Is Ethereum for people of for Financial institutions? African point of view!

Hi, i’m Mehdi, from Rabat Morocco, honored to go through this adventure with you all :slight_smile: and this is a recent experience that i would like to share with you.

But before we get to that let me ask this question, because at the end, and as far as i know, the purpose behind blockchain and from a historical perspective at least, is to fix the people’s issues with centralized powerful institutions, and not to fix interoperability between those.

Now here is my experience with Ethereum and Defi, so i tried compound last day, and to activate Eth as a collateral, around a hundred usd, 40 usd to put Eth in the supply, 180 to this, 74 to that, 160 to stop the transaction, OMFG !!!

So probably from an oldtimer perspective, who’s been around for awhile, and has hundreds of Eth laying around, it’s nothing, a bit expensive but on the long run it’s profitable, and i understand the congestion, the price blowing up and all, but let me give you my perspective, as an African, that’s trying this awesome thing that is DEFI and Dai, and Maker dao protocol, and compound and all i was amazed and my heart was filled with great hope, the planet the people, all of it.

But the reality is, and from an African point of view it’s a hustle, and i’ve been robbed, and millions will be robbed to! Again and again, untill the day “Ethereum will be ready for mainstream”, people like me and on dayli bases, gets robbed from there hardly earned money.

I understand that from a techie perspective, someone who’s been around for awhile, I’m just a noob and i dont get it, well to a certain extent you are correct, but on the other hand, i represent the 98% of the world population that have some or no clue, and i feel like I’ve been hustled, may be your well financially, but as far as i know, a few hundreds of Dollars is a lot of money everywhere, and for me personally it is a ton of money and i could supply my family with food for a few weeks, the amount i lost just to try out the platform for the average family represent a month of salary, around the minimum wage around here. So i lost a sh*t ton of money, i could have used to make my family’s life more comfortable, but instead got hustled by Eth miners, or at least that is how i feel.

And we can add this perspective too,in my area and for my people, I’m a visionary super techy entrepreneur, and I’m in the 1% that invests and educate himself about crypto-currency and blockchain and Ethereum particularly (When i learned that Vitalik was a WoW player i was amazed, played all extantions and yes my favorite was wotlk and i use to main affy lock too :slight_smile: ) and screams everywhere i go how awesome it is, that blockchain is awesome and it is going to fix the inequalities and make this world a better world, I’ve been disappointed and it is going to be the case for almost all africans from mainstream joining the cryptosphere and trying defi on ethereum for the next 2 years while we waiting for 2.0 ? A friend said something about layer 2, do you thing layer 2 is mainstream? People hardly understand bitcoin…

What i’m trying to do here, is to bring to light, something that may help Eth community to take action and understand what is going on, right now ETH is raping people, not the big financial institutions, the people and it can’t keep going like this for a year or two.

On the other hand i tried BSC, and it was fast Txs cheaaaap Txs too, pancakeswap, a charm, uniswap 50 usd for a swap? I mean wuuut? This is for the people? i dont think so.

Plz dont hate, i would like to add my experience and my point of view from the area i live in so we can add it to the Eth and crypto world experiment, ty for reading and i would love to read you back all.


Ps; If you’re interested in taking a look at the TXS: 0xa45F23Ac44F569e26C39ADB9c2497bf96d27C1c9

1 Like

Hi, Medhi,
I am from Europe, and I do agree with you: it will still be a long run before real people mass accessibility on blockchain benefits, decentralization with no intermediary for instance.
Presently, it looks more as a speculation theatre, a chase for quick gains coming from ?, …