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Paris Perspective

Paris Perspective

RFI English

Conversations with contemporary analysts, commentators and icons about their personal relationship with France, the French and how their lives have been influenced by Gallic culture. Paris Perspective features one-on-one discussions, round table debates and exclusive interviews with those who can see the world from a French context, and France’s position on the international stage.

42 - Paris Perspective #42: Young voters and the battle for Europe's middle ground - Christine Verger
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  • 42 - Paris Perspective #42: Young voters and the battle for Europe's middle ground - Christine Verger

    Paris Perspective looks at the battlefield of the upcoming European elections, where the centrist majority must navigate the rocky terrain of a younger electorate that's being courted by the far right. 

    While the polls have been described as a time of reckoning for Europe given the rise of the far right, it's unlikely the centrist conservative majority will be knocked off pole position.

    The main battle for EU seats will, nevertheless, be fought between centrists and populists.

    Turnout for European elections has waned since the first vote took place in 1979. The 2019 polls bucked this trend by breaking the 50 percent turnout threshold for the first time and 20 years.

    In a post-Covid, economically rattled EU with two wars on its doorstep, indicators point to a significant rise in interest among Europeans in the upcoming June ballot.

    The latest survey carried out by the European Parliament indicates that a record turnout of 68 percent could be expected.

    Christine Verger, vice president of the Jacques Delors Institute in Paris, acknowledges the heightened interest, attributing the 2019 surge to younger people's engagement on environmental issues.

    "The protection of the environment and the fight against climate change resonated strongly with the youth, who viewed the European level as the appropriate platform for addressing such global challenges," she told RFI.

    The EU's environmental concerns – once seen as a strong point – are also now viewed with scepticism. Agricultural protesters, in particular, accuse the bloc of creating problems rather than solutions.

    Security in Europe

    Verger says wider global security issues may instil a sense of fear among EU citizens, potentially impacting voter turnout and sentiment.

    So how will young people react to these new challenges in June?

    "This is very difficult to say, now that there are other issues which may justify the rise of participation and some positive views [regarding] the European Union. It's linked to the state of the world and the wars in Ukraine in the Middle East," she explains.

    "This situation, and those new challenges, may lead many people in the EU towards a feeling of protection."

    Shaping the future: What's at stake in the 2024 EU elections?

    National priorities

    Verger believes new challenges such as immigration and identity issues may reshape young people's priorities as the battle between centrists and populists intensifies.

    There has a drive to encourage young voters using the Paris metro to take an interest in the workings of the European Union as a force for good.

    But could this backfire, with Eurosceptic and populist parties actually mobilising the youth vote in their favour?

    "The main problem with the European election is that it's [actually] 27 national elections," Verger says.

    Past efforts to enhance European unity, such as transnational lists and political families appointing pan-European candidates, hasn't worked so well, says Verger.

    "This is because national governments and national parliaments are not inclined to accept European solutions for their campaigns," she says.

    "They are still very attached to their national environment ... So in each country each situation is different."

    Verger cites France as an example: "You have the Rassemblement National, but in 2019 they got a very good score – they have 23 members in the European Parliament, they may get a few more – but this will not have an influence on the result of the European elections."

    Populists or radicals?

    Concerns about the rise of far-right and populist parties has opened discussion on the political groups within the European Parliament.

    Given the complexities of alliances and compromises between the parties, even if the far-right groups gain more seats, their differing views and lack of unity mean it's unlikely they will form a credible alternative.

    Then there is confusion, Verger says, between what are called "populist" parties and "radical" parties.

    "They are very different – and that's why they have difficulties. They don't share the same opinions on many issues, for instance, in relation to Russia and the position on the war in Ukraine," she says.

    "You have the ID Group – Identity and Democracy – which is composed of two main parties, the French Rassemblement National and the German AfD [Alternative für Deutschland]

    "In Germany, an AfD representative declared last weekend that there could be a referendum in Germany on leaving the European Union – what they call the Dexit – and the Rassemblement National in France is not at all in favour of leaving the European Union."

    Is the EU facing a 'New Right' surge in Europe's 2024 elections?

    Another right-wing political group, the ECR Group – European Conservatives and Reformists – was led by the British Conservatives before Brexit.

    Now the UK has left the EU, the main group driving the ECR is Poland's PiS – the Law and Justice party – which recently lost elections in Poland.

    "We don't know how they are going to evolve," Verger says.

    "The far right and the populist radical parties have no chance to build a majority by themselves because in the European Parliament, everything is based on alliances and compromises."

    While acknowledging the powerful emotional tactics employed by populists, Verger says that mainstream parties can effectively counter them through strategic communication.

    EU repercussions for France 2027

    Meanwhile, here in France, the 2024 European elections are seen by many as a precursor to the 2027 presidential elections, where a battle between President Emmanuel Macron's successor and the National Rally's Marine Le Pen looks almost certain.

    Past EU elections have impacted French politics, such as in 1994 when the poor EU election performance of the Socialists led by Michel Rocard ruled him out as a contender for the French presidency.

    The evolution of French national politics over the next three years – particularly the shift to the right in Macron's party and the rise of the National Rally – adds another layer to the complex dynamics that lie ahead.

    Macron's has recently appointed 34-year-old Gabriel Attal as prime minister, while the National Rally have 28 year-old Jordan Bardella at the helm to reach out to the younger generation.

    It's the interplay between European and national dynamics that will shape the narrative of the elections in June, says Verger.

    "European issues will certainly play a role in the elections ... but Bardella will try to make [the June polls] a 100 percent national election," she says.

    "The other parties – Renaissance and the Socialist Party – will try to make it as European as possible, in order to deconstruct it from the national context and try to show the positive aspects of the European Union for ordinary citizens."

    Sat, 27 Jan 2024
  • 41 - Paris Perspective #41: France, the Caucasus, and Nagorno-Karabakh – Richard Giragosian

    In this edition of Paris Perspective, we look at the recent conflict between Armenia and Azerbaijan, the ethnic cleansing of the Nagorno-Karabakh enclave and France's influence in the Caucasus.

    At the beginning of November, Germany insisted that European mediation was the best option for Armenia and Azerbaijan to reach a lasting peace agreement.

    The Caucasus neighbours have been locked in a decades-long conflict for control of Azerbaijan's Armenian-populated region of Nagorno-Karabakh, which Baku reclaimed in a lightning offensive in September.

    Armenian Prime Minister Nikol Pashinyan and Azerbaijani President Ilham Aliyev have held several rounds of peace talks under EU mediation and both leaders have said a peace treaty could be signed in the coming months.

    However, last month, Aliyev refused to attend a round of peace talks with Pashinyan in the Spanish city of Granada, over what he said was France's "biased position".

    French President Emmanuel Macron and German Chancellor Olaf Scholz had been scheduled to join European Council President Charles Michel as mediators at those talks.

    So far, there has been no visible progress in EU efforts to organise a fresh round of negotiations.

    From a brutal war in 1988 to the 2020 conflict in which over 6,000 people were killed in 6 weeks of fighting what lies behind the animosity between Armenia and Azerbaijan over the Nagorno-Karabakh enclave?

    For Richard Giragosian, director of the Regional Studies Center think-tank based in the Armenian capital Yerevan, the hostile reationship between Yerevan and Baku is very much a construct of Soviet-era political machinations.

    Azerbaijan must allow 'safe' return to Nagorno-Karabakh: UN court

    "Nagorno-Karabakh has historically been an Armenian populated region that has been very much used as a pawn by Moscow. It was used by the Soviet Union to actually divide and rule in terms of keeping-up a contentious potential conflict between Armenia and Azerbaijan," he explains.

    After seven decades of Soviet rule, there was an eruption of violence even before the implosion of the USSR.

    "The outbreak of violence was largely due to the onset of Gorbachev's reforms – Glasnost, Perestroika, the new degree of openness and examining taboos.

    "What we saw was the eruption of nationalism that occurred between Armenia and Azerbaijan over the disputed Nagorno-Karabakh conflict," says Giragosian.

    The conflict was also unique at the time, as it was the first to erupt within the borders of the Soviet Union.

    "During the Gorbachev period," he explains, "it was especially significant because the conflict tended to distort the development of independent Armenia and Azerbaijan, in terms of conflict economics and the fact that [they] were already locked in war upon gaining independence."

    Azeri assertion, Armenian arrogance

    Fast-forward to November 2020, and the two countries agreed to end a spike in hostilities that killed thousands over a six week period, signing a Russian-brokered peace agreement where Armenia – the loser – agreed to give up control of over 20 percent of territory captured by Azerbaijan.

    Two thousand Russian peacekeepers were then deployed to Nagorno-Karabakh, but the most recent Azeri offensive against Armenian separatists in the enclave revealed the failure of Russia's mission to the region. 

    "The war of 2020 was especially significant for several reasons," Giragosian explains. "First, it marked the emergence of a genuine military capacity by Azerbaijan to not only defend itself but to retake lost territory. It was also significant because it marked an end to years of Armenian arrogance and complacency."

    Giragosian blames both sides for too many missed opportunities for compromise.

    "Armenia, in many ways, was overly self-confident. But the most important casualty from 2020 was not the loss of territory, nor the loss of life, it was the demise of deterrence," he states.

    "This ushered in a new period of insecurity on the ground, but for the Russian position, the Russians drafted and imposed their own ceasefire on both countries, and then failed to be able to uphold the terms. This is why Azerbaijan imposed a nine month blockade [on the enclave] and effectively seized control of Nagorno-Karabakh."

    But for the think-tank director, it's the humiliation and weakness of the Russian peacekeepers that's most interesting – "Azerbaijan has become very good at challenging and defying the Kremlin," he tells Paris Perspective. 

    Paris Perspective #40: The collapse of French influence in West Africa - Georja Calvin-Smith Paris Perspective #39: France’s nuclear renaissance in a post-atomic age – Yves Marignac

    Echoes of the 1915 genocide

    Recent images coming out of Nagorno-Karabakh drew many comparisons with the 1915 Armenian genocide, bringing to the fore the question of national identity as residents of the enclave are defacto Azerbaijani citizens.

    Baku maintains that the people of “Artsakh” or the Armenian population of Karabakh have the same rights as Azeris, but what is the reality on the ground?

    "First of all, even prior to the most recent escalation, there was little faith and no confidence in Azerbaijani promises, largely because of the historical record.

    "During the Gorbachev period through to the 90s, there were a number of anti-Armenian massacres and egregious human rights violations. The situation has only gotten worse in recent years," Giragosian underlines. 

    What was remarkable about the September 2023 conflict was the speed and success of the Azerbaijani military offensive and how easy it was for them to drive out the Armenian population. 

    Nagorno-Karabakh almost empty as most of population flees to Armenia

    So, was Azerbaijan's military objective to purge the enclave of all Armenians? 

    "Yes," says Giragosian, "but what was interesting is their real objective was to have a protracted period [of conflict] for domestic political dividends within Azerbaijan."

    Baku essentially expected a longer, protracted campaign "to maintain power that has a lack of legitimacy".

    One could almost say that, politically, they were the victim of their own success, but "with dangerously high expectations," Giragosian adds. 

    But what he finds interesting about the exodus from Nagorno-Karabakh – where the Armenian population was forced to leave with little more than they could pack into their cars – is that the refugees aren't looking to rebuild their lives in their ethnic homeland.

    "Coming to Armenia, the core population of the last remnants of 100,000 Armenians are not necessarily keen to stay in Armenia. Many are now looking to go to Russia or European countries, because many of the Armenians from Karabakh have never lived in Armenia," Giragosian points out.

    "I moved to Armenia over 15 years ago, and I'm as alien or foreign to the local Armenian experience as they are. And that's something we failed to understand," he underlines.

    The quest for lasting peace

    There is a massive Armenian diaspora in France, and Paris recently marked the 20th anniversary of its recognition of the genocide committed by the “Young Turk” administration in 1915. But in light of the recent conflict in Nagorno-Karabakh, has France done enough to support Armenia and counter its isolation in the region?

    Giragosian believes Paris has stepped up to the mark. 

    "To be fair, French engagement has actually exceeded expectations. But at the same time, it's the EU's engagement that's both more significant and more effective than simple French actions."

    He outlines that while President Macron's commitment to Armenia is important, a wider European context is necessary for sustaining the resilience of Armenia.

    "The French will be announcing a package of military assistance to Armenia in the coming weeks, designed to provide a defensive capacity for Armenia. But it's the EU's engagement [that is important] because they're not trying to mediate the conflict, they are simply trying to facilitate a negotiated peace treaty.

    "My worry is the day after and what is in store to ensure a lasting durable peace. That remains an open question and one in which France – within the EU – can actually work toward," Giragosian says.

    France announces sale of defensive weapons to Armenia as Turkey plays wargames with Azerbaijan

    So when the peace talks really do get in motion, what will work in Armenia's favour and what kind of end game will create a lasting peace?

    "Let me be provocative," Giragosian quips. "I think the real challenge now is less the peace treaty, and more Russia, for Armenia.

    "If we look at the peace treaty – the specific elements – Nagorno-Karabakh is no longer an issue," he says.

    Border demarcation, the restoration of trade and transport, the opening of road and railway links are all significant aspects of a bilateral peace agreement – which are positive in terms of moving beyond conflict – but the real challenge is Russia.

    "In terms of Armenia now seeking greater room to manoeuvre, we're not seeking to replace Russia [as an ally], but we're seeking to offset Russia. For Armenia, Russia has emerged as a more serious challenge as an unreliable, so-called partner," Giragosian concludes.

    Watch the full video here.

    Written, produced and presented by David Coffey.

    Recorded by Cécile Pompeani and Nicolas Doreau 

    Edited by Erwan Rome

    Full Interview: France, the Caucasus and the ethnic cleansing of Nagorno-Karabakh – Richard Giragosian

    Sat, 18 Nov 2023
  • 40 - Paris Perspective #40: The collapse of French influence in West Africa - Georja Calvin-Smith

    This edition of Paris Perspective looks at the concept of Françafrique and the collapse of French influence in its former colonies. What have been the catalysts for the successive coup d’états in Mali, Burkina Faso, Guinea, Niger and Gabon over the past three years?

    The domino effect of Sahel states falling into the hands of military juntas over the past three years has been particularly alarming to behold from a French perspective.

    The takeovers have essentially followed the same playbook: France is condemned as an economic predator, military cooperation in the fight against jihadists is suspended, defence agreements with Paris are ripped up and French media outlets such as RFI and France 24 are shut down.

    Almost identical scenes have played out at French embassies and military bases, with protesters denouncing French neo-colonialism and calling for the withdrawal of French troops. Russian flags have been conspicuous in the crowds.

    Paris insists that the old Françafrique method of meddling in African affairs "died a long time ago". If this is true, where is the anti-French sentiment stemming from?

    The legacy of "Françafrique"

    To understand the present, one must look at the direct influence of France’s colonial administration across African countries, which metamorphosed into an infamous political old-boys club in the wake of independence in the 1950s and 60s.

    Georja Calvin-Smith, producer and presenter of France 24's flagship "Eye on Africa" political magazine is quick to agree that the concept of Françafrique in the immediate post-colonial period was essentially born out of the former rulers' "right of entitlement". 

    "I think Françafrique is best characterised from an African perspective as 'being done dirty' – being taken advantage of. That doesn't necessarily mean that there weren't African actors within the relationship that didn't benefit from it, but they were generally at the top of the social hierarchy...depending on what country you're talking about," she tells Paris Perspective.

    Niger, sixth in West Africa’s long list of coups

    Calvin-Smith underlines that post-colonial movers and shakers were essentially intermediaries between Paris and African capitals, either helping to secure permanent mining rights at rock bottom prices or adjusting policy ambitions for the benefit of France.

    "They're seen as working with the former colonial power," she explains "to the disadvantage of the indigenous population."

    "Ultimately, for decades, French and European economies have been propped up by the use and reliance on African resources," coupled with amenable African leaders she says.

    Although French President Emmanuel Macron has been one of the most progressive French leaders in terms of trying to address some of the resentment over the legacy of Françafrique, Calvin-Smith says it doesn't matter: "You can say it doesn't exist, but those relationships still exist."

    Rejection of 'paternalism'

    From the outset, Françafrique defined the post-colonial era. African resources flowed into French coffers, in exchange for a degree of political and financial stability in the fledgling independent nations.  

    "And that is the problem," the France 24 journalist continues, "because as much as we're trying to make it a binary situation about who got the most out of it ... there have been some developments in post-colonialism that can be measured as being better than others.

    "That's the whole reason there is resentment. As much as we talk about political, sociological, even economic models, we're forgetting that there are real people at the heart of this."

    If people feel belittled, side-lined and undermined by a paternalistic state, then this will likely shape their opinion. 

    Paris Perspective #5: Sahel operation a modern symbol of French military might - Dominique Trinquand

    Paris Perspective #15: The future history of Jihad - Wassim Nasr

    The forgotten generations

    However, France's role in "guiding" African states through the independence years appears to have been rejected outright by a generation who are coming to terms with new political realities and are feeling neglected.

    A new generation of Africans has emerged, one with access to information – and disinformation – in equal measure.

    "By ignoring young people, if you ignore investment, and the intention to create the institutions needed to have a functioning society, then – by definition – you're ignoring the young people along with everybody else," Calvin-Smith points out.

    It's also important to remember that the coups across West Africa are not all the same, she says, but rather shaped by different political and economic contexts.

    "It doesn't mean that the resentment of those populations can't be exploited by actors who are taking advantage of this very valid resentment about France – or very valid concerns about security, or lack of opportunity – for their own political gains or just to take power.

    "When we look at a lot of these countries – they're some of the poorest in the world – but also the richest in terms of resources. That disparity does not go unnoticed," she insists. 

    ECOWAS and the putschist playbook

    One common point among the coup d'états is that "none of these countries has returned to democracy since 2020," Calvin-Smith wryly points out.

    A pattern has emerged, she observes: "Takeover quickly, check your back. When it comes to the international community, engage in some chats. Say that you will hold an election and then postpone the election".

    For its part, the Economic Community of West African States (Ecowas) has responded invariably with sanctions, exclusion or in some cases, a threat of military intervention to ensure a return to democratic process.

    Europe failed to bolster democracy in Sahel, EU's top diplomat says

    Whatever the political outcome and transition of former French colonies back to democracy, France has seen its influence and credibility seriously damaged by the seismic events that have swept its traditional stomping ground over the past three years.

    And all on President Macron’s watch.

    Can we expect France and French diplomacy to regain its foothold in Francophone Africa? Will the reach of French influence in former colonies ever be the same? 

    For Georja Calvin-Smith, it's "no". This page of history has definitively been turned.

    Watch the full video here.

    Written, produced and presented by David Coffey.

    Recorded by Hadrien Touraud and Erwan Rome

    Georja Calvin-Smith is the producer and presenter of France 24's political magazine "Eye on Africa". 

    Mon, 25 Sep 2023
  • 39 - Paris Perspective #39: France’s nuclear renaissance in a post-atomic age – Yves Marignac

    In this edition of Paris Perspective, we look at energy transition, the future of France’s atomic energy grid and President Emmanuel Macron’s political promise of a nuclear renaissance.

    One year ago, as President Macron was readying himself for the campaign trail that would lead to his re-election, he gave an address in the city of Belfort – an historically industrial town in eastern France – extolling the policies of a nuclear renaissance in France and an eventual €60 billion investment towards the building of six new EPR reactors.  

    Interestingly, this great leap forward towards energy sustainability and self-reliance came before Russia's invasion of Ukraine, which sparked a Europe-wide energy crisis as the flow of Russian gas into the continent was essentially cut off. 

    For Yves Marignac, award-winning nuclear safety expert with the négaWatt Association, Macron's speech was less a campaign rally, more a political statement of intent by an incumbent president. 

    "He turned his back on his promises from the previous campaign when he said he would stick to the objective of reducing French dependency on nuclear power," says Marignac, whose group advocates for energy sufficiency, efficiency and the use of renewable sources.

    "The energy crisis is more acute in France because of the failure of the nuclear sector ... The conclusion that has been given is that we need more nuclear power and not less, which is a paradox."

    'Evidence of failure'

    According to Marignac, France's nuclear industry is in such bad shape that French safety authorities aren't convinced it can meet the objectives set by the president in a safe way.

    "We are faced with evidence of failure – from an energy point of view – and an industrial point of view. But the decision is that we need more nuclear energy and that is what President Macron said.

    "So we are bracing for new reactors, we are bracing for the life extension [of old reactors] that won't come in the short term. Life extension is something that will change the trajectory [of nuclear power] between the 2030s and 2040s and the new reactors won't come in line before 2035 at the very earliest," Marignac insists.

    The nuclear specialist also laments the fact that Macron's policy speech is driving France away from short-term priorities like sufficiency and renewables that could be delivered much faster.

    "The government changed its mind [on energy efficiency] last year due to the energy crisis – but just two years ago, Macron was comparing energy efficiency to  Amish societies and discarded any policy of that kind," Marignac explains. 

    Paris Perspective #37: 25 years later – The Kyoto ProtocolStephan Savarese Paris Perspective #38: Cryptocurrency and the Web3 revolution – Raphaël Bloch

    Government policy versus public debate

    Earlier this month Macron caused a stir with French opposition parties after convening his advisory council on nuclear policy while a public debate on the future of France’s energy production is ongoing, undercutting civic discussion on energy transition and how to achieve carbon neutrality.

    So for the French government, is an open forum on the transition away from conventional energy production purely cosmetic?

    "It is and unfortunately that's not new," says Marignac. "I often say that the French nuclear sector is too weak to dare to commit to a real democratic debate, but too strong to have to do it. We’ve seen that many times for decades and we see it again."

    He believes that everything is stacked against the success of Macron's "nuclear renaissance plan", because France's nuclear industry is crippled.

    Even so, warnings that France would face power outages and electricity rationing over the winter never came to pass. Indeed Macron scoffed at the idea of power cuts, rejecting such fears as "absurd". 

    Yet despite the rickety state of France's nuclear power stations and previous scepticism towards energy sufficiency, it would appear that the message of being more frugal with power is getting through to the general population.

    Politicians dragging their heels?

    So are the French getting the bigger picture, although France itself has failed to reach its own targets on the development of renewable energy within the Cop21 Paris Climate Accord? 

    According to Marignac, warmer weather has obviously played a part.

    "There was a ten percent reduction in gas and electricity consumption, but you have to take into account the [milder] climate," he points out.

    But there is a catch: "Part of it came from 'unchosen sufficiency', like people not being able to pay for the energy anymore."

    More encouragingly, he says, "there was also a clear sign of positive sufficiency with people choosing to turn the heating down a bit, to drive less when it comes to fuel and to make small changes.

    "I think this shows that when people understand that we are faced with this kind of structural crisis – be it climate urgency, energy security or sovereignty issues – they understand the interests and the benefits from sufficiency.

    "I think this short-term experience really showed that people are much more open to make changes in consumption patterns than policymakers tend to think.

    "When talking to people in the government or administration, I often have the feeling that they are lagging behind. The population's understanding of the kind of systemic change that we need to implement will provide a lot of benefits," Marignac concludes. 

    So despite the promise of a renaissance for France's nuclear energy sector, it is the general public who are adapting faster to energy sustainability in a post-atomic world. 

    Watch the full video here.

    Written, produced and presented by David Coffey.

    Recorded and edited by Vincent Pora.

    Yves Marignac, award-winning nuclear safety expert and head of the Nuclear and Fossil Energies Unit of the négaWatt Association.

    Thu, 16 Feb 2023
  • 38 - Paris Perspective #38: Cryptocurrency and the Web3 revolution – Raphaël Bloch

    In this edition of Paris Perspective, we delve into the roller-coaster world of cryptocurrencies, the Wild West of the Web3 revolution, and ask what we can expect in the brave new world of unregulated trading in virtual money.

    Last year was a tough one for cryptocurrencies.

    Looking at how decentralised financial markets performed over the last 12 months was like watching the electrocardiogram of a patient being treated for amphetamine addiction.

    The past year witnessed the collapse of seven cryptocurrency platforms, the most notorious leading to the bankruptcy of FTX and the arrest of its 30-year-old founder and CEO, Sam Bankman-Fried.

    And there's the problem of getting your head around how cryptocurrencies work.

    Without going into the nuts and bolts of the techniques that allow people to buy, sell or trade virtual cash online – the bottom line is that, unlike traditional currencies that are underwritten by national governments, cryptos circulate without a monetary authority or central bank.

    Casino Digitale: The crypto El Dorado

    For Raphaël Bloch, co-founder and editor-in-chief of “The Big Whale,” a Paris-based publication dedicated to decrypting cryptos, these are exciting times, especially for the post-Millennial generation who never knew a world without the internet. 

    Bloch and magazine co-founder Grégory Raymond believe people need to be enabled to understand what's happening in the digital world.

    "Web3 is a big subject. We're talking about Bitcoin, non-fungible tokens (NFTs) and blockchains."

    OK. Clear as crystal so far?

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    Again, without going into the nitty-gritty of how these new financial tools actually function – as there are plenty of websites out there that can explain it better than I – looking into the world of crypto is reminiscent of Las Vegas: casinos with distinct, non-transferable chips, serenading gamblers into competing establishments in a desert city that sprung out of nowhere, exploiting unregulated gambling laws.

    Surely that is a fair comparison?  

    "For six or seven years," says Bloch, "that was the case, going back to 2016 or 2017.

    "But now, it's not a casino or Las Vegas." Cryptocurrencies do create a new space with no rules, but countries and governments are working on legislation.

    "You also have legitimate investors and start-up companies in Europe – you have a lot of unicorns. It's not a casino any more."

    2022: Annus horribilus for cryptocurrency

    Yet 2022 underlined that investing in cryptos does not guarantee success for everyone.

    When FTX hit a brick wall with liquidity issues in November 2022 and subsequently collapsed, there were consequences for all the 22,000 cryptos in circulation. Values plummeted. 

    But that was because "FTX was a scam," Bloch explains. "It had an impact on the market, but that was only because of one man's fraud.

    "Obviously, it had an impact on other companies, but people know that it was just a matter of fraud. They didn't leave the market, they just sold part of their investments.

    "And in the next two or three years, we're going to see a bull market again," Bloch asserts.

    Who can you trust? 

    So is there a personality profile of people who "roll the dice" at the crypto table? 

    "We have almost 20,000 subscribers," says the co-founder of The Big Whale.

    "It's mostly the young generation – under 35. But it's also white collar people who want to invest their money in the crypto ecosystem and in Web3 technology."

    It's mostly men, but Bloch says more women are getting involved. 

    However, with the collapse on seven cryptos in 2022 and the industry still reeling from the ripple effect on the unregulated market environment, any newcomer would be forgiven for asking a very simple question: Who can you trust? 

    "It's really good question. We know that in the crypto space, it's really hard to know who you can rely on. There are so many companies that are telling people on Twitter and social networks that they shouldn't miss 'the next big thing' and that's why we launched The Big Whale – not to be a sheriff in the Far-West, but to give neutral and accurate info on projects, exchanges and companies," Bloch explains. 

    Nothing to do with 'Moby Dick'

    So what is the relevance of naming his company "The Big Whale"? Anything to do with Captain Ahab and an elusive, white cetacean as written by Herman Melville

    "No," Bloch laughs.

    "We decided to choose 'The Big Whale' for several reasons. The first is that we usually hear that Web3 is like a big ocean of information and people want to understand what's going on in this big ocean ... and because we want to play a big part in that ocean.

    "The second is that a whale – in the crypto market – is like a big financial investor. So it's like a gimmick for crypto fans.

    "The third one: a whale is a big, carbon-neutral organism – equal to a forest, something like 1,000 trees – so it outlines that Web3 needs to be more ecological," Bloch concludes. 

    It is quite easy to forget how far we have come since Web 1.0 in the 1990s and even the concept of personally uploading and streaming filmed material in a matter of seconds, only came to the fore in the last decade. So if Web3, blockchains and anything "non-fungible" seem like alien concepts today, it would appear that it's only a matter of time before they become a mainstream part of our daily lives.

    Watch the full video here.

    Written, produced and presented by David Coffey

    Recorded and edited by Vincent Pora.

    Raphaël Bloch is co-founder and editor-in-chief of “The Big Whale” – a Paris-based publication dedicated to cryptocurrency, blockchains and Web3 technology.

     

    Thu, 02 Feb 2023
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