because of the lack of banking/identification access in Africa. They use phones as the axis of identity, which people do have (somewhat) ubiquitous access to. However that doesn't make it easy to access the US stock market, which is why this guy's concept would have been useful to them.
  - arcticbull 7y ago
    You can't access the US stock market without SEC regulation thanks to the Securities and Exchange Act of 1934. No amount of blockchain is going to change that.
    - darawk 7y ago
      According to US law, you mean. However, nothing stops a foreign entity from creating derivatives pegged to the price of US stocks. Which is exactly what this guy was attempting to do.
      - arcticbull 7y ago
        Owning stock conveys beneficial ownership share, pays dividends, etc. This is strictly worse.
        darawk 7y ago
        Worse than what? Their alternative is owning nothing at all. And derivatives are just fine - they can be pegged to the dividend adjusted value of the asset.
        arcticbull 7y ago
        It's not an investment, it's gambling. I'd suggest that's probably not the best use of capital for what you identify as an impoverished group.
        darawk 7y ago
        How exactly is a single-stock future any more gambling than investing in that stock directly?
        deleted 7y ago
        [deleted]

Or being someone without access to a bank account, or without proper means of identifying yourself. Which applies to a substantial number of people in Africa.

by darawk 7y ago

Or being someone without access to a bank account, or without proper means of identifying yourself. Which applies to a substantial number of people in Africa.

arcticbull 7y ago

Are you sure? How much do you know about banking in Africa? I know that I personally don't know much, which is why I don't offer solutions -- but what I do know is that services like Flutterwave and M-Pesa [2] are absolutely killing it. [1] https://money.cnn.com/2017/07/31/technology/business/flutterwave-africa/index.html https://money.cnn.com/2017/07/31/technology/business/flutter... [2] https://www.forbes.com/sites/tobyshapshak/2018/11/27/how-mobile-money-continues-to-boom-in-africa/#69317ca8205c https://www.forbes.com/sites/tobyshapshak/2018/11/27/how-mob...

darawk 7y ago
Those businesses are succeeding exactly because of the lack of banking/identification access in Africa. They use phones as the axis of identity, which people do have (somewhat) ubiquitous access to. However that doesn't make it easy to access the US stock market, which is why this guy's concept would have been useful to them.
- arcticbull 7y ago
  You can't access the US stock market without SEC regulation thanks to the Securities and Exchange Act of 1934. No amount of blockchain is going to change that.
  - darawk 7y ago
    According to US law, you mean. However, nothing stops a foreign entity from creating derivatives pegged to the price of US stocks. Which is exactly what this guy was attempting to do.
    - arcticbull 7y ago
      Owning stock conveys beneficial ownership share, pays dividends, etc. This is strictly worse.
      - darawk 7y ago
        Worse than what? Their alternative is owning nothing at all. And derivatives are just fine - they can be pegged to the dividend adjusted value of the asset.
        arcticbull 7y ago
        It's not an investment, it's gambling. I'd suggest that's probably not the best use of capital for what you identify as an impoverished group.
        darawk 7y ago
        How exactly is a single-stock future any more gambling than investing in that stock directly?
        deleted 7y ago
        [deleted]