Rawdon Adams Returns to the Barbados Space to Spearhead Bitt Inc

The BU household has been following the rise of blockchain technology with great interest. Obviously it is technology at a nascent stage and it is the venture capitalists and early adopters who have the  task of ‘selling’ a new payment mechanism to the population.

The BU household will continue to monitor the progress of the technology and wish Rawdon Adams every success who is the newly appointed CEO of Bitt.com. We have a lot of respect for Rawdon, the BU family should recall he has contributed to the BU forum in the past. He joins Marla Dukharan at Bitt.com where another person we have a lot of respect was recently added to the team to lead the charge.

The Barbados directorate should take note that the OECS sub-region has signed up with Bitt.com to pilot the technology.

The following article extracted from Coindesk.com.

 

Barbados Underground

Bitt, the blockchain payments startup backed by Overstock’s Medici Ventures, has announced the hiring of a new chief executive officer.

The new CEO, Rawdon Adams, takes the helm of the Barbados-based startup just months after it unveiled an ambitious plan to develop a pan-Caribbean settlement network built with blockchain tech. The plan, Bitt said in May, is to create a way to better connect a region with more than a dozen governments, each with their own currency systems.

The startup has also worked with the Central Bank of Barbados on pilot blockchain initiatives.

The appointment of Adams adds heft to the startup’s regional plans. Rawdon is the son of Tom Adams, who served as the country’s prime minister between 1976 and 1985. Tom Adams, in turn, was the son of Sir Grantley Herbert Adams, the first and only prime minister of the former West Indies Federation.

According to LinkedIn, Rawdon previously worked as an analyst for GE Medical Systems and founded market arbitrage software startup ArbMaker in 2008.

Jonathan Johnson, president of Medici Ventures, said in a statement:

“Rawdon is the perfect leader to grow and scale Bitt to the next level and bring to fruition Bitt’s initial vision in the Caribbean.”

Overstock, through Medici, invested $4 million in Bitt in April of last year.

Editor’s Note: This report has been updated for clarity.

 

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com

.

198 comments

  • re the words of the modrn Solomon Hal
    It is in his DNA to be our political leader
    SO CHELSEA CLINTON SHOULD BE THE NEXT POTUS?

    Like

  • Irony my foot.
    Hal thought he could hold on to enuff underpants and help slide that BS through that corridors of BU.

    When confronted, he resorted to doublespeak/irony.

    Jeff described it correctly.

    The champions of Rawdon would give him a 90 yard head start in a 100 m dash and at the same time keep others at the starting line.

    …..

    Like

  • TheGazer

    Wunna need help yuh skippa (to borrow from Bushie).

    Like

  • @Talking Loud,

    I made a serious over-estimation assuming this was not an American blog. Will remain literal in future. Humour does not cross borders.

    Like

  • Lots of help….
    We don’t need Moses

    Like

  • Have a great day…..All

    Like

  • hal went away to britain and now he wants to tell us what is humourous and what is irony

    no sah
    you are a jackass (lowest member of the equinoids)

    Like

  • @GP

    As bajans say “ man you right to laff at muh”, I am no theologian but to satisfy your curiosity, Sunday School @Ch.Ch and St. David’s.

    Like

  • @ Hal Austin September 30, 2017 at 3:19 PM
    “In Britain we tolerate a buffoon like Boris Johnson because we went to Eton and Oxford, where he read classics. A great qualification.
    How can being bilingual be a qualification to be a political leader? Roy Hodgson, the former England football manager and current manager of Crystal Palace speaks six languages. Should he be prime minister?”

    Yes, indeed, the same way you can tolerate the magniloquently superfluous sesquipedalian calling himself the Shakespeare King Fumble from the House of Stuart.

    Bajans have been tolerating a similar buffoon of stellar performance in the capacity of an economics and finance illiterate for the past 7 years whose ascension to power in the position of primus inter pares has been nothing of merit but purely as the unfortunate outcome of Lady Karma wielding her sword of retribution and the blood of vengeance spilling on Lady Luck lying in the arms of a sleeping giant of a clown named Elf Freundel.

    If Fumble could be so lucky as to become PM as a right of passage to becoming a square peg of abject incompetence in a round hole worthless performance why can’t Rawdon Adams be identified as the most likely successor to MAM whose reign as Queen of the Bees might just be a short one; in the same way King David served his truncated purpose in destroying the notion of honesty and integrity being the underpinning philosophy of the former party of the dear loving people.

    Who will ever forget the ‘regurgitated’ pledge to an army of foolish Bajan cadets:
    “A {DLP} cadet will not lie, cheat, steal, or tolerate those who do.”

    Like

  • iN WHAT YEARS DID YOU ATTEND Sunday School @Ch.Ch sIR?

    Like

  • @GP
    Probably 58-59 or 59-60 not sure of the timing could even have been earlier, my mother may remember I’ll have to ask her later.

    I don’t remember anyone from those classes and was never too involved at Ch. Ch. I do remember A I Johnson as Priest in charge and a young Harold Crichlow as his assistant but can’t tell if those memories are from my time at school beyond the cemetery wall.

    Like

  • The Tores are having their annual conference, ongoing.

    Well, we know that Theresa May is living on borrowed time

    Her enemies are many. There has never been a bigger political failure than May.

    Though some here would posit support for Jeremy Corbyn

    They nonetheless would really prefer people like Jacob Rees Mogg, a unique monarchist.

    Mogg an erudite, doubled-barreled named, private schooled, darling of the the rabid Right

    Firmly resides in the 18th century, with all that that means

    However, it was not beneath him to marry a rich woman and himself then make his millions, new money, flogging the dark arts of the hedge funding industry.

    Like

  • @Pacha

    The Tories against May cannot afford not to support her because they know her defeat spells the elevation of Corbyn.

    Like

  • David

    There is certain political death for the Tories, either way.

    They will die because of in-fighting – separately

    Or they will die together – at the hands of Corbyn

    The political pendulum in Britain seems destined for a return to a pre-Thatcher era.

    Like

  • Jethro Miller, PGCE (FE)

    Yes, indeed, the same way you can tolerate the magniloquently superfluous sesquipedalian calling himself the Shakespeare King Fumble from the House of Stuart.

    I have told you before you are semi-literate – and stupid. What has Boris Johnson got to do with prime minister Stuart? And the thought of having you teach young teenagers in our schools .
    Then you go on to claim, again, that I ‘tolerate’ him. You fabricate straw men to knock them down. I do not have any views on prime minister Stuart, or any practising Barbadian politicians. I do not know them nor am I interested in party politics..
    If you want a debate, then I am willing to do so, any time.

    Like

  • Sargeant September 30, 2017 at 5:05 PM #
    @GP
    Probably 58-59 or 59-60 not sure of the timing could even have been earlier
    SARGE I GOT TO LOOK UP TO YOU AND RESPCT YOU MORE MAN cause
    YOU LIKE YOU OLDeR THAN ME YEH! lol
    so when did you attend BFS? I went 61-62
    attended the church 62-68

    Like

  • David

    Remember that May is barely holding on to power by the massive largesse being paid to the DUP, a far-right, extremist, terrorist party of northern Ireland with whom she sought an alliance after last elections.

    That gambit failed to give her the much vaunted majority. Since then her handling of the Brexit is floundering badly.

    The party is in open rebellion against her leadership. With senior ministers openly plotting her demise.

    Like

  • @peterlawrencethompson September 30, 2017 at 7:25 AM “The biggest adjustment I have had to make on getting back to Bim from Canada a several months ago is the pathetic banking system.”

    And the Canadian banks here are the pathetic leaders. I’ve had run ins with 2 of the 3 of them, I don’t bank with the 3rd, but I would not be at all surprised to find that they are just as pathetic.

    Can’t manage a simple written instruction.

    Like

  • peterlawrencethompson

    @Bernard Codrington. September 30, 2017 at 2:16 PM #
    “I wonder if Bitcoin has the same downside risks as Derivatives.”

    No Bernard: the downside risk of Bitcoin is that you can lose all your money, the downside risk of derivatives is that you can lose all your money plus a lot more that you never had in the first place.

    Like

  • peterlawrencethompson

    Hal Austin September 30, 2017 at 2:35 PM #
    “How did Bittcoin get regulatory permission, what loops did they have to jump through”

    None. Bitcoin has no regulatory permission. They jumped through no hoops at all. After the fact, the jurisdiction of New York State imposed some rules if you want to trade Bitcoin on Wall St. or anywhere in NY. Then the head of the NY financial services commission quit his job and went into business as a consultant to charge lots of money telling companies how to navigate the rules he wrote 😉

    Like

  • peterlawrencethompson

    @de pedantic Dribbler September 30, 2017 at 2:37 PM #
    “There are many, many millionaires and a few billionaires minted in last 20 years because of the derivative finance ‘finesse’.”

    And there are many, many people who lost their homes, jobs, livelihoods, companies and lives because they were destroyed by the ‘finesse’ of some bankster trading derivatives. The US Government Accountability Office put the cost of the 2008 derivative caused crisis at over US$22 Trillion

    Like

  • peterlawrencethompson

    @Bernard Codrington. September 30, 2017 at 3:32 PM #
    “All money is Fiat money”

    So true Bernard. We all need to remember this fact.

    Like

  • Well Well & Consequences Observing Blogger.

    “Then the head of the NY financial services commission quit his job and went into business as a consultant to charge lots of money telling companies how to navigate the rules he wrote 😉”

    Business as usual…that’s the idea.

    Hopefully we will hear he too is in handcuffs, pretty soon.

    Like

  • @GP
    I didn’t say how old I was when I attended Ch.Ch.,( but probably older than you anyway) my mother entrusted me to the care of some older girls and they used to hold my hand and take me to Sunday School. I went to BFS from ’62 you probably went to HC with other BFS folk (I remember GD whose older brother also attended HC) and who lived opposite the new Police Station.

    BTW another BFS alumnus, the fast bowler who came over later but descended into mental instability after UWI died a few months ago.

    Like

  • Sargeant September 30, 2017 at 6:18 PM

    re I went to BFS from ’62 you probably went to HC with other BFS folk (I remember GD whose older brother also attended HC) and who lived opposite the new Police Station.

    OK you attended BFS after I left. So we might be the same age or I might be older.

    I hope that you paid the “older girls …….who used to hold your hand and take you to Sunday School well afterwards. what a start you had in life my friend lol murdah

    AGAIN I MUST SHOW YOU MUCH RESPECT I WAS NOT SO BLESSED lol lol

    Yes GD and WCC the politician and HR Best from Light & power left for college then also
    PKC the lawyer CM from BWA left for Lodge then too

    Yes that chap from St George and the batsman both got into some bad habits at St Augustine

    Like

  • Sargeant
    Do you anything about the Callender boys from St Lawrence who were nick named Bakie or Baked fowl at BFS?

    Like

  • know anything about the whereabouts of

    Like

  • peterlawrencethompson

    OK, so I’ll be the guinea pig and report back. So far I have signed up on bitt.com and logged in.

    There are three levels of security to satisfy banking know your customer (KYC) requirements. So far I am at Level 1 : Basic Verification with the following Authorized Services
    Receive Limit: 250 USD or equivalent per month
    Send Limit: 250 USD or equivalent per month
    Requirements: Name, Date of birth, Address, Phone number

    From here I can progress to Level; 2 : Identity Verification with the following Authorized Services
    Receive Limit: No Limit
    Send Limit: 10,000 USD or equivalent per month
    Requirements: Photo ID or passport, Proof of Address: (No older than 3 months) – Bank or Credit Card Statement or – Utility Bill or Phone Bill

    After that the highest level is Level 3 : Corporate Verification & Individual High Value Account with the following Authorized Services:
    Receive Limit: No Limit
    Send Limit: 250,000 USD or equivalent per month
    Corporate Requirements: Articles of incorporation, UBO, Shareholders and Directors KYC, Any additional account users KYC (if different than above), Ownership and Control Structure, Bank Letter of Good Standing, Proof of Address, etc., Completed Source of Funds form

    Like

  • peterlawrencethompson

    So Bitt Level 1 is of very limited utility: basically going to the coffee shop after Bitt gets its merchant products up and running and the coffee shop takes Bitt. Don’t hold your breath.

    Bitt Level 2 is more useful for stuff like sending your kids money to pat school fees when they are away at university. All you have to do is both sign up and then you can send up to 10,000 USD per month at a far lower cost that Western Union.

    The 2% foreign exchange fee will probably be charged whenever you put money onto your Bitt acount, even if you choose that your account is denominated in Barbados dollars.

    I am assuming that when your account is in Barbados dollars, the bitcoin value fluctuation risk is borne entirely by Bitt Inc. If this is not the case the whole system is completely useless in my opinion.

    Like

  • peterlawrencethompson

    Bitt Inc. is advertising for a number of tech personnel because I don’t think any of the principals are programmers. Their site has basic functionality but is clearly a work in progress.

    Overstock, their american investor, is an internet retailer without any reputation for significant technical expertise. Overstock bought 8% of Bitt for their US$4 million investment so far. There is an agreement in place to invest a further US$12 million which will bring their ownership up to 32% of Bitt Inc.

    I have no way of estimating Bitt’s burn rate so I don’t know how long a runway they have before they need to be either generating significant revenue or shopping around for new investors.

    Like

  • Avatar Capital
    Overstock=Medici=t0.com
    Alphapoint (Bitt is powered by AlphaPoint’s white label exchange technology, designed by veteran Wall Street traders.)

    (to myself: This may be nothing more than a high tech western union…
    funding is Trinidad and US;
    Technology is US..
    Wondering what is truly Barbados/ECS perhaps the business idea

    We need our financial analyst Ha to put it together and give us the full story…

    Like

  • We don’t agree that ALL money is fiat.

    Money that is made from gold or silver like the gold dinar or dirham are not fiat at all.

    Paper money for which one can receive the stated value in gold or silver is not fiat either

    Moreover, money could also be basic food items as used in barter or as a measure for other goods.

    Like

  • Diamonds are often used as money as well

    Much easier to travel with. less bulky.

    Of course, they must be evaluated, on the spot.

    Like

  • To clarify the earlier point in response to trust as Bernard pointed out- the current system of fractional reserve is already cheating us (the public).

    Like

  • @Pacha

    Does Corbyn and Labour want the job at this time to oversee Brexit?

    Like

  • David
    Yes

    Like

  • David

    But Cornyn is no more likely to succeed than Theresa May.

    To say anything else would be impolitic

    Like

  • David

    But Cornyn is no more likely to succeed than Theresa May.

    To say anything else would be impolitic

    Like

  • peterlawrencethompson

    @Pachamama September 30, 2017 at 9:04 PM #
    Fiat money is a currency without intrinsic value. I am arguing that gold and silver and diamonds have no intrinsic value… it is only cultural convention that leads us to ascribe value to them… we can’t eat them or use them for shelter or satisfy any real human need with them, we just value them because there isn’t much of them around, but the value we ascribe to them is entirely irrational.

    Like

  • @ PLT
    I am arguing that gold and silver and diamonds have no intrinsic value….the value we ascribe to them is entirely irrational.
    +++++++++++++++++++++++++++++++++++++++++
    Perhaps to you – because you appear to be much less albino-centric in predisposition than most…

    But to what item in physical existence can the above not be said? ….and hence you are saying (and Bushie supports) that all money is fiat. Even food and shelter are of such fleeting value as to be of questionable use in barter.

    However, you will hardly find any commodity better suited than gold or similar precious elements, that (for whatever reason) is able to command a relatively meaningful and stable value over a substantial period, and to a wider audience…. especially among the albino-centric parasites that pervade our world.

    Too-besides, Bushie don’t want no stinking fiat…. too much rust….
    Bring a Benz a Lexus or Beemer..
    LOL
    ha ha ha

    Like

  • Well Well & Consequences Observing Blogger.

    PLT…so in essence, the best bitt inc can hope for is becoming a glorified western union that charges less for money transfers.

    No self respecting, world renowned programmer will get involved with that gang, unless he or she is an independent contractor for short term and the best of those go at the rate of US150 to US200 AN HOUR……those I know work 24 hours a day, until exhaustion puts them to sleep.

    …..they will have to get youngsters who are now starting out and trying to learn the coding, cryptography and web development ropes…..to gain experience and move on to better.

    Like

  • Look Boss…
    Anytime you hear of a scheme that cannot be SIMPLY explained – without long convoluted jargon from unknown ‘experts’ …. it is a SCAM.

    Much like derivatives and ‘term life insurance’, …’block chain technology’ is just the latest set of nonsense designed to separate greedy albino centric fools from their money.
    Somebody gotta do it…

    Block chain shiite …. Bushie suspects that this term is a derivative from the concept of robbing ‘block-heads’ who have more dollars than sense….
    LOL
    ha ha ha

    Like

  • The IMF head thinks banks are dead and central banks should look towards digital currencies.

    Happy to be at the front of the pack on the new age of Digital Dollars!!!
    IMF Head Predicts the End of Banking and the Triumph of Cryptocurrency | Jeffrey A. Tucker
    In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency…
    fee.org
    https://l.facebook.com/l.php?u=https%3A%2F%2Ffee.org%2Farticles%2Fimf-head-predicts-the-end-of-banking-and-the-triumph-of-cryptocurrency%2F&h=ATOYHEBeKoqlxOTHyrkhgyopGqxrksKUVSQyiKQ9-n7Vomr3rm6WTWHLCfo-VXK3aRmOCEwxGsI7854FrzRvNn4LTR_48RasW9aHTdoFqRHXVWvz8zGmThSbpBsZMN_XyDwg0UvNO26ogi-P5ZuiI2xZPiw7UubjvL1HxJ3WXjJXNMsKLoXAWKb7LCiIz8_Fw2FequCiLlGiXeRjuF8CtObkP44EhBdS9HuklGJDNM_rw3ZxJnHdAin9HUO_9E940ccdDmUb7lN4gUC3mGg0ow

    Like

  • @ Vincent
    You are so pathetic….
    Do you recall a recent “IMF head” called Rato? … he should still be in prison in Spain as we speak.

    Nobody gives a jobby what these albino-centric talking heads say…
    Have you not even figured out yet, …that these people will say WHATEVER it pays them to say…?

    Shiite man!!
    You are so bamboozled by these people that even John (who has been drawn and quartered on BU …in some ways worse than angela Skeete and Carson) continues to enjoy your adulation.

    Stop following these shiite people and try and THINK for yourself nuh…!!!

    Steupsss
    Down and off….

    Like

  • Bushie

    Chuckle….yuh ez a real moojin fuh true…….I simply copied and pasted that article as I believe all views must contend……I have given no opinion as I am not qualified to do so.

    How de projeck with BBE wukkin up at de garsun???

    Like

  • That is EXACTLY Bushie’s point Vincent.

    Share YOUR OWN damn opinions…. form some….. do some THINKING … even if you are wrong like Hal…
    Use your noggins….

    UP an ON man!!!

    …and stop quoting shiite people from Facebook.
    NOBODY is impressed.

    Bushie knows some of those damn people who you quote – and they are dumber that you are – they just don’t know it…

    So …DO NOT follow (quote) those who “know not that they know not…”

    Like

  • As to the ‘Garson project’…. It is wukking like a DREAM … indeed like a nightmare.

    Wunna jokers followed foolish advice from some little Cawmere girl and construct that monument to Satan with his trademark pitchfork emerging from the depths of Hell…

    WHAT HAS HAPPENED EVER SINCE…?
    Worse hurricanes in record memory
    Worse traffic horrors since the days of the donkey cart
    Shootings like the wild wild West…
    Economy so bad that John can SERIOUSLY call for us to revert to slavery
    Downgrades worse than Eritrea
    The worse and ugliest PM imaginable – even in a world of Trumps

    Shiite man Vincent … Um wukking… EXACTLY as Bushie tried to tell wunna RIGHT HERE on BU …EVEN BEFORE the idiots built it… check back and see…

    Imagine next year (if you dare)…. at least – for those without whackers…

    Like

  • peterlawrencethompson

    @Well Well & Consequences Observing Blogger. October 1, 2017 at 5:34 AM #
    “so in essence, the best bitt inc can hope for is becoming a glorified western union”

    Well that is all Bitt Inc. is at the moment; I am not in a position to know what they hope for, but I suspect it is something grander than that.

    As the articles that Vincent posted show (thanks Vincent), blockchain technology is likely to dominate financial services within a decade. Some will see it as the spawn of the devil (Bush Tea), some will see it as an opportunity to get rich (Abed, Adams, Dukharan), some will see it simply as an incremental evolution of capitalist financial technology (PLT).

    It is going to happen, so I choose to improve my understanding of it because I lack the power to stop it. It is like standing in the middle of Congo Rd. and seeing one of those Transport Board Marco Polos coming down at 90… yuh cud stan’ up deh an’ say dat dis en right he gine too fas’, or you cud step aside.

    Like

  • @Peter

    And yours is a pragmatic position. We have to exist in the world with all of its warts.

    Like

  • Bushie

    Hahaha…..Bwoi ah wuh a’we wuddah do wid out your bovine excrement pun a day……keep on doing what you doing…….up and on….

    PLT

    You are welcome

    David

    The only ism one should hold fast too is…pragmatism…..

    Like

  • peterlawrencethompson September 30, 2017 at 6:05 PM #

    “How did Bittcoin get regulatory permission, what loops did they have to jump through”

    plt

    Again, I will counsel caution. An unregulated new currency is like the old wild west with the fastest gun winning the prize.
    Blockchain technology ma5y lead to disintermediation, which will put back financial services ages.
    One thing is for sure, the technological revolution will be not be delayed by the lack of proper regulation – which always follows progress.
    Already the exchange value of the currency has dropped since early September by about 25 per cent, as a result of the Chinese prohibition.
    One analyst believes that bitcoin will compete with precious metals in diversified portfolios and predicts that in time it may account for about five per cent of the over US$7.5trn alternative currency market, which is growing spectacularly.
    There are now bitcoin ETFs and there is now a market for clearing bitcoin ETFs, although the SEC has rejected them.
    I say all this to say that caution must be our watch word. Whatever we may feel about ourselves, our financial markets are very under-developed and a mad rush in to cryptocurrencies may end in tears.
    Financial services is highly speculative and there are lots of Bernie Madoffs about. In 1999 some of us were shocked when a book, Dow 36000: The Strategy for Profiting From the Coming Rise in the Stock Market, predicted the Dow would hit that magic number by 2004. The next year we had the Dot.com crash.
    Recently, the Sage of Omaha predicted Dow will reach 1m within a century. Most of us will not be around to see the outcome, but over the last one hundred years the Dow has had compounded annual growth of just under six per cent. Buffet also called derivatives weapons of mass destruction.
    I end by pointing out that some of the very people bitterly opposed to currency derivatives are now advocates of cryptocurrencies. What a strange world.

    Like

  • Well Well & Consequences Observing Blogger.

    PLT…block chain as understood is the future for finance, there is no denying that reality, but it’s all the little follow on scams launched from the block chain platforms. .. are the real problem and what one has to watch out for and be very wary of…for sure.

    Like

  • Is it yet possible to secure financing in Bitcoin to be repaid in Bitcoin or is it always necessary to secure financing in dollars, to purchase Bitcoin? Asked another way, are investments in Bitcoin made to become wealthy in Bitcoin or wealthy in dollars?

    Like

  • @Vincent

    To your earlier comment which rubbed Bush Tea the wrong way (not getting between you two Combermere boys)forget blockchain and bitcoin technology for the moment. Accept that many Fortune 500 and other top companies in the world are striking alliances with Fintecs to effectively integrate emerging technologies with traditional ‘product’ lines. It is the future. Again, we should support local companies/actors getting in on the ground floor for a change. For too long we have been satisfied with being takers of the technology. The upside to the alliance is that the traditional companies shave the know how/relationships with the oversight bodies therefore there is the expectation from a risk management perspective that a happy balance will be found.

    Like

  • @Alien

    Have we not stressed that it is nascent technology? It is designed to be a currency (crypto) if consumer takeup achieves goal to fit product rollout then who knows what is possible. You should write or call Gabriel Abed, he s a smart fellow. Visit Bitt.com and email them.

    Like

  • David, Bit not Bitt. Okay, is it yet possible to secure financing in digital currency to be repaid in digital currency or is it always necessary to secure financing in dollars, to purchase digital currency? Asked another way, are investments in digital currencies made to become wealthy in digital currencies or wealthy in dollars?

    Like

  • https://cointelegraph.com/news/how-are-new-bitcoins-created-a-brief-guide-to-bitcoin-mining

    How Are New Bitcoins Created? A Brief Guide to Bitcoin Mining

    9572 Total views 346 Total shares

    Bitcoin is often compared with gold, and one of the chief factors of similarity it the way they’re both obtained. Similarly to gold, new Bitcoins are created via the process called “mining.”

    In fact, Bitcoin mining has a two-fold purpose: it allows for the creation of new coins and facilitates the processing of transactions in the network.

    Another parallel with the precious metal is that there’s a limited amount of Bitcoins that can ever be mined: no more than 21 mln coins. As of 2017, nearly 17 mln Bitcoins have already been mined.

    Mining can be quite a competitive task as new Bitcoins are created at a predictable and fixed rate. Those rates have been defined by Satoshi Nakamoto, the creator of Bitcoin, in the white paper published in 2008.

    The more miners join the network, the more difficult it becomes to make a profit for each of them. Because of that, miners have to remain highly competitive to keep receiving Bitcoins as a reward for validating the transactions.

    What you need to start mining
    Bitcoin mining is the process of adding records of a new transaction to the Blockchain – the public ledger of all transactions that have ever taken place in the Bitcoin network.

    New transactions are added in batches called “blocks” roughly every 10 minutes, hence the name Blockchain. The ledger is needed for the nodes of the Bitcoin network to always be able to confirm valid transactions.

    In order to become a Bitcoin miner, a person first needs a computer and mining software – like the GUIMiner. This program uses the computer’s resources to perform complex mathematical calculations.

    When any one miner succeeds in solving their math problem, they get to create a new block and receive a certain number of Bitcoins as a reward, known as “the block reward.”

    Every 210,000 blocks, or, roughly, every four years, the block reward is halved. It started at 50 Bitcoin per block in 2009, and in 2014 it was halved to 25 Bitcoins per block.

    However, mining on personal computers has only been feasible in the early years of Bitcoin. By now, the network is so competitive, that using specialized hardware is the only way to make a profit.

    The first ASICs – or Application-Specific Integrated Circuits – were introduced in 2013, designed specifically for the purpose of mining from the start.

    Despite the existence of such specialized equipment, the situation didn’t become easier for miners, as new, more efficient ASICs are released all the time. And the problem of paying for electricity bills is only exacerbated by the new, power-hungry hardware.

    Nowadays there are many prominent companies which design and produce mining hardware. Among them, are Bitfury, Bitmain. You may also find used equipment on eBay or Amazon.

    So, to recap, miners use their hardware to verify valid transactions, pack them into blocks, solve mathematical problems during the process which is called “hashing,” and, after getting a correct solution, add new blocks to the Blockchain.

    What is ‘hashing’?
    Bitcoin uses a cryptographic hash function SHA-256 for encryption. This algorithm allows you to take data of any size and turn it into a string of a specific, predefined size. The resulting string is called a “hash,” and the process of applying the hash function to random inputs is called “hashing.”

    It’s impossible to predict what the hash of any one input will be until you actually calculate it. The goal of the miners is to keep feeding the hash function with different inputs until they get a specific hash value which is below a certain threshold, which is called the “difficulty” of network.

    The difficulty is automatically adjusted every 2016 blocks – or, roughly, every 14 days – in accordance with the growing or shrinking combined computational power of the network.

    If the network became more powerful over the last 2016 blocks, then the difficulty value is decreased to make it harder to find a valid hash and vice versa.

    Considering the immense computational power that the Bitcoin network currently employs, it takes trillions of computer-generated guesses from all over the world until the right hash value is found by someone. And if you are the first to do it – congrats! You have just mined a block and got a reward of 12,5 Bitcoins.

    Pitfalls to avoid in mining
    As with any other activity, mining has some pitfalls to avoid. Let’s take a closer look at some mistakes usually made by newbie miners:

    You shouldn’t start mining without preparations. Given that it is a highly competitive sphere, profitable mining requires thorough planning and preparation. Many examples can be found of people, who had bought too much hardware equipment without calculating all the costs of running it and the likely profit rates. After finding out that they can’t maintain profitable operations with their equipment, these unfortunate miners usually have to re-sell it at a large discount.

    You also shouldn’t follow the hype and mine whatever coin that is the most trendy at the moment. From time to time, one coin or another will get overhyped, and a lot of new miners will start pouring in, driving the difficulty of its network up. As a result, mining becomes very hard for everyone, and almost no one manages to make a profit. This scenario has taken place recently with Ethereum, for example.

    What you should do, is take good care of your PC. Mining places a huge load on the computer’s processors, which have to run at full capacity all the time. If done without proper care, it might cause hardware malfunctions.

    All in all, mining is both a difficult and profitable business to get involved in. But if you’re going to try it – good luck to you!

    Like

  • David

    One wonders why the USA the present control of world currencies thanks to the Saudis&oil, up to 2016 was against it and are presently warming to it.

    Why did China the next world power ditch it,is the next question that needs answering before the Caribbean and little Bim jump in.

    Like

  • peterlawrencethompson

    @Vincent Haynes October 1, 2017 at 11:20 AM #

    The answers to your questions are simple. The American financial regulatory agencies are still against Bitcoin; they have never warmed to it and they never will because its cryptographic properties make it useful for money laundering and other untraceable transactions, posing a threat to their financial infrastructure. What they have done is begun to use blockchain technology, which is completely independent of and predates Bitcoin by decades, to improve their own financial infrastructure. The Chinese are no different: they have blocked Bitcoin, but are no doubt using blockchain technology in their own financial infrastructure.

    Like

  • RBC using blockchain for payments between U.S., Canadian banks

     

    An RBC sign is seen in the financial district on Bay Street in Toronto.

    MARK BLINCH/THE GLOBE AND MAIL

    MATT SCUFFHAM

    TORONTO

    REUTERS

    SEPTEMBER 27, 2017SEPTEMBER 27, 2017

    Royal Bank of Canada is experimenting with blockchain to help move payments between its U.S. and Canadian banks, one of the bank’s senior executives told Reuters on Thursday.

    Martin Wildberger, RBC’s executive vice president for innovation and technology, said use of distributed ledger technology, or DLT, would improve the speed of payments, reduce complexity and lower costs.

    The bank developed the system over the past six months at an RBC blockchain technology center in Toronto, deploying software developed by a cross-industry open-source blockchain consortium known as Hyperledger.

    The technology was integrated into RBC’s existing systems several weeks ago as a "shadow" to RBC’s primary ledger, letting the bank monitor payments in real-time as they travel between the United States and Canada, he said.

    "We wanted to set it up as a shadow ledger so that we can demonstrate our leadership in exploiting that technology while at the same time recognizing that the technology is still early in its adoption phase," Wildberger said.

    Blockchain emerged in 2009 as the system underpinning the cryptocurrency bitcoin, allowing people to quickly and anonymously exchange electronic currency. It is a shared ledger of transactions maintained by a network of computers rather than a central authority.

    Investors have since put billions of dollars into developing blockchain, betting the technology could make banking operations faster, more efficient and more transparent.

    Although concerns remain about the legitimacy of bitcoin, which JP Morgan Chief Executive Jamie Dimon described as a fraud earlier this month, the credibility of the blockchain technology itself has increased.

    A growing number of senior bankers have said they believe it will eventually revolutionize the way payments are made across the industry, reducing complexity and costs of back-office processes.

    "Everybody recognizes blockchain will be transformative and critical," said Wildberger. "At the same point in time, I think everybody recognizes these are early days."

    RBC is looking to use blockchain to improve its rewards and loyalty offers and trade finance capabilities, he said.

    Canada’s central bank said in May that it had decided against using blockchain to provide the underlying infrastructure for the country’s interbank payment system after a year-long investigation, saying "too many hurdles" had to be overcome to make the approach viable.

    Stephen Poloz on the economic issue that keeps him up at night(THE CANADIAN PRESS)

    Like

  • PLT

    Thanks

    Like

  • Six myths about blockchain and Bitcoin: Debunking the effectiveness of the technology
    https://www.kaspersky.com/blog/bitcoin-blockchain-issues/18019/

    Like

  • peterlawrencethompson

    @Alien October 1, 2017 at 12:58 PM #
    Thanks Alien

    Like

  • Well Well & Consequences Observing Blogger.

    As long as a person you do not get CHAINED to any of it, end up on the TRADING BLOCK with everything you worked your whole life to attain is in someone else’s control in a
    STOCK MARKET….it will be just fine.

    All of those key words are ominous and have been for centuries, as long as you understand them, you can avoid pitfalls.

    I wonder if the world’s crooks who appear to reincarnate after every generation are doomed to use the same words over and over through eternity.

    Like

  • Only a matter of time, coupled with wireless technologies and the cell phones, this cryptocurrency business will be embedded into the human body,ultimately aiming to encode it into the human genome.The promotion, security, you are your own money,the evil,no man may buy or sell , save he has the mark of the beast.

    Like

  • Sucky,
    They are already implants in the hand of employees in some Corps in the US.

    Like

  • Well Well & Consequences Observing Blogger.

    One of the Dakotas already have chips implanted in citizens, a university designed them and people are now walking barcodes to be scanned…

    …..am sure within the the next 20 years most states would have achieved the branding of the sheeple.

    The Caribbean should stay well away from herding and branding their people, once again reinstituting slavery.

    Slaves do not want to be free, they want to become slave masters.

    Like

  • Correct @ Money brain and Well well.They are optional trial runs.The cashless supermarket has already been implemented and also under a trial basis.

    Like

  • There is NO WAY that I will accept the Mark of The BEAST!

    Like

  • Well Well & Consequences Observing Blogger.

    MoneyB….got that right, it will be the permanent enslavement of EVERYONE…for thousands of years to come, the plan has been in place for decades, they dont want to let go…too greedy and selfish.

    Every security expert, programmer encoder and cryotographer I know is saying the same thing, stay away from these scams, particularly Caribbean people who are the most vulnerable to con artists.

    “James Austin Bynoe
    September 28, 2017 at 10:51 pm
    As a cyber security expert for over 20+ years …. being an early adopter of blockchain technology will be a huge ERROR for the region.

    While the bitcoin sharks, opportunist and their minions are working to mind trick central banks across the region … it is important to note that the region as a whole is “totally unprepared” for digital currency from the cyber security perspective.”

    Like

  • Vinni,
    They dont have a clue where Bitcoin is going. But the Governments will be hunting all BITTerly.

    In 1653 just one Supreme Tulip bulb sold for an entire good size farm!!!!! When the inevitable collapse came it bankrupted Holland and mashed up the finances for years.

    Like

  • MB

    Yup…..another take on it…..

    IMF Chief Christine Lagarde thinks bitcoin could give central banks a run for their money.
    -1:26
    5,795 Views
    CNBC Crypto
    1 hr ·

    Like

  • Theophilius Gazerts 234

    overstock went up by 23% today

    Like

  • Theophlius Gazerts

    Up $7.00 today. This is a ‘bitcoin’ play.

    Like

  • CIBC is looking to move into the US market saying that the Caribbean has become too risky.They just bought a bank in Chicago for US5 billion.The Prime Minister of Barbados is saying he doesn’t care about 21 downgrades.It is not harming Barbados,where CIBC First Caribbean Bank happen to be headquartered.Woe betide Barbados led by a man who is not at one with either the market place or its players,who does not see his role as one to engage the business community on a very regular basis,who does not see his role to engage the intellectuals of the UWI on a regular basis,whose advisers seem to lead him towards the path that spells doom for Barbados,obsessed with a piece of irrelevant paper.
    ,

    Like

  • Theophilius Gazerts 255

    Surprised at the ups and down of Bitcoin and no additional comments on this page. There was a person who mentioned ethereum as an alternative, but I cannot find that post.

    Any development at Bitt.com?

    Like

  • Theophilius Gazerts 255

    This is like a Bitt.com play. Money transfer (MG) and crypto alliance
    https://cointelegraph.com/news/ripple-announces-partnership-with-moneygram-to-speed-fiat-settlements

    Like

  • Theophilius Gazerts 258

    Overstock (OSTK) fell by $14 during the bitcoin meltdown but regained $7.00. This did not erase earlier gains. My boy sign-on bonus is safe.
    Money gram (MG) was relatively flat…
    Kodak made a ‘bitcoin’ move in the first week of January. Stock price surged and remained intact during last week meltdown…

    The best bitcoin play may be to buy the bit players who are on the sidelines

    Money Brain where are you???

    Like

  • The day is not far off when some person will say “ The Emperor (Bitcoin) has no clothes”. Anyone who wants to invest in this crypto currency should listen to a Bitcoin miner.

    Like

  • Theophilius Gazerts 263

    Overstock (OSTK) down to $55.00
    Would buy and hold for a few days… If bitcoin recovers, this goes up

    Article mentions future Prime Minister of Barbados

    https://www.investingnewscenter.com/overstock-com-incs-nasdaqostk-dives-blockchain-bitts-mobile-money-app/

    Like

  • Overstock (OSTK) now at $45,70

    I thought it was good side-play to get into crypto-currency. Thank God, I did not jump in. A few months from now I maybe singing a different tune.

    But you Caribbean guys have to be careful… The US has the SEC. Who do you have..

    https://www.coindesk.com/overstock-confirms-250-million-tzero-ico-sec-review/

    Like

  • OSTK.. was around 30 in October, reached a peak of $87.00, Now at 37.00
    Overstock tried to enter the crypto-currency market through the side door, but as the market collapses so to is overstock. As bitcoin and other crypto-currencies stumble, so too does side players.

    Kodak try the same backdoor trick and is getting the same punishment as overstock.

    A good financial reporter would look at the trading patterns of insiders just after their companies announces they are getting involved in cryptocurrencies. Do they hold on for the initial rise and dump before the fall sets in? Willing to bet that insiders made good money on this ‘scam’.

    Like

  • Theophilius Gazerts 443

    Did you read this? I’m literate and educated, butt when I finished reading I had mo questions than answers

    https://www.coindesk.com/eastern-caribbean-central-bank-pilot-bitt-blockchain-tech/

    Like

  • Theophilius Gazerts 443

    ““In recent weeks Bitt.com has launched a mobile app-based solution that allows people in Barbados to walk into a store and buy goods or services with digitized Barbados currency”

    You have to give me more than these throw away sentences. When I first heard of Bitt. I thought it was a local “western Union”. Now I feel it is something to getting a gift card from Western Union, but you can buy from anywhere.

    Protect your technology, but you have to educate the man in the street…

    https://globenewswire.com/news-release/2018/02/21/1372611/0/en/Bitt-com-to-Provide-Digital-Payments-Services-to-Caribbean-Nation-of-Montserrat.html

    Like

  • OSTK $84.35 Jan 5
    OSTK $ 35.50 Jun 7
    Bittcoin $16,937 Jan 5
    Bittcoin $7,254

    TheoGazerts, April 14
    “Overstock tried to enter the crypto-currency market through the side door, but as the market collapses so too has overstock. As bitcoin and other crypto-currencies stumble, so too does side players.”

    Theo iz Bajan
    Theo has been following bitcoin and overstock
    Theo I wanna be senator. He iz outside de place, but we got we constitutional amendment already
    Theo gonna change his name to Theo Adams

    Like

  • Rawdon
    The man wid de pedigree
    To lead we
    Poor Mia, she sweating
    Knowing Rawdon waiting
    One moment She a queen Bee
    But she knows in reality
    She blocking Rawdon’s destiny
    Enuff of that…

    Keeping some topics alive

    Like

  • A year ago, bitcoin was near the peak of a frenzied rally to almost $20,000 — a surge that fired up crypto enthusiasts who declared that the digital currency revolution would render fiat money and traditional finance useless. Today bitcoin has tumbled towards $4,000 and the online bravado among crypto fans on Reddit has given way to snipes at other digital tokens and a general sense of malaise.(Quote)

    Like

  • @ Theophillus

    De grandson sent this for you…do enjoy

    Like

  • @ the Honourable Blogmaster

    Your assistance please with an item here thank you

    Like

Join in the discussion, you never know how expressing your view may make a difference.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s