Bula Vinaka, Hola, Kia Ora and welcome to Cultural Fit.

As I began to write this edition, I tried to double down on the why. Why did I think that this newsletter needed to be out there? What is the purpose of it all? Why should pasifika subscribe to it?

After some pondering and a short google search for inspiration, I came across a pretty insightful Japanese proverb that pretty much summed up my why. It goes something like this:

i no naka no kawazu taikai wo shirazu

Which translates to:

A frog in a well knows nothing of the sea

This famous Japanese saying speaks to a natural perspective of men to see the world through limited perspective. It’s to remind us that there are things bigger than us in the world. We can sometimes be so focused with local markets - be it national or regional - and we unintentionally limit our goals or do not take into account global events that could inadvertently affect your business. This is the gap that Cultural Fit hopes to fill.

Now before we get into the main story for this edition, I was told by my "editor-in-chief"/wife Grace Tora that it would be a great idea to explain the implications that this story can have on pasifika. The fit so to speak.

Cryptocurrency and blockchain technology have mixed reviews. These two technologies have been utilized in the fight for sustainability and climate change in the Pacific (Check TraSeable Solutions Pte Ltd). They have other applications as well - most importantly (to me at least) with the new world of virtual reality. Globally though, there are still negative connotations because of the volatility and frequent hacks/scams associated with the tech. Trust needs to be built around these technologies. Without trust, the right people will hesitate to invest, develop, and disseminate the right type of information to further the field.

What would that mean for Pasifika?

Mistrust for cryptocurrency and blockchain could mean mistrust in the applications that use them or the reluctance to integrate such applications into the real world - be it in the fight for sustainable use of natural resource to the creation of virtual worlds. Blockchains and crypto are the centerpieces in revamped "Green Efforts" and thus integral parts to the South Pacific's survival.

Events such as the one I am highlighting in this edition critically damage the already trust that these mechanics have. Which is why we need to become ever vigilant on who we raise up as champions of these technologies.

We will also take a turn and discuss a leadership lesson we can learn from the story I am about to tell you.

Sam Bankman-Fried - SBF.

Imagine for a minute that you've finally decided to dip your toe into the world of cryptocurrency and you're told that there's a cheaper financial exchange platform that doubles as a hedge fund. The mind behind this venture has been vetted by the "best and brightest" of the financial world. The only problem is that this "genius" is Sam Bankman-Fried.

Chances are you've heard this name or seen it pop up on your LinkedIn feed over the past few weeks. To recap, SBF founded and ran FTX and Alameda Research - a cryptocurrency exchange/hedge fund and cryptocurrency trading company respectfully - and was heralded as one of the greatest young minds of this century. It turned out to be all a lie.

On November 8th, 2022, SBF's house of cards came tumbling down as his elaborate scheme began to unravel due to FTX's insolvency crisis reached a crescendo. He had been running one of the greatest financial frauds in the history of the United States - let alone the world.

But how was he able to conduct this shadowy business? Because he had on his brow the laurel wreath given to triumphatores and was shrouded by a halo usually reserved for venerated saints and business demigods. Now he has become our time's cautionary tale of hubris and complacency - much like the greek Icarus.

This year has seen the implosion of business supernovas like Elon Musk and Mark Zuckerberg with their empires being shaken to the core because of it. SBF is just the latest in a long line of captains of industry who have fallen into disgrace, or at least public scorn - see crowds booing Musk off the stage. If I were asked to give my opinion on what the biggest business trend for the year was, I wouldn't have to think too hard about it. This year has been a year where the shroud of "The Great Man" - who is born to lead - has been torn apart. This is no more apparent than in the tech world.

It is becoming increasingly evident that we are more than willing to raise and praise anyone who seems to have the vision and the drive to take us into the future - without really scrutinizing whether this is the right person for the job in the first place. Be it with social media, future tech, or business models, we are quick to elevate these obviously flawed humans into positions of power without actually vetting them thoroughly. With the right references, the world can be duped into believing in someone who would fail a BS test given on the streets. THIS NEEDS TO STOP!

I believe that we are a near a breakthrough into a whole new world. A world that relies on technologies and concepts that we don't have right now - a reality based virtually. Forget the obvious entertainment value of having a virtual reality (VR) simulation where you can meet your favorite game characters and play golf from the comforts of your room. VR will change the way we work, from having training simulations that could mimic real-life work situations during the orientation process at a new job, to the way you tackle problems as a team via holographic work processes.

BUT this all depends on whether we can continue to trust the tech that we have now! SBF's muck up will obviously cause negative public perceptions on cryptocurrency and blockchain - two technologies that are critical foundations on which VR needs to be built. Zuckerberg's failing with the Metaverse is another cause for concern as well.

What I'm getting at is this: we need to ensure that we are placing our trust in people that have the vision, the drive, and the ethics to take us into that promised land. The more we lose trust at this stage, the longer it will take us to become comfortable with the new world. There will obviously be obstacles and failure along the way but when these failings are the result of one man's ego, that's where trust deserts us.

On a completely different, yet equally important, note I wanted to highlight a lesson we can learn from a leadership standpoint. Whether you lead an organization, a department, a team, or yourself, an integral part of leadership is Ethics. At the beginning of my undergraduate studies, a compulsory university unit we had to take was Ethics and Governance. I wondered, then, about the importance of this course. "Completely irrelevant" I thought. The naivete of youth!

SBF was yet another reminder of why ethics is important in the business world. Reports are showing that he had been conducting unethical transactions between his companies from as early as 2019. When the writing was on the wall, instead of ensuring the security of his clients, he opted to line his pockets as much as he could before the news hit the public. It was his greed that took him. But there are many forms on unethical behavior that we may or may not think about.

As pasifika we need to be aware of implicit influences that we are brought up with that could lead to making unethical choices ourselves. We are raised with communal values and maintaining social relationships is considered a high priority.

But as leaders, we must also be able to separate family from business. Especially when we make work-related decisions.

Time and again I have heard stories of people in power that make decisions that benefits a family member or friend without giving the same chance to other entities. They don't think much about it. You've done what's expected of you from a cultural standpoint - it's a way to help a family member out right? Unfortunately, that's called nepotism.

So let's take this time to review the border between our business and social life. Reflect on ethics and why it's important when we make decisions - be it at the office or at home. Take a refresher course on what constitutes unethical behavior. Stay vigilant. Finally, stay strong! I know of pressures we may feel from family or friends who ask for you to swing things their way. It's going to be tough. Especially when we're raised to always help your community out. But there are ethical ways to do that...and then there's how SBF did it.

Recommendations

Book Recommendation

The Dichotomy of Leadership:

Review: Every leader must be ready and willing to take charge, to make hard, crucial calls for the good of the team and the mission. Something much more difficult to understand is that in order to be a good leader, one must also be a good follower. This is a dichotomy - a Dichotomy of Leadership. It is, as authors Jocko Willink and Leif Babin explained in their best-selling first audiobook, Extreme Ownership, “Simple, Not Easy”.

I stumbled upon a Jocko Willink interview on a podcast I frequent and my life has been better for it. His no-nonsense approach to leadership and life is a necessary abrasive to polish yourself up with. "Extreme Ownership" and "Decentralized Command" are two concepts leadership concepts he pushes for and I must say that they are definite tools every leader should have.

I thought this book was an appropriate recommendation considering the inexplicable lack of leadership we talked about in this edition.

Newsletter Recommendation

Ignite Pacific:

Run by fellow Fijian Shanil Chetty, this monthly newsletter promises to cover the latest tech trends in the region and from around the world. The first edition looked at whether blockchain tech could be used to improve voting system security which was appropriate timing since Fiji was undergoing its electoral process this past week.

Check it out and support pacific based endeavors if can.

Interesting Recommendations:

Speak Your Mind - Mr. Simione Sevudredre:

To say that Simione Sevudredre is a knowledgeable man is an understatement. Time and again I've been awestruck at the insights this man has on the social, cultural, and historic aspects of i-Taukei life and how it applies to our time. In this video, Sevudredre talks about language and other interesting topics that are relevant to all pasifika.

Secret 9/11 Memo and Bush:

I was 8 when the Twin Towers fell during 9/11. I grew up on conspiracies around what really happened and how it even happened. Well if you're like me, you can't possibly pass up the opportunity to learn the truth behind the events so this is gold.

On April 29, 2004, President George W. Bush hosted an extremely unusual meeting at the White House: Members of the 9/11 Commission got to ask him and Vice President Dick Cheney anything they wanted about the September 11th attacks. 

The words spoken in that room remained secret for nearly two decades. Now, with a newly declassified memo, we can finally read what Bush said. His own account of what he knew, and when, differs substantially from the one presented by the 9/11 Commission’s report.

Click here to read more.

To reiterate the lesson for this edition we need to go back to the story of SBF. Along comes someone without a financial background, but with recommendations from "experts", and creates a financial exchange platform and hedge fund. Because it's in cryptocurrency (with complex tech) he was able to hide behind complex jargons and BS. Afraid of looking stupid, no one in authority actually asked an intelligent question.

So Lesson 1: Stay Cautious and Ask Questions.

Because of SBF's antics there will be repercussions for cryptocurrency and. to an extension, critical steps into making virtual reality accessible. SBF is just another edition in a long line of "forward thinking leaders" that have caused more havoc than clarity when it comes to ushering in the future. They are damaging the trust needed for new technology before it even comes into maturation.

Lesson 2: Leaders can impact the future long after they are gone. Choose them wisely.

We also need to be aware of implicit influences as we operate our businesses and make decisions. We come from a culture rich in social relationships and that is a strength of ours. We instinctively want to help them out when we can. We need to ensure that whatever help we give is ethical, lest we follow SBF's lead down "Unethical lane".

Lesson 3: Be Ethical Leaders.

As we come to the end of the year, I thought it would be nice to end this edition with a thought on moving forward. So to end, here are words from the Reverend Dr. Martin Luther King Jnr.:

“If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward.”

Until next time, Moce Mada.