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.
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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.
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
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.
@ 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.
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.
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
@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.
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.
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.
@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.
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.
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.
@ 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?
@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.
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.
@enuff
We have to continue to share and learn although it will be frustrating at times.
Very frustrating.
@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.
The blogmaster invites you to join the discussion.