[ANN] PayPie - Blockchain-Powered Risk Assessment - page 193.

Islapdonkey

sr. member

Activity: 882

Merit: 277

If i had a dollar for every "had i known"

Quote from: Piggy on September 10, 2017, 02:15:11 PM

I was thinking today, how do you prevent obvious abuses? Like somembody trying to make his company having a lot of good rating by making fake transactions?

that's the beauty of blockchain technology, it's transparent and every data is verifiable. Just the same way you can't easily fake a bitcoin transaction, it will be extremely hard to continuously fake a ledger transaction on the paypie blockchain. A dedicated investigator can easily detect the erroneous information/

Rigorous

full member

Activity: 574

Merit: 115

Quote from: Islapdonkey on September 10, 2017, 01:58:53 PM

Quote from: Sozialtourist on September 10, 2017, 01:43:06 PM

Quote from: kraterion on September 10, 2017, 01:30:25 PM

Quote from: Rigorous on September 10, 2017, 06:05:44 AM

Quote from: Islapdonkey on September 09, 2017, 01:41:21 PM

Again this is just a guess on my part but as i aforementioned, due to SEC rules, the piecoin might have been conceived as an alternative to incentive Paypie customers/Paypie coin holders. Piecoin might be distributed as a form of dividend (note that i use the word a form to denote that its not an actual dividend) and the distribution could be exchanged on Paypie's platform for fiat. Since it's not the main coin associated with the project and only has internal use, i.e.( Paypie won't provide an exchange for it) this deflects any issue that the SEC rules might pose.

As for pegging to multiple currencies, am guessing they will peg it to the currency that's currently worth the most, and use exchange rates from that currency to pay out on other currencies. Again, am just guessing and none of this should be considered viable till statement is obtained from an admin

I think I have figured it out. But still guessing. I think you actually have it backwards. PPP tokens are the investment vehicle and PieCoin are stable stores of debit/credit value.

Assuming PPP are the PayPie tokens that are traded on the exchanges. PPP will be converted to PieCoin (PIE) for internal transactions in the PayPie market.

PIE are pegged to a several major currencies at the same time: a currency basket. For the sake of argument, assume the currency basket is 1 PIE = $1.

You owe someone $300. Which means you are 300 PIE short.

PIE can only be exchanged through PPP tokens.

PPP tokens fluctuate, but according to the whitepaper the price per token starts at 1 PPP = 0.0011 ETH.

If the price of $300 = 1 ETH you need to buy 1/0.0011 = 909 PPP.

If PPP doubles in value, you need to buy 454 PPP instead. Your debt, in terms of currency basket value, has remained the same amount, ie. 300 PIE = $300.

If you were indebted 300 PPP instead of PIE, after PPP doubled in value you would owe $600.

Nice catch, and they can achieve that with PIE because it's only an internal token and it won't be put on exchanges. It's the only way to keep a token stable at the moment, there's this token, Corion in which devs claim that price will be always $1, isn't on exchanges yet but it will be on day, I'm going to grab a popcorn basket when their reserve to buy COR will finish (because at some point it will finish)

Are we talking about PIECoin, as in https://coinmarketcap.com/currencies/piecoin/ ? I am really confused now Huh

No we not talking about the shit coin on the exchanges called pie coin, rather we referring to an internal coin utilized on the paypie platform thats also named piecoin.
Anyway, rigorous your explanation makes a lot of sense, hopefully a paypie admin can confirm if it's on the right track cos investors will deem such info vital.

After re-reading the whitepaper again and again I think I got it completely wrong.

The actual money owed on the invoice is not paid with PIE but through traditional ways, ie. bank transfers, VISA, whatever. I was misled by statements such as

all transactions will flow through blockchain and validity of all transactions including sent invoices can be verified

Lender confirms, signs and funds get transferred to the company and published on blockchain

But it's not realistic to transfer money owed through PIE, as the PIE balance sheet would quickly eclipse the value of PPP and PayPie itself. Small-medium companies have balance sheets of up to $100 Million.

The only things transferred through the PayPie network are documents such as invoices, and those invoices are put on a marketplace where the right to see or pay them may be bought using PIE. PayPie charges a fee on each marketplace transaction.

Piggy

hero member

Activity: 784

Merit: 1416

I was thinking today, how do you prevent obvious abuses? Like somembody trying to make his company having a lot of good rating by making fake transactions?

Voltaje

sr. member

Activity: 350

Merit: 250

Quote from: Islapdonkey on September 10, 2017, 01:58:53 PM

Quote from: Sozialtourist on September 10, 2017, 01:43:06 PM

Quote from: kraterion on September 10, 2017, 01:30:25 PM

Quote from: Rigorous on September 10, 2017, 06:05:44 AM

Quote from: Islapdonkey on September 09, 2017, 01:41:21 PM

Again this is just a guess on my part but as i aforementioned, due to SEC rules, the piecoin might have been conceived as an alternative to incentive Paypie customers/Paypie coin holders. Piecoin might be distributed as a form of dividend (note that i use the word a form to denote that its not an actual dividend) and the distribution could be exchanged on Paypie's platform for fiat. Since it's not the main coin associated with the project and only has internal use, i.e.( Paypie won't provide an exchange for it) this deflects any issue that the SEC rules might pose.

As for pegging to multiple currencies, am guessing they will peg it to the currency that's currently worth the most, and use exchange rates from that currency to pay out on other currencies. Again, am just guessing and none of this should be considered viable till statement is obtained from an admin

I think I have figured it out. But still guessing. I think you actually have it backwards. PPP tokens are the investment vehicle and PieCoin are stable stores of debit/credit value.

Assuming PPP are the PayPie tokens that are traded on the exchanges. PPP will be converted to PieCoin (PIE) for internal transactions in the PayPie market.

PIE are pegged to a several major currencies at the same time: a currency basket. For the sake of argument, assume the currency basket is 1 PIE = $1.

You owe someone $300. Which means you are 300 PIE short.

PIE can only be exchanged through PPP tokens.

PPP tokens fluctuate, but according to the whitepaper the price per token starts at 1 PPP = 0.0011 ETH.

If the price of $300 = 1 ETH you need to buy 1/0.0011 = 909 PPP.

If PPP doubles in value, you need to buy 454 PPP instead. Your debt, in terms of currency basket value, has remained the same amount, ie. 300 PIE = $300.

If you were indebted 300 PPP instead of PIE, after PPP doubled in value you would owe $600.

Nice catch, and they can achieve that with PIE because it's only an internal token and it won't be put on exchanges. It's the only way to keep a token stable at the moment, there's this token, Corion in which devs claim that price will be always $1, isn't on exchanges yet but it will be on day, I'm going to grab a popcorn basket when their reserve to buy COR will finish (because at some point it will finish)

Are we talking about PIECoin, as in https://coinmarketcap.com/currencies/piecoin/ ? I am really confused now Huh

No we not talking about the shit coin on the exchanges called pie coin, rather we referring to an internal coin utilized on the paypie platform thats also named piecoin.
Anyway, rigorous your explanation makes a lot of sense, hopefully a paypie admin can confirm if it's on the right track cos investors will deem such info vital.

I imagine they decided the name PayPie to be similar to PayPal, even if the purpose isn't the same, it gives kind of a similar vibe, different to paycoin, that is a shitcon that has no use but to be a coin, paypiecoin is another token altogether, dont put an existing coin here, anyway, the explanatino is correct, but a lot of us already knew that.

Islapdonkey

sr. member

Activity: 882

Merit: 277

If i had a dollar for every "had i known"

Quote from: Sozialtourist on September 10, 2017, 01:43:06 PM

Quote from: kraterion on September 10, 2017, 01:30:25 PM

Quote from: Rigorous on September 10, 2017, 06:05:44 AM

Quote from: Islapdonkey on September 09, 2017, 01:41:21 PM

Again this is just a guess on my part but as i aforementioned, due to SEC rules, the piecoin might have been conceived as an alternative to incentive Paypie customers/Paypie coin holders. Piecoin might be distributed as a form of dividend (note that i use the word a form to denote that its not an actual dividend) and the distribution could be exchanged on Paypie's platform for fiat. Since it's not the main coin associated with the project and only has internal use, i.e.( Paypie won't provide an exchange for it) this deflects any issue that the SEC rules might pose.

As for pegging to multiple currencies, am guessing they will peg it to the currency that's currently worth the most, and use exchange rates from that currency to pay out on other currencies. Again, am just guessing and none of this should be considered viable till statement is obtained from an admin

I think I have figured it out. But still guessing. I think you actually have it backwards. PPP tokens are the investment vehicle and PieCoin are stable stores of debit/credit value.

Assuming PPP are the PayPie tokens that are traded on the exchanges. PPP will be converted to PieCoin (PIE) for internal transactions in the PayPie market.

PIE are pegged to a several major currencies at the same time: a currency basket. For the sake of argument, assume the currency basket is 1 PIE = $1.

You owe someone $300. Which means you are 300 PIE short.

PIE can only be exchanged through PPP tokens.

PPP tokens fluctuate, but according to the whitepaper the price per token starts at 1 PPP = 0.0011 ETH.

If the price of $300 = 1 ETH you need to buy 1/0.0011 = 909 PPP.

If PPP doubles in value, you need to buy 454 PPP instead. Your debt, in terms of currency basket value, has remained the same amount, ie. 300 PIE = $300.

If you were indebted 300 PPP instead of PIE, after PPP doubled in value you would owe $600.

Nice catch, and they can achieve that with PIE because it's only an internal token and it won't be put on exchanges. It's the only way to keep a token stable at the moment, there's this token, Corion in which devs claim that price will be always $1, isn't on exchanges yet but it will be on day, I'm going to grab a popcorn basket when their reserve to buy COR will finish (because at some point it will finish)

Are we talking about PIECoin, as in https://coinmarketcap.com/currencies/piecoin/ ? I am really confused now Huh

No we not talking about the shit coin on the exchanges called pie coin, rather we referring to an internal coin utilized on the paypie platform thats also named piecoin.
Anyway, rigorous your explanation makes a lot of sense, hopefully a paypie admin can confirm if it's on the right track cos investors will deem such info vital.

jukKas

full member

Activity: 364

Merit: 100

Nice pictures from the EXPO. Hope everything went very well. Did you guys had any good talks there? What was the peoples feeling about credit risk assessment on blockchain?

Sozialtourist

full member

Activity: 686

Merit: 101

Quote from: kraterion on September 10, 2017, 01:30:25 PM

Quote from: Rigorous on September 10, 2017, 06:05:44 AM

Quote from: Islapdonkey on September 09, 2017, 01:41:21 PM

Again this is just a guess on my part but as i aforementioned, due to SEC rules, the piecoin might have been conceived as an alternative to incentive Paypie customers/Paypie coin holders. Piecoin might be distributed as a form of dividend (note that i use the word a form to denote that its not an actual dividend) and the distribution could be exchanged on Paypie's platform for fiat. Since it's not the main coin associated with the project and only has internal use, i.e.( Paypie won't provide an exchange for it) this deflects any issue that the SEC rules might pose.

As for pegging to multiple currencies, am guessing they will peg it to the currency that's currently worth the most, and use exchange rates from that currency to pay out on other currencies. Again, am just guessing and none of this should be considered viable till statement is obtained from an admin

I think I have figured it out. But still guessing. I think you actually have it backwards. PPP tokens are the investment vehicle and PieCoin are stable stores of debit/credit value.

Assuming PPP are the PayPie tokens that are traded on the exchanges. PPP will be converted to PieCoin (PIE) for internal transactions in the PayPie market.

PIE are pegged to a several major currencies at the same time: a currency basket. For the sake of argument, assume the currency basket is 1 PIE = $1.

You owe someone $300. Which means you are 300 PIE short.

PIE can only be exchanged through PPP tokens.

PPP tokens fluctuate, but according to the whitepaper the price per token starts at 1 PPP = 0.0011 ETH.

If the price of $300 = 1 ETH you need to buy 1/0.0011 = 909 PPP.

If PPP doubles in value, you need to buy 454 PPP instead. Your debt, in terms of currency basket value, has remained the same amount, ie. 300 PIE = $300.

If you were indebted 300 PPP instead of PIE, after PPP doubled in value you would owe $600.

Nice catch, and they can achieve that with PIE because it's only an internal token and it won't be put on exchanges. It's the only way to keep a token stable at the moment, there's this token, Corion in which devs claim that price will be always $1, isn't on exchanges yet but it will be on day, I'm going to grab a popcorn basket when their reserve to buy COR will finish (because at some point it will finish)

Are we talking about PIECoin, as in https://coinmarketcap.com/currencies/piecoin/ ? I am really confused now Huh

Elkmar

full member

Activity: 294

Merit: 100

Maybe what I'll say is stupid, but I like the fact that they have a stand at this explo, with flyers, goodies etc ...

This looks really professional in my opinion

kraterion

full member

Activity: 616

Merit: 145

🚀🚀 ATHERO.IO 🚀🚀

Quote from: Rigorous on September 10, 2017, 06:05:44 AM

Quote from: Islapdonkey on September 09, 2017, 01:41:21 PM

Again this is just a guess on my part but as i aforementioned, due to SEC rules, the piecoin might have been conceived as an alternative to incentive Paypie customers/Paypie coin holders. Piecoin might be distributed as a form of dividend (note that i use the word a form to denote that its not an actual dividend) and the distribution could be exchanged on Paypie's platform for fiat. Since it's not the main coin associated with the project and only has internal use, i.e.( Paypie won't provide an exchange for it) this deflects any issue that the SEC rules might pose.

As for pegging to multiple currencies, am guessing they will peg it to the currency that's currently worth the most, and use exchange rates from that currency to pay out on other currencies. Again, am just guessing and none of this should be considered viable till statement is obtained from an admin

I think I have figured it out. But still guessing. I think you actually have it backwards. PPP tokens are the investment vehicle and PieCoin are stable stores of debit/credit value.

Assuming PPP are the PayPie tokens that are traded on the exchanges. PPP will be converted to PieCoin (PIE) for internal transactions in the PayPie market.

PIE are pegged to a several major currencies at the same time: a currency basket. For the sake of argument, assume the currency basket is 1 PIE = $1.

You owe someone $300. Which means you are 300 PIE short.

PIE can only be exchanged through PPP tokens.

PPP tokens fluctuate, but according to the whitepaper the price per token starts at 1 PPP = 0.0011 ETH.

If the price of $300 = 1 ETH you need to buy 1/0.0011 = 909 PPP.

If PPP doubles in value, you need to buy 454 PPP instead. Your debt, in terms of currency basket value, has remained the same amount, ie. 300 PIE = $300.

If you were indebted 300 PPP instead of PIE, after PPP doubled in value you would owe $600.

Nice catch, and they can achieve that with PIE because it's only an internal token and it won't be put on exchanges. It's the only way to keep a token stable at the moment, there's this token, Corion in which devs claim that price will be always $1, isn't on exchanges yet but it will be on day, I'm going to grab a popcorn basket when their reserve to buy COR will finish (because at some point it will finish)

CR2020

newbie

Activity: 3

Merit: 0

Quote from: BTCBusinessConsult on September 10, 2017, 10:49:27 AM

Quote from: Jay2408 on September 10, 2017, 09:24:25 AM

Quote from: BTCBusinessConsult on September 09, 2017, 04:07:59 PM

INTERVIEW SCHEDULED!

Hi everybody, I have an interview scheduled with Nick Chandi, CEO of PayPie. Please message me questions and comments you have about PayPie to add to our list of things to discuss. Interview is on Thursday so lets make sure we have a great list to make it as efficient as possible for Nick!!

@AndreasBTC on twitter
[email protected]

Thanks

Good luck with your interview. This is a recent interview with Nick Chandi that you may find useful -

PART 1 - https://www.youtube.com/watch?v=NNROt6ERBLE&t=12s

PART 2 - https://www.youtube.com/watch?v=e6JCKREN1X0&t=369s

Thanks

Heimer

sr. member

Activity: 518

Merit: 250

Quote from: pynetx on September 10, 2017, 09:07:35 AM

I don't really trust centralized systems with my personal data.
It's good to have paypie take steps to make it safer for everyone.

If data is strongly encrypted and safely storaged on blockchain I don't see any contraindications. Hacker won't be able to access your personal info and your partners will have much easier job with accounting

Trrrt

full member

Activity: 448

Merit: 107

Very nice communication management, paypie handle things very well. During the event they were very busy and gain a massive visibility for investors. They manage well the communication on social media too, just look at the thread, a lot of question answered and a lot of post with news.
Im ready for the ico, im totaly sure that it will be a sucess !

BTCBusinessConsult

sr. member

Activity: 546

Merit: 250

Active Trading on EPIC5k and Spectre.Ai

Quote from: Jay2408 on September 10, 2017, 09:24:25 AM

Quote from: BTCBusinessConsult on September 09, 2017, 04:07:59 PM

INTERVIEW SCHEDULED!

Hi everybody, I have an interview scheduled with Nick Chandi, CEO of PayPie. Please message me questions and comments you have about PayPie to add to our list of things to discuss. Interview is on Thursday so lets make sure we have a great list to make it as efficient as possible for Nick!!

@AndreasBTC on twitter
[email protected]

Thanks

This thread is growing so fast, almost didn't find this post. Sent you a PM.

I got it and responded.

Had some messages from people. Don't forget if you DONT send me questions for the interview we cannot discuss them, then your questions won't be answered. So send me questions and comments to make sure they get answered!!

Thanks

toolucky98

full member

Activity: 490

Merit: 100

Quote from: bitsurfer2014 on September 10, 2017, 08:40:27 AM

Quote from: matjas on September 10, 2017, 06:42:59 AM

Quote from: Heimer on September 09, 2017, 04:35:35 PM

Quote from: Wapinter on September 09, 2017, 04:00:02 PM

Paypie Team had been very busy at the event. There was a lot of interest in the blockchain accounting and how we will be using it to solve real life business problems. Everyone was very excited to see this coming.

Great news guys! I hope that you will meet some big whale who will invest in paypie as an institutional investor?

I know this was a regular accounting expo, but were there some other companies which are involved with the crypto world representing themselves?

If I'm not mistaken, I think no other companies that are involved in crypto was in that expo except on Paypie's platform. But if ever there was one, PAYPIE could always pride itself as the Worlds First Blockchain Accounting Platform.

Since they are the only one for now, they will get a lot of attentions because of it. Everyone there will see this concept look unique especially those who dont know blockchain/smart contract.

FIEX

sr. member

Activity: 630

Merit: 276

Really cant wait to see this ICO start!
Great campaign and very good marketing behind this project! First account platform on blockchain for the moment so this must attract some big investors.

Good luck devs!

the_donald

full member

Activity: 588

Merit: 100

Quote from: pynetx on September 10, 2017, 09:07:35 AM

I don't really trust centralized systems with my personal data.
It's good to have paypie take steps to make it safer for everyone.

you shouldn't. especially if you heard of the recent equifax scandal. that's what you get when you only have a few companies running things.

Jay2408

full member

Activity: 518

Merit: 101

🚀🚀 ATHERO.IO 🚀🚀

Quote from: BTCBusinessConsult on September 09, 2017, 04:07:59 PM

INTERVIEW SCHEDULED!

Hi everybody, I have an interview scheduled with Nick Chandi, CEO of PayPie. Please message me questions and comments you have about PayPie to add to our list of things to discuss. Interview is on Thursday so lets make sure we have a great list to make it as efficient as possible for Nick!!

@AndreasBTC on twitter
[email protected]

Thanks

This thread is growing so fast, almost didn't find this post. Sent you a PM.

pynetx

sr. member

Activity: 798

Merit: 262

I don't really trust centralized systems with my personal data.
It's good to have paypie take steps to make it safer for everyone.

viljy

hero member

Activity: 1736

Merit: 857

Great project. Now the reporting will be protected from forged data. Judging by the description, the development team gathered highly qualified specialists in their fields. I think they will achieve great success. But time will tell. While at the moment the project looks very attractive for investors.

kraterion

full member

Activity: 616

Merit: 145

🚀🚀 ATHERO.IO 🚀🚀

Yes it was the only one because there aren't other projects around cryptoworld that offer this kind of service. This is also the reason this project will be huge

Topic: [ANN] PayPie - Blockchain-Powered Risk Assessment - page 193. (Read 109500 times)