Excerpts from an interview granted to Ambassador Michael Jesam, the African Arrow Head of The Decentralized Artificial Intelligence System (D.AI.SY) as he bares his mind on what the Project is all about, set to achieve within the first 48 hours of its launch and how it aims to take Africa and Africans out of poverty lane and transform lives, working collaboratively with other experts in financial technology.
Can we meet you Sir?
Yes. My name is Jesam Michael from Cross River State. I am a crypto educator. I derive joy in talking to people about crypto currency. I am over four or five years in crypto currency and this is my 14th and 15th year trading in forex. I have seen a lot in my years of trading in forex and my eyes are open in the forex industry as well as the crypto world. With the experience I have gathered in forex trading, I have given birth to a lot of guys today who, on their own, can sit and analyze the market, looking at the market from the lower low to the support level to the higher height which is the resistant level, taking profits, building from one dollar to two dollars and so on.
But I have a lot of bitter experience when it comes to trading. And with all of these playing out, I keep telling the Nigerian community, mostly my followers, that we need a better programme system that can better our lives. For example, towards the end of last year, I picked up $23, 600, poured it into a trading platform called Octax fx. Octax fx is a broker that is well known and the 8th largest in the industry today. The $23, 840 I put there was okay and built the amount into $263,840 within a spate of one month and three days. It was alarming, it surprised everyone. What I am saying is on my Facebook Timeline and it is deliberate. Whenever I say anything, I make sure I have a video of it, screenshot of it and play it out on my Facebook timeline.
So, when I built that account from $23, 840 to $263,840 within the days I mentioned earlier, people were asking a lot of questions. But to me, I was just starting, but to every other trader, it was “Jesam you have broken the record”. ‘How did this happen?” they asked but I told them it was just my normal trading which is what I have been doing. But what surprised everybody was the account I built in one month and three days from the amount I mentioned. I placed a withdrawal of $100,000 after which Octax fx sent acknowledgement letter to my mail, congratulated me and promised that I would have my money collected in three hours. From three hours to nine hours to three days to three weeks I was not comfortable with it, and I had to cry out to tell Nigerian traders that see, these people have come again. What I keep telling everyone is this; the platform where we pour our money to trade is not owned by our father or any of our relations, it is owned by a broker who is into market or business to make money and who are ready to make from you. With this, I kept telling everybody that there is nothing you will do to trust these brokers because their major concern is to make money. The broker you are trading with either Octax fx, FXPro, AppariUK, AppariNigeria etc are all the same.
What Are Your Findings With These Brokers And The Centralized System All These Years You’ve Been Into Trading And Crypto Business?
With these brokers, we discovered that the Centralized System (CS) has failed, it cannot hold, and it is full of fraud, deceit and built for group of single individuals to enrich themselves. So, what we need is a Decentralized System (DS). When this drama played out, I needed a $100,000 withdrawal, to which an acknowledgment mail was sent to me, but it dragged on for too long, and finally I am in court with them (Octax fx). Let me break it down. Octax fx is a centralized program just like every other programme built by man, designed by man and to takes permission from man into the system and to pay man back meaning there are three processing. Meaning there is a programmer, the middleman and the investor. Know that the investors are ever willing to invest in the system, but the investor cannot do without the central authority because their money must come through the center man (middleman) to the system and the system is ever willing to pay. Now, who is the system paying to? The system is paying to the same middleman who is full of greed and who may end up not delivering to the investors. The middleman may decide to give the investors just peanuts and what do you think will happen to the rest, he pockets it of course. He may even decide to change the rule of the game in the middle of the match. I mean after the match has started, and nothing will happen.
So, we have to start crying out for a DS. Imagine if it was a DS I poured $23,000 to build to $263,000 in a month and three weeks, I will not have to place any withdrawal to anyone. I don’t need to cry to any man to pay me my money because my money is not in the hands of any man, but in the hands of a DS inbuilt and programmed to enrich everyone who pours in their money. But in CS, my money is in the hands of a broker and I am at his mercy because he gives only when he wants and how much he wants per time. If they have done right, why would I have taken them to court? It is because the CS is a fraud.
Any Approval From the Federal Government?
With all of these dramas playing out, we have to start crying out to stop the fraud and thank God for what Nigerian government did two months ago to regulate crypto currency. When we came in then we were referred to as Yahoo Boys among others. When we came in, I was privileged to be in a meeting with the Central Bank of Nigeria (CBN) where we were telling the apex bank to regulate the crypto currency for us and that if it is regulated, the banks will not be afraid of us, so also are corporate organizations and individuals, because they will see it as a business and will all come in and if they do, the price will skyrocket. Look at what is happening with Bitcoin. In February 2020, one bitcoin was selling for $3,180 and the price is now around $36,000 and $37,000. All this happened because bitcoin has been regulated unlike in the past when it was just you and me that were trading, but with government’s intervention, corporate organizations, individuals and even banks are now into it because the central system called the money operational system has failed. no one wants to put his money in the banks again but into a system that generates more.
Can you expatiate more on this CS?
The Centralized System is built like every other system that we know just like our institutional banks to take money from man to the system, build profits and to return percentage of the profits to the investor. Now, the CS being managed and controlled by man may decide to shut down because it is built in a website, managed and controlled by a man. Today, you see them operating, tomorrow you see them paying peanuts to you and next tomorrow they shut down. Their phone numbers are no more going through, if you go to the websites, it is no more again you see 404, it is no longer going through. What happened is that the owner of the site has shut it down and the investors will start crying running from pillar to post and no one in particular to turn to. They will go to the guy who invited them to the trade, who is also helpless as they are, but the white guy who brought the system is nowhere to be found because the system is down.
With this ugly development, we said no there must be a way out. If you think what you want to market in Nigeria and Africa is real, decentralize it. It will take you nothing to synchronize it to a block chain, meaning the middleman is out of business, meaning no central authority can control fund. It thus means that if I put my N1 into the system, the system takes in my one naira, build to ten naira and return the ten naira being the profit directly to me without the middleman. Get it right, the CS is built in a website managed and controlled by man, and can be manipulated and shut down without your permission, and they can turn the payment of agreement against you without you knowing. But the decentralized system (DS) is built in a block chain giving no room to a central authority or a central man or middleman meaning the terms of agreement that was input into the system can never be edited for life. It means that whatever agreement to pay Mr. A as ten naira will be inputted into the system and it remain so for life. This is because you have given the computer an instruction to pay Mr. A ten naira till Christ comes. And for me who programmed the system, I am just like Mr. A, who is an investor, because the day one I programmed the system, I have lost the key to unlock or edit any document that was put into the system. It means that once I pour in the document and walk away, I can’t unlock. So, the N10 I agreed to pay to Mr. A is there for life and will be paid to him till the end of time. But this is not possible in a centralized system (CS) which is built, managed and controlled by man with the keys to unlock in his hands. You as an investor can also see where you place withdrawal and if by tomorrow they lock up the button for withdrawal, you will see your money but you cannot withdraw. With all of these, we say no to a centralized system (CS) and Nigerians’ hands have been burnt enough. Look at Tom 2016, 2017, 2018, Swiss Golden. I have some friends who are still serving jail terms and why? They introduced a lot of top guys into Swiss Golden in 2016 and in 2017 what happened? Trade Club Coin came in, crashed, shut down the system and walked away with thousands and millions of naira.
You talked so much on centralized system (CS) and the need to embrace or go with decentralized system (DS). Please, convince Nigerians that what you have brought now will not go the same way the one you have criticised so far. How real is your message, what is your testimony, what is your success story?
Like I said, I have been in crypto currency in the last five and six years. Now when you look at bitcoin, it is designed by a man called Santoshi. Santoshi synchronized bitcoin into a block chain and walked away. You can never see him (Santoshi). Of course, he is human; he is alive and not yet dead. But people are making use of bitcoin and the price is going because he decentralized it, walked away and he is still making his millions. When we say the CS is built or susceptible to fraud, this is/are the reason(s), but the DS is programmed to enrich you.
Look at Swiss Golden which is built as CS by man. They take the capital of men from their hands to pour to the system, build profits and return to the investors. These profits only come to the investors in the first since months but what happen thereafter? The payments stop after that because the investors hanged the system, they can’t have access to it, neither can they withdraw it. The money is gone and the programmers too have walked away without any trace whatsoever. On the other hand, if this happens in a DS, you don’t need to look for them because the DS is designed in such a way that is designed and programmed by a man, but it is synchronized into a block chain, meaning whoever designed the system does not have any single right over it. You cannot edit or amend the agreements of payment because once you send the coding into the system, it is there for life and you can never edit it.
The decentralized system (DS) is more secure because it is not under the control of any man. Over 49,820 computers globally are managing the system not man. No human being is doing the payment. The DS is much more secure because as you are going into it, you are using your private wallet to sign up an account unlike the centralized system (CS) that uses application (APP) account to sign up with them. But the DS allows you to use private wallet created by you with your phone to sign up the account and once that is done, you send the same information into the system and the system then recognizes the wallet in your phone as a receiving payment. Here you don’t need a middleman or a programmer, a CEO or director or any support for you to be paid. The system from the block chain pays directly to your phone, but in the CS man pays to you.
In DS, the computers that are programmed to manage the system pay directly to you; meaning I can receive money directly through my phone without going to anyone for any assistance. But for the CS, I have to go online to place withdrawal and then payment comes to me. However, anytime they decide to lock or shut down the withdrawal button, you won’t have access to the withdrawal button. In essence, the CS is not safe, not secure, not good enough because we have tried it in the last six years and it has failed, thus we decided to move back to the DS that will give us what we want.