When I say Nigeria’s cement policy has been a complete failure, this is exactly what I mean. The Goverment is tweeting this out without irony

Cement is an input. You can’t eat or drink it. On its own it’s useless. So as a government, if you decide to have a cement policy, the biggest mistake you can make is to set your success benchmark simply as increasing the amount of cement produced. But this is what Nigeria did
If you’re going to have a policy supporting the production of an input, the only sensible way to measure the success of that policy is to measure the things that that input goes into.
So you say - we want to have a cement policy to support the construction of x number of houses over x number of years. Or to build x amount of infrastructure. That is how you measure the success of a cement policy
But what did Nigeria do? The only measure of success has been we were producing x amount of cement in 19xx and now we are producing xx amount of cement in 20xx. Clap for yourselves, everyone go home. We even have a cement billionaire!
Now *after* the comprehensive failure of the cement policy, the government is now congratulating itself for negotiating a discount with cement producers to - you won’t believe this - build houses.
Imagine visiting a country and you see 90% of the people trekking as their means of transport. But a tiny minority of people are going about in cars. You then ask who is the richest man in that country and they tell you it’s the guy selling car tyres
You don’t have anywhere near enough of the things for which cement is an input - housing, infrastructure - but the guy selling that input is a billionaire anyway.

Systems, systems, systems.
What is most painful about this Low Quality Billionaire is that he is no more than a technology middleman in all of this. ALL the technology used to manufacture cement in Nigeria is simply imported from China. This is all he’s done to become a multi billionaire
No local innovation or anything of the sort. No research or development. Nothing added to the body of cement knowledge that has been in existence for more than 2,000 years. Just manipulate the govt to shamelessly fleece his own countrymen. Disgusting

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The first ever world map was sketched thousands of years ago by Indian saint
“Ramanujacharya” who simply translated the following verse from Mahabharat and gave the world its real face

In Mahabharat,it is described how 'Maharishi Ved Vyasa' gave away his divine vision to Sanjay


Dhritarashtra's charioteer so that he could describe him the events of the upcoming war.

But, even before questions of war could begin, Dhritarashtra asked him to describe how the world looks like from space.

This is how he described the face of the world:

सुदर्शनं प्रवक्ष्यामि द्वीपं तु कुरुनन्दन। परिमण्डलो महाराज द्वीपोऽसौ चक्रसंस्थितः॥
यथा हि पुरुषः पश्येदादर्शे मुखमात्मनः। एवं सुदर्शनद्वीपो दृश्यते चन्द्रमण्डले॥ द्विरंशे पिप्पलस्तत्र द्विरंशे च शशो महान्।

—वेद व्यास, भीष्म पर्व, महाभारत


Meaning:-

हे कुरुनन्दन ! सुदर्शन नामक यह द्वीप चक्र की भाँति गोलाकार स्थित है, जैसे पुरुष दर्पण में अपना मुख देखता है, उसी प्रकार यह द्वीप चन्द्रमण्डल में दिखायी देता है। इसके दो अंशो मे पीपल और दो अंशो मे विशाल शश (खरगोश) दिखायी देता है।


Meaning: "Just like a man sees his face in the mirror, so does the Earth appears in the Universe. In the first part you see leaves of the Peepal Tree, and in the next part you see a Rabbit."

Based on this shloka, Saint Ramanujacharya sketched out the map, but the world laughed
So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.


The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.

This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.

The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."

This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.