Bitcoin Forum

UPDATE: launch cancelled

re-quoting so it's visible

________________________________


We are launching this cryptocurrency so that the Republic of the Philippines can adopt a stable and robust cryptocurrency without having to start from scratch. We're ready to work with them when they decide to adopt it officially and enforce parity with the Philippine peso. This is advantageous to them as we'll bring promotion among crypto enthusiasts and investment into the currency thus making it easier for the Philippines to adopt it.


Websites: the ePeso web is online now!
http://epeso.co
http://e-peso.org

Links / social networks:
Twitter: @electronicpeso (https://twitter.com/electronicpeso)


Downloads:
To be announced at launch (30th october 2014)


Specifications:

Proof of Work algorithm: SHA256
Total coins: ~1 billion
Block target: 1.5 minutes (90 seconds)
Difficulty adjustment: every block (DigiShield)
Block reward halving every ~4 months (non-linear, recalculated every block to avoid big jumps in block reward)
All coins will have been mined after 2 years
Mined coins mature in 120 blocks
Premine: 15% to be distributed among Philippines citizens
When the Republic of the Philippines adopts the currency, the specifications can be altered to suit their needs.

Pools:

• To be announced

Exchanges:

• To be announced

Services:
There will be a block explorer and more services at launch


Contact:
If you want to collaborate send us a tweet or private message here on the forum
Twitter: @electronicpeso (https://twitter.com/electronicpeso)
IRC: #epeso on Freenode (http://webchat.freenode.net/?channels=epeso)

We're looking for merchants interested in accepting e-Peso! get in contact with us if you want to accept it after launch.


Cheers!

Be careful, this isn't official, read this carefully: "We're ready to work with them when they decide to adopt it officially and enforce parity with the Philippine peso." This looks to be another Mazzacoin, it seems official but it really isn't at all.  

It seems like the Philippines passed a law to set-up an official e-currency but hasn't implemented anything.  Someone somewhere found out about this and hopes via some miracle to be the coin the Philippines uses as the e-currency.  

They don't understand the Philippines at all, obviously.  A giant contract like this would go to a business group controlled by one of the 4 or 5 leading families who basically own 90% of the bloody country and all married to each other and never to random fellows on Bitcointalk .  Outsiders haven't a chance at a look in.

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.

You cannot have a currency that will ever be accepted by government if it is available for just anyone to mine. It's like giving people the ability to print money with no controls in place. So therefore the BSP will never adopt or countenance support of it.

Unless the OP has a network of contacts here in the Philippines, then how are the merchants going to be persuaded to use it?..You need face to face meetings with them, with a sales force in place. I know, because I have already gone through the process with TAGcoin. It's an uphill slog.

And who cares about the miners in this case? It should be supported by the people who will CPU mine it using their wallets for a return that is not above what the banks locally give as interest. It then becomes the people's currency and will enjoy much more success.

yes philippine government don't have any money or own coders

so they need you to make it on BCT :)

subaybayan ang susunod na kabanata at ang nalalapit na bagong pagkakaabalahan ng pulitiko  :D  ;D

didn't even ask me to do escrow. pfft. fake.

 :-[ you sure this is a government backed?this is a good news to cryptocurrency tho, but 15% premine is too large

No..of course it is not government backed, this is a pipe dream to even think they would back it..:-) - Sounds like the usual pump and dump scam coin.

@Dabs - think someone in the Philippines should create something that would be a bit more real?..:-)... Be interesting to see how escrow would be handled in this case..

@Forever21 - There are very few politicians who know what crypto is or how it works, they usually have more interesting ways to make real money..:)

So now you think it's a pipe dream? hmmm didn't sound that way when you posted that a few days ago! Anyway, you're welcome to make suggestions and colaborate with ePeso.

Not government-backed YET, but the hope is that it will ease the government's effort greatly to introduce a cryptocurrency in the Philippines. The House has expressed their interest in creating a Bitcoin-like electronic currency for the Philippines but they seem not to have the expertise. The pre-mine is a way to make sure coins go to merchants and users and not just miners, in a fair way.

A CPU coin is mined by crooks who own botnets. There is simply no way for the little guy to mine them competitively.

ePeso has just been announced... you'll have more details in due time. The official website will be up next week.

I'm a software engineer. Some recent cryptocurrency-related experience: I've run some pools (CrunchPool currently), I helped patch stratum for maxcoin, I helped patch NewYork coin and I created a block explorer for it. I've also created and maintained SpainCoin.

What? now calling for a 100% premine?? :o PoS is not secure in its current form as implemented in the many PoS coins in existance. Among other things,it needs constant checkpointing to prevent attacks. That's why the ePeso won't be a premined PoS coin.

you sure about this bro???  ???

Seriously? They, the PI Govt, are either going to create their own or use Counterparty. This "E-PESO" project was contracted out over a year ago by USAID. Google it. That contract specification is everything you would expect from a Government entity, out of touch, with old data and hopelessly and needlessly complex. Eventually the PI Govt will either use just BTC or go with a tokenized system they can control completely until they can make the transition to BTC. This coin of yours is not going to fly. Try the Ecuador Sucre that is about to be launched next month. The E-peso you have is DOA.

@Naplam - If I thought PoS on it's own could work, we would have done this already. Too many problems with the technology as you pointed out, although central checkpointing would be done by government anyway as part of government control.

If you lived in the Philippines you would understand how things are here. Have you even talked or communicated with the BSP for their feedback?...Do you know how they feel about crypto currencies in general. What do most people here who are involved with crypto currency think of an E-Peso - do you know, have chatted with or met with the congress lady who put this bill forward, and understand the reasoning why she did so. I don't think you understand any of these issues, and therefore this coin will be like all the other country coins. Good for you to mine, convince some newbies to buy and pump the price, and then eventually to dump and take your profit.

I would love to see an E-Peso, but done the right way, for the good of the people, not for miners outside of the country to make a quick buck. It wouldn't even benefit Filipino miners either, since the power costs here are so expensive. We've already discussed the different ways to create it (hence my postings on the subject), but it's just not worth the hassle technically and economically.

If it gets done at all, it will be on the back of Bitcoin, and centrally controlled as is usual with Central Banks. It won't happen for years, and you can guarantee that they will not even think about using a coin you create. So admit to yourself that this is what it is and don't make people think that it is anyway connected to government backing as you have done at the top of your initial posting. It's false advertising and points you out as an opportunist and scam merchant.

If you lived in the real world, and understand banking rules and regulations, then you would understand the reasons why the central bank would not touch this, and in fact may move to ban the use of this and other crypto in general in the Philippines if it is abused and Filipino citizens are affected in a negative way. None of us here want to see that. Think very carefully about what you are doing.

You have tried this already with SpainCoin and it has not gone anywhere. I see a few pumps and dumps in the history since launch, as well as a premine. I also do financial business in Spain and no one I talk to has ever mentioned it, so what makes you think you can do anything in the Philippines when you are not even based here.

If you really want to go through with it, then skype me and we can talk more about the realities on the ground. If you want to launch something, do it properly and take some time without rushing into it based on a random bill pushed by just one government representative.

well..no need to say too much for this is absolutely 100% fake

Like I said, we're open to suggestions. But naysaying doesn't help anyone and I don't see any valid suggestions here. ePeso will be launched as planned!

Go contribute to the thread I started. This ePeso you are launching will die, because

1. It is not backed by the PH government.
2. It will probably not be backed by any Filipino or resident of the PH.
3. No one is going to use it.
4. The value will go lower than the IPO price the day it is launched.

The reason my thread is a pre-ann, is that it is not even official. It's all about ideas. Good ones that we can hope to put on the table for the government to see. It's a discussion. It's not a launch.

If you proceed to launch, I actually do not wish you any luck at all. I hope it dies. It's better that way, especially for the future of the real E-Peso.

https://bitcointalk.org/index.php?topic=816977.0

Government backed crypto ? for real ?

You don't know what you're talking about. There is no IPO!

Stop the naysaying. Launch a currency or don't. If you don't have the expertise, let those who do do it. I'm open to serious suggestions but you getting defensive about somebody else launching is ridiculous. Still,you're all welcome to contribute and use the ePeso!

The House has expressed their interest in launching a government-backed crypto in bill 4914. We're going to launch it now, way sooner than it would take them to with all the bureacracy and so on. They can take over later on and enforce peso parity, after there has been some investment and promotion in the ePeso. They'll have a proven and useful crypto ready to use, lowering their barrier to entry significantly.

as dabs said there is no hope for this

give it up bro as you are messing up the original plan of the real e-peso

 ;D

I'm not your "bro". If you don't like the ePeso then don't use it, nobody is forcing you to do anything ;)

Okay. Well, I like to contradict myself, so good luck with your coin. You're actually the type of person I would want to participate in my thread. Seriously, you need the insta-ten-thousand nodes that the Banko Sentral is going to want in place. (and all the other stuff).

this is sad we should be working together; author of this thread pls reconsider someone just got ahead of you in posting idea here about this stuff,


From: https://bitcointalk.org/index.php?topic=816977.msg9136595#msg9136595

Naplam, if i may, well i will say parin:

1. please do listen to these guys. please do reconsider.
2. you launched too soon on "your" idea.
3. you are killing a great idea.
4. "KS" ginawa mo! respeto naman!

So… what are your intentions? Everyone likes making lists here, so here’s mine:

1. You create a coin with the same name as the one on the proposed house bill (which is confusing for everyone involved).
2. You list down a local news link, but have no copy of the proposed house bill (which is readily available on local bitcoin channels).
3. Have no idea on the local crypto scene (BSP or otherwise)

Listen to what others are saying. They’re valid suggestions.

So again… what are your intentions?

I'm going to go ahead and copy something actually useful from the Pilipinas thread:
100% premined PoS is out of the question for various reasons: PoS is unsafe in its current incarnations, the ePeso cannot be an interest-bearing currency if it is to be equivalent to the paper peso, and so on. You express your concern about how the citizens will get their hands on it (apart from buying it from others): that's what the premine is for, it will be distributed among citizens, merchants and evangelists. Do you think a premine bigger than 15% is needed? Bear in mind people are reluctant to support heavily premined currencies.

What might happen is, if the PH gov decides to take this, they will fork it and render all previously mined coins as invalid. Then, by law, they put the 10,000 full nodes online.

It's only out of the question if it's not fully government controlled. If it's really backed by the gov, they will want full control.

What's more likely to happen is a brand new coin from scratch.

As an experiment, this one may work, but it will have no value. Just like testnet coins.

That's just my opinion, but hey, feel free to launch.

@ Naplam - if you consider that the current interest rate on long term deposits is just above 1%, and the fact that as a crypto currency holder you are "the bank" then it follows the same banking model and affords an alternative to PoW. The technical aspects are something else...:-)

As Dabs has already pointed out, the BSP would not take over an already existing coin, they would simply fork the best of the bunch that suits their intentions and control it in all respects, or allow companies like mine who are regulated as a quasi bank institution to handle some aspects of it.

As per regulations here, if anyone was to create their own currency, virtual or otherwise, they MUST have an EMI license or work under a bank with an EMI as an EMNSP. Anything else will just not be considered and in fact if they know you are the one doing it, then you have a problem on your hands. If you have the spare $2.5m USD to do this (that's the paid up capital you have to invest as per requirements), plus all the rest of the stuff you have to do, then you could consider it, but otherwise you would be operating outside of the law here.

For your conversations it seems you know very little about regulations for banking and commerce here - perhaps you should educate yourself first before rushing into it?

If you have the time and money to waste creating another coin, that's fine by me and it would be fun to see how far it can go, but don't try and con people that it is anything that is government supported or will ever be supported in the Philippines. I am not against you creating a coin, but I am very much against how you are representing it. Change your message, and you might find more support from me and others.

There are plenty of reasons not to do a premined pos coin:
- Distrust of the people for holding 100% of the currency for a very long period of time
- PoS is not secure as currently implemented in any coins. Constant checkpointing is necessary and so on.
- Interest-bearing asset

Exactly. We'll position the ePeso as the currency best suited to be built upon to be accepted as the official electronic currency for the Philippines.

This cryptocurrency is global and not under the jurisdiction of the Philippines until it is adopted by the government. In any case, there are no laws regulating Bitcoin or cryptocurrencies:

Nobody is trying to con anyone. Anyone can read all we're writing, this is entirely transparent. In fact the "other" thread is using the same language about a "government-backed" crypto. That's because it is what we aspire to: that the Philippines will find it is what they're looking for as they have stated in the bill and will back it, adopt it and take charge of it at some point.

LOLZ... :P

The website is almost finished, it will be up later today  ;)

more and more alts.  cant wait for one of them to succeed but this one is   MUCH SCAM.  NOT WOW.  SO LOL.

Note:
Since advertising mining pools is prohibited by BCT rules, if you have a pool, send a PM and we'll add it to the OP and to our website.

http://www.alltop10list.com/wp-content/uploads/2012/04/Toy-Story.jpg

http://www.blockscan.com/assetInfo.aspx?q=EPESO

Aaaaaaand boom goes the dynamite :-*. It's already out the door and I'm going to give it to the Philippine Government for free.

Vrs94PvbisdLoDXc8WtLpz8ySZWtoW7vam send me some coin hahaha

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.

Yours looks like a fake, the real one is: https://bitcointalk.org/index.php?topic=827826

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.

Are you sure which is real?

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.  ???

Which one is real ???

https://bitcointalk.org/index.php?topic=827826
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.

Website looks great, the coin is set for something wonderful and great. Lets keep this coin in development!

This one is real and the only one worth going for. When we looking to hit the exchange?

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:

• 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.

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.

It died a day before launch.

that's a relief.  hope more coinartists fail pre launch.

told yah this will not work  :)

re-quoting so it's visible

100000% agree. You hit it spot on.

dead

its so sad....sayang