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.
Subscribe to get the latest posts sent to your email.
@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.
@ 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..
@Pacha
These fintechs are doing dixy all over the world. If you are correct then it is a global movement.
@ 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!
@ 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.
@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!
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.
xxxxxxxxxxxxxxxxxxxx
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.
“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.
@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.
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?
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.🤣🤣🤣🤣
The blogmaster’s interest is to challenge ignorance and deceit when it rears its head.
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.
@ 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.
Our Pilot
The ECCB Central Bank Digital Currency (CBDC) pilot involves a securely minted and issued digital version of the EC dollar (DXCD). The digital EC dollar will be issued by the ECCB and distributed by licensed bank and non-bank financial institutions in the ECCU.
For the avoidance of any doubt, the digital currency will operate alongside cash as currently obtains. Indeed, the ECCB will soon launch a new family of bank notes using polymer.
The DXCD will be used for financial transactions between consumers and merchants, people-to-people (P2P) transactions, all using smart devices.
The objective of this pilot project is to assess the potential efficiency and welfare gains that could be achieved: deeper financial inclusion, economic growth, resilience and competitiveness in the ECCU – from the introduction of a digital sovereign currency.
IBM Hyperledger Fabric was selected as the blockchain platform because of its strong security architecture (private permissioned blockchain with strong identity management) and open source, which contributes to its security, flexibility and scalability among other desired attributes.
Hereunder are some of the key features of the platform:
Private Permissioned Blockchain
Open source, hosted and managed by Linux Foundation
Enterprise Grade Distributed Ledger
Supports business transactions
Confidentiality of data through channel architecture
Privacy in channels through private data feature
Better performance and scalability through flexible architectureWhile one acknowledges, the benefits of Distributed Ledger Technology (shared ledger that allows records/blocks to be added and securely maintained in a way that prevents tampering), the ECCB recognises that network security is a non-negotiable for a central bank digital currency construct.
In light of this essential requirement, the private blockchain of IBM Hyperledger Fabric affords the ECCB, the ability to control who can access the network, submit and read the ledger of verified transactions, and who can verify them. Hence, the decision to opt for a private rather than a public blockchain.
Stakeholder engagement, consultations and education have been and will continue to be central to the design, development and deployment process. During 2018, over a period of eight months, the ECCB engaged diverse groups of ECCU stakeholders (financial institutions, government institutions, private sector institutions, professional associations, merchants, consumers) as well as regional and international peer central banks, to identify the issues critical to the development of the customer value proposition and the resulting business requirements for the digital EC pilot. As part of pilot implementation, the ECCB will ramp up its sensitisation and education initiatives to facilitate active public engagement throughout all member countries in 2019.
Conclusion
As I conclude, I call to remembrance, Nobel Laureate, Derek Walcott and his poem titled: Prelude. In this poem, Walcott reminds us that “time creeps over the patient who are too long patient.”
Here in the ECCU, we can no longer be patient when our economies and people demand transformation.
The time to act is now.
I issue a clarion call for partnership. I invite non-bank financial institutions, which provide wallet services, to join this effort. I invite telecommunication service providers and other technology companies to join this effort as we develop a digital ecosystem from which our region can reap huge digital dividends. Most importantly, I invite the citizens and residents of the ECCU to share your views on how this pilot could best serve you.
With laser-like focus, let us now move forward with the EC digital currency pilot project, determined to make a significant difference in the lives of the people of the Eastern Caribbean Currency Union.
I thank you.
“This is not an academic exercise. Not only will the digital EC Dollar be the world’s first digital legal tender currency to be issued by a central bank on blockchain but this pilot is also a live CBDC deployment with a view to an eventual phased public rollout. The pilot is part of the ECCB’s Strategic Plan 2017-2021 which aims to help reduce cash usage within the ECCU by 50 per cent, promote greater financial sector stability, and expedite the growth and development of our member countries. It would be a game-changer for the way we do business”.
CEO of Bitt Inc., Rawdon Adams, said, “I thank the ECCB for choosing Bitt. Our mission is the practical application of cutting edge technology to solve persistent financial problems. It is about a successful currency union building on its impressive record of financial stability, development and integration to deliver a quantum improvement to the lives of all its 630,000 citizens. Enhancing economic growth and the quality of life of ordinary people is the aim.”
Whu, instead of calling this site Barbados Underground it should be renamed Bittcoin OR IS THAT BITTCON???
How much $$ you getting paid?
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
The blogmaster invites you to join the discussion.