<div dir="ltr">We're probably trying to conflate different business models which won't work. <div><ul><li>With traditional financial systems you outsource your trust to a middle man that then charges monopoly prices; <br></li><li>with blockchain we're using mathematical proofing functions to gain some 'trust' and currently suffer hacks until the tech matures. </li></ul><div>What are the costs of running the first system beyond normal running costs, 2008 financial crisis, plus factoring cost of regulatory compliance which has risen constantly, at least for the time i've been studying it (2012)? </div></div><div><br></div><div>Also, what are the eventual benefits of blockchain applications allowing our entrepreneurs ease of entry which they'd otherwise not have, efficiency, transparency (read corruption and related governance issues), disintermediation and globalisation? </div></div><div class="gmail_extra"><br clear="all"><div><div class="gmail_signature" data-smartmail="gmail_signature"><div dir="ltr"><div><div dir="ltr"><div style="font-family:arial;font-size:small"><font face="arial, helvetica, sans-serif">Kind regards, </font></div><div style="font-family:arial;font-size:small"><font face="arial, helvetica, sans-serif">Robert</font></div></div></div></div></div></div>
<br><div class="gmail_quote">On Mon, Jan 29, 2018 at 12:09 PM, Sidney Ochieng via kictanet <span dir="ltr"><<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank">kictanet@lists.kictanet.or.ke</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir="ltr">I don't know. Who is to say what provides value to people? If someone is willing to pay for it, it's valuable therefore I wouldn't say its a waste just because it doesn't provide value to me personally. Could that energy be put to better use? Perhaps. </div><div class="HOEnZb"><div class="h5"><div class="gmail_extra"><br><div class="gmail_quote">On 29 January 2018 at 11:45, Adam Lane <span dir="ltr"><<a href="mailto:adam.lane@huawei.com" target="_blank">adam.lane@huawei.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<div lang="EN-US" link="blue" vlink="purple">
<div class="m_9114761378971694768m_8347494317221958891WordSection1">
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">That energy has a purpose, and provides value to a consumer somewhere. The energy used in “mining a currency” provides no value at all, but is calculating sums
for no reason other than to control supply of such currencies. It’s not to say that banks, data centers or ATMs should not be more energy efficient, but it is important to question why a process is designed to waste resources.<u></u><u></u></span></p><span>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal" style="background:white"><b><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#404040">Senior Director, Public Affairs<u></u><u></u></span></b></p>
<p class="MsoNormal" style="background:white"><b><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#404040">Huawei Southern Africa</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black"><u></u><u></u></span></p>
<p class="MsoNormal" style="background:white"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#595959">Mobile: +254-7909-85886
</span><span style="color:#1f497d"><u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"><u></u> <u></u></span></p>
</span><p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> Sidney Ochieng [mailto:<a href="mailto:sidney.ochieng@gmail.com" target="_blank">sidney.ochieng@gmail.c<wbr>om</a>]
<br>
<b>Sent:</b> Monday, January 29, 2018 10:37 AM<br>
<b>To:</b> KICTAnet ICT Policy Discussions <<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank">kictanet@lists.kictanet.or.ke</a><wbr>><br>
<b>Cc:</b> Adam Lane <<a href="mailto:adam.lane@huawei.com" target="_blank">adam.lane@huawei.com</a>></span></p><div><div class="m_9114761378971694768h5"><br>
<b>Subject:</b> Re: [kictanet] World's biggest ever digital currency 'theft'<u></u><u></u></div></div><p></p><div><div class="m_9114761378971694768h5">
<p class="MsoNormal"><u></u> <u></u></p>
<div>
<p class="MsoNormal">I find numbers like this thrown around without context mean nothing. How much of the worlds current energy is used on other financial transactions, running banks, credit cards, atms etc? Would anyone say that energy is wasted? <u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"><u></u> <u></u></p>
<div>
<p class="MsoNormal">On 29 January 2018 at 09:41, Adam Lane via kictanet <<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank">kictanet@lists.kictanet.or.ke</a><wbr>> wrote:<u></u><u></u></p>
<blockquote style="border:none;border-left:solid #cccccc 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in">
<div>
<div>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">Let’s not forget the biggest flaw of all with crypto currencies is that they depend on basically wasting
energy (Which may or may not be sustainably produced, even so it could be better used than on crunching pointless numbers):</span><u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"> </span><u></u><u></u></p>
<p class="MsoNormal" style="margin-bottom:10.5pt;margin-left:22.5pt;background:white">
<span style="font-size:10.0pt;font-family:Symbol;letter-spacing:-.05pt">·</span><span style="font-size:7.0pt;letter-spacing:-.05pt">
</span><i><span style="font-size:16.0pt;font-family:"Georgia",serif;letter-spacing:-.05pt">In 2017:</span></i><u></u><u></u></p>
<ul type="disc">
<ul type="circle">
<li class="MsoNormal" style="margin-bottom:10.5pt;background:white">
<i><span style="font-size:16.0pt;font-family:"Georgia",serif;letter-spacing:-.05pt">42.67 TWh: The annual energy consumption of Bitcoin and Ethereum combined</span></i><u></u><u></u></li><li class="MsoNormal" style="margin-bottom:10.5pt;background:white">
<i><span style="font-size:16.0pt;font-family:"Georgia",serif;letter-spacing:-.05pt">0.19%: The percentage of the world’s electricity used by Bitcoin and Ethereum</span></i><u></u><u></u></li><li class="MsoNormal" style="background:white">
<i><span style="font-size:16.0pt;font-family:"Georgia",serif;letter-spacing:-.05pt">8.49: The number of U.S. households that could be powered for a full day with the same energy as single bitcoin transaction</span></i><u></u><u></u></li></ul>
</ul>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"> </span><u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"> </span><u></u><u></u></p>
<div>
<p class="MsoNormal" style="background:white">
<b><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#404040">Senior Director, Public Affairs</span></b><u></u><u></u></p>
<p class="MsoNormal" style="background:white">
<b><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#404040">Huawei Southern Africa</span></b><u></u><u></u></p>
<p class="MsoNormal" style="background:white">
<span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#595959">Mobile: +254-7909-85886
</span><u></u><u></u></p>
</div>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"> </span><u></u><u></u></p>
<div>
<div style="border:none;border-top:solid #e1e1e1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> kictanet [mailto:<a href="mailto:kictanet-bounces%2Badam.lane" target="_blank">kictanet-bounces+adam.<wbr>lane</a>=<a href="mailto:huawei.com@lists.kictanet.or.ke" target="_blank">huawei.com@lists.kictanet<wbr>.or.ke</a>]
<b>On Behalf Of </b>Admin CampusCiti via kictanet<br>
<b>Sent:</b> Sunday, January 28, 2018 6:12 PM<br>
<b>To:</b> Adam Lane <<a href="mailto:adam.lane@huawei.com" target="_blank">adam.lane@huawei.com</a>><br>
<b>Cc:</b> Admin CampusCiti <<a href="mailto:info@campusciti.com" target="_blank">info@campusciti.com</a>><br>
<b>Subject:</b> Re: [kictanet] World's biggest ever digital currency 'theft'</span><u></u><u></u></p>
</div>
</div>
<div>
<div>
<p class="MsoNormal"> <u></u><u></u></p>
<p class="MsoNormal">Lesson:-<u></u><u></u></p>
<div>
<p class="MsoNormal"> <u></u><u></u></p>
</div>
<div>
<p class="MsoNormal">That we are not safe anywhere from thieves? :-)<u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"> <u></u><u></u></p>
</div>
<div>
<p class="MsoNormal" style="margin-bottom:12.0pt">Seriously though one of the fundamental flaws of cryptocurrencies is that once you have been liberated from your cryptos you have no recourse. This is a design flaw that we are all hoping
will be resolved. Sooner rather than later.<u></u><u></u></p>
<div id="m_9114761378971694768m_8347494317221958891m_-1039301593366132373AppleMailSignature">
<div>
<p class="MsoNormal"><b>Ali Hussein</b><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"><b>Hussein & Associates</b><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Helvetica",sans-serif">+254 0713 601113 </span><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Helvetica",sans-serif"> </span><u></u><u></u></p>
</div>
<div>
<p style="margin:0in;margin-bottom:.0001pt">Twitter: @AliHKassim<u></u><u></u></p>
<p style="margin:0in;margin-bottom:.0001pt">Skype: abu-jomo<u></u><u></u></p>
<p style="margin:0in;margin-bottom:.0001pt">LinkedIn: <a href="http://ke.linkedin.com/in/alihkassim" target="_blank">http://ke.linkedin.c<wbr>om/in/alihkassim</a><u></u><u></u></p>
<p class="MsoNormal">Blog: <a href="http://www.alyhussein.com/" target="_blank">www.alyhussein.com</a><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal" style="margin-bottom:12.0pt"><u></u> <u></u></p>
</div>
<div>
<p class="MsoNormal">"Discovery consists in seeing what everyone else has seen and thinking what no one else has thought". ~ Albert Szent-Györgyi<u></u><u></u></p>
</div>
<div>
<p class="MsoNormal" style="margin-bottom:12.0pt"><u></u> <u></u></p>
</div>
<p class="MsoNormal">Sent from my iPad<u></u><u></u></p>
</div>
<div>
<p class="MsoNormal" style="margin-bottom:12.0pt"><br>
On 27 Jan 2018, at 8:53 PM, Victor Kapiyo via kictanet <<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank">kictanet@lists.kictanet.or.ke</a><wbr>> wrote:<u></u><u></u></p>
</div>
<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
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<div>
<div>
<p class="MsoNormal"><span style="font-family:"Tahoma",sans-serif;color:#20124d">Dear Listers,</span><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"> <u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Tahoma",sans-serif;color:#20124d">One of Japan's largest digital currency exchanges says it has lost some $534m (£380m) worth of virtual money in a hacking
attack on its network. </span><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"> <u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Tahoma",sans-serif;color:#20124d">Coincheck suspended deposits and withdrawals for all crypto-currencies except Bitcoin as it assessed its losses in NEM,
a lesser-known coin. If the theft is confirmed, it will be the largest involving digital currency. Another Tokyo exchange, MtGox, collapsed in 2014 after admitting that $400m had been stolen from its network.</span><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"> <u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Tahoma",sans-serif;color:#20124d">Read more: <a href="http://www.bbc.com/news/world-asia-42845505" target="_blank">http://www.bbc.com/news/<wbr>world-asia-42845505#</a> </span><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"> <u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Tahoma",sans-serif;color:#20124d">What lessons can we learn from this?</span><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"> <u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Tahoma",sans-serif;color:#20124d">Regards,</span><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"> <u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"> <u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"><b><span style="font-family:"Tahoma",sans-serif;color:#20124d">Victor Kapiyo</span></b><u></u><u></u></p>
</div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
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<div>
<p class="MsoNormal"><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:#351c75">Partner |
<i>Lawmark Partners LLP</i></span><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:black">Advocate of the High Court of Kenya, Commissioner for Oaths & Notary Public</span><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal"><i><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:black">Suite No. 8, Centro House, Westlands, Nairobi | </span></i><i><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black">Web:
<a href="http://www.lawmark.co.ke" target="_blank">www.lawmark.co.ke</a> </span></i><u></u><u></u></p>
</div>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:black">==============================<wbr>======================<br>
<i>“Your attitude, not your aptitude, will determine your altitude” Zig Ziglar</i></span><u></u><u></u></p>
</div>
</div>
</div>
</div>
</div>
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</div>
</div>
</div>
</blockquote>
<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
<div>
<p class="MsoNormal">______________________________<wbr>_________________<br>
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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
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</blockquote>
</div>
<p class="MsoNormal"><br>
<br clear="all">
<u></u><u></u></p>
<div>
<p class="MsoNormal"><u></u> <u></u></p>
</div>
<p class="MsoNormal">-- <u></u><u></u></p>
<div>
<div>
<div>
<div>
<div>
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<p class="MsoNormal"><span style="font-size:10.0pt">Regards,</span><span style="font-size:9.5pt"><u></u><u></u></span></p>
</div>
<div>
<p class="MsoNormal">Sidney<span style="font-size:9.5pt"><u></u><u></u></span></p>
</div>
<div>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:#333d47"><br>
<strong><span style="font-family:"Verdana",sans-serif">Twitter:</span></strong></span></b><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:#333d47"> <a href="https://twitter.com/princelySid" target="_blank">@princelySid</a> | <b>Web: </b><a href="http://sidneyochieng.co.ke/" target="_blank">s<wbr>idneyochieng.co.ke</a><br>
<b>Skype: </b>sidney.ochieng | <b>Github:</b> <a href="https://github.com/princelySid" target="_blank">
princelySid</a></span><span style="font-size:8.5pt;font-family:"Verdana",sans-serif;color:#333d47"><u></u><u></u></span></p>
</td>
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</tbody>
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<p class="MsoNormal"><u></u> <u></u></p>
</div>
</div>
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</div>
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</div>
</div>
</div></div></div>
</div>
</blockquote></div><br><br clear="all"><div><br></div>-- <br><div class="m_9114761378971694768gmail_signature" data-smartmail="gmail_signature"><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div style="font-size:12.8px"><font size="2">Regards,</font></div><div style="font-size:12.8px"><span style="font-size:small">Sidney</span><br></div><div style="font-size:12.8px"><table cellpadding="0" cellspacing="0" width="100%" style="font-family:verdana;font-size:11px;color:rgb(51,61,71)"><tbody><tr><td height="20" valign="middle"><font size="2"><strong><br>Twitter:</strong> <a href="https://twitter.com/princelySid" target="_blank">@princelySid</a> | <b>Web: </b><a href="http://sidneyochieng.co.ke/" target="_blank">s<wbr>idneyochieng.co.ke</a><br><b>Skype: </b>sidney.ochieng | <b>Github:</b> <a href="https://github.com/princelySid" target="_blank">princelySid</a></font><br></td></tr></tbody></table></div></div></div></div></div></div></div>
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