GETS Technology has now turned off trading on the Universal Currency platform. My four letter word for today is: ‘Good’! Now IRTA can address the issues I’ve been talking about. In due course no doubt Bartercard’s Webturtle will roll onto the scene to save the day [choke, choke]! GETS’ action was no surprise for they gave notice following a string of events that included backroom character assasination, deliberate deception, my public threat to sue them if they continued to support fraud and years of mismanagement, nepotism and outright fraud by the Administrator/owner, IRTA and the IRTA Executive. If this post reads like a suspense or spy-novel, just ask any UC member if they can trade today – they can’t. The brains at IRTA will be thinking only one thing . . . and it will be a different four letter word from mine!
Universal Currency is the flagship clearing-system for IRTA Members to trade amongst themselves. It is a very simple currency and trading system, basically recording transactions between member trade exchanges. You could run the entire operation on a single spreadsheet, and almost on the back of a cigarette packet if you had to. It has 120 members, most of them are inactive and from what I can work out, there are only a few transactions a day.
Many members join IRTA simply to be able to connect with other trade exchanges and inter-trade . . . it looks good for smaller exchanges to be able to offer goods and services around the globe, sort of thing.
There is fraud in there!
Following my revelations of fraud within the Universal Currency platform on 18 and 19 August 2014 (link1 link 2), and my call to suspend trading pending an investigation into and a resolution of the issues on 20 August 2014, GETS Technology conducted their own internal audit and immediately gave IRTA notice of their termination. Logically now, their findings were clearly in keeping with my analysis that there was something seriously wrong under the hood.
In their own words:
Having completed this summary internal audit of Universal Currency we too have concerns over many aspects of the account conduct and activities of Universal Currency Inc.
I secured my information from UC Members who only had access to certain information. IRTA’s own myriad of accounts could be seen summarised but the details were hidden from UC Members’ view. Worse than that though, entire accounts (including IRTA’s new owners/business partner, Bartercard) with large debts were deliberately hidden from view, thus causing a system imbalance [ i.e. fraud]. GETS Technology however had access to ALL the data and their words and actions make it quite clear that UC has real problems!
Two weeks ago GETS advised IRTA of their intentions thus:
We will arrange to cease active trading on the GETS Platform www.ucci.biz of the current data set at 12:00 GMT on the 11th-September -2014, or subject to negotiation.
Clearly with the system disabled, there has been no successful “negotiation”.
Universal Currency has many serious problems, but the core structure is sound. As I have blogged about previously the system has ByLaws under which the founders set the currency up. They certainly knew what they were doing and covered pretty much all eventualities. The existing IRTA Executive have broken the UC ByLaws time and time again however over the last few years thus creating the current mess. Mismanagement is a polite term for it, fraudulent conduct is obvious to any UC Member who digs into the information like I did and nepotism screams at anyone who looks at the IRTA Board Member accounts. All of this before we even dig into the Bartercard buyout!
To put it simply, it is clear to me that the current UC Administrator simply hasn’t a clue – is totally in the dark ripping the system off and treating IRTA’s honeypot with gay abandon as if nothing matters in the world!
Well things will come crashing down when the facts get out there. I understand that GETS’ audit report has been leaked and more than the intended recipient has been reading it. That’s a sure sign that it will eventually end up in my hands. That will seal that fate of the perpetrators for not only will I blog the information, it will be the basis for the law-suit against those who have ripped the system off.
Universal Currency is operated by an Administrator who reports to the UC Committee who in turn reports to the IRTA Board who ultimately should report to the IRTA Members.
At this stage my take is that:
- the Administrator is corrupt, conducting fraudulent administration in many ways; is out of touch with reality and has a survival agenda that prevents ethical long-term decisions being made. Expect no change in a hurry there.
- the UC Committee information on the IRTA website is 2 years old and not entirely correct. I believe that there has not been due process and that there is no record (or there are false records) of the conduct of the UC Committee during the recent past.
- the IRTA Board has not said or done anything that I know of in relation to any of my blogging and because they are kept in the dark by the Executive on so much probably has little idea that the UC system would be turned off, or most probably that it even HAS been turned off.
- lots of preparatory work would likely to have been done for the move and the Bartercard ‘webturtle’ solution is not in any way just vapourware – [sarcasm] – it’s probably not even able to be activated, let alone in time, hence the system failure today! They were given 14 days notice – a data entry job like this would take me a few hours if I was doing my own accounting software data import and had done it before. If it was to a new system then I might have to write import or conversion scripts and it may push the job out to a day or two with maybe a bit of fluffing around to get things settled in. I suspect a serious communications breakdown between IRTA and Bartercard.
- IRTA has completed a scorched-earth exercise in the barter software industry so most barter software vendors will not want to touch UC with a bargepole. This will be worse knowing what the current IRTA Executive have done and are likely to do to anyone whom they deal with. Knowing that Bartercard is sitting in the wings ready to take the software from them at a moment’s notice; knowing IRTA’s attitude towards the barter software providers (in which IRTA pinged them with offensive and patronising comments implying that the others were not financially sound, fragmented, and basically second-rate software) I would suspect that they would to a man, give IRTA the single finger salute. Some might be polite and tell IRTA that they were, “Busy” or “On the phone” or to “Please call back later!”. You get the picture.
- Webturtle is simply not ready for the bigtime.
The Coming Riot
When UC members discover that their system in Read-Only mode and when they understand what that actually means, they will be um . . . rather p*ssed off . . . to put it mildly. They will simply not be able to trade.
GETS’ phones will likely be running off the hook. “Why can’t we trade?” and then GETS will then have to bump the complaints up the chain.
After they’ve had a go at GETS then the phones are then going to be ringing off the hook at IRTA!
The sleeping giant is about to awake and there will a riot as more and more people vent their frustration.
So Why Did They Do it?
I believe that GETS put the system into Read-Only mode because:
- they had established fraud. They only said that they “had concerns” but really? My take is that they found fraud,
- they had potential legal exposure for perpetuating that fraud by providing the system upon which that fraud was occuring AND . . . wait for it . . .
- because they care. They care about UC, IRTA, their own reputation and the entire industry and I think they did the right thing.
Word on the street is that Annette Riggs and Ron Whitney have badmouthed GETS and the principals of GETS for a long time. I can validate those opinions from personal experience whereby more than once the GETS name has been associated with innuendo and hidden agendas gossip emanating from [primarily] Annette Riggs but also Ron Whitney.
Annette Riggs has made more than one public statement sharing her opinion along these lines as well as direct private communications with me. My take on the whole thing between Annette and Ron and GETS is that it is 100% personal, best summarised in Richard Logie’s own words:
“It’s all personal. It’s anything but GETS!”
I rarely find a situation in life where the truth is 100% on one side of a story, but in this case, my take is that Richard Logie is absolutely dead right. It’s personal.
Now I’m no fool. I ask a truckload of questions and listen to everyone. IRTA’s desperate attempt to get their own software and own the world and then badmouth GETS as just another ‘jilted-lover’ is a cynical, devious, ego-driven attempt to get back at a guy who has probably the best knowledge of the UC system out there and who clearly has a bloody good system to boot!
I’ve had a field day with the sophisticated analysis information that the members have given me. It’s a classy system AND I’m also told that the system has heaps more functionality that they reserve for their commercial clients simply because they know that there are commercial spies out there ripping their ideas off and improving their own systems to try and catch up! This is not just gossip or spin from the GETS people – I’ve verified this claim from two sources. People certainly copy their system!
People who think that Richard Logie and I are in bed together out to get back at IRTA because he’s jilted at losing the software contract with IRTA and that I am jilted because I got rebuffed by IRTA are big losers, listening to other big losers.
I recommend that such gossip be allocated to Days of Our lives bloggers and the sand-pit where people wear nappies.
I deal with facts. I’m my own man. I play the ball and not the player and I don’t play politics.
In support of these statements I draw your attention to the following facts:
- I ‘took out’ the conman Daniel Evans and his Ormita fraud only after I had asked Daniel himself to answer my key questions. It was nothing personal – The Ormita Report was just 100% pure hard-hitting fact! I weathered the storm of ugly false accusations of homosexuality and ulterior motives but I never responded in kind.
- I commenced an investigation into the Bartercard IPO and was totally focussed on revealing the FACTS which then grew to my investigation into the fraudulent conduct at Universal Currency.
- Despite working with IRTA closely with a professional relationship throughout the Ormita investigation I retained my independence and never let my concerns over IRTA’s own conduct get in the way of dealing with the FACTS.
- I threatened to sue GETS (who have helped me enormously in my understanding of the industry going back to 2013) but I explained my decision to threatend them up-front, gave them appropriate warning and they understood my reasoning perfectly well. It was simply a business matter based on FACTS. If they were knowingly perpetuating a fraud then they would be potential defendants in any court case I helped spearhead.
- In all of my investigating and blogging, I have stated my timeframes and agendas UP-FRONT and publicly thus I have no need nor any interest in hidden agendas.
Who dumped who?
In regards to GETS, it should be known clearly that it was GETS themselves who terminated their contract with IRTA, and that they did it way back in 2013!!!! IRTA then sought an extension and GETS obliged to help IRTA out. It was IRTA who was a jilted lover . . . not GETS!!! Such is the low level of those who live, work and play in the gutter to not only lie, but to character assassinate good people by gossip behind the scenes. Pure evil, if you ask me . . . and I’m glad you asked!
There is almost certainly more, too.
When the inevitable IRTA spin-machine comes out saying that “GETS is bad! GETS is in breach of contract! Logie is just bitter because [enter the story of the day here]” you will know the truth from reading this post . . . it’s almost certainly nothing of the sort.
IRTA’s name and credibility has never been lower than with the current lot in power. I’m opinionated BECAUSE I bother to ask the questions and find the facts.
Why’d they [IRTA’s people] do it? Money for sure, but IRTA’s desperate desire to get away from GETS and ‘into Bartercard’s pants’ is a personal thing and certainly not in the Association’s best interest!
In my next post I discuss the ways that Universal Currency can be ‘fixed’ then touch upon the ways that those who care can take positive steps moving forward. Finally, after lancing the boils one by one, we can start to look at some medicine and patching things up. Standby and prepare for another onslaught of blogging
The Barter Series
Make your good reading pleasure even easier:
View an index of all articles in The Barter Series, sorted by Date or by Key Subject.