Bitcoin 'Greatest Gift' to Mankind, Says Former Google Africa CEO

Neil Dennis

Stafford Masie, general manager of WeWork South Africa and former chief of Google Africa, believes bitcoin, more than any other technology, has the ability to permanently change the world for the good.

Speaking at the SingularityU South Africa Summit this week, Masie said that bitcoin's ability to provide an exchange of value without the need of a centralized authority was the "greatest gift" to mankind. Reported by ITWeb, Masie said:

The third economy is an economy where people don’t have access to electronic forms of distributing value or cash [...] Think of the people who live two hours outside Shanghai, China’s central coast. They will use Bitcoin to trade and unlock international transactions outside of the existing frameworks in a manner that you and I cannot imagine.

Bitcoin Africa

Masie's so-called "third economy" differs in its approach to cryptocurrencies. Africa, for example, has one of the largest unbanked populations of any continent, yet access to cellphones and other mobile technology is prevalent. Research by Elixirr suggests that in countries where bank penetration is as low as 20%, approximately 80% of the population own a mobile phone.

It is populations such as this that Masie believes bitcoin needs to reach, and to do this potential users must overcome some misconceptions. Masie said that while the cryptocurrency is "misunderstood, misused, misrepresented and viewed as complicated - it will revolutionize global trade".

Featured image via Pixabay.

Luxury Cars and $15 Million in Crypto Seized in Chinese Arbitrage Scam Bust

Michael LaVere
  • Chinese authorities seized $15M in crypto and several supercars following scam ring bust.
  • The group was allegedly operating an arbitrage scam that promised users fake Huobi Tokens. 

Chinese authorities have reportedly seized more than $15 million in crypto-assets and $2 million in supercars after busting up an arbitrage scam selling counterfeit tokens. 

According to a report by China’s Ministry of Public Security, police in the city of Wenzhou arrested 10 individuals connected to operating a fraudulent cryptocurrency scheme. The report claims the arbitrage group was scamming victims using blockchain smart contracts to generate fake cryptocurrencies. 

Following the bust, authorities seized bitcoin, ether, and tether worth over 100 million yuan ($15 million). The report also claims police seized several supercars, including a Ferrari and a McLaren valued at more than $2 million, in addition to the luxury villa in which the scammers were staying. 

The arrested individuals had reportedly operated a smart contract scheme since 2019, which advertised a blockchain product that claimed to generate Huobi’s native token HT. Unsuspecting consumers were promised the tokens would generate arbitrage opportunities worth a return of up to 8%. 

One victim, identified as Li in the report, first notified police after joining a Telegram group belonging to the scam artists. 

Li told authorities, 

Simply put, you send one unit of ETH to a designated address, you will receive 60 HT. And then you can sell it to gain the difference.

Featured Image Credit: Photo via Pixabay.com