Est.2007

Barbados Underground

Bringing News and Opinions to the People

,

Rawdon Adams Returns to the Barbados Space to Spearhead Bitt Inc

← Back

Your message to the BLOGMASTER was sent

CONTACT THE BLOGMASTER ONLY

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

.

Discover more from Barbados Underground

Subscribe to get the latest posts sent to your email.

203 responses to “Rawdon Adams Returns to the Barbados Space to Spearhead Bitt Inc”

  1. Kammie Holder Avatar
    Kammie Holder

    Congrats Rawdon, we need some critical global thinkers on the group and not self serving myopic persons who are only interested in self.

    If Barbados is to rise from the down hill spiral we must get involved with the liked minded and not be consumed by existing parasites.

  2. peterlawrencethompson Avatar
    peterlawrencethompson

    I am cautiously optimistic that Bitt will be able to drag the caribbean financial infrastructure into the 21st century.

    The biggest adjustment I have had to make on getting back to Bim from Canada a several months ago is the pathetic banking system. It is not that Barbados is not wealthy enough, much poorer countries like Kenya and Tanzania are many decades ahead of us.

  3. David Avatar
    David

    @Peter

    A movement requires a spark to give it impetus. Bitt.com may not prove to be the solution but it might serve to inspire innovation is our space.

  4. Well Well & Consequences Observing Blogger. Avatar
    Well Well & Consequences Observing Blogger.

    Caution is the word since it’s all the known main players in the finance dynamics…JPMorgan, CITIGROUP etc….buying up large chunks of block chain, so they can manipulate how this proceeds in the future, at this stage, they are not participating, but just waiting for the right time to manipulate events,…

    When you understand the concept of block chain…you get a sense that bitcoin would be attractive to some, particularly deep web and black market…

    …..ask any programmer and they will explain it to you in detail.

    Ask any programmer if they will invest in bitcoin….1 bitcoin = over US$4,000…and they will tell you NO..

    No matter who they use to sell this, buyer beware.

    Until they can come up with a system that cannot be exploited or exploit the majority population through greed, it’s no different, but it’s much better to have your currency in your hand rather than in some virtual, digital passport with the market controlled by other, although you have control of your passport, ya can still get robbed if you deal with the wrong people.

    Had a crash course recently trying to understand the concept of bitcoin….until better is done, paper currency or gold is it for me.

  5. lawson Avatar
    lawson

    WW what john carries around a pocket full of gold.lol

  6. David Avatar
    David

    A technology as cutting edge as blockchain will always attract detractors. It is why venture capitalists are the ones who will finance at this stage, it s a risk. The traditional monetary system is already corrupt if we understand FIAT. We have to continue to search for alternatives. Kudos to the OECS. Just this week RBC announced that it will use the technology between Canada and the US. Respected players/companies are starting to integrate the technology in their financial solutions.

  7. Well Well & Consequences Observing Blogger. Avatar
    Well Well & Consequences Observing Blogger.

    Will if ya go whoring all the time, let’s see ya getting any using a digital passport…ya may get some guns and drugs for that or a rocket launcher or two…

    But girls like gold bars and diamonds….so I guess you wont get a thing…lol

  8. Enuff Avatar
    Enuff

    Senate, Cabinet and MP for St.Thomas to follow. #wait4dehaters😂

  9. peterlawrencethompson Avatar
    peterlawrencethompson

    @WW&C,
    While Nakamoto implemented blockchain technology when he invented bitcoin, blockchain technology is entirely independent of bitcoin. It was actually first described way back in the early 90s. Blockchain is simply a database architecture… it is not patented and is in the public domain. There is nothing to prevent Bitt or any other company from using blockchain technology to be the basis of any other currency. I do not think anyone proposes using bitcoin as a transaction and banking medium in the Caribbean region, despite the name Abed chose for his company.

    The financial predators of today’s world cannot control blockchain or “buy it up” because there are open source implementations like Hyperledger Fabric, from The Linux Foundation. Anyone, or any central bank, can use Hyperledger Fabric for their own purposes.
    Blockchain technology is being developed for many other things in addition to currency: medical records, online voting, tax collection, property conveyancing, etc.

    Just about all the people who bought bitcoin in its early days were computer programmers, specifically those who worked in the area of cryptography.

  10. David Avatar
    David

    Of interest to BU is the matter of the continuing struggle by the Caribbean to maintain Correspondent Banking Relationships (CBR). The IMF published some interesting research on CBR yesterday. For those who like to stay informed here is the link to the paper.

    Another reason why this region cannot afford to be left behind as we search out alternative payment gateways.

  11. Well Well & Consequences Observing Blogger. Avatar
    Well Well & Consequences Observing Blogger.

    Lawson……I would love to be there to hear how that conversation goes between you, the strippers and hoes them.

    Hoes/strippers: give me the money first

    You: i am paying for your services using my digital passport

    Hoes/strippers: money first..

    You: digital passport. ..

    Silence…then gun shot….lol

  12. Well Well & Consequences Observing Blogger. Avatar
    Well Well & Consequences Observing Blogger.

    “Just about all the people who bought bitcoin in its early days were computer programmers, specifically those who worked in the area of cryptography.”

    PLT…that wascuntil some stole 600 million worth of bitcoin, most of themnhave since had a change of heart.

    Check out an article by Jamie Dimon CEO of JPMorganChase, very recent, last month I think, re bitcoin and block chain…..with all his double speak….they are investing in block chain…, and will manipulate at the first opportunity.

    Cryptographers I know are watching the situation.

  13. TheGazer Avatar
    TheGazer

    Not going to comment on blockchain or bitcoin technology because as much a I try to understand it, I do not.

    But ‘Senate, Cabinet and MP for St.Thomas to follow’ is a part of the problem of Barbados. Let the man show/prove himself before appointing him king.

  14. peterlawrencethompson Avatar
    peterlawrencethompson

    @WW&C,
    The guy or gal who “stole 600 million worth of bitcoin” was also without doubt a computer programmer and cryptographer.

    “Hoes/strippers: money first..”
    I am told that in East Africa the prostitutes prefer that you pay them in the digital currency m-pesa because then they are not as vulnerable to being mugged while carrying cash.

  15. TheGazer Avatar
    TheGazer

    BTW $4M is chump change…..

  16. peterlawrencethompson Avatar
    peterlawrencethompson

    @TheGazer September 30, 2017 at 8:32 AM #
    “But ‘Senate, Cabinet and MP for St.Thomas to follow’ is a part of the problem of Barbados.”

    I agree. Dynasties are a really crappy way to run a democracy, whether it is Bush or Clinton or Adams.

  17. peterlawrencethompson Avatar
    peterlawrencethompson

    TheGazer September 30, 2017 at 8:36 AM #
    “BTW $4M is chump change…..”

    “Overstock.com is i”nvesting $4 million in Bitt initially. […] Overstock plans staggered investments for a total of $16 million USD, placing the company’s valuation at $50 million.”
    https://bitcoinmagazine.com/articles/overstock-invests-in-bitt-to-launch-official-digital-currencies-in-the-caribbean-islands-1459961581/

    US$16million is still chump change.

  18. Money Brain, Avatar
    Money Brain,

    I will leave the technology of blockchain to PLT. Naturally, I am a tad skeptical about the cybersecurity angle being a non techie.

    However, I can assure you that Governments will act against Bitt et al Crytpos as China has started to do, to prevent Anti ML, Tax evasion, terrorist financing, loss of control etc.

  19. TheGazer Avatar
    TheGazer

    Thanks for that link.

    The word “staggered” does curb some of my enthusiasm about that $16 M investment. Hopefully, not staggered over more than 50 years 🙂

    Was googling overstock and now I am even more confused.
    Seems as if there were thinking of parting ways with Medici in August.
    Now they seem enthusiastic about initial coin offerings (ICOs) which China and S. Korea are opposed to.

  20. Alien Avatar
    Alien

    David, what is the advantage of signing up early?

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

  21. TheGazer Avatar
    TheGazer

    But like I said… I don’t know enough to have an opinion one way or the other.

  22. millertheanunnaki Avatar
    millertheanunnaki

    @ Kammie Holder September 30, 2017 at 7:10 AM

    Glad to see you are able to read between the lines and is prepared to recommend Rawdon Adams as a key player in the economic survival of the homeland of his paternal (staff) lineage.
    We can only wish that he possesses the genetic mettle to do for Barbados what his forefathers did for it in its former hours of need.

    We just hope that the incoming PM would not only lean on her own understanding and experience (or even to feed the Persaud parasite against whom Owen, quite justifiably, is raising a red flag) but gather around her people of vision and ‘blindly seared’ with a genuine commitment to the survival Barbados in the light of what is to unfold in the coming months with the traditional foreign reserves about to disappear and a whole new regime of economic dislocation and change about to impact like a category 5 hurricane.

    The future is digital and AI inspired. But economic survival must be backed not only by ownership of natural resources but also by the ability to control them or add value to their production and distribution.

    Barbados needs to find its niche in the fast exchanging economic chain and exploit its role as a broker or dealer in digital financing and trade.

    King Sugar is dead and Tourism is facing more ‘satisfying’ demands from new and existing johns interested in paying for services in digital “latinum” the coin of the realm of the ‘modern’ Ferengi.

    We shall see if the traditionally conservative Bajans would allow another crisis to go a-begging and waste another opportunity to secure their economic future as they seem to be doing with the marijuana business opportunities right before their purposely shut eyes.

  23. David Avatar
    David

    @Alien

    There is an inevitability that technology and cryptocurrency will play a part in how we do business in the future. Whether it is blockchain technology that will provide the backbone or some other the OECS must be commended to explore the option. Note it is a pilot. The sub region has shown leadership how they have managed its monetary system compared to Barbados and others in the region. A good example at a basic level is how Haiti has used mobile money i.e. using cellpones to do P2P money transfers. In Barbados we have now reached the point of topups for airtime. We must support innovation coming out of Barbados.

  24. peterlawrencethompson Avatar
    peterlawrencethompson

    The reason that governments feel threatened bu bitcoin is because of its anonymity; it is the anonymity that enables money laundering, drug trafficking, etcetera. However you can use blockchain technology in a myriad of ways without anonymity. There is no reason that a digital currency using blockchain could not identify everything that an individual held in that currency and exactly how they earned it (I think all politicians should be forced to hold all their assets in such a currency).
    https://www.ibm.com/blogs/blockchain/2017/05/the-difference-between-bitcoin-and-blockchain-for-business/

  25. Bush Tea Avatar
    Bush Tea

    Senate, Cabinet and MP for St.Thomas to follow.
    +++++++++++++++++++++++++++++++++++++++
    Typical ‘blind leading the blind’ thinking from Enuff of CSME fame.

    The very idea of bending over forwards for a man j- ust because he is reddish, and had parents whose names we all know, is typical of the kind of thinking that still posits that there is ‘strength in numbers’.
    Bitcoin is the modern day equivalent of shifting around the chairs on the Titanic Deck in a random manner …such that only a computer can make sense of the plan.
    In the final analysis – and perhaps at an even faster rate, the shiite ship will sink – drowning multiple numbers of brass bowls…still trying to figure how the deck chairs stacked…

    ‘Enuff’ is clear evidence that the BLP will bring nothing to the table in terms of solving our problems. They will succeed ONLY because ANY SHIITE is better than the current shiite – with which we are forced to suffer….
    Mind you!!! it was this IDENTICAL thinking that led us to vote out Owen, Mia, VECO, and 3S a short 9 years ago….

    If it is not yet clear that we are missing the FUNDAMENTAL albino-centric problem, ….and just spinning top in shiite, ….. then Enuff can go ahead and bring out the deck chairs.

    #enuffshiitetalkalready

  26. Alien Avatar
    Alien

    David, one more question – are OECS countries exposed to any significant risk of loss from signing up at this early stage or is all of the risk being carried by Bitt for the potential reward? For example, waste-to-energy technology.

  27. David Avatar
    David

    @Bush Tea

    You are not following the discussion. Try to understand what is blockchain technology:

    There is nothing wrong with mankind trying to use technology to improve. The jury is out on if it will be blockchain and all that it can support. We do not know!

  28. Bush Tea Avatar
    Bush Tea

    @ PLT
    There is no reason that a digital currency using blockchain could not identify everything that an individual held in that currency and exactly how they earned it …
    ++++++++++++++++++++++++++++++++++++++++
    There is ALSO no reason that 1/10 of the world’s resources being currently spent on weapons of war, could not be redirected to addressing poverty and ill-health globally….
    shiite man!!, the billions left over after doing so, could be used for reparations.

    LOL…
    Wuh you is the only body that can talk shiite bout here Skippa ???!!

    Such eternal optimism in the midst of Hell, must call for a level of intellect that can only come from a real Anunnaki (…and not of the shiite-Miller variety 🙂 )

    EVERYBODY and their cousins know that the MAIN attraction of the bitcoin technology is precisely its ability to HIDE assets from the authorities. No wonder then, that Barbados is a world leader in this venture….. did we not set world standards in creating the “Barbados Slave Code” too….? Who do you think would be world leaders in “drunken-wukking-up-in-the-streets-like-a-dog…” ??

    …and don’t talk about the OECS …. just mention the word ‘money’ and they are already signed on….

  29. Ping Pong Avatar
    Ping Pong

    I wish that someone could explain to me in jargon free and simple English what is blockchain technology and Bitcoin. It seems to me like a game of Monopoly being played on computers instead of a paper board.

  30. Bush Tea Avatar
    Bush Tea

    @ David
    Boss … what follow what discussion what??!!
    ANY discussion that eludes the ROOT CAUSE of our demise is counterproductive – no matter how esoteric and engaging it turns out to be.

    In any case, Bushie is not enthusiastic about ANY kind of shiite money that requires the electricity to be ‘ON’ …in order for the Bushman to buy a bread.
    Lotta shiite!!!
    What the hell would bit-coin-millionaires in Puerto Rico or Dominica (or parts of St Philip) eat all like now so…?
    LOL
    ha ha ha

  31. Bush Tea Avatar
    Bush Tea

    @ Ping Pong
    I wish that someone could explain to me in jargon free and simple English what is blockchain technology and Bitcoin
    ++++++++++++++++++++
    Three words…
    A LOTTA SHIITE!!!

  32. Bus Driver Avatar
    Bus Driver

    https://www.bloomberg.com/news/articles/2017-08-10/overstock-may-part-ways-with-blockchain-business-unit-head-says

    Not a good move for Rawdon or Marla getting involved with Bitt at this time. Can’t imagine what they were thinking.

  33. Georgie Porgie Avatar
    Georgie Porgie

    re What the hell would bit-coin-millionaires in Puerto Rico or Dominica (or parts of St Philip) eat all like now so…?

    WHAT ELSE? BITCOIN! LOL

  34. David Avatar
    David

    @Alien

    Is the agreement public? The Governor of the OECS Central Bank was quoted in the news recently giving some insight to the pilot project.

  35. David Avatar
    David

    @Ping pong

    You have confidence in the system we operate now? Do you understand what is fractional reserve banking?

    Fractional reserve banking is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. This is done to expand the economy by freeing up capital that can be loaned out to other parties.
    Fractional Reserve Banking – Investopedia
    http://www.investopedia.com/terms/f/fractionalreservebanking.asp

  36. David Avatar
    David

    @Bush Tea

    The BU household is sympathetic to your philosophical position but until humankind vanishes from the earth by an act of God or natural event we have to exist in hope, NOT cynicism.

    Should individuals ignore the commonsense requirement to create contingency plans, disaster recovery plans? We should surrender at the altar and wait for the coming?

  37. Alien Avatar
    Alien

    David, you seemed to be in support of the technology and I used the OECS because you did. I only wanted to confirm whether a country adopting the technology would assume risk with the investors having the rights to all of the rewards.

  38. TheGazer Avatar
    TheGazer

    If you know Barbadians, you can have them eating out of the palm of your hands..

    An Adams signed on to this stuff and some are ready to have already plotted his political trajectory “Senate, Cabinet and MP for St.Thomas” and who knows Prime Minister. I hope he has an offspring and some grand children as well.

    Come to think of it, I wish the same for Froon and for Stinckler.

    And you, I wish you well in your enclosed yard.

  39. Bush Tea Avatar
    Bush Tea

    @ David
    Realism is not cynicism.
    Wishful thinking in the midst of a life and death battle is NOT ‘living in hope’.
    Foolishness in NOT sense….
    …and
    Enuff is NOT Ping Pong.

  40. David Avatar
    David

    @Alien

    You agree we have to have sight of the MOU/Declaration between OECS and Bitt to understand terms? If we had to guess the product development is with Bitt.com and some agency fee plus transaction fee would be a basic pricing approach?

  41. TheGazer Avatar
    TheGazer

    Whilst you are worshipping your new God…Google MT Gox

  42. David Avatar
    David

    @Bush Tea

    Look at the systems and not individuals.

    There is downside risk to every thing we do in this world. Financial institutions fail every week in the world therefore people lose money. Citizens take haircuts even when they invest in government paper. Banks lend $1,000 dollars for every dollar deposited (fractional reserve). This is realism!

  43. David Avatar
    David

    Who decides for the others if they should take a risk or not? How do you know it is a risk for Marla and Rawdon? Suppose they are comfortable financially and taking a ‘risk’ as defined by you is about foresight and following a dream, fulling a purpose?

  44. Alien Avatar
    Alien

    I was thinking more of the potential impact on a country’s financial system; who would control the new system and the exposure that would result; risk to credibility of the country’s financial systems; and so on. I am assuming that a country, as opposed to a company, signing up means exposing more than an initial outlay under a service agreement. In my opinion, Barbados is not is a position to assume unnecessary risk, especially if there is no reward, except for the investors. Barbados should focus on privatising some operations and employees, while maintaining a 30% or so interest in the resulting commercial operations, paying down the debt and enforcing the laws. Bitt and its owners should assume all of the risks of their business and the government should put laws in place to regulate it.

  45. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @Blogmaster David, seems to me Bushie is following the debate with alarmingly clear focus.

    His remarks coupled wIith the myriad news stories on crypto currency specifically but also broadly on AI (which in very simple terms is a core theme of blockchain tech) should give pause.

    No one disputes that advancing tech like this is important and frankly critical to world development but he hits the nail head perfectly when he says:

    “Bitcoin is the modern day equivalent of shifting around the chairs on the Titanic Deck in a random manner …such that only a computer can make sense of the plan.[…] In the final analysis – and perhaps at an even faster rate, the shiite ship will sink – drowning multiple numbers of brass bowls…still trying to figure how the deck chairs stacked…”

    Consider the problems of ‘advanced’ tech.

    WiFi speeds (web services overall) have improved exponentially over recent years. We all learn much more so rapidly and improve medical science, farming etc… But would election rigging of the sort experienced in US n Europe ever be possible without that pervasive Internet growth!
    Would we be experiencing this ever increasing theft of personal data without that growth.

    So of course the benefits are huge but I see Bushie’s lament as a simple and necessary caution sign.

    It is interesting to read about IBM’s Watson med computer and how those engineers are using AI to grow that device as a major resource for cancer cures/treatment. And to read of the Elon Musks of this world who are stretching the tech envelope with their awesome efforts.

    But at the very same time on the flip side, there are other smart people deploying AI devices to sit silently and adapt to the surroundings in order to steal, corrupt and otherwise create havoc.

    We must proceed very carefully…vitally important these days.

  46. Hal Austin Avatar
    Hal Austin

    Rawdon has an impeccable pedigree, he grew up in a home with lots of books and important people coming to dinner and cocktail parties and having intelligent conversations. It is in his DNA o be our political leader; it is he who would lead us out of this economic and social mess.

  47. David Avatar
    David

    @Dee Word

    Bush Tea has done more than caution, he has also tossed the baby with the bathwater.

    @Alien

    We simply do not know, one would use commonsense to presume that the central bank will mitigate risk by ring fencing to a degree.

  48. Alien Avatar
    Alien

    David, we should not support anything unless we understand the risks involved. The possibility of a positive outcome in just one of many possible outcomes – mega 6, double draw, supper lotto, super ball, …

  49. David Avatar
    David

    @Alien

    The BU household is supporting technology, innovation, risk taking. If we always try to calculate outcomes there will be no disruption.

  50. Alien Avatar
    Alien

    David, and such should be financed by those that will reap the rewards – not the taxpayer. Government should regulate, enforce and take a little of any positive outcome as a tax for operating in our community. Too many businesses in Barbados seem to want the taxpayers to assume the risk, while they wait for the rewards. The government’s only participation, based upon the usual due diligence, should be as part of its investment portfolio where it also has access to the potential rewards.

The blogmaster invites you to join the discussion.

Trending

Discover more from Barbados Underground

Subscribe now to keep reading and get access to the full archive.

Continue reading