Hey mate, dont get me wrong, I like this coin and I think ill stay.. But you talk on behalf of Lutzow, are you part of the dev? please enlighten me

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.

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

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.

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?

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.

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.

I don't care what previous issues there may have been. That's like saying Bittrex is no longer an option if your coin had an issue with delisting there in 2015-2016. The era has changed. PSB would be a good performer there now.

The  developer recently introduced  a marketer  for val and he promised to be active here but nothing is going on.

do you have any expectation from this project? We trust a legendary member. So if you really think positive about it, share with us . I am also holding a lot of coins

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