Prime Minister Mottley Talks Digital @BITT Conference

Today’s speech by Prime Minister Mia Mottley at the Bitt Conference is one that we would never have heard under the former government. The disruptive explosion of Fintechs across the globe is well documented – the race to transform Barbados from an analogue to digital space finds Barbados playing catchup.

Many will criticize the prime minister for daring to assume risk by integrating emerging technology into the way we do business in Barbados. The blogmaster commends her leadership to digitally transform Barbados. The reality is that we have to or continue to slide to the bottom of the pile on the indices which log competitiveness.  It is noteworthy that in the sub region the Eastern Caribbean Central Bank (ECCB) has rolled out a blockchain pilot with Bitt Inc.

 

422 comments

  • The reality will be quite different.

    Like

  • Saw this question on FB, “In restructuring the 6Billion debt why is “Blockchain” not being used? A teaching moment… Not too late”
    .

    Blockchain is not magic. You can talk about all kind of technology, but you need money to repay and restructure debt…..

    All smoke and mirrors,,,,……

    I tell ya, this stuff way above my pay grade

    Liked by 1 person

  • All built on trying to pull bullshit out of thin air…as much as Bitt involved that clown the past governor of the the Central Bank and government with their fly by night operation and long Con…the government cannot force the population to use mMoney or any digital, crypto or whatever else they are dreaming up, the banks must be involved and a pissed off population is free to pull their money out of the banks ..and crash them too.

    Liked by 1 person

  • Let us agree here and now that:
    …1: any contribution to BU that is “liked” by 100 or more BU participants is deemed a valuable contribution to our enlightenment and is therefor assigned a value of one BuCoin;
    …2: as an initial valuation 1 BuCoin = 1 BD$;
    …3: DavidBU will maintain a BU-Register of BuCoin earned and transferred by owner;
    …4: we will accept BuCoin for transactions between ourselves – so if Bush Tea has earned BuCoin and wants to buy yams from 9of9, 9of9 would accept the transfer of BuCoin in the BU-Register for delivery of the yams to Bush Tea;
    …5: once we have all earned some BuCoin by imparting knowledge to our colleagues and ironed out the kinks in the young system, we will promote BuCoin to everyone so that they would also accept it for their assets;
    …6: if we see any success, we will create a more formal exchange to trade BuCoin

    Voila

    Like

  • Ummmmm… You are on the ball, actually, that’s how ICOs and IPOs initially start, to give their audience or signups chance at their “coin drop” worth thousands of dollars.

    Follow Askfm

    Like

  • That’s the principle of it all..

    mine > blockchain records> exchange >

    So “Guest”,
    How is it further built out?
    How is it incorporated (used/applied) in Government, Industry, commerce?

    You have the Head start to mine some Bucoins…. Love it, lol

    Like

  • Police in Brazil have arrested a man accused by the United States of being one of the main financial operators of the Lebanese militant group, Hezbollah. (Quote)

    The Lebanese Diaspora. I wonder if they have any crypto-currencies in order to make dodgy money?

    Like

  • It is worth repeating that the initiative with Bitt is not about cryptocurrency. For the umpteenth time.

    Liked by 1 person

  • David speaks with the authority who is part of the Bittcoin scheme. It is this assumption out of ignorance that is irritating. He also assumes the reason the prime minister wants to pilot the payment scheme is because she sees a long-term merger with the OECS scheme.
    A bitcoin can be used as digital gold, a currency, as a payment method and more. The magic of technology is sthat although the pilot may be for a payment method, it can change. The payment method is only a gateway.

    Liked by 1 person

  • We do not want any initiatives with Bitt – just as we do not want any initiatives with any company, firm, consultancy, partnership or other similar entity associated with any GoB MP, Minister, Senator, etc. It is inappropriate. We fed up with TFRH banana-republicanism.

    Like

  • Niel Harper David King – I didn’t say that the pilot is about Bitcoin. Let’s get that straight. mMoney is actually neither a Bitcoin nor a Blockchain solution. In terms of the pilot with the ECCB, it has to be delivered first before I can assess it. Bitt has signed numerous MOUs, but to the best of knowledge, nothing tangible has been delivered.

    Like

  • Whenever a group of people in Barbados, especially those associated with party politics, see an opportunity to enrich themselves, regardless of any negative impact on the country or the masses, they present themselves in all forms to ram it down our throats. Get in the GoB and serve the country and the people or get out the GoB and serve yourself while competing fairly for business opportunities.

    Like

  • To me. the question remains “What is the reason behind Overstock’s investment in Bitt?

    I saw these four points online and will just ad a comment after…

    Big companies buy small companies to stay relevant…….. We can rule this out..

    Big companies buy small companies as a way to stay ahead of (or eliminate) their competition
    Big companies buy small companies in order to gain technological expertise
    Big companies buy small companies so they can attract the best talent

    These three are where my head is… Is it possible that Bitt has extraordinary programming talent and this is a roundabout way for Overstock to acquire this expertise if Bitt fails??

    Like

  • Some heavy cut and paste from the attached link

    https://www.quora.com/Why-do-big-companies-fund-smaller-companies-or-startups-How-do-they-benefit
    1)”When I was investing on the part of the software company I represented we looked for several items when making an investment. We wanted the technology but we didn’t want to own it, not yet. Something needed to happen like further product development, market validation, or they could do something for us like R&D off our P&L. Doing the latter would allow for an investment in a new product that wouldn’t impact our earnings per share.

    But we also wanted a little more control than simply a partnership because what if one of our competitors bought the company? The investment, and probably a board seat, would give us more information on the company’s activity, act as a deterrent to our competitors, and give us more say in the direction of the company. ”

    2)”Big companies invest to earn money or earn patent/technology or kill competition.
    e.g Google invest in a company XYZ 3$ when XYZ is total value was 10$
    Google get 30% stake in XYZ and when XYZ value reaches at say 20$ or even more and Google thinks it cannot grow any further they sell it to earn profit .
    Also some times they invest in hope to buy whole startup.”

    3) “Many big companies fund small companies or start-ups to test whether new businesses or products can work without placing a big bet on them. The smaller companies can move faster and more nimbly to determine if the new product or business is viable. If the product or business produces satisfactory results, then the big company will acquire it. One big company that has done this quite well over the years is Cisco.”

    Forget 9of9. He is in over his head.

    Like

  • Guest. @…September 22, 2018 7:45 PM

    ” We do not want any initiatives with Bitt – just as we do not want any initiatives with any company, firm, consultancy, partnership or other similar entity associated with any GoB MP, Minister, Senator, etc. It is inappropriate. We fed up with TFRH banana-republicanism.”

    We? Who are those “we” that you are spokesman for? ……a sector? group? race? religion? Sinister as it all sounds.

    Five Bucoins for the answer

    Like

  • Old gezerts,

    What I do you, eh?
    Keep cutting and pasting and tek me out ya mout. …. lol

    Like

  • 🙂 Your last comments made me think you post here under a different pseudonym 🙂

    Like

  • speculating , once again

    Like

  • My last comment on this…
    If Rawdon makes real money, it will be from Overstock and not the little side deals we are talking about. You are the guinea pigs, the test market.

    I also noticed that BITT has an exchange
    https://www.bitt.com/exchange
    and the only thing listed is Bitcoin (priced in BDS $ and US $). This may be where the real programming/deals is being done.

    With this exchange you can probably buy bitcoin in BDS $. The nextr question is “How do they get this “mickey mouse” dollars into US $? If you think Rawdon want to walk around with Caribbean currency, you are making a mistake.

    Like

  • Others have often commented on the lack of research by journalists in the Caribbean. Indeed there are many areas where an investigative journalist and a courageous editor could make a name for themselves.

    Like

  • Your posited article describes the MO of big companies, you should have stated it was referring to Goldman Sachs, remember the coin term “ECONOMIC COLLAPSE” or “Economic downturn”.. care to say what roll GS played in that?

    Truly, investment strategists that turn the world upside down, but would you really rewind and tell the whole story? doubt it!
    The “narrative” and the “bailouts” was quite a move which also sent other nations in financial spirals, but hey, NO, I aint in over my head….nevva

    Like

  • Did you just arrived at the Bitt website… ummm, good researching.

    Like

  • Was walking away when it hit me
    One guy hawking the wallet
    A next guy hawking the bitcoin exchange
    And Mia hawking nMoney
    It’s like tag team wrestling… poor you

    Like

  • All you saw was Goldman Sachs.
    The quotes above mentions google and Costco.
    FB doing it
    Yahoo tried it
    Amazon does it
    Apple does it
    hey all buy up/invest is possible competitors.

    Like

  • You can never be poor with Common sense, Wisdom, knowledge, discretion, understanding, instruction, counsel, experience, you can have all the money but poor as hell.

    Like

  • Maybe ya should tell that to the lawyers in government who rip off the taxpayers, the elderly and their beneficiaries and pensioners and have for decades and also impart that pearl on the government ministers who sell out the people to minorities, businesses and the first foreigners who smiles at them and bribes them.

    Like

  • A good morning to all….

    In the same way if buying your groceries in a rum shop that you will see bottles of alcohols on shelves, are those who are using Bitt’s mMoney or Wallet products exposed to “advertising” for BiIt’s bitcoin Exchange.

    You may not be a rum drinker, but the possibility of your purchasealcohol is always present when you enter the rum-shop.

    Bitcoins are and must remain a part of the discussion.

    Like

  • Just another legalize scam with built in rules which rips people money away right under their nose if they lose their password

    Like

  • I see two avenues for Bitt mMoney
    1) Protecting current wealth
    *** Will mMoney make it easier to distribute your wealth between the islands?
    **** Is this one way of getting some of your money out before the inevitable devaluing that some speak of?
    or
    2) as a tool for Overstock
    which beggars the question “What does Overstock sees in Bitt?”

    Like

  • I see two avenues for Bitt mMoney
    1) Protecting current wealth
    *** Will mMoney make it easier to distribute your wealth between the islands?
    **** Is this one way of getting some of your money out before the inevitable devaluing that some speak of?
    or
    2) as a tool for Overstock
    which beggars the question “What does Overstock sees in Bitt?”

    This site is probably the best explanation of bitcoins that I have seen
    Easy to read and to understand.
    https://bitcoin.org/en/faq#what-is-bitcoin

    Like

  • Yep, I have come to conclusion that Mia Pronouncement is just smoke and mirrors. More smoke than anything else…

    We have no ideas of what is the ‘true’ arrangement
    How Bitt benefits
    How the government benefits
    Advantages to the man in the street
    Like it or not , this is Fraudel 2
    Fraudel 2 : It says nothing by saying a lot….

    Moving on to other areas

    Like

  • What should be of more concern to present govt is providing safety nets for the most vulnerable
    Placing Barbados econmomy on a growth plan which would provide jobs and create economic sustainability
    Instead of govt proposing fly by night scams to rob people of their savings

    Like

  • So is that the plan…what about the Mia government making sure that sick and injured people have access to medical marijuana FIRST…as the law provides and has since 1991…27 years ago……while no one from either government bothered to tell the people in Barbados and are still pretending it is not so…people died who could have been saved, people suffered and still do who never needed to suffer because the medical marijuana laws provided the avenue they be treated.

    Like

  • All built on platforms of greed where fools will follow gladly

    Like

  • ” Digital transformation of this island’s bread and butter industry is at the top of the agenda for Tourism Minister Kerrie Symmonds.”

    https://barbadostoday.bb/2018/09/23/digital-transformation-of-tourism-a-must-says-symmonds/

    Like

  • Hants,

    The Spiritual Construct of our NOW TIME have crossed over from the Pisces Age into the Aquarius Age.

    The constructs of the former Pisces Age (3D) are being dissolved, this includes certain styles of Governance and monetary systems.

    The new dispensation will usher in unity based Governance, digitized economies and technological advancements in innovation in all sectors.

    These changes can be seen around the world. Citizens of nations are forcing change of Governance, the rise of Cryptocurrencies and it’s technology addressing many facets and solutons to problems in more efficient and concise ways.

    Tourism will definitely be impacted..
    You can expect Health to follow as some very interesting developments and breakthroughs are being made.

    Many do not understand the timeline we are in, they will be found wanting.

    Like

  • pieceuhderockyeahright

    @ Theophyllus

    I wonder if dese clown was to know who you are Effing dem would get on so bout dis scam by Rawdone??

    All of dem does genuflect to de Chairman Mao and seem to believe her shit does not stink like ours and even Rihanna’s irrespective of her perfume line

    Like

  • pieceuhderockyeahright

    @ nineofnine

    Of all the Chairman Mia Mao bittcoin/cryptocurrency/mmoney proselytise here I am most surprised at your endorsement of the unethical practice and policy of Chairman Mia

    She brings back a man and two others here.

    She changes the constitution for that man to make him senator

    She then gets that Senator to launch an unknown company as if he were still a private sector operator

    And then she endorses his bitcoin scheme without sharing any details of this highway robbery.

    Fie upon thee nine of nine

    But then, not to be outdone you add this gem of reasoning to your usually reasonable spiel.

    And I quote “…The spinoffs from this move can secure resident Startup Industries in Health and Digital Health Education, Digital Robotics and engineering, Genome Engineering, Space and Aeronautics, 3D printing etc. of which will become income generation across the board .. a HUB if you please…”

    I have learnt that when a reasonable position (as the Hub concept is) is concatenated and contaminated with hobby, for no apparent reason, then one MUST FEAR THE JOBBY.

    I think it was guest who said that Rawdone must get out of the Senate and face the music as a private sector player.

    @Theophillus

    You are onto something with the vapourware investments that Bittstock purports to have made to this entity yet their shares do not reflect that equity

    Any bad word can make a favourable valuation of their sweat equity but when real cash is invested all that pupp disappears

    Like

  • pieceuhderockyeahright

    @ the Honourable Blogmaster

    Your assistance please with an item to nineofnine

    Like

  • Piece,
    ya know I got to defend maself befo ya gey de people the rong impression.

    Irrespective of your conclusions, I DO NOT ENDORSE UNETHICAL PRACTICES OR POLICIES by anyone.
    Not defending Rawdy or his business, but does he not have interests and operates under MOUs in other islands territories prior to coming here, certainly the business is an established fact?
    One should not accuse another of highway robbery if there is no valid evidence to date.
    Speculating intents are full of suspicion that cannot stand up to facts… Where are the facts or track records to support such “unethical intent or premeditation”?

    Sometimes things don’t always be as they appear or concatenated, such things are given the benefit of doubt until proven otherwise.
    If one is following current developments surrounding Crypto, Blockchain and product creation developments in sectors for future economic growth, one would understand why those areas were mentioned as spinoffs.

    The only concern about the arrangement is that it should have been either or… be a Senator in service to the Government and the people or be a private sector service provider, not both, as this can present a conflict of interest that can lead to insider trading.. not good, though we see it aptly operating in the echelons of the central bank

    It is clear and evidenced that the Constitution can be “updated”, therefore to avoid a REPEAT of the alleged last Administration misdeeds ..The HOA must move to “update” the Constitution accordingly, inclusive of striking away certain “rights and privileges” GRANTED by the GG.

    Like

  • @ NineofNine

    MOUs are templates that act as boiler plates.

    I can traipse across the entire Caribbean and secure a MOU from each Caricom Member state and that document does not mean anything.

    In fact contrary to the intimation that you are making AN MOU DOES NOT MEAN ACTIVELY DOING BUSINESS WITH!

    I do not speculate with these matters NineofNine.

    The me that you are seeing now, IS NOT THE ME THAT YOU KNEW 5 years ago and i encourage you to remember that going forward.

    Any substantive minister can and will sign an MOU which is a loosely formulated document stating that the parties have “an intent” to collaborate WHICH IS NOT THE SAME AS A CONTRACT.

    And you as a person in the profession know that as well and should not be hoodwinking people here on BU

    Like

  • Scroll up to the September 22, 2018 7:46 PM posting of the blogmaster of Niel Harper’s response.

    “Let’s get that straight. mMoney is actually neither a Bitcoin nor a Blockchain solution.”

    In the past we had tagged mMoney as being like “western union” or “MoneyGram”. This assessment may have been quite accurate, despite the fact that they now attempt to persuade us that mMoney has additional bells and whistles and a shiny coat of new paint.

    “Bitt has signed numerous MOUs, but to the best of knowledge, nothing tangible has been delivered”.
    This fully supports the comment posted by PUDRYR at 10:50

    In all of the hullabaloo that we have seen, there are snippets of truth that we tend to miss.

    Like

  • Piece,
    Absolutely, then there has to be a contractual agreement, bitt has started the sign up of businesses to the platform.
    Highlighting MOUs was foundation they proposed to build upon. If there is a contract and it doesn’t fall under the secrecy act, then for transparency sake, it should be printed in the Official Grazette and media….

    Like

  • Read it once and have to read it agAin to fully understand. However, a sandbox is considered a separate system (away from the main system)….

    Like

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