[kictanet] Public Notice by CBK on Virtual Currencies

Wed Dec 16 18:53:22 EAT 2015

"Bitcoin is an algorithm that lets those with serious CPU Power to mine
(generate) bitcoins. "

That's usually where my mind goes blank! I once considered buying a PC -
Core i7, 64GB RAM, install 512GB SSD and start mining Bitcoins. Then I
asked myself - mining what?? Let my PC to run some app 24/7/365 mining
something that's not physical.....Brain lock. Idea shelved. I's rather look
for NYS Tender!

On 16 December 2015 at 18:43, Ngigi Waithaka via kictanet <
kictanet at lists.kictanet.or.ke> wrote:

> Mark,
>
> Where does Bitcoin derive its value? Because its rare and others are
> willing to pay for the same rarity... Think of Gold, usually not very
> useful, but its rarity and the fact that we and others like 'looking' at it
> gives it value.
>
> Why do 'others' like to pay for Bitcoin? Because it gives them value and
> it helps them to transfer value to others.
>
> As for a Central Organization *minting* more Bitcoins, that's not exactly
> possible. why, because Bitcoin is an algorithm that lets those with serious
> CPU Power to mine (generate) bitcoins.
>
> Minting Bitcoins is actually very decentralized and even *you* can do it.
> The algorithm guarantees that:
> 1. It becomes exponentially harder to keep on minting Bitcoins once the
> minting started. So you need more computer now to keep generating Bitcoins
> 2. There are a finite number of Bitcoins that can currently be generated
> with the resources available
> 3. No central authority can generate Bitcoins and hence flood the market
>
> Some beautiful Math this is...
>
> Rgds
>
>
> On Wed, Dec 16, 2015 at 6:02 PM, Mark Mwangi via kictanet <
> kictanet at lists.kictanet.or.ke> wrote:
>
>> But where does Bitcoin derive its value? The USD is backed by the US
>> government and so long as the US remains competitive and strong so does the
>> dollar. Same for the Kenya Shilling. Bitcoin is only valuable now because
>> its rare. Nothing else.
>>
>> As has been mentioned before the "Anonymous" nature of it means it could
>> easily be a smart government experimenting. What happens if they decide to
>> mint some more once it has become mainstream?
>>
>> Sure the technology may eventually take hold in some form but I doubt it
>> will be in its current iteration.
>>
>> On Wed, Dec 16, 2015 at 4:22 PM, meshack emakunat via kictanet <
>> kictanet at lists.kictanet.or.ke> wrote:
>>
>>> maybe the reason as to why the CBK has somehow distanced itself form
>>> Bitcoins is probably the nature and structure and model that drives them.
>>> i.e they are designed to remain almost unregulated. My say is what if the
>>> solution is not the absolute regulation that is applied to other
>>> currencies(paper money,? what if the solution is just the relative
>>> regulation that the currency seeks. by relative i mean if bitcoin can be
>>> allowed to and accepted as a legal tender and a medium of exchange for "the
>>> internet economy"
>>>
>>>
>>> REGARDS
>>>
>>> MESHACK
>>>
>>>
>>>
>>> On Wednesday, December 16, 2015 3:28 PM, Ali Hussein <ali at hussein.me.ke>
>>> wrote:
>>>
>>>
>>> Meshack
>>>
>>> You have brought Ina whole new dimension to this discussion.
>>>
>>> Your assertions by the way are true. That is however changing very fast
>>> with new players surfacing very fast. This is a $580 billion global money
>>> movement space with about $50 billion in fees/and or forex spreads. You can
>>> now see why bitcoins can upset the apple cart..but that's a discussion for
>>> another day.
>>>
>>> To Mwendwa's question/comment about bitcoins and Imperial Bank. Not sure
>>> this is an apples for apples comparison. Bitcoins are a currency and
>>> Imperial Bank issue is mainly one of depositors potentially loosing money
>>> because of unscrupulous management and inability of Central Bank to timely
>>> regulate.
>>>
>>> *Ali Hussein*
>>> *Principal*
>>> *Hussein & Associates*
>>> +254 0713 601113 / 0770906375
>>>
>>> Twitter: @AliHKassim
>>> Skype: abu-jomo
>>> LinkedIn: http://ke.linkedin.com/in/alihkassim
>>> <http://ke.linkedin.com/in/alihkassim>
>>> Blog: www.alyhussein.com
>>>
>>> "Discovery consists in seeing what everyone else has seen and thinking
>>> what no one else has thought".  ~ Albert Szent-Györgyi
>>>
>>> Sent from my iPad
>>>
>>> On 16 Dec 2015, at 1:58 PM, meshack emakunat <memakunat at yahoo.com>
>>> wrote:
>>>
>>> Hello All
>>>
>>> did you know that migrant Africans are charged a whole 12% or more on
>>> remittances back home from developed countries and that these charges are
>>> 2wice the global rate.  and that 66% of the global (to africa) remittances
>>> are from MTOs such as Moneygram and Western union
>>>
>>> REGARDS
>>>
>>> MESHACK
>>>
>>>
>>>
>>> On Wednesday, December 16, 2015 10:52 AM, Ali Hussein via kictanet <
>>> kictanet at lists.kictanet.or.ke> wrote:
>>>
>>>
>>> Josiah
>>>
>>> Umeongea kama wazee kumi! (spoken like 10 wise men!)
>>>
>>> *Ali Hussein*
>>> *Principal*
>>> *Hussein & Associates*
>>> +254 0713 601113 / 0770906375
>>>
>>> Twitter: @AliHKassim
>>> Skype: abu-jomo
>>> LinkedIn: http://ke.linkedin.com/in/alihkassim
>>> <http://ke.linkedin.com/in/alihkassim>
>>> Blog: www.alyhussein.com
>>>
>>> "Discovery consists in seeing what everyone else has seen and thinking
>>> what no one else has thought".  ~ Albert Szent-Györgyi
>>>
>>> Sent from my iPad
>>>
>>> On 15 Dec 2015, at 1:24 PM, Josiah Mugambi via kictanet <
>>> kictanet at lists.kictanet.or.ke> wrote:
>>>
>>> BitPesa requires proof of identity before use. I found it quite lengthy
>>> and a tad tedious while signing up sometimes back. That somewhat takes care
>>> of KYC procedures though.
>>> I think CBK are obligated to make this position as a caveat emptor. An
>>> idea for them might be to use this case with BitPesa as a pilot with the
>>> view of coming up with regulations. Especially as cryptocurrencies are not
>>> going away any time soon.
>>>
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>>> regulation. The network aims to act as a catalyst for reform in the ICT
>>> sector in support of the national aim of ICT enabled growth and development.
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>>> KICTANetiquette : Adhere to the same standards of acceptable behaviors
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>>
>>
>>
>> --
>> Regards,
>>
>> Mark Mwangi
>>
>> markmwangi.me.ke
>>
>>
>>
>>
>>
>> _______________________________________________
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>>
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>>
>> The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform
>> for people and institutions interested and involved in ICT policy and
>> regulation. The network aims to act as a catalyst for reform in the ICT
>> sector in support of the national aim of ICT enabled growth and development.
>>
>> KICTANetiquette : Adhere to the same standards of acceptable behaviors
>> online that you follow in real life: respect people's times and bandwidth,
>> share knowledge, don't flame or abuse or personalize, respect privacy, do
>> not spam, do not market your wares or qualifications.
>>
>
>
>
> --
> *Regards,*
>
> *Wait**haka Ngigi*
> Chief Executive Officer | Alliance Technologies | MCK Nairobi Synod
> Building
> T +254 20 525 0750 |Office Mobile: +254 716 201061 | M +254 737 811 000
> www.at.co.ke
>
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>
> The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform
> for people and institutions interested and involved in ICT policy and
> regulation. The network aims to act as a catalyst for reform in the ICT
> sector in support of the national aim of ICT enabled growth and development.
>
> KICTANetiquette : Adhere to the same standards of acceptable behaviors
> online that you follow in real life: respect people's times and bandwidth,
> share knowledge, don't flame or abuse or personalize, respect privacy, do
> not spam, do not market your wares or qualifications.
>

-- 
Best regards,
Odhiambo WASHINGTON,
Nairobi,KE
+254733744121/+254722743223
"I can't hear you -- I'm using the scrambler."
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