Topic: [ANN] e-Peso: the government-backed currency for the Philippines (launch 30-oct) (Read 26002 times)
January 03, 2015, 01:08:31 PM
its so sad....sayang
November 02, 2014, 01:07:39 PM
dead
October 30, 2014, 12:59:17 PM
There was no law passed, it was just a bill proposed to try and introduce the E-Peso, which like many bills go absolutely nowhere.
The fact that someone anonymous wants to create this, with no clear indication of how it will be given out to Philippines citizens, and that mining can take place by anyone, will push this into oblivion. There is no way that the government would take it over when there is no clear path of where the coins were made or distributed. That's aside from the fact that the BSP have no regulations at all for crypto currency, but if this is abused, it may push the government into putting more controls and regulations in place that may impact on the future of Bitcoin and crypto currency in general. You can also be assured that the Bitcoin community already established in the Philippines will squash this in many different ways.
To do this successfully, you need stakeholders to support it from the start ie: BSP, banks and and a large community of merchants.
If this is to go anywhere, transparency is needed. Who is behind this (with real names and organization), how much backing there is, how much premine / instamine if any, and how exactly are coins given to the people, with ways to track that.
So, to the OP - who are you and what is your background in finance, business etc? It appears you are not even based in the Philippines and operate a P2P mining pool, which of course you can use to mine any coin you launch. This sounds like an opportunistic stab at taking advantage of the bill proposed here. At the moment, this is a coin that I would treat with extreme suspicion.
However, if you change the algo to a totally premined coin, with only PoS mining to keep it stable (a la Blackcoin), with a clear method of giving it ALL away to Philippines residents, and total transparency as to where the coins go, then I might support it. I am based here in Philippines, own various companies, including one that is a Paypal / Gcash competitor, and we talk with the BSP quite often. If you want this to go anywhere, do it properly. If not, then you will be damaging the future acceptance of crypto currency in the Philippines.
The fact that someone anonymous wants to create this, with no clear indication of how it will be given out to Philippines citizens, and that mining can take place by anyone, will push this into oblivion. There is no way that the government would take it over when there is no clear path of where the coins were made or distributed. That's aside from the fact that the BSP have no regulations at all for crypto currency, but if this is abused, it may push the government into putting more controls and regulations in place that may impact on the future of Bitcoin and crypto currency in general. You can also be assured that the Bitcoin community already established in the Philippines will squash this in many different ways.
To do this successfully, you need stakeholders to support it from the start ie: BSP, banks and and a large community of merchants.
If this is to go anywhere, transparency is needed. Who is behind this (with real names and organization), how much backing there is, how much premine / instamine if any, and how exactly are coins given to the people, with ways to track that.
So, to the OP - who are you and what is your background in finance, business etc? It appears you are not even based in the Philippines and operate a P2P mining pool, which of course you can use to mine any coin you launch. This sounds like an opportunistic stab at taking advantage of the bill proposed here. At the moment, this is a coin that I would treat with extreme suspicion.
However, if you change the algo to a totally premined coin, with only PoS mining to keep it stable (a la Blackcoin), with a clear method of giving it ALL away to Philippines residents, and total transparency as to where the coins go, then I might support it. I am based here in Philippines, own various companies, including one that is a Paypal / Gcash competitor, and we talk with the BSP quite often. If you want this to go anywhere, do it properly. If not, then you will be damaging the future acceptance of crypto currency in the Philippines.
100000% agree. You hit it spot on.
October 29, 2014, 05:32:30 AM
re-quoting so it's visible
Shurugwi, in the aspects you've mentioned it's no different than other altcoins or Bitcoin itself. Placing the premine in escrow makes no sense, it has to be distributed according to our plan anyway (see how placing a premine in Moolah's hands worked out for Syscoin by the way...). And I've demonstrated I'm trustworthy with Spaincoin before and I wouldn't be taking any of the premine for myself.
Anyway, it doesn't matter any more because I'm cancelling the launch of this currency. With the lackluster support from the community and the lack of understanding about cryptocurrencies from the Ph govt, it's really not worth my time. I'd rather launch a cryptocurrency with some innovative features (you had a point there) and I do have a couple of good ideas I'll eventually execute.
Anyway, it doesn't matter any more because I'm cancelling the launch of this currency. With the lackluster support from the community and the lack of understanding about cryptocurrencies from the Ph govt, it's really not worth my time. I'd rather launch a cryptocurrency with some innovative features (you had a point there) and I do have a couple of good ideas I'll eventually execute.
October 28, 2014, 11:29:03 PM
told yah this will not work 
October 28, 2014, 11:14:09 PM
that's a relief. hope more coinartists fail pre launch.
October 28, 2014, 08:48:54 PM
It died a day before launch.
October 28, 2014, 05:36:52 PM
Shurugwi, in the aspects you've mentioned it's no different than other altcoins or Bitcoin itself. Placing the premine in escrow makes no sense, it has to be distributed according to our plan anyway (see how placing a premine in Moolah's hands worked out for Syscoin by the way...). And I've demonstrated I'm trustworthy with Spaincoin before and I wouldn't be taking any of the premine for myself.
Anyway, it doesn't matter any more because I'm cancelling the launch of this currency. With the lackluster support from the community and the lack of understanding about cryptocurrencies from the Ph govt, it's really not worth my time. I'd rather launch a cryptocurrency with some innovative features (you had a point there) and I do have a couple of good ideas I'll eventually execute.
October 28, 2014, 04:57:34 PM
I don't normally bother commenting or flaming on new coins... Everyone is free to create an ALT coin but trying to cash in on a legitimate effort of another countries government is just pathetic and greedy but then this is the world of crypto where the nice guys working to better it for everyone are few and far between.
@naplam
Since we are making lists here is mine:
No longevity
I am concerned about the longevity of the coin in that it has a POW of only 2 years and no POS with an interest component to keep the blockchain moving beyond that. I don't see this coin being valuable enough that mining for transaction fees only would be viable after the short POW. Not even bitcoin at this stage with it's market cap in the billions is worth mining for only transaction fees.
Should this coin ever even reach 2 years POW then the rewards from mining transaction fees would be so low that almost no one would bother mining which in turn would allow the difficulty to drop and anyone with even a few TH would be able to attack the blockchain(51%). This spec is a non starter.
Premine
These are the problems I see with your current premine:
15% premine is 150000000 coins
Assuming the rest of the coins are mined over 24 months then that would be 35416666.66666667 coins per month.
That means miners would have to mine for 4.2 months before mining 15% of the total to match the premine.
Unless the premine is kept in escrow and released at a maximum % rate matching the mined rate of the total coins, I don't see this going any other way than a massive premine dump when it hits an exchange.
If you have any decency then call this coin something else and drop the name e-peso and association to the Philippines.
@naplam
Since we are making lists here is mine:
- Will the premine be kept in escrow or do you keep the coins yourself?
- Who decides the recipients of the premine
- How much of the premine goes to you
- How do you intend to distribute the premine to the citizens of PH
No longevity
I am concerned about the longevity of the coin in that it has a POW of only 2 years and no POS with an interest component to keep the blockchain moving beyond that. I don't see this coin being valuable enough that mining for transaction fees only would be viable after the short POW. Not even bitcoin at this stage with it's market cap in the billions is worth mining for only transaction fees.
Should this coin ever even reach 2 years POW then the rewards from mining transaction fees would be so low that almost no one would bother mining which in turn would allow the difficulty to drop and anyone with even a few TH would be able to attack the blockchain(51%). This spec is a non starter.
Premine
These are the problems I see with your current premine:
15% premine is 150000000 coins
Assuming the rest of the coins are mined over 24 months then that would be 35416666.66666667 coins per month.
That means miners would have to mine for 4.2 months before mining 15% of the total to match the premine.
Unless the premine is kept in escrow and released at a maximum % rate matching the mined rate of the total coins, I don't see this going any other way than a massive premine dump when it hits an exchange.
If you have any decency then call this coin something else and drop the name e-peso and association to the Philippines.
October 28, 2014, 04:25:27 AM
This one is real and the only one worth going for. When we looking to hit the exchange?
October 28, 2014, 04:07:50 AM
Website looks great, the coin is set for something wonderful and great. Lets keep this coin in development!
October 27, 2014, 05:51:59 AM
Yours looks like a fake, the real one is: https://bitcointalksearch.org/topic/annepeso-e-peso-initiative-philippine-government-backed-827826
Are you sure which is real?which one is real?
Neither is real. A government issued currency is not going to be mineable, droppable or in any way free to early adopters. The "coin" will be a one for one exchange of fiat currency at Phiippine banks. All of this mineable e-Peso is a fantasy designed to separate you from your money.
October 27, 2014, 02:47:55 AM
Yours looks like a fake, the real one is: https://bitcointalksearch.org/topic/annepeso-e-peso-initiative-philippine-government-backed-827826
Are you sure which is real?which one is real?
October 27, 2014, 12:30:31 AM
Which one is real 
October 27, 2014, 12:13:20 AM
wow... 'real' is such a big word. At least on the other thread it was meant to be a means to test the approach... while yours on the other hand claims to be the legit one.
October 27, 2014, 12:05:19 AM
Yours looks like a fake, the real one is: https://bitcointalksearch.org/topic/annepeso-e-peso-initiative-philippine-government-backed-827826
Are you sure which is real? October 26, 2014, 08:19:25 PM
With all these cases of launching fake E-Pesos in the forum, I think PH Gov't will be force to change the name of its future digital currency.
October 26, 2014, 08:00:43 PM
Yours looks like a fake, the real one is: https://bitcointalksearch.org/topic/annepeso-e-peso-initiative-philippine-government-backed-827826
October 26, 2014, 07:43:49 PM
In case any of you are confused with the "other" fake ePesos... this one is a real coin that will get listed in exchanges, done by a competent team who's launched cryptocurrencies successfully before.
"Real" as in, really important for your personal bottom line with no regard for the damage you are doing to the actual initiative the Philippine Government is attempting. If your coin is successful it will undermine real currency and do irreparable harm to future endeavors. Your opportunistic narcissim is a thin mask for your greed. Anyone who invests in this travesty is simply donating to the furtherance of future endeavors of this ill conceived nature. I wish you all of the worst luck possible.
October 26, 2014, 05:37:22 PM
In case any of you are confused with the "other" fake ePesos... this one is a real coin that will get listed in exchanges, done by a competent team who's launched cryptocurrencies successfully before.
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