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Prime Minister Mottley Talks Digital @BITT Conference

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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.

 

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424 responses to “Prime Minister Mottley Talks Digital @BITT Conference”

  1. NO PLAN MAM Avatar
    NO PLAN MAM

    Some t-shirt ideas for entrepreneurs

    simple black t-shirt with “NO MORE MAM” in white minimalist font
    simple white t-shirt with “NO MORE MAM” in black minimalist font
    simple black t-shirt with “CRUSHED BY MAM” in white minimalist font
    simple white t-shirt with “CRUSHED BY MAM” in black minimalist font

  2. NO PLAN MAM Avatar
    NO PLAN MAM

    The debt holders response to the GoB should simply be minimum 5% pre-tax (4.375% post tax) across the board for all strips – reduce public sector pay and cut more unnecessary expenditure for the balance.

  3. nineofnine Avatar
    nineofnine

    NPM
    Why are you knocking the people of this nation and public servants so,
    If you see them as unproductive, it has to be a reason if it is so.. lets see,
    They are constantly bombarded by innuendo, stifled by low wages, denied increases to match the standard of living (at least), burdened by heavy taxation, robbed of localized transportation, garbage collection, high utility rates, high prices for goods and services, poor food, poor sanitation, inadequate health services most of the time, so what do you expect, for a people who are constantly exploited and when you really look at it, exploited by who, the same people most of them work for, private sector entities, former administrations and style of management…
    WHAT DO YOU EXPECT? and now that the real state of affairs has been disclosed, even a greater dependence is required of those who have, are, and expected now to work HARDER, CONTRIBUTE MORE, and at the end of the day, a small majority can still live lavishly amongst them, spitting shytttteee in their faces and trying to cull their generations to come.

    Just yesterday, the people of India was running the authorities all through the streets. Africans saying ENOUGH IS ENOUGH, people can take so much and so much yah.

  4. NO PLAN MAM Avatar
    NO PLAN MAM

    @ nineofnine September 21, 2018 10:25 PM
    @ now that the real state of affairs has been disclosed, even a greater dependence is required of those who have

    That is the point – those who have – who move goods through the port and not pay duties – who divert the foreign exchange to overseas accounts – who refuse to pay their taxes – who engage in illicit practices for personal gain – who corrupt the system- are not being asked to contribute.

  5. NO PLAN MAM Avatar
    NO PLAN MAM

    An ordinary man saving employment income and buying GoB debt does not have… a pensioner using retirement funds to buy GoB debt does not have…

  6. nineofnine Avatar
    nineofnine

    NO PLAN MAM
    September 21, 2018 10:42 PM

    …”That is the point – those who have – who move goods through the port and not pay duties – who divert the foreign exchange to overseas accounts – who refuse to pay their taxes – who engage in illicit practices for personal gain – who corrupt the system- are not being asked to contribute”..

    Your definition of “those who have” is not in reference to “stealthy cheaters/EXPLOITERS” but to those (WORKERS) who have, are, and expected now to work HARDER, CONTRIBUTE MORE, and at the end of the day, a small majority can still live lavishly amongst them, spitting shytttteee in their faces and trying to cull their generations to come.

    THERE IS NO NEED TO SPIN IT, the injustices of the rich robbers of the poor is what was being referenced.

    How can it be that….
    even a GREATER DEPENDENCE is required of those who have move goods through the port and not pay duties – who divert the foreign exchange to overseas accounts – who refuse to pay their taxes – who engage in illicit practices for personal gain – who corrupt the system- are not being asked to contribute …. no, no, no,. unless you want more thiefery.

  7. NO PLAN MAM Avatar
    NO PLAN MAM

    @non, mister, if you are a political “supporter” of the current administration intent on maintaining the status quo, so be it. One thing is now clear, the BLP and DLP have both outlived their usefulness and it is time for Barbadians to move on. The majority population would unlikely continue to accept being betrayed and oppressed by politicians for the benefit of a few for much longer. Time longer than twine and will always be. Have a good night.

  8. nineofnine Avatar
    nineofnine

    @ David

    What about earning foreign exchange?

    Question is, HOW IS FOREIGN EXCHANGE EARN IN THE DIGITAL AGE?

    There is a need to establish which areas of industry that is attracting large amounts of USD.
    TOP OF THE LIST ..
    Cryptocurrencies (especially pairing groups and those that are fiat “insured”),
    Cryptocurrency EXCHANGES, Blockchain TECHNOLOGY.
    START-UPS with ICOS and IPOs.
    Then they are the businesses that are incorporating these technologies and constructs in their portfolios, like.. MARKETPLACES,
    CROWDFUNDERS,
    REWARDS space,
    Digital health EDUCATION using VR, AR and MR (virtual, augmented and mixed realities),
    FASHION using VR and blockchain,
    Blockchain SMART CONTRACTS CREATORS using SOLIDITY LANGUAGE
    B2B and P2P networks.
    epayment platforms

    How can foreign exchanged be mined from these Digital Businesses.
    SHORT and MEDIUM TERM
    – by investing in Cryptocurrencies, Blockchain technology, Payment platforms
    – investing in their Business portfolios
    – through licenses (regulation)
    – Infrastructure facilitation (providing prerequisites)
    – rentals (plants/facilities)
    – labor (workforce)
    – reinvesting profits ( trending)
    – by way of brand advertising (affiliated by association)
    – endorsements (association and promotion)
    – special rights and privileges (movement of guarded technology)
    – contracts (in Solidity/Quantum language)
    – legal services (trust and partnership documentation, other)
    – transportation (ground, sea and air)
    – duties and taxes (tariffs)
    – accommodation (housing)
    – food services..etc. etc.
    LONG TERM
    – education, (technical, legal, marketing, other supporting growth channels)
    – technical plants (specification oriented)
    – marketing (target industries, FINANCIAL PORTFOLIOS and Commodity Markets)
    – long term leases (plants and infrastructure/machinery)
    – full package facilitation (across the tech-space.. networking infrastructures)

    I tired.

    –

  9. nineofnine Avatar
    nineofnine

    NO PLAN MAM
    September 21, 2018 11:42 PM

    I support JUSTICE, and anyone who supports it.

    Have a pleasant night also…. @non

  10. Guest Avatar
    Guest

    https://barbadostoday.bb/2018/09/21/debt-offer-caution/
    Government’s debt restructuring offer to foreign creditors could be rejected if it contains terms similar to those presented to domestic bondholders, according to a US-based fiscal analyst.

    https://barbadostoday.bb/2018/09/22/better-business-behaviour/
    He made slight mention of a former government minister’s criminal liabilities, but Minister of State in the Ministry of Finance Ryan Straughn has left little doubt that he expects more responsible corporate governance

  11. NorthernObserver Avatar
    NorthernObserver

    It’s (was) Friday night….9of9 opened the batting,
    – Ask the debt holders for a more reasonable contribution – minimum 5% rate for rates > 5%…you can ‘ask’ for anything.
    – UWI students continue to contribute to their fees…at what level 50-50? I’ll buy that
    – Legislate the reduction in public servants pay by a rate consistent with their productivity…how are you going to measure productivity? sounds nice, tough to implement. To besides the ruling party has organized labour closer than in many years, they will not give that up. We need to separate between public who are accounted for under wages, and T&S.
    – Legislate if necessary the means of collecting taxes of all types or the debtors’ property…a motherhood and apple pie suggestion which the pols have avoided like a plague. Subcontract collection, and allow public access to a list of offenders.
    – Reduce the cabinet by 50%….they will just hire them back elsewhere, no $$$ saved. Have to give her enough leeway and rope to succeed or hang herself.
    – Stop paying so many super consultants….ditto, how much do they really cost?
    – Do away with the excessive German vehicles…sure.
    – Properly investigate goods that cleared the port without paying full duties and collect the duties….another long term challenge. Caswell seems to be a big supporter, ask him. I would sub-contract and pay by commission on funds collected.
    – Properly investigate the sudden decline in the reserves and reclaim as appropriate – ask the FBI for assistance if necessary…we have the people, do we have the will?
    – Properly investigate all sales of GoB assets below fair value and recover as appropriate…in what time period?
    – Securitize GoB assets as necessary to raise needed funds and in the process bring idle assets into production as investors organise to make the assets work…overall this is political suicide. Seeking proposals for idle asset use….yes.

  12. Guest Avatar
    Guest

    Here we go

  13. Guest Avatar
    Guest

    Here we go

    http://www.nationnews.com/nationnews/news/93849/mottley-invites-bajans-march-disgust
    OPPOSITION LEADER Mia Mottley has called out Barbadians to show their disapproval of the Freundel Stuart Government by participating in a march of disgust on March 11.

  14. Guest Avatar
    Guest

    Think the PM was saying if you only vote for me it is…

  15. millertheanunnaki Avatar
    millertheanunnaki

    @ peterlawrencethompson September 21, 2018 1:17 PM
    “Now every vendor in Cheapside would take mobile payments, every rasta selling coconut water by the side of the road would take mobile payments, the guy in the car park who offered to wash my car this morning although he washed it only three days ago would take mobile payments… why would I bother to carry a debit card (I long since gave up credit cards) if there were a good mobile payments platform?”
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++

    What an imaginative analogy!

    So what else would it take for the electronic squaring of the Bajan financial circle?

    Isn’t the mobile phone a growing replacement of those debit/credit card processing machines which can be equated with the first generation of cellular phones?

    What is required for “m-money’ to make that quantum leap is the ability of the same coconut vendor or car-washer to take his mobile phone to any of the utilities suppliers or any ‘Popular’ supermarket to use the credit he received from you to settle his monthly liabilities or his weekly grocery bill.

    Isn’t ‘mMoney’ just another step farther on the evolutionary ladder of a paper-and plastic-less financial economy and towards a Star Trek envisaged money-less 24th century society?

    But don’t expect the traditional money barons to give up their highly profitable territory that readily to the god of technology in the same way the Christian fundamentalist would never accept that DNA science has proven that humans are closely related to apes and it is not the teachings of some imaginary devil.

  16. nineofnine Avatar
    nineofnine

    UNICEF will now accept Cryptocurrency.
    https://www.ccn.com/unicef-france-accepts-cryptocurrency-donations-for-humanitarian-activities/

  17. nineofnine Avatar
    nineofnine

    Read the tea leaves,
    This in just a few hours. Is there any worth for an ailing econmy to invest in Crypto at this time?

    The return of the bullish run.

    https://www.ccn.com/crypto-market-stabilizes-after-25-billion-surge-can-bitcoin-price-breach-6800/

  18. TheOGazerts Avatar
    TheOGazerts

    Lol… You still supporting the pump and dump scheme.

    I like this bit “Naturally, if Bitcoin surpasses the $6,800 mark, it will lead the cryptocurrency into the $7,000 region, which could allow Bitcoin to test the $8,800 resistance level in the mid-term.

    It is like saying After 7, it might become 8, then 9, then 10 🙂 Haaaa

  19. Guest Avatar
    Guest

    Your life is…

  20. Guest Avatar
    Guest

    Someone is making money on the swing – but who?

    https://www.coindesk.com/900-20000-bitcoins-historic-2017-price-run-revisited/
    In this article, we look at some of the major moments for bitcoin’s price during the last 12 months, a period of time that saw the price of bitcoin climb from below $1,000 to nearly $20,000 on the CoinDesk Bitcoin Price Index (BPI).

    https://en.wikipedia.org/wiki/Madoff_investment_scandal

    https://en.wikipedia.org/wiki/Enron

  21. Guest Avatar
    Guest

    Who is making a killing on bitcoin?

    https://www.coindesk.com/900-20000-bitcoins-historic-2017-price-run-revisited/
    In this article, we look at some of the major moments for bitcoin’s price during the last 12 months, a period of time that saw the price of bitcoin climb from below $1,000 to nearly $20,000 on the CoinDesk Bitcoin Price Index (BPI).

    https://money.usnews.com/investing/cryptocurrency/articles/2018-07-06/report-says-bitcoin-price-could-triple-in-6-months
    Bitcoin investors hoping for a repeat of 2017’s huge gains have been disappointed up to this point in 2018, as prices have tumbled more than 50 percent year-to-date. However, one of the biggest bitcoin bulls on Wall Street isn’t yet giving up on his bold prediction that bitcoin prices could finish the year at an all-time high.

  22. nineofnine Avatar
    nineofnine

    @ Guest …September 22, 2018 11:57 AM

    Your first link data is a year old, the second is relatively recent…
    Much has transpired since.

    Former FORTRESS INVESTMENT GROUP hedge fund manager and analyst Billionaire Micheal Novogratz forcasts a 30% increase of Bitcoin price by 2018. based on INSTITUTIONS ENTERING THE MARKET. due to the investments of these institutions building the infrastructure. He also stressed that the return to the bullish (exponential growth) run will result from institutions fearing they will miss out capitalizing on exponential gains with Market Valuation reaching $20 Trillion that is most likely to manifest in the coming months ……fingering Pension and Hedge Funds as major contributors that eventually will lead to a domino effect of more investors and industries coming on board.

    As long as secure Custodial solutions continue creating a trust base as well as having the “insurance” of fiat backing and regulation… the sky will become the limit, surely fiat will find itself wanting.

    On the HORIZON is a new thrust in the form of a unique Social Platform by a consortium of sorts know as MARKETHIVE, based on the system of the Bee Hive …. It is set to disrupt current major social networks and move online interactivity of socializing, marketing, advertising, payment platform constructs, and Crypto trading to another level.

  23. WARU Avatar
    WARU

    “Lol… You still supporting the pump and dump scheme.”

    Crooks enough on Wall Street go to prison for that all the time.

  24. TheOGazerts Avatar
    TheOGazerts

    @no plan mam
    Giving $3M for 8.6% in shares gives the company a valuation at $35M

    But in this article BITT was valued at $50M.
    https://financefeeds.com/barbados-edge-blockchain-disruption-bitt-gets-16-million-overstock/

    The initial investment was $4M of a planned $16M (4×4)??.
    But now we see an investment of $3M. Has the value of BITT dropped by ABOUT 30%?

    MIa singing for her supper?

  25. Guest Avatar
    Guest

    If I owned any bitcoin or had bought any between US$10,000 – US$17,000, I would sing its praises for the world to hear. I would even pay lobbyists to do so on my behalf, if I had the resources. I would pay lobbyists to lobby the regulators, the press and any avenue to project it in a positive light. I would have lobbyists all over the place like the man that used to promote the bowel movement pills.

  26. WARU Avatar
    WARU

    The reality will be quite different.

  27. TheOGazerts Avatar
    TheOGazerts

    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

  28. WARU Avatar
    WARU

    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.

  29. Guest Avatar
    Guest

    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

  30. nineofnine Avatar
    nineofnine

    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

  31. nineofnine Avatar
    nineofnine

    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

  32. Hal Austin Avatar
    Hal Austin

    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?

  33. nineofnine Avatar
    nineofnine

    Just in…..

    Brazil largest Brokerage just entered the Crypto market…

    https://www.livebitcoinnews.com/brazils-biggest-brokerage-enters-the-cryptocurrency-market/

  34. David Avatar
    David

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

  35. Hal Austin Avatar
    Hal Austin

    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.

  36. Guest Avatar
    Guest

    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.

  37. David Avatar
    David

    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.

  38. Guest Avatar
    Guest

    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.

  39. TheOGazerts Avatar
    TheOGazerts

    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??

  40. TheOGazerts Avatar
    TheOGazerts

    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.

  41. nineofnine Avatar
    nineofnine

    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

  42. nineofnine Avatar
    nineofnine

    Old gezerts,

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

  43. TheOGazerts Avatar
    TheOGazerts

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

  44. nineofnine Avatar
    nineofnine

    speculating , once again

  45. TheOGazerts Avatar
    TheOGazerts

    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.

  46. TheOGazerts Avatar
    TheOGazerts

    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.

  47. nineofnine Avatar
    nineofnine

    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

  48. nineofnine Avatar
    nineofnine

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

  49. TheOGazerts Avatar
    TheOGazerts

    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

  50. TheOGazerts Avatar
    TheOGazerts

    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.

The blogmaster invites you to join the discussion.

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