Topic: [ANN][PSB] Pesobit, the currency for remittances and international cooperation - page 14. (Read 208468 times)

These clarifies it for them, I know you dont bite , I am merely asking these so the issue will stop for now and be known directly to the public.
Thanks

This will be my last post regarding the 10 million PSB hack, as all its aspects were discussed in all possible angles already.

A) hacked coin was sold at exchanges to other honest buyers. Honest people paid bitcoin to buy the stolen PSB.  Making the sold coin unuseable would mean 10 million PSB sold to honest people who paid for it dont work anymore. Also, editing a blockchain like this is not possible.

B) Of course all the stolen PSB found their way to the new blockchain, since we decided to honor all PSB, stolen and not stolen, so that everyone would not lose.

A) How did make sure that the 10 million "stolen" PSB are not useable anymore?

B) You initiated a swap with new PSB, are you sure none of those "stolen" PSB found its way back swapped to the new blockchain?

Just answer my last question, the stolen 10 Million PSB from the Online Wallet can be easily refurbish with the new 10 Million PSB from the new wallet, I dont see the sense of replacing also the 10 Million which were already sold in the market.

Please review previous answer. If anything is still unclear, there is no point in repeating and discussing it here, send me PM.

10 million sold to markets outside online wallet from the hack ( we already know this to be gone for good ) So why we should we bother to replaced that amount anyway with the new wallet?

The 10 Million PSB on the online wallet can be replaced with the 10M from the new wallet of PSB .

Your numbers don't add up.

the 10 million hacked PSB were instantly sold to exchange markets, they were not anymore in the online server, the hacked coin were responsible for the big drop in price from 10k to 300sat; people bought coin which belonged to someone else. At the same time the online server still told users their balance, which was wrong.

it breaks down like this:

10 million PSB outside online wallet already

10 million PSB in online wallet (but online wallet has zero, since it was hacked)

10 million sold to markets outside online wallet from the hack.

so essentially a new coin (Pesobit 1.1) had to be created with 30 million and change, as money base.

The 10 Million were already hacked which corresponds to the missing 10M PSB on the online wallet, and as you say there is a 10 Million coin in circulation a total of 20M, since you will be creating a new wallet with a new blockchain then why not put up with 20Million instead of 30Million?  The missing 10 Million on the online wallet will be easily replaced automatically.. the remaining 10M which are in circulation will be the one to be for the swap.. so where is the other 10 Million PSB going?

Simple math. This has been discussed at large many times before, but let's review this one last time.

PSB coin is launched with 20 million PSB.

an online PSB wallet is created for the benefit of people who would rather use it than maintain a blockchain on their computer. This wallet had hackeable flaws, unfortunately.

Online wallet is huge success: 10 million PSB are stored at the online wallet, 10 million PSB outside PSB wallet; numbers rounded for simplicity.

Some hacker figured out a way to withdraw the whole content of the online wallet; online wallet users still can see they own PSB balance, but effectively, online wallet now has zero PSB coin.

Choice A - we let PSB continue, with people having lost 10 million PSB (PSB would collapse and disappear)

Choice B - we create 10 million PSB to pay back hacked online wallet users and allow PSB to continue while fixing the hackeable weakness of the online wallet

Cryptopia de-lists any coins that changes the amount of circulating coin, whatever the reason might be. They de-listed Ether, so they de-listed PSB too. What Cryptopia gets wrong is that Pesobit 1.1 was a coin swap, not a blockchain edit, but they are a stubborn administration.

is it more clear, now?

Just asking for the sake of clarity, how much PSB was hacked from the wallet? Since a new wallet was created with a new Blockchain, is it not just by creating another same amount of 21Million  PSB will suffice in this case? A 1:1 swap will just takes place anyway? Why is there a need of an additional 10 Million PSB? This I think has been bothering other investors as well and other traders. And what have happened to the case that was raised on cryptopia to devulge the owners of those PSB wallet addresses which were involved somehow with the hack?

Thanks

We cannot just create 10 million PSB, nobody can.

The blockchain was not edited; it is almost impossible to edit a blockchain. Essentially, Pesobit 1.1 was created as a brand new coin, and a coin swap procedure was outlined (see Lutzow's January 28th post).

The reason for this new Pesobit 1.1 was twofold, firstly introduce PoSP as a staking algorithm upgrade, then we created 10 million coin to cover for a huge hack that had taken place with the online wallet. This coin creation procedure will not happen again, as the community reaction was very negative; but then people have to realize that, if we hadn't created these new coin, the PSB network would have disappeared because of people losing because of the hack.

Since then, the PSB online wallet has been unhackeable, we have learned from past mistakes.

If people want to dump PSB, it's their choice. Me personally, I keep my PSB until a decent price is achieved, and then I will help by providing more liquidity without affecting market price.

The main goal of providing a useful and affordable method for Philippine remittances remains... a 28 billion US$ market that needs cryptocurrency's help.

Now if you don't like PSB anymore, for whatever reason, we can simply, again, create a new currency taking advantage of all the work that was done for Pesobit. Or we could just shut up and let Lutzow do his work and finish this project, possibly making a few of us believers much richer in the process.

Thats the risk. Invest in projects that really has a future

dev team should correct this, 10M is already a huge amount and the sense that they can easily manipulate the supply should worsen the project.

yeah probably, why would you invest money to a coin that can easily edited by the dev team.. 

if only the dev could burn those 10M, just maybe the investors will be back

without pesobit all of ALT coin pumping now a days, but pesobit decreasing a lot https://coinmarketcap.com/currencies/pesobit/ i am a holder of 64,000 pesobit and bought them at 800satoshi per coin. i am in huge loss. why the price of pesobit decreasing??

The devs said that there are not an extra 10 million coins in circulation. Am I wrong?

Pesobit's new version

We have completed the new Pesobit wallet software, and accordingly published it in github (https://github.com/pesobitph/pesobit-source/)
Basically, it uses same addresses so you have to clear your blockchain and resync using the new wallet.

The links has been sent to exchanges: Ccex, Yobit, NovaExchange, TradeSatoshi, CoinPayments.net, POSWallet and Coinomi.
As for Cryptopia who will no longer support Pesobit, we'll replace your old Pesobits with the new one just wait a little longer for the deposit addresses to be given to you.

So what's new with Pesobit?
1) PoSP or Proof-of-Staking Participation. PoSP allows Pesobit holders to earn more than the current 5% per annum staking rate while still maintaining the same inflation rate of the coin. In PoSP, the longer your desktop wallet is connected and staking the higher the rewards will be which makes sense because you're helping in securing the network by adding your wallet to the active nodes. The online wallet will use a fixed 7% per annum staking returns from the old 5%.

2) The total money offer of Pesobit will now stand at 32 millions from now on, to cover for the 10 million Pesobits illegally withdrawn from the PSB Online Wallet. So to counter the negative balance new Pesobits were created. The coins are not in CCex so they're cleared to continue trading. Other exchangers like Cryptopia may have those coins so trading, deposit and withdrawals were halted at that time. The new Pesobit software will ensure that a significant part of the stolen PSB's will no longer be usable. This is the reason why we're having a manual audit on Cryptopia users so I'd know that only those legit PSBs will be replaced with the new ones. Please note that some of these PSBs were already sold and unrecoverable, and this explains the recent large selloff that took place, just before I closed the Pesobit network.

As for how security was breached to allow this, it was not a hack but rather an exploit of a weakness in the Online Wallet that was used by a few users - I found out about this when auditing all the transactions in preparation for the migration towards PoSP. I already approached the Online wallet creator (Eduardo) about this and he apologizes for leaving this weakness found in our Online Wallet he created from the ground up. Eduardo has applied some extra security measures, among which people will not be able to withdraw automatically - there will be a manual review before a withdraw will be authorized. You will still receive a confirmation email upon withdrawal but it is simply to confirm that it was really you who did it. Pesobits from the Online Wallet will have a few hours delay but will try my best to keep it at a very minimum. It will only be like this though for a short period of time (1 or 2 weeks) until we get the withdrawals bug-free.


As time goes, we will keep working at identifying the users who initialted this exploit and illegally sent those PSBs out of the Online Wallet.  We will try to recover the lost Pesobits in an amicable way, with these users possibly buying back the sold Pesobits from the exchanges (or the Pesobits that were sold already). Anyway these Pesobits will no longer be usable since the new blockchain blocks the old one. This could bring back circulation of PSB to how it was before this event occured.
As always, our ambitious projects will continue, and the time has never been better to create systems around PSB, or to bring new PSB users to the community.


I will announce once the 3rd party systems are done upgrading their wallets then we'll bring all systems back up of course including the online wallet.

The 10 million pesobit added when they edited the blockchain scared off some potential big investors and long term hodlers.