[ANN][PSB] Pesobit, the currency for remittances and international cooperation

[care2yak]

Yes, siguro nga magandang mag-email sa lahat ng may psb wallets para di mag cause ng panic. Kaya lang pano yung mga desktop wallets ang gamit at pati mga naka mobile wallet via coinomi?

[Lutzow]

Hi Everyone,

The initial plan in the shift to the new blockchain is suppose to be smooth, redistributing the new wallet and new pesobits to the addresses that everyone can see in the block explorer but since cryptopia won't update their wallet we'll have to do auditing for their users.

1) For Cryptopia users:
- As stated earlier you need to send a screenshot of your balance to pesobit@gmail.com.
- We will open another online wallet for you which matches the old blockchain so you can send your pesobits there then it will be replaced by the new Pesobits with PoSP (you will receive instructions on your emails as soon as everything is ready for that migration)

2) Pesobits in other exchanges, just let it stay there for now until further notice as we'll be waiting for them to update their wallets.
3) Pesobits in the Online Wallet, have nothing to worry as it will be shifted to PoSP and everything will be the same for you guys. Staking earnings will be increased as well.
4) Pesobits in other systems like coinomi or coinpayments, we will be supplying them with new wallets as well.
5) Pesobits in Desktop Wallet, a new desktop wallet has been created. PoSP will benefit Desktop wallet users as you may get more than the old model's staking earnings without changing the rate of inflation of the coin so it still remains at 5%.

6) As for the news regarding Pesobits who got out of the Online wallet illegally, Eduardo (the ICO page and the online wallet creator) is investigating how there were unregistered withdrawals from the Online wallet which I found out while we are checking the transactions directly from the blockchain in preparation to the shift to PoSP. We've identified the addresses and the email addresses and as a corrective measure will edit the blockchain so those Pesobits will not be usable. And this change in the blockchain is what caused Pesobit to be delisted from Cryptopia (same reason why ETH got delisted). To clarify, programs and database were untouched based on our logfiles and security checks so all data are still safe as the problem could be a bug on the online wallet creator's code. One thing is for sure, all Pesobits will be replaced with the PoSP-version and we will be focusing first in auditing the Pesobits as well as migrating all the wallets.

7) So what's next after the PoSP migration? Projects will continue as usual as business license has been renewed, business meetings will resume to bring in more usage for Pesobit and many more.

The 'Illegal Pesobits' as what I call them is a big challenge and as much as I want to blame or point fingers as to how and why it happened I'd rather focus on providing resolution and overcome this hurdle. It's not on how hard you fall, it's on how you stand up and be better and Pesobit will surely do so with your support.

More announcement will be released as to what needs to be done with your old Pesobits, just look back to items 1-5 as to what needs to be done..

[Sat1991]

Ok sir lutzow.nakuha kona sagot sa tanong ko sayo kahapon.thanx for the update again.more power pesobit team.

[bettercrypto]

Senxa na po sa tanong ko.  I am a desktop user, do i need to swap my coins?  Or compatible po ba ung new wallet sa wallet.dat ng old wallet?  Bago lang po at gusto iclarify if I downloaded the new wallet and running it with my current wallet.dat ok lang po ba iyon?  Salamat po.

[bitwarrior]

Senxa na po sa tanong ko.  I am a desktop user, do i need to swap my coins?  Or compatible po ba ung new wallet sa wallet.dat ng old wallet?  Bago lang po at gusto iclarify if I downloaded the new wallet and running it with my current wallet.dat ok lang po ba iyon?  Salamat po.

Let us just wait for an update from the dev once the new wallet will be released to the public , he will provide the necessary steps afterward. Thanks

[care2yak]

So if pesobits were illegally withdrawn from the online wallets, that would mean those that weren't staked, right? Those whose balances were staked aren't affected by the illegal transfers?

[bettercrypto]

Senxa na po sa tanong ko.  I am a desktop user, do i need to swap my coins?  Or compatible po ba ung new wallet sa wallet.dat ng old wallet?  Bago lang po at gusto iclarify if I downloaded the new wallet and running it with my current wallet.dat ok lang po ba iyon?  Salamat po.

Let us just wait for an update from the dev once the new wallet will be released to the public , he will provide the necessary steps afterward. Thanks

Ok Sir thanks for the information.  I think i need to wait for the update from the developer themselves.

Yung trading sa C-Cex does it mean they did not stop or suspend according dun sa request ng developer?  I see cryptopia market has been suspended while other exchanges keep on trading.

[bitwarrior]

Senxa na po sa tanong ko.  I am a desktop user, do i need to swap my coins?  Or compatible po ba ung new wallet sa wallet.dat ng old wallet?  Bago lang po at gusto iclarify if I downloaded the new wallet and running it with my current wallet.dat ok lang po ba iyon?  Salamat po.

Let us just wait for an update from the dev once the new wallet will be released to the public , he will provide the necessary steps afterward. Thanks

Ok Sir thanks for the information.  I think i need to wait for the update from the developer themselves.

Yung trading sa C-Cex does it mean they did not stop or suspend according dun sa request ng developer?  I see cryptopia market has been suspended while other exchanges keep on trading.

Focus of the trading now is on c-cex as PSB is being delisted on cryptopia, so expect major changes in the trading volume of Pesobit on c-cex, this will be the stepping stone for the next larger exchange in sight.

[Lutzow]

Thanks everyone for all your emails regarding your Cryptopia balances, once we're done creating an old Pesobit system for your migration then we'll reply with the unique address for you to send the PSB to. We will be releasing the new wallets later this week for everyone to download and reopen the online wallet with new staking plans (a slightly higher one). In POSP though, you can get way more than the current 5% inflation rate if your connected most of the time because the non-staking wallets like exchange or mobile wallets relinquish their staking power and give them to the staking wallets (desktops).

[jamyr]

Thanks everyone for all your emails regarding your Cryptopia balances, once we're done creating an old Pesobit system for your migration then we'll reply with the unique address for you to send the PSB to. We will be releasing the new wallets later this week for everyone to download and reopen the online wallet with new staking plans (a slightly higher one). In POSP though, you can get way more than the current 5% inflation rate if your connected most of the time because the non-staking wallets like exchange or mobile wallets relinquish their staking power and give them to the staking wallets (desktops).

Looking forward to it.

O.T

Since we are in the local section of the forum, would it be best to use our own language? I do not have any problem with you posting in english but, I just thought it should be the way.

[Nivir]

Thanks everyone for all your emails regarding your Cryptopia balances, once we're done creating an old Pesobit system for your migration then we'll reply with the unique address for you to send the PSB to. We will be releasing the new wallets later this week for everyone to download and reopen the online wallet with new staking plans (a slightly higher one). In POSP though, you can get way more than the current 5% inflation rate if your connected most of the time because the non-staking wallets like exchange or mobile wallets relinquish their staking power and give them to the staking wallets (desktops).

Looking forward to it.

O.T

Since we are in the local section of the forum, would it be best to use our own language? I do not have any problem with you posting in english but, I just thought it should be the way.

People are free to use the local language here. But using English should be no problem too as I think lots of PSB foreign investors are probably following here for some updates they probably think aren't in the main thread. Anyway i'm not very good in Tagalog and most don't understand my real local dialect. 

[Fredomago]

Thanks everyone for all your emails regarding your Cryptopia balances, once we're done creating an old Pesobit system for your migration then we'll reply with the unique address for you to send the PSB to. We will be releasing the new wallets later this week for everyone to download and reopen the online wallet with new staking plans (a slightly higher one). In POSP though, you can get way more than the current 5% inflation rate if your connected most of the time because the non-staking wallets like exchange or mobile wallets relinquish their staking power and give them to the staking wallets (desktops).

Looking forward to it.

O.T

Since we are in the local section of the forum, would it be best to use our own language? I do not have any problem with you posting in english but, I just thought it should be the way.

People are free to use the local language here. But using English should be no problem too as I think lots of PSB foreign investors are probably following here for some updates they probably think aren't in the main thread. Anyway i'm not very good in Tagalog and most don't understand my real local dialect.  

Yes mate i agree with you that some of non filipino investors check this thread once in a while to know if theres some update coming from the dev. No worries because dev always make updates here and also from the main ann of psb. We can use whatever language mate as long as we are comfortable. Good luck psb community.

[syndria]

Tanong ko lang may balance pa ko sa cryptopia. Nawiwidthraw ba ng walang problema?

[jhenfelipe]

Tanong ko lang may balance pa ko sa cryptopia. Nawiwidthraw ba ng walang problema?

Hindi ko na po tnry iwithdraw yung sakin simula nung napaused yung sa market. Tapos nabasa ko po yung post ni @Lutzow about shifting at na no need na isend ang balance sa ibang wallet. Eto lang po ginawa ko, na-quote ko na po for reference:

 

We're shifting to a new blockchain, we will be using the current balances of the blockchain. Those with balances in cryptopia need not to worry even if they will not be syncing their wallet.
No need to send your PSBs to another wallet, here's what you can do.
1) Make a screenshot of your PSB Receiving address in Cryptopia, under Balances, that will also show your current balance then email to pesobit@gmail.com.
2) The online wallet will be reactivated with the old blockchain so you can send out your old Pesobits then it will be replaced with the new PoSP Pesobits
To those who have sent out their Pesobits already, please do the same including the transactions that your sent out your Pesobits and where it was sent to.

[Mongwapogi]

Alam ko madaming nag iipon ng PSB dito. Pinang stake lang nila sa wallet nila. Kaya kung ako sa inyo bili lang ng bili ng PSB.

Tama ba ako mga pesobit holders, Tulad nga ng sabi ni Sir Dabs 0.001 tong psb na to. Kaya ano ba bili na.

[care2yak]

Excited ako sa lalabas na bagong wallet at excited din kung saan bagong exchange pwedeng magtrade ulit ng psb. Buti na lang may vision ang dev team kung hindi, matutulad na lang ito sa ibang crypto. Glad that maganda naman kalooban ng dev team natin di tulad ng iba, pag kumita na, sibat na.

[Lutzow]

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.

[syndria]

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.

So eto ang dahilan kaya bumagsak ang presyo.sana matapos nyo ng mabilis dahil nasa cryptopia malaking bahagi ng psb ko.

[npredtorch]

Sayang yung trade process sa cryptopia, healthy na sana pero sa kabilang banda, ayos nadin kasi mag oopen pala ang pesobit sa iba pang exchanges. Sure na yung mga nabanggit na exchanges or for approval din? Push na din polo at liqui 

[jamyr]

Sayang yung trade process sa cryptopia, healthy na sana pero sa kabilang banda, ayos nadin kasi mag oopen pala ang pesobit sa iba pang exchanges. Sure na yung mga nabanggit na exchanges or for approval din? Push na din polo at liqui 

pag okay na siya sa poloniex at liqui, ayos na.. Para sa akin, ung dalawang yun talaga dapat tinatarget ng mga dev. Kasi once na available na siya dun, mas marami na siyang maabot. Sana maging maganda ang kapalaran ng pesobit ngayong year of the fire rooster.