[kictanet] Public Notice by CBK on Virtual Currencies

Ali Hussein ali at hussein.me.ke
Wed Dec 16 19:08:55 EAT 2015 

LOL

Waithaka, you just made my day..

Thanks & Regards

Ali Hussein
ali at hussein.me.ke

+254 713 601113
Twitter: @AliHKassim
Skype: Abu-Jomo
LinkedIn: http//ke.linkedin.com/in/alihkassim
Blog: www.alyhussein.com

> On Dec 16, 2015, at 7:03 PM, Waithaka Ngigi via kictanet <kictanet at lists.kictanet.or.ke> wrote:
> 
> :-),
> 
> Just as well those ones before you @NYS decided to keep their money in plots :-)
> 
> With you we'll probably be chasing Bitcoins and I can imagine UK in a Press Release saying...
> 
> "...Tutawafuata mpaka hizo ma-Bitcoins zipatikane‎... Na zikipatikana hakuna ma-Bitcoin itatoka Kenya tena..."
> 
> Then there will follow a morning raid at your house... To look for Bitcoins under your mattress :-)
> 
> Waithaka Ngigi
> 
> Alliance Technologies
> www.at.co.ke 
> From: Odhiambo Washington via kictanet
> Sent: Wednesday, December 16, 2015 6:56 PM
> To: Ngigi Waithaka
> Reply To: KICTAnet ICT Policy Discussions
> Cc: Odhiambo Washington
> Subject: Re: [kictanet] Public Notice by CBK on Virtual Currencies
> 
> "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 <mailto: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 <mailto: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 <mailto: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 <mailto: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 <tel:%2B254%200713%20601113> / 0770906375 <tel:0770906375>
> 
> Twitter: @AliHKassim
> Skype: abu-jomo
> LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim> <http://ke.linkedin.com/in/alihkassim>
> Blog: www.alyhussein.com <http://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 <mailto: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 <mailto: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 <tel:%2B254%200713%20601113> / 0770906375 <tel:0770906375>
>> 
>> Twitter: @AliHKassim
>> Skype: abu-jomo
>> LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim> <http://ke.linkedin.com/in/alihkassim>
>> Blog: www.alyhussein.com <http://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 <mailto: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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> 
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> 
> -- 
> Regards,
> 
> Mark Mwangi
> 
> markmwangi.me.ke <http://markmwangi.me.ke/>
> 
> 
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> -- 
> Regards,
> 
> Waithaka 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 <http://www.at.co.ke/>
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> -- 
> Best regards,
> Odhiambo WASHINGTON,
> Nairobi,KE
> +254733744121/+254722743223
> "I can't hear you -- I'm using the scrambler."
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