Cryptocurrency: Continuous Technological Exploitation Of African Nations By Europe & Asia


It is not a hidden fact that Africa is still far behind other continents when it comes to technology. This however should not be a reason for the continuous exploitation and ripping of the continent technology-wise by their European and Asian counterparts. Africans are treasure-oriented like sailors of ancient times hence whenever an idea is to be thrown at them, it had only be coated with the ability for them to make quick cash and the idea would be swallowed hook, line and sinker.

There have been endless scenarios ranging from Multi-Level Marketing to Pyramid Schemes but the most recent strike is that of the Ponzi scheme, that came into vogue in the continent with the introduction of the Mavro Movradi Movement (MMM), which resulted in the loss of huge sums by thousands in Nigeria alone. The crash of MMM didn’t deter them from the hunt for quick money as they turned to several other platforms such as Twinkas, NNN Nigeria, Get Help Worldwide which also followed the line of MMM in crashing. Asides from the loss of capital, these platforms exploited people of the continent who had platforms with easy access to the web (such as brand influencers, bloggers, social media influencers, PRs) with the promise of partnership in excess for promotion of their platforms. This turned ought to be empty promises as they used strategies of paid posts on top blogs to deceive the upcoming bloggers.

The same scenario is recurring with the wild craze for crypto-currencies by Africans. The continuous success and appreciation of the Bitcoin and Ethereum crypto-currencies have led to the daily launch of new ones which are not recognized globally. However, due to the inability for the founders to sell such to their people who are technologically enlightened, they bring it down to Africa and use the very strategy to milk the people of the continuous of their capital and promotions revenue. Several globally unrecognized crypto-currencies are already making rounds in the continent and being accepted due to the paid promotion of such by top blogs and influencers.

Recently, a group of Nigerian bloggers were approached by a supposedly Indonesian shipping start-up Shipbloc, which is to have an integration of crypto-currency, for promotions under the guise of partnership. However, a research on their site which is slated to kick-off operations in January show dubious activities such as LinkedIn dud links and a rigged or broken timer. There is, however, a working portal to purchase their tokens with the Ethereum crypto-currency on the site.

To avoid the rare occurrence of lightning strikes on the same spot, Africans have to get enlightened about crypto-currencies and how it works before diving headlong into crypto tradings and investments.


Agwah Michael (Founder 247NewsUpdate Blog, Researcher, Human Rights Activist, Social Critic and Political Analyst)
Twitter: @AgwahMichael
LinkedIn: Agwah Michael

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