Central African Republic Announces Their Own Shitcoin
I was hopeful when I heard that an African country would adopt bitcoin, I really think the shift to hard programmable money would correct so many of the perverse incentives holding back the continent and allow us to unlock the obvious potential on the continent.
The CAR have considerable issues, but I thought that if bitcoin can work there, then no country would have an excuse and I was glad to see a president brave enough to consider it.
I knew it would be tough, and I even had a breakdown of how bitcoin would struggle under the conditions in the central African republic but instead of taking up the challenge the president pussied out and opted to shitcoin.
When the legal tender bill was launched I was rather skeptical after reading it, and when there was little to action around bitcoin or welcoming bitcoin companies in to help, I knew something was a miss.
Now they've confirmed my suspicions with an announcement that The Central African Republic, (CAR) officially launched on Sunday the construction of its own cryptocurrency, the Sango, and the future "first African crypto-hub" with "zero taxation".
BARF!! 🤢🤮
If you read the release you'll see the Sango project turned out to be a hodgepodge of buzzwords and half-cooked ideas written by a tech PR firm who have no idea where Africa is or how this place operates, it's so devoid of reality that it's laughable.
Mara and coinbase shitcoin grift
When the news broke, you could be sure that every crypto company was going to see how they could leverage it, and failing crypto exchange coinbase was first in line. Their stock has been falling since launch and margins are compressing and with all the BS going on in the market today, they need to find a way to jump-start their business.
And what better way than to exploit 3rd world countries, I mean all the big tech companies do it, just look at how Tesla shits on the people of the Congo to get cobalt for their batteries.
Paying people next to nothing and then slapping massive charges on it to sell to virtue signaling Americans and Europeans who think they're saving the earth when more than 90% of the car is made from Fossil Fuels, and the electricity generated to run it isn't renewable for shit.
So apparently as the story goes, this whole thing was just a ploy to get investment into the country that only a select few can benefit from, the shitcoin companies can use CAR as a PR and charity stunt while the political elite gets paid off by them in fiat.
If there's one thing that will trigger me, is watching people throw their fellow African under the bus for a few dollars, it's pathetic!
Coinbase backed Mara is advising the CAR. Keep the wrong company and you'll be steered in the wrong direction. #Bitcoin is the only way forward. Crypto will ensure nothing really changes. pic.twitter.com/FPRtokvi9P
— Samson Mow (@Excellion) July 3, 2022
We've seen this story before
This is no different from when the Europeans came to colonize African countries, selling you on total bullshit while they get to make away with the real value, and leave you with the debt and hollow out your economy.
This is no different from the fiat system, this is no different from the IMF system, it's only moving over who you owe value to and who can control the value desperation within the system.
I am hugely disappointed and I am 100% sure this Sango coin will fail, leaving it open for bitcoin to be adopted on grass routes level. Ultimately the market will decide the best solution and as people learn about bitcoin, they find that is the best solution and automatically gravitate to it.
You don't need a president, you don't need legal tender laws, you and your community can move to a bitcoin standard and reap the benefits.
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i really get angry with people who sold there country men for money and it's a big problem in many countries
It will keep happening until people opt into a money that no one can control, as long as people can create their own money there will be overlords
I'm getting the mental image of an entire country being the victim of a Rug pull, without a rug.
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Nothing new for African countries, we've been rugged by colonialism, rugged by the IMF, rugged by China belt and road loans, Coinbase is just the next scheme and we never learn