Jump to content

Kenyan Insurance Executive Calls Cryptocurrencies Ponzi Schemes, Warns Users This Will 'End in Tears' - Piracy News and Crypto Updates - InviteHawk - Your Only Source for Free Torrent Invites

Buy, Sell, Trade or Find Free Torrent Invites for Private Torrent Trackers Such As redacted, blutopia, losslessclub, femdomcult, filelist, Chdbits, Uhdbits, empornium, iptorrents, hdbits, gazellegames, animebytes, privatehd, myspleen, torrentleech, morethantv, bibliotik, alpharatio, blady, passthepopcorn, brokenstones, pornbay, cgpeers, cinemageddon, broadcasthenet, learnbits, torrentseeds, beyondhd, cinemaz, u2.dmhy, Karagarga, PTerclub, Nyaa.si, Polishtracker etc.

Kenyan Insurance Executive Calls Cryptocurrencies Ponzi Schemes, Warns Users This Will 'End in Tears'


Recommended Posts

A Kenyan insurance executive, Julius Kipng’etich has compared cryptocurrencies like bitcoin to Ponzi schemes and has urged his countrymen not “touch this.” In addition, Kipng’etich warned those already involved in crypto trading to be prepared for the consequences as this always “ends in tears.”

Bitcoin as a Medium of Exchange

Interestingly, when addressing attendees of a business seminar, Kipng’etich does acknowledge that bitcoin already meets one of the conditions for it to be treated as currency. He said:

"Currency represents two primary things; it is a medium of exchange and a store of value. So any currency is medium, I give you so that you give something."

Kipng’etich’s view of cryptocurrencies appears to be consistent with that of some central banks. For instance, in its 2019 consultation paper on crypto assets, the South African Reserve Bank (SARB) similarly acknowledges that “crypto-assets have the ability to be used for payments (exchange of such value) and for investment purposes by crypto-asset users.”

Cryptocurrency Not a Store of Value

However, in terms of bitcoin being a store of value, Kipng’etich argues that since this is not backed by governments it, therefore, cannot be seen as a true store of value. According to the executive, only governments are mandated to issue currency by virtue of their positions. The executive explained:

"Government is the custodian to regulate how much value has been given. That’s why they issue currency because it represents an output…Then the central bank represents that output in currency."

Therefore, when measured against this standard, cryptocurrencies like bitcoin are valueless or “hot air” as Kipng’etich puts it.

Link to comment
Share on other sites

Avoid unnecessary posts such as 'Thank you', 'Welcome', etc. Such posts will be deleted and user will be warned if it happens again. If caught spamming, the following actions are applicable -

  • First time - Warning
  • Second time - 5000 Points will be deducted
  • Third time - Ban for 7 days
  • Fourth time - Permanent Ban

If the post helped you, reward the user by reacting to the post like this -

1.jpg

Link to comment
Share on other sites

The last post in this topic was made more than 14 days ago. Only post in this topic if you have something valuable to add. Irrelevant posts are not allowed and you will be warned/banned for spamming old topics.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Read this before posting -
  • Only post if you have something valuable to contribute.
  • Avoid unnecessary posts such as 'Thank you', 'Welcome', etc. Such posts will be deleted and you will be warned if it happens again.
  • If the post helped you, reward the user by reacting to the post like this -                      1.jpg
Guest
Unfortunately, your content contains terms that we do not allow. Please edit your content to remove the highlighted words below.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Customer Reviews

  • Similar Topics

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.