The Barbados based fintech Bitt.com continues to lead the way in an emerging business. Sadly there is an embarrassing ignorance about what Bitt is doing in the region. The following video is meant to continue the conversation about the value companies like Bitt.com bring to the table.
Gold and Silver matters , keep your shit coins
De ole man expected this article to surface on the orders of Mugabe Amin Mottley.
Incredibly the people and sheeple of Barbados are to forget that, when Bitt launched, its management DID NOT KNOW THE DIFFERENCE BETWEEN BITTCOIN AND WHAT ITS MANDATE WAS!
Suddenly, its purpose is known AND IT HAS BEEN RELAUNCHED with an amnesiac fever BECAUSE IT IS BEING SOLD TO PEOPLE AND SHEEPLE who cannot remember the details of a matter beyond 15 seconds
Unfortunately, de ole man remembers AND WILL NOT EVER FORGET.
This product is a scam.
Designed to launder the gains of drug dealings across the Caribbean region.
And the Interpol placement of its country office in Barbados IS NOT BY CHANCE.
If the general public is so idiotic to use it, THEY DESERVE WHAT THEY GET, when this ponzi scheme fails.
http://imgur.com/eu0ZTDs
We are 1 year forward under this Mugabe administration AND HINDSIGHT BEING 20/20, can Mugabe justify THE CHANGING OF GHE CONSTITUTION FOR THE 3 WHIZZ KIDS???
All this is about optics really!
Why did she forcibly tamper with the Constitution of the Country?
Was it necessary?
Could they not have been engaged differently?
What have the 3 of them delivered?
Why is it THAT AMONG THE 1 YEAR REPORT CARD by the BLP Blogmaster and Minister of Disinformation THERE IS A NOTICEABLY ABSENT SLOT ABOUT THEIR CONTRIBUTIONS???
I would figure that, IF YOU F UP THE CONSTITUTION there should be a justifiable outcome.
But de ole man ent to bright about these sorts of things is I !!
Still a scam…a scam by any other name. BITTCON.
And people are not going to get it through their hard heads…until they are ROBBED.
Seems like clico and the other thieving insurance companies and the two thieving governmrnts and their partners in crimes against the people and country…..are not enuff to teach fools anything.
..fool me once shame on you…fool me twice …shame on me.
“Designed to launder the gains of drug dealings across the Caribbean region.”
On orders of the CARTEL…and they believe we dont know.
Here we have some on this blog who do not know the difference between what is blockchain, cryptocurrency, bit coin, virtual currency etc, cannot offer a scintilla of evidence to support any claim but to bump their gums and clatter their keyboards with accusations to support personal agendas.
Across the globe we have fintechs working with the establishment for the sake of advancement. We question that a central bank (ECCB) would ignore best practice and rigorous due diligence.
This blog was created because a discussion was started by John A, Theo et al on another blog and in the interest of exhausting that discussion …
We have no problem supporting the Amazons, Western Unions owned by the capitalist. In our backyard we do what we do best. Bring something evidence based or substantive to the discussion or shut to rh up.
All we need to know is …WHAT A SCAM LOOKS LIKE.
@ the Honourable Blogmaster
Are you kidding me?
You are seriously making this statement ?
“…We have no problem supporting the Amazons, Western Unions owned by the capitalist.
In our backyard we do what we do best.
Bring something evidence based or substantive to the discussion or shut to rh up…”
Let de ole man show you how calm he can be in responding to your rant.
1…Do you as a dufus in Intellectual Property understand how an MOU works?
2..Do I have yo provide the template that Mugabe Mottlet provided to the ECCB?
3..Do yo comprehend how a “forced endorsement” by the Central Prank of Barbados works in this pilot?
4..Do I have the time or the inclination to explain this yo your compromised a.ss?
5..Do you comprehend what a virtual sandbox is?
6..Do you understand what the agreed handshake file that the pilot has agreed to share with the ECCB looks like?
7..Has that detail been shared with you?
8..Wunna do realize that the promise of sharing the same file that you received last year IS YET TO BE LAUNCHED?? Why is that on hold? Heheheheh
9…You do notice that the GoFundMe campaign has ceased? Heheheheh
10…what shy$e talk do you mean when you say this thing about supporting Western Union and Amazon? Are you a RH idiot? You understand who you are talking to?
11…You come to the Oracle of the Delphi and now seek to tell me about the nature of the Omphalos?
You? Illiterate you? In 1 1/2 of your 3 iterations? The only one oc you with any sense is your father.
The rest of you are as Hal Austin constantly expresses.
Wheel and come again my man, cause I find your Amazon and Western Union chat repulsive.
You who know all that, but say this? Get to ef out oc Dodge my man.
Wunna does talk cause people dont know the truth but my man, when 2023 roll round, YOU SND ALL UH WUNNA GOING SEE THE TRUTH
heheheheh
Do you have details to support what you claim?
Do you know the establishment is responsible for a significant % of the bad money in the system? Why do you think compliance is such a big business in the financial world.
You may have the last word.
VIRTUAL CURRENCY, or virtual money, is a type of unregulated, digital money, which is issued and usually controlled by its developers and used and accepted among the members of a specific virtual community. The U.S. Commodity Futures Trading Commission has warned investors against pump and dump schemes that use virtual currencies. The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury, defined virtual currency in its guidance published in 2013. In 2014, the European Banking Authority defined virtual currency as “a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically”. By contrast, a digital currency that is issued by a central bank is defined as “central bank digital currency”.(Quote)
A BLOCKCHAIN, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree).
By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks.
Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.(Quote)
A CRYPTOCURRENCY, (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.
The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency. Since the release of bitcoin, over 4,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created.(Quote)
@ Brother Hants
Could you find the links of the first videos of Bittcon?
When we hear ‘entrepreneurs’ oft repeat terms like ‘amazing’, ‘fantastic’ etc our gut tells us something is wrong.
Generally, it seems to us that after attracting initial seed capital this ‘venture’ does not know when profitability will come. And they maybe seeking to attract additional capital to satisfy current burn rate until a value proposition is figured out.
We wonder, since they are so ‘unconvincing’, why don’t they create their own capital requirements in bitcoin instead of seeking other fiat currency investments, surpluses from elsewhere.
To presume that the so-called ‘unbanked’ represents a reservoir of untapped revenue streams. Or that some financial services revolution, fuel by people without assets, is around the corner. Or that there will be some release of latent development potential, have all failed in more than a decade of these schemes.
Yes, and we well know that many publicly traded companies, as we presume maybe the founders’ intention, have driven share price shy high (Facebook) without ever paying a divided but for us these blockchain technology companies have been unconvincing about their business model thus far and are unlikely to reverse our determination.
Let us seek to avoid the impending fall of the tulip mania of 2020, redux. A radical revolution in land ownership is the most certain method for economic transformation and wealth creation for the dispossessed.
@Pacha
Here is a bit of trivia you may not find relevant.
When BU launched in 2007 some who comment here and others who were posting on BFP at the time predicted BU would not last six months.
@ the Honourable Blogmaster
Could you release the former blog which, in your accustomed ingrunce you are holding?
It is my response to your 6.34 am remark.
“Let us seek to avoid the impending fall of the tulip mania of 2020, redux. A radical revolution in land ownership is the most certain method for economic transformation and wealth creation for the dispossessed.”
But the criminals in parliament ARE TIEFING…all the land…from the people, with help from their BRIBERS.
Hal good luck trying to get some to understand.
@John A
How is that cut and past relevant to the joint project with the ECCB? Cliche comments will not do. Bear in mind Bitt.com has partnered with the central bank I.e. the regulator.
@Pacha
Every startup or early adopter will attract your concern. It is a good thing this has never stymied creativity, innovation and entrepreneurship.
One more time with the son with the Blogmaster megalomania
Heheheheh
@ the Honourable Blogmaster
Are you kidding me?
You are seriously making this statement ?
“…We have no problem supporting the Amazons, Western Unions owned by the capitalist.
In our backyard we do what we do best.
Bring something evidence based or substantive to the discussion or shut to rh up…”
Let de ole man show you how calm he can be in responding to your rant.
1…Do you as a dufus in Intellectual Property understand how an MOU works?
2..Do I have yo provide the template that Mugabe Mottlet provided to the ECCB?
3..Do yo comprehend how a “forced endorsement” by the Central Prank of Barbados works in this pilot?
4..Do I have the time or the inclination to explain this yo your compromised a.ss?
5..Do you comprehend what a virtual sandbox is?
6..Do you understand what the agreed handshake file that the pilot has agreed to share with the ECCB looks like?
7..Has that detail been shared with you?
8..Wunna do realize that the promise of sharing the same file that you received last year IS YET TO BE LAUNCHED?? Why is that on hold? Heheheheh
9…You do notice that the GoFundMe campaign has ceased? Heheheheh
10…what shy$e talk do you mean when you say this thing about supporting Western Union and Amazon? Are you a RH idiot? You understand who you are talking to?
11…You come to the Oracle of the Delphi and now seek to tell me about the nature of the Omphalos?
You? Illiterate you? In 1 1/2 of your 3 iterations? The only one oc you with any sense is your father.
The rest of you are as Hal Austin constantly expresses.
Wheel and come again my man, cause I find your Amazon and Western Union chat repulsive.
You who know all that, but say this? Get to ef out oc Dodge my man.
Wunna does talk cause people dont know the truth but my man, when 2023 roll round, YOU SND ALL UH WUNNA GOING SEE THE TRUTH
heheheheh
David even the name they chose bears direct semblance to Bitcoin or has that escaped you too?
Ok I going Give you just 1 question to go back and ask the people behind it cause I tired trying to get you to see the challenges, you ready?
In a region where we have 5 different currencies and 5 central banks how will tying to an EC dollar work in terms of trying to included all territories in caricom?
Also when I am paid in this thing and I am in st Lucia I still have to turn around and buy a USD draft to pay my Supplier in the USA. So after paying to use this EC Bitcoin I still have to pay to buy US funds.
Sounds to me like the plan really is to try and limit the free movement of USD in the region.
Anyhow I will leave the comments to the rest as I tired trying to get you to discuss the issue as opposed to deflect them.
@Pacha
Every startup or early adopter will attract your concern. It is a good thing this has never stymied creativity, innovation and entrepreneurship.
David 07:34
We certainly have no difficulty with “creativity, innovation and entrepreneurship”. More than most, we constantly promote such and more.
However, the ‘startup’ or ‘early adopter’ stage cannot be claimed after 10 years.
We concede though, that the costs for financial transactions in Barbados and elsewhere are way too high and that these technologies maybe helpful in that limited regard.
We are not as encouraged though, like you seem to be, that a wider transformation is at all possible in the absence of other fundamental re-arrangements..
@Pacha
If you watch the video one of the founders of Bitt.com explains the start up business model and how it pivoted a few years later for obvious reasons. A reminder we are trying to educate and demystify here. For some , not you so much, we come with the self buzz which oftentimes cloud reason.
@Pacha
A disclaimer: the blogmaster has no interest in Bitt.com read hold no brief for the company. Although it must be said have respect for principals of the company Senator Adams and economist Marla.
Over time it has become painfully obvious there is a mountain of ignorance about the emerging business. If we are to keep up we will have to learn quickly.
No, I do not want “the last word” Honourable Blogmaster
What I want IS A LEVEL PLAYING FIELD FOR EVERY RH BAJAN!
And this is why I will never be understood by Mugabe poochlickers and Negrocrats
If a citizen comes to the GoB administration
1..the citizen’s ideas should be protected by that government and not stolen
2..citizens should not have go fear being made into a thief and incarcerated for what is theirs
3..deals should not be struck up by ministers to whom citizens have had to show their ideas with third party corporations who the citizens do not know of
4..templates that citizens have presented to the GoB should not then be employed by the GoB for benefit of their own MeMoney scams
You, being armed with ignorance oc THE facts and your unerring sycophancy, now find yourself compromised in promoting this site’s objectives.
You cant come to the forum LIKE YOU USED TO and support what is the right thing here.
For example to support someone like me would be considered a athema on your part David.
And when Mugabe sees that support you would be tried for treason.
You know why my Defamation is permitted David.
In addition to the complexity of the law AND YOUR OWN ISSUES, it is because of the legal embarrassment that it occasions.
The question for *** is “what caused this person who is obviously a keeper of the peace and upholder of the law TO BE SO CONVICTED IN THIS CAMPAIGN?”
And the answer that comes back is the travesty of the Illegalities that they were subjected to.
It becomes evident in the profile and interrogation of the character.
So you are being disingenuous when you talk about if I have evidence.
I have all the “evidence” that I will ever need as to the trickery that is being practiced by MeMoney and its Bittcon scam.
What you are doing is posting new videos of Rawdone.
Go back yo his original videos and those of Mugabe when the first launched the scam.
And you will see the message that was first launched is at variance go that you have been instructed to broadcast.
David
We have no particular dislike for Adams either, just because of who his father was. That would be foolishness.
But we have problems with the mass application of systems when we detect a fight amongst elites for resources. Especially, when they pretend to be seeking forms of financial justice.
For we fear that these technologies are being deployed in a food fight between elites. Meaning, they may lead to the rise of a new breed of banksters while the so-called poor and unbanked will remain as they are. Certainly, high street banks in the Caribbean and elsewhere are facing a stage of branch decline with the new technology merchant bankers seeking to fill the void.
David the only reason the ECCB would support it is that it will limit the free movement of USD in the region. That to me is a step back not forward especially in an era of liberalisation.
David
I keep telling you that a number of the BU folk do not mean well. They oppose everything, and not even with constructive criticism. Just intellectual vacillation and dishonesty, awashed with misinformation and ego. Recently one argued that urban regeneration (including a hotel) is not a justified public good to warrant compulsory acquisition. I proved otherwise. Before then he said internet shopping was not impacting brick and mortar sales. Wrong again! He also claimed pension funds are not invested in residential property. Wrong even more. But I am to see him as an expert? Stuuupse.
@enuff
We have to continue to share and learn although it will be frustrating at times.
Very frustrating.
Our Blogmaster David and “some” bloggrrs are pyramid scheme BLIND, this cryptocurrency scam will ultimately make CLICO look like a walk in the park.
Barados is trying to bat above their intelligent and capability levels and the results are predictable, FAILURE with populace bearing the financial looses. You can LEAD a horse to the trough but you cannot make him drink, however you can propose the most ridiculous scheme to a Bajan and easily relieve them of their hard earned cash, go figure.
@Pacha
If you watch the video one of the founders of Bitt.com explains the start up business model and how it pivoted a few years later for obvious reasons. A reminder we are trying to educate and demystify here. For some , not you so much, we come with the self buzz which oftentimes cloud reason.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
David
First, we watched the infomercial in its entirety but in the space we inhabit no entrepreneur could make such a public admission and expect to be taken seriously thereafter. For it is an admission of failure, of strategic error, a lack of vision etc. Your type of forgiveness will not be tolerated, for a minute, lest a quarter.
Secondly, what you maybe intending has the danger of acting as mouthpiece for people with interests. Indeed, in so doing, you may inadvertently succeed, not in educating, but promoting ideas unhelpful to the very people you seek to educate.
Meaning that you may have given justification for constructs, either in whole or in part, unhelpful to the society.
@Pacha
This is a business segment the region is a follower. Bitt.com is playing catch-up. Those pioneering will always have to battle the process currently being experienced. Time will tell when the results of the pilot is available or the seed money runs out. This is the nature of entrepreneurship and business, you will succeed or fail.
@ Enuff,
He also said you fabricate to score juvenile points. He never said urban regeneration is not in the public good, when he has been saying for years that the City badly needs re-development. In fact, he said instead of austerity the government should have embarked on a major rebuilding scheme, that is called urban regeneration. He also cited the Transport Board site as one ripe for redevelopment.
What he did say was that the compulsory acquisition of a private site on Bay Street to hand over to a hotel developer is not in itself in the public interest – neither the hotel (we have an oversupply of beds), nor the principle of the state compulsorily purchasing land as in fact the agent for a private dealer. You mentioned some legal nonsense about case law.
You also mentioned some Devon development as evidence of compulsory purchase bubbling along in your folly. Social housing is a major UK public duty and you will find the development you mentioned involved social housing. Is this what you called ‘proved otherwise?’
It is nonsense to say internet shopping is not IMPACTING bricks and mortar sales; it is obvious it is IMPACTING IT. What it is not doing is REPLACING brick and mortar, that is common sense. Where in Barbados does internet selling REPLACE bricks and mortar?
Internet shopping has EXPANDED how people shop, it has added to the mix by allowing people to ‘window shop’ in the comfort of their homes at any time of day or night and, sometimes make purchases, in others they then go out and buy – or vice versa.
This happens everytime there is innovation, it becomes disruptive, as Schumpeter told us ages ago. VHS and Betamax did not replace the cinema or television, but added to the mix; Netflix and Amazon have not replaced television or cinema, but add to the mix.
Look at computers, from large frames, to personal computers, to laptops, to smart phones.
He said that pension funds invest in commercial property (this can be shops, leisure facilities or a portfolios of residential homes as a block but not individual homes, which is different). There is a difference between residential properties which form part of a commercial portfolio, and individual residential homes.
A pension fund can invest in what they like, but to be allowed to do so by the regulator will be hugely irresponsible. The discussion was in relation to Sagicor, which our insurance regulators have allowed to go ahead, after the Clico mess. That is to my mind financial regulatory incompetence.
Finally, only conceited people claim to be experts, and only fools (and middle class Bajans) believe them. I am not surprised you hide behind your mask for fear of revealing your appalling ignorance.
@ David BU (Ye Wise One)
The cut and paste was in response to the below from you and it was from the BU favourite, Wikipedia::
Here we have some on this blog who do not know the difference between what is blockchain, cryptocurrency, bit coin, virtual currency etc, cannot offer a scintilla of evidence to support any claim but to bump their gums and clatter their keyboards with accusations to support personal agendas (Quote)
Is Wikipedia wrong? If so, show us how. What is the personal agenda?
David
In Kenya we’ve been seeing a diffusion of these techs for a long time and there is no perceptive transformation in anything, except the use of cell phones more widely. And that has been going on for nearly a decade, now.
We’ve had Gramin Bank that similar promised and we see worse distributive affects.
These schemes are no longer as new as you presume, maybe to Barbados, but nowhere else. In toto, there is already more than enough data to make predictions.
@Pacha
You selected countries in Africa. What about Europe and N America? Is there some relationship to the infrastructure and type of government and private sector this technology needs to flourish?
Have you rubbished the fact the underlying these types of transactions and others there must be an objective to make money? In democratic system of government is this not a known?
David you all over the place on this. First you said we not talking about Bitcoin we discussion this regional thing, now when you get pressure and facts on the local thing you drawing reference to other systems in Europe and North America. So wait we ain’t back now to the same Bitcoin then?
@John A
No we are not. It is no secret the company started on Bitcoin opportunity/technology. In case you missed it their model and focus changed. What is difficult to understand? Hopefully others will be more successful explaining to you.
Lol David up to now the company still have implemented nothing. You are in no situation to claim what their final offering will be, if a product ever is launched. They have already changed its format by their own admission, who is to say they will not again a few more times before it reaches the market.
You are trying to defend a product that does not yet exist sir. Yet you refuse to look at the original product for purpose of reference. You refuse to answer any of the questions asked with reference to its application as well as it’s challenges in the region. Yet having said all of that you are up front trying to defend this unknown entity. Good thing you wasn’t in Guyana a few years back in Jones Town. You sound like you would of drink the Koolaid and ask for more no questions asked!
First of all it cannot be anything but a BITTCON…because it started …AS A SCAM..
and those who are promoting it…take note …WHEN it goes sideways and people get robbed…they will remember who promoted THEIR ROBBERY>
David
The USA seems not to have adapted the bitcoin techs as widespread as other forms of electronic banking.
Maybe the most developed might be bitcoin, in the financial markets sector. In that case, the shadow banks pumped them up and then dumped. There was a crash in the price of a coin from about 22K to lower than 6K in quick time, we seem to remember. There was never any real underlying value there. Only, what Greenspan once famously called ‘irrational exuberance’.
The power players, the large banks, in the USA already control the Fed directly. They see no reason to open up their oligopolistic control to a new kind of bankster.
The only reason discernable for the flourishing to these techs were mentioned earlier. We see no wider value proposition otherwise. To stakeholders, especially the general public.
If there is an underlying objective to make money, pun intended, then the business proposition must be shown. The only hidden objective we could think of is the possibility for the taking over of central banking in the Caribbean by the techs. Then they will have the right to print fiat money, bitcoin perfusion.
P @Pacha
Bitt.com have shifted to blockchain technology to support the new strategy. Not aware that bitcoin is a focus.
Is it possible that these bitcoin techs are ultimately seeking control of Caribbean central banks?????????????
@Pacha
Do central banks operated with oversight?
David
Well, the blockchains are transaction centered, maybe cheaper than other banks.
But once wide spread intermediation delivers revenues streams, coin issuing wouldn’t be far behind.
David
The Federal Reserve has been privatized since 1913 (sic)
@Pacha
What role does Basel Accord play in how central banks across the globe?
We imagine significant, not up on its functioning currently.
But would think that the Americans control that framework nonetheless.
Hal
You can write a WHOLE novel, you can’t change my mind. Whoever on BU chooses to believe/support you that is their right. You do not impress me. Social housing is not the only component of urban regeneration, actually most, if not all, urban regeneration schemes include mixed use development because the purpose of urban regeneration is strategic and comprehensive in nature;therefore, housing, green and hard infrastructure, JOBS, commercial activity, HOTELS etc are all important. It must also be financially viable. In fact, in many instances, the commercial elements such as hotels act as catalysts for the wider regeneration and very importantly, placemaking. On Bay Street, a HOTEL as a catalyst for the wider regeneration of Bridgetown is clear. What is also clear is that any land acquisition to facilitate the regeneration of Bridgetown is a public good. Good luck with your brilliant idea for the TB site, which further tells me you’re an amateur posing as an expert. LMAO.
David
It is the CB which oversees commercial/other banks, not shadow banks though
As far as oversight of the CB, as a ‘sovereign’, institution that has not been the tradition
However, if the government is involved in an IMF program, for example, there maybe certain accountabilities.
@Pacha
This is the point. Do you expect a regulator to take on risk that conflict with industry best practice? That said it does not negate concerns given this type of an initiative.
David
We are living in a period where notions about ‘best practice’ don’t mean much.
The shadow banking industry certainly avoids all the regulations.
Again we ask, it is possible that blockchain techs are fixing to take control of Caribbean CBs.
@Pacha
These fintechs are doing dixy all over the world. If you are correct then it is a global movement.
@ Enuff
Can’t you under stand basic English, or you just want to make a rum shop point. I don’t want to change your mind. I said social housing is a key public policy issue in the UK and the Devon development you first mentioned in defence of your compulsory acquisition argument has a large social housing element. Jobs and social housing are big problems in that part of the country.
The discussion was not about urban regeneration. I have written numerous times on BU about urban regeneration ie the development of the City and other old communities and of the Transport Board site. (I won’t re-post them because it is not that important).
What I am saying, and you are now trying to avoid is that the attempt to compulsorily purchase Mrs Ram’s property to deliver to a private hotel development is an abuse of power by the government. Further, as a single decision, it cannot be claimed to be in the public interest. This was specific.
The rubbish about urban regeneration is not worth debating. What is the government’s urban regeneration policy? When was it debated in parliament? Where are the documents and plans relevant to the policy? Or, are you trying to anticipate the prime minister’s mind?
You cited some nonsense about case law to support your argument. I do not want to get in to an argument about legal theory with you (I am not a lawyer), but if a previous court decision misinterprets the statutory or constitutional provision (ie what parliament intended) then the higher court has a duty to over-turn that ruling. In other words, case law from a lower court is no guide.
The other point you raised originally, but avoided in your reply, was the Sagicor case. You said that an insurance company had a right to invest in residential property.
What I said was that this is indeed the case in Barbados ie Clico, but unless residential property is wrapped in a commercial property portfolio, then investments in individual residential property by an insurance company is not only perverse as an investment decision, but if it is allowed by the regulator then it is regulatory incompetence.
In case you misread what I have said: I think urban regeneration is the stimulus the Barbados economy needs, not austerity. And it can be funded without any excessive foreign borrowing (the Barbados dollar is sovereign currency): a comprehensive redevelopment plan, including commercial and residential, leisure, a police station, restaurants, night clubs, etc, putting the development at the heart of a 24-hour leisure economy, will drive the Barbados economy forward..
Such a policy will create jobs – architects, lawyers, surveyors, carpenters, masons, plumbers, clerks, electricians, canteen workers, etc. The workers will consume goods and services, the commercial businesses will hire additional staff to cope with the new business, tax revenue will increase (national insurance, VAT and income tax).
Austerity is a coward’s way out. Any further explanations you need plse ask, but do not fabricate or be economical with the truth. Let us have an honest debate.
Here we go with the vacillation. You’ve been washed off again. I am done!!#amateurposingasanexpert
“I think urban regeneration is the stimulus the Barbados economy needs, not austerity. And it can be funded without any excessive foreign borrowing (the Barbados dollar is sovereign currency): a comprehensive redevelopment plan, including commercial and residential, leisure, a police station, restaurants, night clubs, etc, putting the development at the heart of a 24-hour leisure economy, will drive the Barbados economy forward..
Such a policy will create jobs – architects, lawyers, surveyors, carpenters, masons, plumbers, clerks, electricians, canteen workers, etc. The workers will consume goods and services, the commercial businesses will hire additional staff to cope with the new business, tax revenue will increase (national insurance, VAT and income tax).”
Still you argue that the acquisition of land at Bay Street to facilitate a 24-hr leisure product as part of the regeneration of Bridgetown is not a public good. I’ll let BU decide. #amateurposingasanexpertineverything
@ Enuff
You are a Bajan and I am used to reconstructions, prevarications and avoidance. Fortunately, there is a big wide world out there with sensible and objective people. It is cultural. I will bet that behind your mask is a senior civil servant or lawyer or politician, the mediocrity that has messed up the country for the last 50 years..
@ Enuff
I am sure you find this funny and are having a laugh. You cannot be that stupid. The Hyatt/Ram affair is a specific issue, it is not part of a comprehensive urban regeneration policy. It is taking land from a private owner to hand over to another private owner with the government acting as agent or pimp.
I ask again, what are the government’s urban regeneration plans? Where are the documents? The Act? The proposals? Or is this further vacillation? Is the proposed Hyatt hotel a 24-hour leisure product (your colonial use of fake business language is a guide to who you are. Ordinary people do not talk about leisure products.)
Plse do me a favour and come out from behind your mask.
Pachamama seeing that your views seem based on fact for sure as opposed to feel good sentiment,let me ask your view on a few points so we can explore the matter as opposed to deflect it.
Would you agree the only real advantage to the EC Central Bank supporting this move would be to limit the free movement of USD in the EC Territories?
Secondly if a country buys more product in this crypto than it sells using it what is in place for it to liquidate the excess?
Let’s start with ventilating these 2 points first.
@ John A
If the ECCB wanted to remove US currency as legal tender, would it not be simpler to make it illegal for trades people to accept US dollars. Make all tourists change their US currency through banks and other approved places.
Hal Austin
Here we go again with the arrogant and condescending tone, your usual act of desperation, by trying to paint me as an insular, unexposed Bajan. You’d be surprise.
David
Is it not possible, given the only immediate value proposition we can see in blockchain tech, are the fees derived from the perfusion of lower transaction costs, that this maybe a project by some government, the CIA, in information control and sovereignty reduction.
We can bet you that once these blockchain networks metastasize CBs are going to be on the chopping block.
Does anything thinks that a network, or networks, controlling the majority of the transactions could be ‘supervised’ by any of these CBs in the region?
Just thinking aloud!
@Pacha
What is unknown is possible. With Patriot Act, FINCEN, FATCA and all the other big brother surveillance measures you maybe right. One up for the conspiracists!
@ Enuff,
You are avoiding the substantive points with subjective nonsense. You are a Bajan, it is cultural. You can call me arrogant and condescending as much as you like. Deal with the facts. Nothing about you will surprise me.
Hal my concern is not so much at the Personal level because I doubt they would go the route of Cuba say. What concerns me is the cost associated with passing a transaction through this method and then still having to turn around at the end and buy a USD draft say to pay your supplier let’s say in the USA.
Also who will regulate the volume of this crypto in circulation and at what point does it become a threat to the very existence of the ECSB?
John A
Would you agree the only real advantage to the EC Central Bank supporting this move would be to limit the free movement of USD in the EC Territories?
Secondly if a country buys more product in this crypto than it sells using it what is in place for it to liquidate the excess?
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
1) That could be true. But we would prefer to think that there is more to this than merely controlling the ‘movement of USD in the EC’. They already have decades of well-working controls in place already, we think.
2) This is why international settlements between CBs, just like the present system, are needed. This is one of the reasons we feel that external direction is being given this project, the industry. For us, its too ‘unstrategic’ to start dealing with bitcoins and all of a sudden transform a whole business model to aim it at monopolization of all transactions at lower costs, a position which could. potentially, disempower regional CBs.
Also what will be put in place to covert this new crypto to cash within the trading territories?
Problem is I got concerns but can’t get any firm answers. All I am being told ” man am is we ting support it blindly “.
Lord you were reading my mind I just commented about the effect on our ECSB losing control a few minutes ago.
I have to say I feel as you do that there is someone pushing this agenda way bigger than our people. Who will act as regulator and who or how will this new crypto be converted to cash? Who will accept responsible to ensure market cap and availability?
Sorry I ain’t jumping on no feel good Koolaid band wagon till I get answers!
Hal
The substantive point is that you do not know what you’re talking about. Period!!
@Enuff
Finally we agree on something.
Also are we going to be looking also at a cryptocurrency exchange too?
Nuff questions and no RH answers !
Another question if we are going to create a crypto currency exchange similar to Kraken will it be regulated by the ECSB or privately?
If it is not regulated by the ECSB what will the market cap be set at? In Bajan terms who going make sure crypto don’t end up posing a threat to the EC dollar?
How do we know the IMF or World Bank are not the ones behind this ?
More questions and no answers only ” hush you tail and drink the Koolaid.”
If you start wrong will end wrong.
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Bitt.com was started locally in Hastings Plaza as the brain child of Gabriel Abed with initial secret backing of Anthony Nadur of Cooling Solutions whose family is connected to major Gambling outlets/drug trafficking/money laundering in Bridgetown.
The SOLE INITIAL purpose was to launder drug money FROM major dealers out of the island of Barbados with no trace to pay suppliers and offshore accounts funding.
I can say this as I was approached at Startup on feedback of the idea and knew parties involved. Gabriel Abed later brought the white boy Gale on board as a FRONT and for his family connections and network.
I can say this in any Court.
Gabriel Moses rented his office in Hastings Plaza from Moses the owner who is known as a major trafficker and is well know in the Underground.
I could name a few others connected as early financers/clients which I will not divulge at the moment but who have been major local players in the drug trafficking. black market.
I must give Gabriel Abed credit for bringing onboard Adams and the Trinidad lady to ‘legitamize’ the company and change the focus and public strategy.
It is a brilliant strategy but it does not change the fact how it was initially started and financed with ‘dirty’ money and later raising venture capital first through Trinidad with a partnership of a similar focus long long before Adams and the Trinidad female economist came onboard.
Wuhloss
I got nuff more questions but nobody ain’t stepping up to the plate to answer them.
Wunna want me pelt few more out there cause i got nuff more too!
Where the feel good bloggers gone come step up to the plate and start answering!
Alright chew on this too then.
” Aussie crypto pioneer Sam Karagiozis revealed he lost 3 million following Bitcoin price crash. But his fortune has fallen further after being arrested on numerous drug charges” source news.comau
So if the king maker and father of crypto couldn’t predict the volatility of crypto and he was holding the bat, you feel an ECSB could?
I rest my case.
@John A
Your head is hard or you are deliberately playing out an agenda. You keep dropping bitcoin and cryptocurrency when the joint venture with a central bank is about converting EC cash to an electronic form. You may continue smartly.
You and others here trying to do a hatchet job on the company? Would it have something to do with the role a person played attacking another website? Some of us are not so dumb.
“The SOLE INITIAL purpose was to launder drug money FROM major dealers out of the island of Barbados with no trace to pay suppliers and offshore accounts funding.”
The CARTEL
Final blow to the Koolaid Brigade and this is a direct quote from Investopedia.
” although crypto currency is nearly 10 years old, many countries still do not have explicit systems that restrict, regulate or ban cryptocurrency. The anonymous nature has challenged many governments on how to allow legal use while preventing criminal transactions.”
You all now understand the animal you dealing with or still on the ask no questions feel good wagon.
I ain t know some seem dumb as hell or just are deliberately trying to steer the comments in their direction only. If bloggers choose to discuss Bitcoin and the challenges of crypto are you saying they shouldn’t?
Why you don’t answer some of the questions asked instead of trying to defend a company whose concept is left to be confirmed?
Every single blogger has tried to get you to open the discussion to a broader one and all you are doing is taking the defensive for this company, why is that you care to share it with us?
I asked if there will be a crypto exchhange like Kraken over seen by the ECSB. NO ANSWER
I asked what is in place to protect the EC $ from becoming threatened by crypto. NO ANSWER
I asked who will decide the amount of crypto that will be allowed to circulate in the EC. NO ANSWER
The only answer you can come with is that the bloggers who don’t sing in your choir got a dark agenda bla bla bla.
Look stop being the apologist for the company and tell them bring some dam answers!!
@ Blogmaster:
Why don’t you just come clean and declare your interests in the matter?
The blogmaster’s interest is to challenge ignorance and deceit when it rears its head.
Wuhloss..watch confusion.
Who attacked whose website and threatened to kill poeople in the US..
Wuh i did not even remember that..so now come to think of it…threatening TO MURDER PEOPLE IN US from Barbados just because ya dont like a blog…. IS A CRIME TOO aint it.
Criminals abound.
@ Dullard
I am not connected to any Website that has been alleged to have been attacked so don’t have any axe to grind.
I however can defend any information I put out in a Court of Law.
Wuhloss!! See why I find BU contributors calling for defamation laws hilarious.🤣🤣🤣🤣
Barbados Underground Whistleblower…May 28, 2019 2:27 PM
WHISTLE BLOWING HARD AND A LOT OF HOT AIR. YA KNOW A FEW PEOPLE NAMES OF SOME PEOPLE AND YOU HAVE MADE A LOT OF ACCUSATIONS TO MAKE UP A STORY. MOREOVER, NOTHING YOU HAVE SAID IS TRUE. SINCE YOU KNOW THESE THINGS ARE TRUE, GO TO THE POLICE THAT WAY YA WILL HAVE YOUR OPPORTUNITY TO GO TO COURT. ALL THE SO CALLED FACTS THAT YOU THINK YOU HAVE MENTIONED ARE FALSE, SO GO GOOD LUCK WITH YOUR TESTIFYING IN COURT.
PLEASE EXPLAIN HOW IN BLOCK CHAIN THAT YA CAN LAUNDER MONEY AND THE GOVERNMENT HAVE ACCESS TO THE LEDGER? IF YA WANTED TO SEND OUT MONEY AND LAUNDER MONEY THAT WOULD BE THE WORST POSSIBLE COMPANY TO TRY, CANNOT BE DONE? YOU ARE USING LEGAL BARBADOS CURRENCY THAT YOU PUT INTO YOUR ACCOUNT AT BITT AND THEN YOU CAN SPEND IT HOW YOU WANT AND EVERY THING IS TRACEABLE AND RECORDED. SO STOP LYING.
https://i0.wp.com/everwideningcircles.com/wp-content/uploads/2017/01/8742707669_786cfa376b_k.jpg?fit=800%2C451&ssl=1
@ Freedom Crier
You must have been omnipresent so you can call me a liar.
There is a reason why the island is twisted and seek to keep truth hidden from the world.
The @David Blogmaster and you can have the last word since you can both swear for the Parties involved from inception to now.
@John A
Excellent bowling.
It is amusing that those who claim they know the most probably know the least.
The0gazerts when answers are hard to find and no one wants to answer questions directly you can’t help but ask why.
The0gazerts you remember when we started questioning the white oak issue a few weeks back we got the same treatment, then after we didn’t let up the facts all came out?
Thought I was smart. Bought some overstock around $24.00. The stock is now around $10.00
Would be glad if someone would comment on if the price change of overstock affects the strength of Bitt. Perhaps,, Bitt can buy out overstock interest by paying much less than what overstock invested.
One thing you can be sure of, those stock options held by upper management are underwater at this time.
Yes I would agree with you there for sure that they are under water. The thing is volatile as hell, by time you realised what has occurred you in the dam hole already. The sad thing is people get carried away and borrow money to buy the futures too, so then end up with no gain and a bank loan. Be grateful you didnt buy Bitcoin at $19600 as today it only trading a bit over $8000! As a friend of mine says if he going speculate he sticking to penny stocks. Lol
I see Greenville is revisiting the white oak issue again, the ventilation of these issues is a good thing and I am proud of bajans for asking questions.
Whu, instead of calling this site Barbados Underground it should be renamed Bittcoin OR IS THAT BITTCON???
How much $$ you getting paid?
https://www.bitt.com/about/executives
David that release is more of an infomercial to me as no where in it does it outline costs of use, oversight or mechanics of actual usage. In other words the questions i asked in my post of 3.22pm remained unanswered.
I know you are optimistic about this and that is good, but I like to see the mechanics of how it will work clearly laid out for me before i pass judgement.
The crypto clearing house for example needs to he outlined. Will it be managed by the ECSB? That is just one concern of mine. After all this block payment has to be converted by the seller on receipt of payment quickly and at a cost. What is that cost?
I will await a complete roll out of the final product and the mechanics of its operation before I pass a final judgement, till then I will have my concerns.
Let’s us agree to disagree on it for now and I have no problem with that and the spirited discussion we had on it today. I can’t however give it the nod based on what has been shared, as They are way too many questions unanswered at this stage for me.
Pieces you too bad. Lol
Thinking, but still of the opinion… someone is going to make a lot of money from this exercise.
If I could get in now, I would be as enthusiastic the blogmaster.
Wait a minute …
Lord you say I bowling but I see you spinning now too! Lol
Who said these words?
” knowing when to get in and out an investment has always been my gift.”
One Bernie Madoff by name before he went jail of course!
TheOgazerts Also don’t forget when Hitler was defeated and ran into his bunker his words were” Germany shall be the winner of this and other battles to come.”
It ain t every man that blessed with logic and a free thinking mind unfortunately.
@Enuff, why waste time with Hal Austin the bullshitter from the Ivy who know everything about Barbados and nothing about the UK where he resides. He is ever willing and ready to disparage any and every public figure in Barbados and Caricom, but has nothing to say about the incompetent guys and gals in Westminster.
Side note..
He revealed that given Arthur’s medical challenges, “It is not in [his] best interest to be incarcerated at this time.”
Wondering what time it would be in his best interest to bre incarcerated.
What can i say…some people don’t mind a dangerous, murderous drug , gun and money laundering CARTEL control their lives, their children’s futures and ya done know how they hate black people whom they live off of and don’t mind these criminals and racist control the governments and the island, when the WHOLE CRIMINAL EMPIRE of toxic minorities and the lowlife criminal syndicate controlled by government and bar association should be TAKEN DOWN…
…..because maybe that is all they know…being perpetual victims of racists, murderers and thieves.
“PLEASE EXPLAIN HOW IN BLOCK CHAIN THAT YA CAN LAUNDER MONEY AND THE GOVERNMENT HAVE ACCESS TO THE LEDGER?”
ah gotta admit the balls on the drug trafficker/gunrunner…the defense is a doozy..
we can explain it in simple terms that even a criminal cartel can understand…
the CARTEL controls the corrupt governments…from the 70s.
the corrupt government will do whatever the CARTEL says…wuh da is how dey get their million dollar bribes….and we done know how greedy the whole lot of them are…no mistake
the CARTEL has operated throughout the Caribbean for a good 40 years or more…they CONTROL the weakest black governments…
me thinks that there explanation SHOULD SUFFICE….unless ya got an even better one..
Further comments attacking the reputation without proof to the blogmaster will be deleted.
Blogmaster…really..you expect more attacks…those were not enuff for you. anything more and the international community WILL HAVE NO CHOICE BUT TO ACT IMMEDIATELY….because at least they will see the THREAT and CLEAR AND PRESENT DANGER …..to the island’s population.
David May 29, 2019 6:26 AM
Further comments attacking the reputation without proof to the blogmaster will be deleted.@@@
This is why news can never get out, no free speech but you can put junk on my page that I leave, leave people to speak about the crooks in Barbados , you have been acting like Patrick King for a long time, are you now on Mia payroll?
On Tue, 28 May 2019, 3:12 a.m. Barbados Underground, wrote:
> David posted: “The Barbados based fintech Bitt.com continues to lead the > way in an emerging business. Sadly there is an embarrassing ignorance about > what Bitt is doing in the region. The following video is meant to continue > the conversation about the value companies lik” >
A new economic world is possible!!!
https://youtu.be/jrLrmalthC0
If the shit corruption and OWNERSHIPS OF BLACK GOVERNMENTS by criminals in Barbados and the Caribbean is NOT SHUT DOWN SOON…
it will become even MORE DIFFICULT…to shut down these THREATS AND DANGERS in the future and i do believe THE REAL POWERS THAT BE…knows this.
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Only if the “United States” backs a type of GOLD-BACKED CRYPTOCURRENCY or B R I C S would I ever enter in such agreements, For there is no Rule of Law in Barbados to recover from such a new Fraud, The People of Barbados has been robbed on Every level Name it, All levels of government in every court ever Minister . Only a full-blooded fool dear Trust any level of skin tone or Family name to get robbed by or before the next elections, ,Hold your Money$$$ at least its in 3D in your hand and not a message on whats App! that can be deleted,
You need help.
@ BajanFeeParty
The People of Barbados has been robbed on Every level Name it, All levels of government in every court ever Minister . Only a full-blooded fool dear Trust any level of skin tone or Family name to get robbed by or before the next elections, ,Hold your Money$$$ at least its in 3D in your hand and not a message on whats App! that can be deleted,
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
WELL SAID.
I am highly appreciative that the blogmaster has provided us with an avenue where we can ‘discuss’ the issues that we find of importance. I
If the blogmaster chooses to enter the arena of ideas, then he must be aware that he will meet some opposing views. If in his contributions he adopts the personna of a Lorenzo or an Enuff, then he should expect a similar treatment. Most of us respond to what is written. Gone are the days of I say so, so it is so. Pulling rank will not advance any cause.
It is an arena of ideas. Enter fully prepared to do battle.
I am highly appreciative that the blogmaster has provided us with an avenue where we can ‘discuss’ the issues that we find of importance. I believe that we should not insult a man in his own home.
The-O-Gas (H2S)
You love call muh name huh. You need help too.🤣🤣🤣
@ TheOgazerts
The best way not to insult is to call him out when he is playing mass. Crop over has not arrived yet and he doing the dog.