est. 2007

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More Information Needed About Government’s Partnership with Bitt Inc

Since the announcement by Prime Minister Mia Mottley announcing the launch of a pilot project with FinTech company Bitt Inc,  there has been a growing concern among the savvy segment of the population about the project. There is the Heraclitus cliché that ‘the only thing that is constant is change‘. Commonsense therefore informs a view that…

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Since the announcement by Prime Minister Mia Mottley announcing the launch of a pilot project with FinTech company Bitt Inc,  there has been a growing concern among the savvy segment of the population about the project.

There is the Heraclitus cliché that ‘the only thing that is constant is change‘. Commonsense therefore informs a view that technology will continue to be used by humankind to interact with the ecosystem for as long as we exist. The challenge however for Barbados is effectively managing the timing of the adoption of new technologies to optimally support efforts to maintain a quality of life for Barbadians.

The blogmaster holds no brief for government’s arrangement with Bitt Inc. Often times provocative positions taken by the blogmaster to canvas and ferret information on topical issues – especially those where there is heavy fog – is misunderstood. It is a hazard of what we do and have no issues with it.

Subject matter experts in the IT field endorse the disruptive impact the use of technology driven solutions will continue to have on the the central bank controlled fiat system.  A system that is tired and has been manipulated to the point of minus-utility in the opinion of the blogmaster.

What are a few key concerns about the project?

  1. lack of a legislative environment to safeguard the integrity of the market
  2. security issues
  3. SMEs say Barbados need mobile/online payment solutions, not a digital currency
  4. Bitt Inc does not have a robust IT/governance platform to certify with best in class FIs to be a disruptor
  5. Barbados is an immature cybersecurity space operating without a ‘sanctioned’ roadmap’

Several commenters continue to conflate the issues while responding to the Bitt Inc Barbados government pilot partnership.  The pilot arrangement which promotes a digital currency should not be confused with other concerns about cryptocurrency, Bitcoin and Blockchain technology for example. Clearly there is a need for public education. There is also a responsibility for individuals to educate themselves about the important issues.

In the public interest Barbados Underground reblogs the following LinkedIn article by Niel Harper, a Barbados Consultant qualified in the area of Internet Security and whose expertise is sought after internationally.

 

Why Bitcoin Will Not Solve the Caribbean’s Financial Inclusion Woes

Posted on by 70 comments

The article was shared by Niel Harper, Managing Director, Octave Consulting | Program Lead, Internet Society | VP, TEN Habitat | WEF Young Global Leader What is Bitcoin? Is it electronic money? There’s a deluge of hype around Bitcoin and blockchain technologies right now, and policymakers and regulators in the Caribbean are doing their best to wrap their heads around

Read more

 

276 responses to “More Information Needed About Government’s Partnership with Bitt Inc”

  1. WARU Avatar
    WARU

    Who in National Insurance is stealing money from the elderly PENSIONERS, no 83 year old helpless and vulnerable man or woman will give up their only source of income for survival…pension checks.

  2. TheOGazerts Avatar
    TheOGazerts

    Just saw this…
    https://sputniknews.com/science/201809221068252485-solar-storm-technology-threat/

  3. WARU Avatar
    WARU

    I don’t know what nonsense those on the panel were talking and making fun at, like if people are stupid…, solar flares knock out power to emails and technology overall… all the time, it is always in the news, what they should have said is that they never heard of it and will do the research…., solar flares are a constant..

    … that group really need to educate themselves more about what can disrupt their own business and negatively impact their potential customers..if they ever get off the ground with their current wishy washy strategies and condescending attitudes…

  4. David Avatar
    David

    @Peter

    Listened to your contribution and agree there is always the opportunity to improve marketing a new product read in the Barbados space. However what is translating today is no different to the 80s when ATMs were first rolled out, there was a reluctance to use – probably Bushie was saying ‘not stinking Bushie’ – to use ATMs. Now using an ATM is second nature.

    #evolutiontakestime

  5. peterlawrencethompson Avatar
    peterlawrencethompson

    @TheoGazerts
    Yes mobile payments platforms are just as vulnerable as the credit card machines, ATMs, debit card machines, wire transfers, and inter bank transfers. It is a vulnerability shared with everything else in the world that relies on computers to function properly… this list includes your car, the traffic lights, all the radio and television stations, and many of your household appliances if you bought them recently.

  6. David Avatar
    David

    Senator Rawdon in his wrap up promised that he is hopeful a joint statement to reveal more details about the pilot will be forthcoming this week.

  7. Guest Avatar
    Guest

    One of our main shortcomings is that we accept poor governance until there is a failure.

  8. Hants Avatar
    Hants

    I live in Canada and use cash, a credit card and a debit card.

    What is the benefit to the average Bajan of using ” Bitt ” in Barbados.

  9. Money Laundering Avatar
    Money Laundering

    @ David BU

    YOUR AGENDA SEEMS TO BE COVERING UP THE TRUTH.

    YOU MAY HAVE THE FINAL WORD SINCE THIS IS YOUR BLOG.

  10. David Avatar
    David

    Thanks

  11. Hants Avatar
    Hants

    “bitcoin ” a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
    “bitcoin has become a hot commodity among speculators”
    a unit of bitcoin.
    “bitcoins can be used for online transactions between individuals”

    cryptocurrency ” a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
    “decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation”
    1
    Very interesting.

    ” “decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation”

  12. peterlawrencethompson Avatar
    peterlawrencethompson

    Hants September 23, 2018 1:46 PM
    First thing… Bitt Inc has no bitcoins; in fact they have no cryptocurrency of any sort.

    The advantage for Bajans in using mMoney, Bitt Inc’s mobile payment platform, is that it can allow small merchants like coconut vendors, car washers, and Cheapside market vendors to accept electronic payments without the huge fees, machinery costs, and hurdles that the banks put in their way.

  13. David Avatar
    David

    There is the potential for cross border settlement of transactions which is benefit in the common market being developed.

  14. Hants Avatar
    Hants

    @ peterlawrencethompson,

    Thanks for your explanation .

  15. peterlawrencethompson Avatar
    peterlawrencethompson

    @ David
    You are correct of course, but I was answering question “what is the benefit?” rather than the question “what might the benefit be in the future?”

  16. David Avatar
    David

    @Peter

    Understood, used to opportunity to add for better understanding the potential of the project.

  17. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    So if this is a private sector(PS) thing. Why does govt need to be involved. The PS should be he mule doing the pushing etc.
    Govt was not that involved in the roll oot o credit card and debit cards. Car washers and coconut vendors seem to be doing great with outan additional electronic mobile payment platform

  18. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    @PLT. If coconut vendor etc uses a mobile payment platform he may be able to get more business; but will also expose him/herself to a transaction fee from BITT and definitely expose him/herself to a “BOG transaction tax”

  19. peterlawrencethompson Avatar
    peterlawrencethompson

    @sirfuzzy (i was a sheep some years ago; not a sheep anymore)
    The only appropriate role for the government is to set up the regulatory environment in a way that prevents the incumbent banks from sabotaging progress to the society’s detriment.

    Car washers and coconut vendors are NOT doing great. None of the types of enterprises which are dominated by Black people who are not already rich are doing great… cosmetologists, barbers, PSV drivers, market vendors… you name it, they are struggling.

  20. Hants Avatar
    Hants

    ” Bitt is a Financial Technology company that utilizes blockchain and distributed ledger technology to facilitate secure peer-to-peer transactions with seamless mobile money across a suite of Bitt’s Software and Mobile Applications.”

    My fisherman friends can use Bitt. They already use their cell phones to take orders while near shore fishing.

  21. peterlawrencethompson Avatar
    peterlawrencethompson

    @sirfuzzy (i was a sheep some years ago; not a sheep anymore)
    You are correct. But the fact is that the entire society will be better off if people like these are not forced to exist in an underground economy. They SHOULD be paying NIS for sure, and income taxes if they are earning enough.

    It used to be customary in Barbados to give a small discount to those who paid cash rather than card, to take account of the fact that it costs the merchant when you use a card. If the coconut vendor wants to charge me $12.20 rather than $12 when I pay with mMoney then that is fine with me to have him cover his transaction fee.

  22. Bush Tea Avatar
    Bush Tea

    @ David
    …probably Bushie was saying ‘not stinking Bushie’ – to use ATMs.
    +++++++++++++++++++++++++++++++++++++++++++++++++
    True.
    Still no change there as we speak… 🙂
    However, cash, debit card, credit card, PayPal etc are routine….
    If Mmoney was created by reputable, non-political people …Bushie would probably use it to buy coconuts too…
    But….

    @ PLT
    The advantage for Bajans in using mMoney, Bitt Inc’s mobile payment platform, is that it can allow small merchants like coconut vendors, car washers, and Cheapside market vendors to accept electronic payments
    ++++++++++++++++++++++
    More importantly, it allows government to collect data on their sales and general business activities.
    It lays the platform for VAT, NSRL and other levies to be deducted automatically and for personal tax returns to be almost automatic…

    THIS is why these systems will become mandatory….
    ..not out of any real advantage for the ‘small’ man….

    Indeed, knowing Mia, this probably explains her personal interest in the scheme…..

  23. Enuff Avatar
    Enuff

    David
    Good luck!! The “intelligentsia” is not interested in progress or change. They can’t comment on the actual subject so in their quest to oppose they are raising all types of outliers and focusing on the personalities. Up to now, they don’t know the difference between MMoney and Bittcoin. Murdaaaaa!

  24. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    let looks at equality; today we have big ups that dont pay their fair share of NIS or Income tax not becuase they are not up-to-date with Tech but because they know the system or the system players knows them.

    Why would i a coconut vendor want to be entrapped in a payment platform knowing that there is no way out because i am too small(a small up – somewhat less than seven) or unknown or uncared by the system players?

  25. WARU Avatar
    WARU

    Apparently Bitt don’t know the difference either or they never would have marketed Bitcoin FIRST…and failed to market mMoney adequately at all..

  26. peterlawrencethompson Avatar
    peterlawrencethompson

    @Bush Tea
    Do you imagine that “cash, debit card, credit card, PayPal etc” were “created by reputable, non-political people…”? Not a single one of them; they were each created by the shysters and robber barons of their day.

  27. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    It used to be customary in Barbados to give a small discount to those who paid cash rather than card, to take account of the fact that it costs the merchant when you use a card. If the coconut vendor wants to charge me $12.20 rather than $12 when I pay with mMoney then that is fine with me to have him cover his transaction fee.

    If i were a coconut vendor i would still charge the same 12.00 etc but reduce the amt of coconut water in a the bottle. for sure, or even get a fancier looking but small bottle to see how the public will behave to the change etc. lol

  28. Bush Tea Avatar
    Bush Tea

    Thanks PLT
    So in 60 years from now when the Mmoney scheme has sorted itself out and, by the trials of time, proven itself to be NOT another CLICO or other scam…
    …THEN Bushie will add that to the list …for buying coconut water….(or by then – sewage-free drinking water)

    Until then, the bushman is quite happy to wait and see wunna brave warriors go where the CLICO policy investors went…

  29. WARU Avatar
    WARU

    And they know damn well they care not about the coconut vendor or any other struggling black person or the island would not be broke with corruption still at every level of government AND minority crooks including drug dealers controlling government ministers as usual….this is about enriching themselves and CONTROL.

    I would take them more seriously if they had used Trinidad or Jamaica as their guinea pig, but using Barbados knowing the vulnerabilities of the people, is a huge red flag..

  30. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    @ Enuff September 23, 2018 2:55 PM

    Dont fool yourself that ppl dont understand. One “acting” asn ignorant allows one to gain much more knowledge than if u are perceived as knowledgeable.

    I have seen it with my own two eyes

  31. Enuff Avatar
    Enuff

    Sirfuzzy

    I hear you.

  32. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    @PLT answer me this question.

    Does it cost Flow or Digicel more to terminate a mobile call to another network or their same network if

    a) The caller has a post paid caller plan

    b) The caller has a pre-pad caller plan.

  33. WARU Avatar
    WARU

    Apparently Bitt don’t know the difference between Bitcoin and mMoney either or they never would have marketed Bitcoin FIRST…and failed to market mMoney adequately at all..

    yeah Enuff…explain..I am one of the uninformed ones.

  34. Hants Avatar
    Hants

    The name Bitt suggest bitcoin.

    Coca-Cola original ingredients coca leaves, and kola nuts.

  35. peterlawrencethompson Avatar
    peterlawrencethompson

    @sirfuzzy September 23, 2018 3:15 PM
    I do not know.

  36. Enuff Avatar
    Enuff

    WARU

    Ask peterlawrencethompson.

  37. WARU Avatar
    WARU

    Don’t care how hard and fast they try to walk it back..Bitcoin was the original scam, hence the name Bitt…mMoney is Plan B…a belated Plan B..with much less marketing…

    … they figured as long as BLP made it into parliament with Rawdon as front man for Bitt and he comes out and gives a half way explanation…everyone would just drop everything and prostrate…., run out and buy a Smart Phone, pay for Data and get the mMoney App..without finding out what pig in a bag they are buying….

    .but this is a different era…the people have not yet recovered from DLP and their nastiness and corruption perpetrated against them …they are not likely to fall into any traps that Mia is endorsing…good intentioned or not…especially with George Payne, a Judge and Dale Marshall’s names ringing out in UK and across the world regarding crimes against the elderly.

    I don’t think they are thing it seriously enough and they will pay a price..

  38. Wily Coyote Avatar
    Wily Coyote

    @David

    “hard currency is fiat money which means it is not backed by anything”

    Your ignorance is unbelievable if you truly believe this statement is TRUE. I would agree if your solely talking about the MICKEY MOUSE BARBAIAN DOLLAR. Most of the world currencies presently used are backed by creditable financial administrations operating within a sound SUPPLY/DEMAND GDP foundation. Any country which has a floating currency, no matter what the magnitude, has value and is effectively back up by either hard assets(gold, platinum etc) or the countries proven GDP.

  39. WARU Avatar
    WARU

    Fiat money is backed by gold…always has been.

  40. WARU Avatar
    WARU

    Wily…just saw your post…I really thought everyone knew that,.

  41. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    @sirfuzzy September 23, 2018 3:15 PM

    I have an IT background; and from a technical viewpoint the same equipment is used. By the price of a call as a “Prepaid” user is much higher than if you are a “post-paid” user.

    Go figure. Given the fact that the mobile communications suppliers/providers has your money in their pocket in advance when u are a “pre-paid” user; why are u charged more.

    Therefore, in a mobile payment platform the hidden must be accessed. The communication cost etc. Also some serious deliberations must be paid to the ISP and whether they are now utilities or “value adding telephone” entities.

  42. TheOGazerts Avatar
    TheOGazerts

    We need to talk about the full range of services offered by Bitt. I think mMoney and Bitcoin are inexorably linked
    (1) Go to the the Bitt site there is a Bitcoin exchange with the phrases “Bitt is proud to bring the first cryptocurrency exchange to the Caribbean, opening the doors to one of the most exciting developments in the financial and technological space. Join Bitt in the new era of decentralized empowerment” and “Start Trading”.
    (2) As someone suggested the name Bitt suggests Bitcoin

    Now we are being fed half the story? Have they abandoned their interest in the Bitcoin exchange or just refused to talk about it.

  43. Wily Coyote Avatar
    Wily Coyote

    Wily detects a strong SKUNK smell, oh yes Barbados does not have skunks, just corrupt politicians. Wily prefers skunks, at least you know where you stand.

    BITT Mmoney RIP, Wily’s sticking with his bank and matteress.

  44. TheOGazerts Avatar
    TheOGazerts

    This seem to be an unnecessary 3rd man or just another third man.
    Baje has his money
    Baje has a choice to use his credit card with no fees or mMoney
    Why should Baje use mMoney and not his credit card?
    What is the plus for Baje of using mMoney?
    Will the bank at some time want to charge Baje for transfer of money to mMoney (as if it was an ATM card).

    What the hell does Overstock know that we don’t know?

    The fundamental questions have not been addressed?

  45. millertheanunnaki Avatar
    millertheanunnaki

    “The advantage for Bajans in using mMoney, Bitt Inc’s mobile payment platform, is that it can allow small merchants like coconut vendors, car washers, and Cheapside market vendors to accept electronic payments without the huge fees, machinery costs, and hurdles that the banks put in their way.”
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    It would also reduce the cost of managing the issuance and replacement of paper currency.

    Not only would it reduce the incidence of counterfeit currency but also reduce the risk of transmitting germs and viruses from one person to the next through the unhygienic handling of ‘dirty’ paper money.

    On the positive (credit) side of ‘m-Money’ we should also take into account the massive savings in forex Barbados could achieve from not having so much of its existing paper currency notes printed by Thomas de la Rue.
    This is going to be an important factor when the Bajan Mickey mouse dollar eventually finds its real parity with the American Big Cat and poor Bajans are forced to take a pan cart of cash to the supermarket or to pay for utilities.

  46. peterlawrencethompson Avatar
    peterlawrencethompson

    WARU September 23, 2018 3:33 PM
    “… Bitcoin was the original scam, hence the name Bitt…mMoney is Plan B…”
    ++++++++++++++++
    Yes of course… I thought everyone understood this. The original Bitcoin based business plan included selling bitcoins to Bajans… it was a stupid plan that never got off the ground. Why do you think that the company founders, Abed & Gale, are no longer in the executive suite and the company has moved out of the plaza owned by Abed’s uncle?

  47. Truth will set you Free Avatar
    Truth will set you Free

    @TheOGazert

    Did you not read the first comment by @Money Laundering?

    It tells you all about Bitt Inc and its history from start-up.

    Everything else added is a bonus.

  48. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    Biit mMoney platform needs critical mass to over come the inertia that new tech always encounter. Usually GOB doesn’t get involved in the pushing but this time around they was to. Why not fuly sure but follow the money or the money as he climbs higher.

  49. Vincent Codrington Avatar
    Vincent Codrington

    Wuh Loss !

    If I did not know better I would say, like my Classics master, that mMoney” is as clear as mud”. It certainly is not money. It cannot be properly regulated. It will leave the more vulnerable classes of this society unprotected.
    Any one who thinks a class of business people who only trust legal tender currency would welcome digital cash lives in a make belief world.

  50. David Avatar
    David

    @Wily

    The blogmaster will remain ignorant.

    Since 1971, U.S. citizens have been able to utilize Federal Reserve Notes as the only form of money that for the first time had no currency with any gold or silver backing. This is where you get the saying that U.S. dollars are backed by the “full faith and credit” of the U.S. Government.Jun 24, 2018
    What Really Backs the US Dollar? – Buy Gold and Silver Safely
    https://buygoldandsilversafely.com/gold/what-really-backs-the-us-dollar/

    https://www.federalreserve.gov/faqs/currency_12770.htm

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