A Pasifika youth perspective on emerging blockchain technology
Today we’re joined by Auva’a Achatz Ott and Lucky Westerlund — two young Samoans talking about blockchain and cryptocurrency after a summer of lectures, note-taking, and discussions.
Lucky and Achatz, quite new to the cryptocurrency blockchain space, began their learnings on cryptocurrency and blockchain through the a16z (Andreessen Horowitz) video series. There are often many preconceived and misconceived notions around this new space, as well as the many wider societal implications it brings. We asked Lucky and Achatz about their thoughts on these emerging technologies from a Pasifika youth perspective.
Please introduce yourselves!
Lucky: I’m Lucky Westerlund, an 18-year-old student at the University of Auckland. A Samoan by blood, a Christian at heart, and an aspiring problem solver.
Achatz: Talofa lava, I’m Auva’a Achatz Ott, a Civil Engineering graduate from the University of Waikato. I aspire to tackle the problems experienced in both the Pacific Islands as well as the Pasifika community in New Zealand.
What were your initial thoughts on cryptocurrency/blockchain?
Achatz: I thought Crypto, NFTs, Blockchain and Crypto startups were all a scam or some kind of get-rich-quick scheme. It was not until I went through the a16z Crypto Startup School’s course videos that I finally realised that 1) it was definitely the path to the future, 2) nobody around me really has a basic understanding of it and 3) I wanted a piece of the crypto pie.
Lucky: I got into crypto and blockchain out of FOMO, and secondly, because of one word I surprisingly learned a year ago. Decentralization. When I discovered decentralization, I realized how the contrary heavily influenced my home country, Samoa.
Why is the notion of decentralization so important to you?
Lucky: Samoa in the 1940s-80s was built on an economy of strong cocoa exports that traded in the traditional pound currency. It was a period of rapid free-market growth, as many business owners continued to grow crops and sell at large to markets in Europe. Today, the government has forcefully centralized many institutions and has made exporting very difficult. Unfortunately, and I say this with a heavy heart, Samoa is built on a robust network of corruption, and this cold truth runs very deep. This further substantiates my point on seeking decentralization to restore the hope we once had for a blooming developing country into a developed economy.
One example of corruption in Samoa escalates from foreign countries in our economy having tax-free benefits, which allow them to build larger businesses, create centralization and dominate multiple industries across Samoa. Many media and rumours stated that our previous Prime Minister made deals with the particular foreign governments that put our economy in debt, and in exchange, would allow them to expand into our homeland.
After further research, what are your thoughts as of now?
Lucky: I totally agree with Scott Galloway, who hones into the cold truth of crypto and blockchain. From the re-position of power, marketed as decentralization, to the mere crypto startups that are truly centralized. He writes on the point that decentralization is effectively not happening the way it may pave out to be. He also acknowledges the fact that centralization is the backbone for modern history’s innovation and technological advancements.
I believe crypto and blockchain symbolize hope and optimism that developing countries, such as my homeland Samoa, will need, allowing them to participate in global financial wealth. I am optimistic that financial wealth will become more diversified, and leadership will see new ethnic faces equally. However, I oppose this optimism because of my skepticism towards crypto regulations and securities. For instance, ConstitutionDAO hadn’t even established a governance model before its shutdown, because founders hadn’t figured out how to prevent a few large holders from taking control.
As promising as crypto and blockchain may sound, I just think it needs more time to build a robust solution around the regulation and security network. This doesn’t mean I think it is another bubble yet to burst. However, I am excited to see this innovation adapted across countries such as Samoa, since generally, only specific communities had access to certain investment platforms. Although, I worry that they will be hit the most by hacks and frauds.
I am hopeful about the job opportunities, especially in developing countries, and the incentives cryptocurrency will create globally. I believe the technology will create change at scale, which some will find hard to accept whilst others willfully indulge.
In conclusion, I reflect on this thought — imagining a more educated and economically sufficient Samoa.
Do people around you feel the same about crypto/blockchain?
Achatz: I was born and raised in the developing state of Samoa, and studied at a University in the much more developed state of New Zealand. The thought of Crypto startups becoming a new thing for kiwis made me wonder if Samoa had to wait a decade or two for it to become viable there.
A conversation over a Facebook video call with my dad was a difficult one. I understood that it was normal for the mature generation to be reluctant to change but I didn’t expect him to be totally against the idea of cryptocurrency. I started the conversation off by explaining that crypto was a type of currency, and I also simplified the notion of blockchain technology. Negative. The fact that he’d heard other countries banned the use of it, and that some of the people that established cryptocurrencies were unknown, were all that came to mind.
The conversation ended with him admitting that cryptocurrency and blockchain may be the future — but they were likely not Samoa’s future. For him, the conversation ended there. For me, it was just the end of a pilot episode to my crypto Game of Thrones series.
