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B for Blockchain, B for Bitcoin, B for Bubble, B for Bust!

Prime Minister Mia Mottley shows off a Kensington Oval ready for T20 World Cup

The following New York Times article is of interest given the focus on emerging blockchain and related technology in Barbados – Blogmaster

PALO ALTO, Calif. — Last year around this time, a toy called a cryptokitty sold for $170,000. A real estate agent remade himself as CoinDaddy, producing cryptocurrency-themed music videos. The man behind a company called Ripple became for a moment richer than Mark Zuckerberg. Kids barely out of high school were buying Lamborghinis because of a crypto meme. Experts went on CNBC to say Bitcoin was going to reach $100,000 per coin.

For a few sweet months of 2018, all of Silicon Valley was wrapped up in frenzied easy money and a fantasy of remaking the world order with cryptocurrencies and a related technology called the blockchain. A flood of joy hit the Bay Area. The New York Times ran with the trend in an article with the headline “Everyone Is Getting Hilariously Rich and You’re Not.” It was temporarily true.

And just as the American public had been given every possible blockchain explainer that could be written, the whole thing collapsed. The bubble popped.

Today the price of Bitcoin — $19,783 last December — is $3,810. Litecoin was $366 a coin; it’s now $30. Ethereum was $1,400 in January; today it’s $130.

 

One recent crypto holiday party offered “broken Lambo dreams and an open bar to drown your sorrows in.”

This December closes out cryptocurrency’s most exciting year, ending in a terrible, sober headache of a winter.

Read full New York Times article  – Remember Bitcoin? Some Investors Might Want to Forget

77 responses to “B for Blockchain, B for Bitcoin, B for Bubble, B for Bust!”

  1. WARU Avatar
    WARU

    They can’t say they were not warned by more SOBER HEADS…lol

    many a losing their SHIRTS…

  2. Pachamama Avatar
    Pachamama

    David

    Several BU regulars were warning you about this 4 or 5 years ago, maybe more. Those BU commentators have made broader statements about other major subsectors of the global financial architecture, even the entire system itself.

    Where was the NYT then? Why do you still presume that the mainstream media are still capable of leading us from behind? Why are you not quoting bloggers right here? Does this not represent a chink in the political armour of MAM? Will she not be stained by the certainty of the impending global economic calamity? And why is her government so intent on such a misguided course of action, when the signs of bumbles were so clearly emerging that even blind mice could have seen? And who are these idiots for economic advisors around her, lacking any modicum of vision, foresight?

  3. David Avatar
    David

    @Pacha

    The article warns about Bitcoin. Blockchain the underlying technology continues to be integrated into establishment business. We need to separate the issues, Bitcoin versus blockchain and the utility of the technology versus investment. BU has never promoted Bitcoin, we are sweet on using blockchain to grow efficiencies in traditional business.

  4. Pachamama Avatar
    Pachamama

    David

    We can swear for your assertion that BU never supported bitcoin. But that was not our question/s. And the difference you highlighted does not obviate the possibility that ordinary people are the mostly to be exposed, should the government embark on this.

    This is all a blockchain is ……..

    ”’The blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without the need for a central certifying authority. ”

    In a financialized economy blockchains are monetized and that could still produce more of the problems currently in existence.

  5. David Avatar
    David

    @Pacha

    There are inherent risks in any system. It is about risk mitigation.

  6. Vincent Codrington Avatar
    Vincent Codrington

    @ Pachamama

    Our David 1/3, like many Bajans, like to hear it from” reputable” mouths abroad. The locals are Nothingnarians. If it is new ,it is good. Sad. But at least ,he allows Sam Coushie and the Duppy to air their views.

  7. David Avatar
    David

    @Vincent

    You need to reread the last comment. The NYT article exposes Bitcoin as an investment, BU has never promoted Bitcoin. To repeat blockchain seems to be useful technology.

  8. Vincent Codrington Avatar
    Vincent Codrington

    @ David at 11:27 PM

    David you were advised that crypto-currencies, like derivatives, were “risk creating”.
    Anyhow. It does not matter. Your important contribution was in providing the opportunity to analyse the concept. Go to the front of the class.

  9. David Avatar
    David

    @Vincent

    Blockchain is not a cryptocurrency.

    The blogmaster supports the mmoney concept which is a digital currency using blockchain has the underlying technology.

  10. Hants Avatar
    Hants

    Scary!

    https://www.coindesk.com/information/what-is-blockchain-technology

  11. Vincent Codrington Avatar
    Vincent Codrington

    @ David BU

    There is always a tendency for man, because of greed, to exploit an opportunity to make private profit. Derivatives were contrived to manage financial risks. Some clever sparks sought to use derivatives as investment vehicles and that caused the last financial melt down.
    Printing money/ quantitative easing was invented as a means of heading off deflation of an economy. Some bright spark used it as a means to avoid taxing the rich and it caused inflation. So man made contrivances are two edge swords very dangerous even in the hands of Nobel Laureates who invent them.

    The road to hell is always paved with good intentions. Do you see any local candidates?

  12. Bush Tea Avatar
    Bush Tea

    @ Vincent
    You guys are taking long as Hell to see the green grass ahead…
    Bushie can already see the plimplers in the bushes……

    Blockchain, bitcoin, mmoney, greenbacks, US dollars … it makes VERY little difference.
    cause…
    The END of the period of albino-centric, pyramid growth is at an end…
    Pacha is right…
    A new era is about to be launched …with all the attendant carnage…
    It will be rough…

    What a time to be alive…..

  13. Observing Avatar
    Observing

    This might further help separate the difference

    https://www.pwc.com/us/en/industries/financial-services/fintech/bitcoin-blockchain-cryptocurrency.html

    Of note is the GoB’s stated intention to go this route including the creation of a regulatory sandbox by the FSC and possibly including some levels of integration by the Central Bank

    I won’t bother to comment on the major (read only) player in the market being MMoney headed by Senator Rawdon Adams and Madame Dukharan.

    Another thought is the need for full technology (cell phone apps, e-commerce etc.) immersion and use for something like this to take route. Barbados has tended to be quite passive in this regard.

    Just observing

  14. WARU Avatar
    WARU

    So..will Bitt Inc change it’s name now that everyone will be RUNNING IN THE OTHER DIRECTION.. when hearing the name Bitcoin..and most people will now be WARY and rightfully so of any new age crypto or any other currency…

    Pacha…we are used to getting CUSSED for telling the truth on BU and for WARNING Bajans about these new age SCAMS…and the dumbass government ministers/PMs who run headlong into introducing and ENDORSING them without doing any DUE DILIGENCE on them and even changing the constitution to ENABLE THEM…..and their big head scammers.

  15. David Avatar
    David

    Thanks Observing, based on the comments posted not sure how many have read the articles.

  16. Bush Tea Avatar
    Bush Tea

    @ David 12.03 am
    Blockchain is not a cryptocurrency.
    ++++++++++++++++++++++++++

    From Observing 12.52 article…
    Blockchain is the technology that enables the existence of cryptocurrency (among other things).
    Bitcoin is the name of the best-known cryptocurrency
    +++++++++++++++++++++++++++

    Boss,… ANY shiite that cannot be explained CLEARLY in three paragraphs deserves to be flushed.
    Every article on this crypto shiite refers back to other shiite articles that refer back to other shiite articles in one big illogical circle.
    Bushie knows shiite by sight, smell and texture. (it comes from the lotta whacking experience…)

    The shiite money that we CURRENTLY use is crypto currency….
    It is really just a piece of fancy toilet paper with some idiot’s picture on it and a random number. The ONLY value it has is that which we assign to it IN FAITH.
    These new schemes simple create the situation where small groups of albino-centric sharks can have EVEN MORE control of our ‘faith’ and can act independently and in secret ..without fear of discovery.

    Our problems DO NOT reside with the technology – but with the ingrained PHILOSOPHY of greed and selfishness.
    Creating more sophisticated technologies only hastens the collapse of the pyramid…
    …some demented moron probably made billions from the bust that was described in this article..while millions of greedy idiots lost their shirts….
    The next stage will just be bigger and more devastating…

    BUT in the end, cryptocurrency deployment is simply an advanced case of putting ‘CLICO on steroids’.

  17. WARU Avatar
    WARU

    “It is really just a piece of fancy toilet paper with some idiot’s picture on it and a random number.”

    most of whom are DEAD IDIOTS…along with the LIVING DEMONS…they left to carry on their criminality..

  18. B for Blockchain, B for Bitcoin, B for Bubble, B for Bust! – Think ICO

    […] B for Blockchain, B for Bitcoin, B for Bubble, B for Bust! via […]

  19. Vincent Codrington Avatar
    Vincent Codrington

    @ Bushie

    We can always depend on you to make it pellucidly clear in a language they understand. The problem seems to be is that too many persons have a dog in this fight. I hope they lose their….

  20. David Avatar
    David

            @Vincent

    One has to be willing to standup and fight for what you believe in. Time will be the arbiter who is right.

  21. Bush Tea Avatar
    Bush Tea

    @ David
    One has to be willing to standup and fight for what you believe in.
    +++++++++++++++++++++++++++++++++++++++++++++++++
    Did David Thompson not say something somewhat like that ….when he vouched for CLICO…
    …and gave them $10M of our toilet paper money too boot…?

    Note that Bushie did not lose a single cent there either….

  22. David Avatar
    David

    @Bush Tea

    There is a perfect system? Some people will get it wrong whether it is done deliberately or not.

  23. Wily Coyote Avatar
    Wily Coyote

    @David

    Explain to the dumb Coyote how MMONEY is not a Bitcoin.

    Dumb Coyote does recognise that the new BlockChain Ledger technology appears to have promise in a number of properly applied situations. Blockchain has always promoted itself as UN-CORRUPTABLE, however there have been numerous instances, in just the past year, of various bitcoin “currencies” being defrauded of millions because their particular Blockchain were infiltrated/ corrupted.

    Every programmer KNOWS that any encrypting code no matter how complex and secure can ALWAYS be broken. Any new financial technologies must be carefully and expertly vetted in their particular application over an extended period of time prior to widespread implementation. Barbados as a Country does not possess the capabilities to adequately perform the needed evaluations. GOB looks to technology as a cure all for thier minor to major failings from sewage syxtems to complex financing issues. Technology is merely an AID to be used to make day to day operations more efficent and less labour intensive. This in itself is an oxymoron for GOB, being efficient means less workers required however GOB maintains its nepotism system which increases employees, HUMMMMMM.

  24. David Avatar
    David

    @Wily

    You are not reading the links posted?

    Bitcoin is mines using computers and free software. It is not regulated by the establishment read central banks.

    mMoney is a digital currency, the currency is backed by fiat dollars and transactions settled in the regulated system.

    A simple explanation.

  25. Vincent Codrington Avatar
    Vincent Codrington

    @ Wily

    I agree with your insightful comment on the use of the Blockchain technology platform. It is still a work in progress which is being tested daily. Many of its early claims to incorruptibility have been disproved.

  26. Bush Tea Avatar
    Bush Tea

    @ David
    What is the difference between mmoney and the everyday bank debit card – except that mmoney runs on smart phone technology while debit cards don’t?
    If Barbados took the decision that we are not able to properly run an old-time bank (and sold out to foreigners)
    … who the hell will now trust them to be involved with an unregulated mmoney arrangement?
    … and who the hell is this ‘import’ that has suddenly arrived with this scheme?

    It it walks like a duck, quacks like a duck….
    Bushie don’t do duck….

    Why not one of the old reliable institutions that have been around for decades …AND have proven their trustworthiness and commitment to customer service…?

    There are some things that Bushie DOES NOT trust to/ from albino-centric strangers…..
    Food is one…
    Money is another…

    This is why Bushie likes Lawson.
    He is albino-centric in disposition (although not in Money Brain’s league….)
    BUT he is not a ‘stranger’….
    Bushie knows what to expect from Lawson…
    BUT…
    Bushie don’t know one shiite about Rawdon….

    Keeping the Debit.

  27. Pachamama Avatar
    Pachamama

    Bushie
    Yuh right as shiiiite
    This bicoin/blockchain sew n sew has failed already.
    The shadow banks etc went in, then manipulated the markets to boost the value over 20k and dumped their investments. The classic pump and dump.
    When the recession comes, 2019, expect a total wipeout on the first day. Then watch emerging markets more generally on the second day.
    That a government
    of barbados to pay this foolishness any mind tells a lot.

  28. David Avatar
    David

    @Bush Tea

    The debti card ties the customer to the established players read the banks.

    Integrating the emerging technology creates the opportunity to disrupt. Bear in mind the established players are starting to use blockchain technology to enhance operations.

    There is a big picture to see here.

  29. WARU Avatar
    WARU

    Ah surprise a yardfowl or 2 did not jump out YET to cuss me for asking if the Bitt…in Bitcoin is about to CHANGE IT’S NAME.. ..lol..

  30. Donna Avatar
    Donna

    I see the writing on the wall. Capitalism gone mad!

  31. WARU Avatar
    WARU

    And what about the 16 million dollars I think it was, that Overstock invested to acquire Bitt Inc…how ae they going to recoup that pound of flesh…cause they did not buy that scam from the majority population, so eyes will have to be peeled to see HOW..they plan to recoup…cause mMoney is also a BUST…people are warning each other to stay the hell away.

  32. Hants Avatar
    Hants

    Have they built hurricane proof buildings to house the computers / servers ?

    Will they have a fibre optic cable linking the servers to the ISPs / LIME ? cell towers can be blown down by hurricanes.

  33. Bush Tea Avatar
    Bush Tea

    @ David
    The debt card ties the customer to the established players read the banks.
    ++++++++++++++++++++++++++++++++++++++++++++
    True…
    One can understand the attractiveness of being able to hide transactions from prying eyes…
    But why would Bushie be interested in this if he has not one shiite to hide in any transactions?

    Indeed, Bushie LIKES the fact that both HE and the bank have details of all transactions done – since (as has happened already) the Bushman has been able to detect ‘mistakes’ and to threaten brimstones and fire to have them corrected…

    Who, and with what, would Bushie confront in the case of losses with these secret transactions…?

    LOL
    You think Bushie afraid to visit Uncle Sam or wuh?
    …we have a long time visitor there now who would have benefitted from the ’emerging technology’… no doubt…

    BUT not stinking Bushie.

  34. David Avatar
    David

    @Bush Tea

    Is it about hiding or disrupting the establishment to reduce cost to customers?

  35. Wily Coyote Avatar
    Wily Coyote

    @David

    Dumb Coyote knows very well exactly what crypto currurencies are, Bitcoin is but one. Not recognizing MMONEY as a crypto currency is a big FAILING of the BLOGMASTER. Coyote is continually amazed how easy it is for GOB to fog the eyesight of BAJANS. Your argument that MMONEY is backed by hard currency is naive. Anything being backed by whatever Caribbean hard currency is fraught with issues as these supposed hard currencies are themselves not realistic. If you start out with a faulty assumption all downstream scenarios are not valid.

    MMONEY is merely an attempt by a Barbados organization to setup thier version of PAYPAL to skim off revenues for themselves, claiming it will make inter Caribbean country commerce more efficient, LAUGHING ALL THE WAY TO THIER REAL BANK.

    Take time to SMELL THE ROSES.

  36. David Avatar
    David

    @Wily Coyote

    Do some research.

  37. Bush Tea Avatar
    Bush Tea

    @ Pacha
    LOL
    David likes the technology and the promised improved efficiencies.

    Unfortunately, technology is NOT our salvation (overcoming our evil predisposition is….)
    BUT it is the single greatest trap for mankind’s self-destruction.
    We are effectively climbing up and up an increasingly complex and frail ladder of technology,
    and when that final straw is added….
    ……the WHOLE shiite will come tumbling down like Humpty Dumpty.

    But we like the view from high up…..

  38. David Avatar
    David

    Integrating technology is a continuous process how we advance as a people much the same way we have moved from steam to gas to electric etc.

  39. WARU Avatar
    WARU

    As explained to me, all new currencies using Blockchain are now impacted, programmers are keeping an eye out because the tech industry is experiencing some upheaval because of the pump and dump scam by those in the Bitcoin ling.

    What annoys the hell outta me are these ministers/leaders who are clueless about any of this, but jumped out to endorse what they have no clue about and their useless supporters, even more clueless….egged them on.

    Now this.

  40. Enuff Avatar
    Enuff

    David
    Good luck with the Thomases.

  41. de pedantic Dribbler Avatar
    de pedantic Dribbler

    Mr BushT , u just like to BS don’t you!

    You make the absolutely perfect point that “Our problems DO NOT reside with the technology – but with the ingrained PHILOSOPHY of greed and selfishness. Creating more sophisticated technologies only hastens the collapse of the pyramid…”
    which can be applied to EVERY tech innovation but YET you (facetiously) embrace one such tech advancement now of course well in it’s mature stage…and YOU talk of the circutious illogical debate of block chain and crypto! Fah real 😂

    It seems that on one side @Vincent, @Cayote, you and others have adopted a stance that this tech is NOT already ingrained in world systems …Reality check: it basically is…thus nothing we do or do NOT do will change that one iota… one Bajan political scion attempts to forge his path in this tech area will not affect much… surely we can’t really perceive that MAM has the power or ‘stupidity’ to some how dissolve our current financial systems by turning everything to this mMoney folks or whatever ….that makes no sense whatever.

    His in one (well connected yes of course) to create the next fortune! He will be carefully watched no doubt.

    So to ur salient point… Are not PCs dangerous tools…surely u have read of how many people have had their lives stolen away by bugs or apps lodged on their PC…didn’t the world have this SAME style argument at the advent of the now ubiquitous PC.

    I certainly recall that and too much angst when that litttle debit card u now hold sacrosanct was seen as intrusive to lives…what of it’s sister credit card…The ‘big brother’ knows when we buy the durex or the Pampers if purchase one failed…and when they moved from gold to that fancy idiot faced toilet paper you mention was there not much gnashing of teeth.

    You and others have created an illogical argument…NO ONE can dispute that this nascent blockkchain and particularly crypto curreny will cause much pain to many but as you also so perfectly saidid …

    “BUT in the end, cryptocurrency deployment [may be] simply an advanced case of putting ‘CLICO on steroids”…

    But bluntly to say wasn’t CLICO a free will choice by those who invested…what exactly is different here.

    @the Blogmaster, I hail ur attempts to fully ventilate this subject…carry on smartly!

  42. William Skinner Avatar
    William Skinner

    It is a source of constant amazement: People who have written off the Caribbean and spend considerable time exposing thier knowledge of USA and Europe, are amazed when we take the lead from outside the region , on socio-economic matters.

  43. Pachamama Avatar
    Pachamama

    William Skinner

    We are critics!

    And believe that you mean us, maybe others too. We have never been afraid to make a visceral attack on you, William Skinner, or any rassoooooul body else. We give not a fuck about anybody!

    We criticize both Europe and the USA because the likes of you, and every body else in the Caribbean, are guided by what they do. For your information this writer studies the world. Our remit is not limited to the areas mentioned by you. Maybe that tells something about. A limitation of vision that is quintessentially Caribbean. There we go again.

    For us there are no sacred calves, like with you.

    But because somebody understands the world it should not mean that to criticize the shiiite people like you do in the Caribbean, and have always done, should be mutually exclusive.

    Unlike you, we will never committed to a view of the world which is based on a slavery epoch. And anybody doing that is an asshole.

    OUR FLAG IS RED, OUR COUNTRY IS THE FUTURE!

    What would you prefer, for us to accept your dated thinking as ours. We have never held you in such esteem, or any rassouuuuul body else for that matter.

    Notwithstanding, we believe we know your underlying issue. Raise it!

  44. Enuff Avatar
    Enuff

    Understanding is one thing, utilisation though is another kettle of fish. #justsaying

  45. Pachamama Avatar
    Pachamama

    Bushie 11:27

    Technology makes the inevitable much more likely.

  46. Bush Tea Avatar
    Bush Tea

    Bushie was trying to tell David that …
    When you have an idiot driving,…
    it is MUCH better for EVERYONE,
    to let him drive a Model T ford
    …than to hand him a series 9 BMW…
    Even Maripoka probably gets that.

  47. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ Brother in Arms Bush Tea

    I really doan unnerstand why you doan tell dese fellers whu you know bout dis ting

    And i am equally concerned about DpD though, over the course of time, it becomes evident where his loyalties lie AND THAT SADDENS ME

    All uh Wunna MyMoney promoters are getting cuaght up in the hype between BittCoin and BlockChain

    Leh de ole man explain it fuh wunns people, sheeple and downright chvunts.

    If I am a car parts manufacturer, and I employ a blockchain technology, FOR THE MOSE PART, my system is advantageous for the to market cycle as i document component elements from design/manufacture to delivery to the shelf and sale.

    Blockchain is like my barcode in 3D or as the fellers here saying “Barcodes on Steriods”

    MyMoneyisYourMoney is NOT DE SAME EFFING TING!

    THis is switch and gram at the finest.

    When wunna chvunts start paying all uh wunna government bills via MyMoney what going happen is dat all de drug money going get laundered and when Mugabe ask for a snapshot at 9.30 pm pun Sunday 30th of December 2019 ANY RH NUMBER GOING PLAY BETWEEN 9.30 and tomorrow at 8 UNDER DIS RH SCHEME.

    Your DePedantic should be ashamed of yourself because you, moreso that all the rest here KNOW WHAT THIS SHY$E entails and how the trick that Rawdone and Mugabe going play.

    And you dun know that Bush Tea is correct.

    But i guess that you see the potential spill-offs for *** so you are now on the MyMoney bandwagon as well and May the Good Lord Help US

    ALL HAIL MUGABE

  48. David Avatar
    David

    Bush Tea how is your example relevant if the Model T is not being supported today?

  49. MoneyBrain Avatar
    MoneyBrain

    Bushie, yuh ole heathen, U were absolutely on fiyah at 8.08, sorry to say, I really liked dat!!!

  50. Bush Tea Avatar
    Bush Tea

    @ David
    Bush Tea how is your example relevant if the Model T is not being supported today?
    ++++++++++++++++++++++
    Don’t you get it?….Model T is even better.
    Immobilise the idiot driver and we are ALL safe…

    Suppose (if you can) that Leroy P had remained with his Model T job (a driver)…
    You know how many CLICO victims would still have their money…?

    Suppose Owen had left the Chicken feed maker with HIS Model T (mixing chicken feed) – instead of making him drive a Series 5 BMW as Supervisor of Insurance…
    Shiite man… even Fruendel would still have his CLICO money…

    Come on David…
    Catch up….
    LOL

    @ Money B
    Thanks bro…
    Sorry to be making you like Bushie’s rant… 🙂
    We are missing you on BU though…
    You must be too busy counting all that Christmas cash that you raked in….

    @ Piece
    Everyone will come to understand.
    Unfortunately, some only do so AFTER the shit hits the fan.

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