Thoughts on Pundi X project - page 2.

metalbean

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Quote from: Herdirfauzi on September 21, 2017, 10:45:00 PM

I have read the article about Bitcoin currency ban to use as a transaction in Indonesia, actually I also do not believe the article, I just share the information you can check here
https://infobanknews.com/bi-larang-keras-penggunaan-bitcoin-di-indonesia/

Hi Herdirfauzi,

Thanks for the link,

Bank of Indonesia indeed prohibits the use of cryptocurrency as real currency. We cannot use it to buy items like how we use Indonesian Rupiah. Bitcoin and cryptocurrency is classified as virtual good. So we will have to operate in the domain of "virtual goods". For example, tokens have to be sold first and converted real time to Indonesian Rupiah before using the fiat currency to buy daily items such as sugar. The challenge is to do a real time conversion that is fair and beneficial to the buyer, seller and merchant owner.

Thanks for asking good questions Herdirfauzi

leea-1334

hero member

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Temporary forum vacation

I think you have a good proposal. A real example of crypto in the real world, with a real solution for a real need. I would actually start with small time shops first. You mentioned Indonesia, that is perfect. I believe there are so many small shops there. But, I would like to ask, how would you protect these owners from theft? Yes, the devices may be secure. But that won't stop thieves from thinking they can crack it.

Sorry to throw real example but this is the risk.

kryptqnick

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Quote from: metalbean on September 21, 2017, 03:08:45 AM

Quote from: Bitcoin4ik on September 21, 2017, 03:06:47 AM

This is probably one of the best ICOs I've seen so far.

Many ICOs today are focused on the blockchain space doing virtual connectivity and decentralization, while this is very noble and will kill the banks (hopefully) it is still not benefitting the normal people still. I am just afraid that we swap one big connected bank with baldies with one decentralized bank with kids. So it's refreshing that you have something that I can see and hold and use it, especially for the normal people.

You might want to check out hero token so far, I think they are also in South East Asia and does something close to you.

Thanks! Glad to hear that

Yes, living in Indonesia allows us to know that while bitcoin revolution is brewing online, the offline people will never be part of it if we don't do something.

Thanks for recommending token hero

If you already have a popular project (than app of yours) and you want to build an ICO on it - I guess it will be successful in case you have good marketing team. It is also nice to hear that some people that launch icos aren't scammers, and I feel like more and more ico projects appear to be legit.
Nevertheless, I don't understand why you need to build your own coin instead of using some other coin like ethereum as a payment, or simply making a token on Waves.

YelloAme

newbie

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Sounds like a good idea but you can do this without ICO

Herdirfauzi

sr. member

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Quote from: metalbean on September 20, 2017, 10:45:03 PM

Hi guys,

Here's the background:

In 2-2017 we launched a payment app and managed to corner a small payment market in our market. Several of us in the team play bitcoins and are crypto-anarchist wannabe, but never thought of doing anything with crypto except trading, and hopefully one day using it to buy groceries. Then ICO explodes.....

Should we leverage on this ICO craze (in a good and right way) ?

We create this use case:
1. Buying cryptocurrency should be as easy as buying a bottled water
2. Spending cryptocurrency should be easier than using a cashless app

Statement 1 & 2 are designed for normal people, those that call us "and ask what bitcoin is" because we look nerdy enough for them to think we know.

We have
1. Working app - which is no1 (at least top 3) in Indonesia despite being a new comer. It's a QR payment system like Linepay in Japan or Alipay in China. It's geared towards offline payment so the use case is to pay when you buy a coffee or groceries by scanning the QR code. We have credit lending in it but decided to postpone it since we don't have P2P(or on-site) lending license.

2. Working device - we modified a POS machine (some call EDC) manufactured in Shen Zhen, and we have ordered 500 of them. Actually since we have a team in Shen Zhen we can pre order and get 10000 devices in two weeks. It's very secure and I invite hackers to break it, through software or hardware attack.

3. Working card - A decade ago people feel safer when they buy talk time (mobile calling card) they need to have a plastic card. So we will give that to the people too.

Finally we want to roll out 1,000,000 smart devices connected to the Ethereum blockchain in 3 years.

Again we are not chasing the ICO craze purely for money, but we do think its a good chance to roll out projects that can really benefit normal people. >90% of crypto is in the hands of 1% is not right. Crypto will not be the currency we want to be if it's not shared with more people.

Thoughts? Advice needed.

I have read the article about Bitcoin currency ban to use as a transaction in Indonesia, actually I also do not believe the article, I just share the information you can check here
https://infobanknews.com/bi-larang-keras-penggunaan-bitcoin-di-indonesia/

Herdirfauzi

sr. member

Activity: 574

Merit: 250

what you describe about your project is very interesting, I've heard that in Indonesia do not apply the use of bitcoin currency. then what will you do? I heard the news from my friend. Undecided

metalbean

full member

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Merit: 103

Quote from: Bitcoin4ik on September 21, 2017, 11:45:48 AM

So you have a working product. pundi-pundi.com

Looks neat and you just might kick some ass.

Yeah, that's our current product Pundi-Pundi, our blockchain services on top of it will be called Pundi X.

Thanks for discovering us

Bitcoin4ik

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So you have a working product. pundi-pundi.com

Looks neat and you just might kick some ass.

SiverSurfer

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Quote from: metalbean on September 21, 2017, 09:38:35 AM

Your advice makes sense, we are thinking of also excluding Chinese nationals from participating in the ICO. Do we stand to lose alot of [PLACEHOLDER] ?

I think many will find another way to buy it, maybe through friends.

metalbean

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Quote from: alyssa85 on September 21, 2017, 08:48:48 AM

Quote from: metalbean on September 21, 2017, 03:12:34 AM

Quote from: SiverSurfer on September 21, 2017, 03:10:27 AM

You should bring this project to China. With Alipay and Wechatpay we still cannot buy crypto in 7-Eleven.

Or I should travel to Bali to buy since it's not expensive to fly there these days

))

We would love to, and China will proof to be very challenging market, if not the most

Integrating it with Alipay might serve alot of sense too, though we are not sure if Chinese regulators will be happy given what happen lately.

Our focus is really to encourage mass usage first in South East Asia. And please visit Bali

Just a heads up - China has banned ICOs, starting from 30th September. Do your business in the far east countries outside China.

Your advice makes sense, we are thinking of also excluding Chinese nationals from participating in the ICO. Do we stand to lose alot of [PLACEHOLDER] ?

metalbean

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Activity: 448

Merit: 103

Quote from: samy_voc on September 21, 2017, 08:45:57 AM

Looks like a good concept go for it. "Strike the Iron when it is hot". As you have seen there were so many ICO who have cashed out without even a white paper.

Why not if you have good concept and technology to back it?

Please also check PAY toke, They are somewhat similar too .

"Strike the Iron when it is hot" sounds like a wise and popular Chinese saying

(ps: I learnt Chinese)

I'll check out PAY token, thanks!

metalbean

full member

Activity: 448

Merit: 103

Quote from: Wyre08 on September 21, 2017, 06:51:03 AM

Sounds like a really cool project. Maybe I missed it but what's the name of the project?

Thanks for the support.

We haven't officially rolled out the project yet, so we codenamed it X.

The team has done stuff in fintech, and we will use this to power X. The fintech projects are powering QR code payment in South East Asia, just like Linepay in Japand and Alipay in China. our project - www.scanbersama.com www.pundi-pundi.com

1WorldOnline

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I think the ICO craze will definitely have some negative repercussions once the hype dies down. I also think your current user base supports your argument to launch an ICO. You risk losing what you've already developed, however.

alyssa85

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Quote from: metalbean on September 21, 2017, 03:12:34 AM

Quote from: SiverSurfer on September 21, 2017, 03:10:27 AM

You should bring this project to China. With Alipay and Wechatpay we still cannot buy crypto in 7-Eleven.

Or I should travel to Bali to buy since it's not expensive to fly there these days

))

We would love to, and China will proof to be very challenging market, if not the most

Integrating it with Alipay might serve alot of sense too, though we are not sure if Chinese regulators will be happy given what happen lately.

Our focus is really to encourage mass usage first in South East Asia. And please visit Bali

Just a heads up - China has banned ICOs, starting from 30th September. Do your business in the far east countries outside China.

samy_voc

full member

Activity: 154

Merit: 100

Looks like a good concept go for it. "Strike the Iron when it is hot". As you have seen there were so many ICO who have cashed out without even a white paper.

Why not if you have good concept and technology to back it?

Please also check PAY toke, They are somewhat similar too .

HappyCrypto

member

Activity: 76

Merit: 10

I think you shoudn`t waste your time and should to launch your project. If you are really sure in profit

Wyre08

member

Activity: 84

Merit: 10

Sounds like a really cool project. Maybe I missed it but what's the name of the project?

metalbean

full member

Activity: 448

Merit: 103

Quote from: coingrow on September 21, 2017, 06:01:53 AM

What a wondeful idea you have got there. And it should work like a charm in your market, but plan to expand it as you grow. Not sure if ETH should be the choice of blockchain to be used, espectially with the scaling problems they are currently encoutering.
If you ask me this is not the wrong time to begin an ICO. Make a nice whitepaper and get some advisors who are well known in the cryoto world and you should be good to go.

Thanks Coingrow,

We looked into WAVE and Ethereum and finally went with Ethereum because of the familiarity many have with it. Scaling issue is critical as we want to be able to make sure the transaction closes in a matter of seconds, just like paying at any counter for a pack of gums.

While we believe we have a solid execution team, we have not been able to invite the who's who of the-world-of-crypto to be our advisors. Hopefully things will change with the ANN and people might start noticing.

metalbean

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Merit: 103

Quote from: Bitcoin4ik on September 21, 2017, 05:20:01 AM

This is very cool.

My question is, how do you make sure the device and card is secure.

Thanks Bitcoin4ik for the encouraging words.

1. Private key ownership - users will own their private key either by paper wallet (which is hard printed in our Pundi X Pass card) or it is stored in the app (which you also have the key). Fundamentally we have the flaws and strengths of paper/offline and online wallet.

2. For the device - I will share with you more about the specs if you are interested

coingrow

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What a wondeful idea you have got there. And it should work like a charm in your market, but plan to expand it as you grow. Not sure if ETH should be the choice of blockchain to be used, espectially with the scaling problems they are currently encoutering.
If you ask me this is not the wrong time to begin an ICO. Make a nice whitepaper and get some advisors who are well known in the cryoto world and you should be good to go.

Topic: Thoughts on Pundi X project - page 2. (Read 1302 times)