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

[lionheart78]

The reason why phillipines will ban pesobit is that gov-t officials dont wanna be associated with virtual currencies that are controlled and exploited by criminals and money launderers.

How come the Phil. Govt. will ban pesobit and not bitcoin? Any proof?

Ignore the troll. If you read his post history, you will realize that all he does is spread FUD. Each and every one of his post is FUD.

Now that you said it, I checked his post and all I can see is negative things, aside from that he is also promoting a program created by their group.  It has something to do with MathCad.

Fruitful meeting with gifted.ph. Will be adding their items in market.pesobit.net soon.

gifted.ph and giftaway.ph products are important especially for Overseas workers, at least with specific gift cards you know that what you gave to your families will be directed to the right purpose and not be spent on other things that they don't want you to know about.

Cool update there Lutzow and great job adding more merchants.  I hope the license of the reserved corporation will be the next update   . 

[btctube]

The reason why phillipines will ban pesobit is that gov-t officials dont wanna be associated with virtual currencies that are controlled and exploited by criminals and money launderers.

How come the Phil. Govt. will ban pesobit and not bitcoin? Any proof?

Because the Philippines government can easily take down pesobit unlike bitcoin, pesobit dev are known. They do have public profile, its easy to take down as now. I don't think the users that holds 100k of pesobit is wiling to die to support the currency. A supporter can easily be charged of drug trafficking as they did to the rest of the victims of extrajudicial killings.

[cryptodv]

The reason why phillipines will ban pesobit is that gov-t officials dont wanna be associated with virtual currencies that are controlled and exploited by criminals and money launderers.

How come the Phil. Govt. will ban pesobit and not bitcoin? Any proof?

Because the Philippines government can easily take down pesobit unlike bitcoin, pesobit dev are known. They do have public profile, its easy to take down as now. I don't think the users that holds 100k of pesobit is wiling to die to support the currency. A supporter can easily be charged of drug trafficking as they did to the rest of the victims of extrajudicial killings.

On the contrary, I think the Govt. will benefit from Pesobit. Just let PSB gain more traction. Where there's money to be made, there's money to be made!! 

[BitcoinPanther]

The reason why phillipines will ban pesobit is that gov-t officials dont wanna be associated with virtual currencies that are controlled and exploited by criminals and money launderers.

How come the Phil. Govt. will ban pesobit and not bitcoin? Any proof?

Because the Philippines government can easily take down pesobit unlike bitcoin, pesobit dev are known. They do have public profile, its easy to take down as now. I don't think the users that holds 100k of pesobit is wiling to die to support the currency. A supporter can easily be charged of drug trafficking as they did to the rest of the victims of extrajudicial killings.

Take note they are preparing legalities for this digital currency.  It will have its license for operations and other legalities needed.   The team is taking precautionary measures as to not be labeled as those stuff you have said.  I agree that no one will compromise their lives for this altcoin so as the Dev of PSB.  That is why PSB project is plan to comply with Philippines rules.

[Noojna]

Saying the Philippine government dislikes Pesobit is saying that the Philippine Government supports Western Union and the traditional american banking industry that has been ripping off hard working OFW Filipinos and Filipinas for years, with sky-high fees.

As for drugs and other illegal products out there, people already have a great tool called, you know, cash. Cash has not been made illegal even though it is being used for drug trafficking, and the Philippine government is not arresting people with cash. I don't see the direct association between a black market narco-industry with Bitcoin or PSB.

With the current Philippine government's opposing stance towards the US, I don't think the Philippine government will fight very hard to protect the american financial industry's interests.

Bitcoin has become part of the Philippine economy, more so than in many western countries; the government has had plenty of chance to oppose it. Now the Philippines has PSB at their disposal: an interest-bearing tool designed by a Filipino team with Filipinos and Filipinas in mind.

A nice Philippine-created remittance system means more money coming back to the Philippine economy rather than going to american investors' (already fat) pockets.

[Caladonian]

Saying the Philippine government dislikes Pesobit is saying that the Philippine Government supports Western Union and the traditional american banking industry that has been ripping off hard working OFW Filipinos and Filipinas for years, with sky-high fees.

As for drugs and other illegal products out there, people already have a great tool called, you know, cash. Cash has not been made illegal even though it is being used for drug trafficking, and the Philippine government is not arresting people with cash. I don't see the direct association between a black market narco-industry with Bitcoin or PSB.

With the current Philippine government's opposing stance towards the US, I don't think the Philippine government will fight very hard to protect the american financial industry's interests.

Bitcoin has become part of the Philippine economy, more so than in many western countries; the government has had plenty of chance to oppose it. Now the Philippines has PSB at their disposal: an interest-bearing tool designed by a Filipino team with Filipinos and Filipinas in mind.

Well as a pilipino i also agree that the government wants to move away from a traditional process i guess if this system can be discuss properly to much higher authorities and provide enough information how our ofw and the rest of our kababayan what can they get from it i see a big features that it will be adopted lets wait and keep supporting.

[andreibi]

The reason why phillipines will ban pesobit is that gov-t officials dont wanna be associated with virtual currencies that are controlled and exploited by criminals and money launderers.

I don't think Pesobit is in their radar yet.

[care2yak]

The reason why phillipines will ban pesobit is that gov-t officials dont wanna be associated with virtual currencies that are controlled and exploited by criminals and money launderers.

So you're saying that pesobit is "controlled and exploited by criminals and money launderers"? It's like saying that the dev is a criminal and a money launderer and that the pesobit investors are criminals and money launderers as well. That's a very harsh, unsubstantiated allegation. You need to provide evidence and justify your statement so you don't get into trouble with someone.

[Apriand]

I like the pesobit idea and plan, so collected over 200,000 PSB and send from the web wallet to another address. Unfortunately I entered a non PSB address (I had been doing some trading so is address of another coin) and the transaction processed and my coins are now gone from my balance. In the web wallet it has the tx as pending over 24 hours now. The address I sent to and the tx id have no results in the block explorer. Will the network reject the invalid transaction and return the coins, or are they permanently burned?

Sad to hear that. Not sure your coin will came back to you, better double check before you send coin and try to send small amount first. And then if transaction going well you can send all your coins. Have you try to contact psb team about that?

[Lutzow]

Hi Everyone,

After successful testing of PoSP in our test network these past few days, we will now try to implement it to the live network so exchanges, block explorers were contacted to halt Pesobit operations.
PoSP also increases staking rewards because the non-staking wallets' staking power will be given to those that are staking and what are the non-staking wallet? Exchange, mobile and other online wallets. As for our testing and computation, it increases staking profit from the current 5% (which is based on low-inflation of 5%) to 15-20% while maintaining the same rate of inflation. The current staking in the online wallet will continue with its current rate for those whose coins are locked brought by the old staking, but those who will have new staking will see a new set of increased staking bonuses.

To those who are using desktop wallets, your staking rewards will now be based on how often you have your wallets but it will be higher. This model also increases the number of nodes further as it rewards the desktop wallet users if their wallets are synced to the network which results to more stable, bigger and more decentralized network.

How long will it be down?
We'll try to implement the PoSP in the main node, let it sync and run as normal under PoSP. Then we'll do the same for the other linux and windows nodes to see if sync will work perfectly together with testing the staking rewards variation if some wallets are off. If you remember, we tried this prior to launching Pesobit but failed and said that I'll pursue PoSP still and now is the time before we go big. I can't give the exact time frame but a week of downtime for all the wallets might be possible.

I've been talking to potential investors of e-wallet.ph services for funding these past couple of weeks and was able to get some commitments together with more partnerships so there's no where to go for Pesobit but UP.

[Lutzow]

The reason why phillipines will ban pesobit is that gov-t officials dont wanna be associated with virtual currencies that are controlled and exploited by criminals and money launderers.

So you're saying that pesobit is "controlled and exploited by criminals and money launderers"? It's like saying that the dev is a criminal and a money launderer and that the pesobit investors are criminals and money launderers as well. That's a very harsh, unsubstantiated allegation. You need to provide evidence and justify your statement so you don't get into trouble with someone.

That's why we're careful with the legalities and will include KYC (Know-your-customer) to avoid money laundering.

I like the pesobit idea and plan, so collected over 200,000 PSB and send from the web wallet to another address. Unfortunately I entered a non PSB address (I had been doing some trading so is address of another coin) and the transaction processed and my coins are now gone from my balance. In the web wallet it has the tx as pending over 24 hours now. The address I sent to and the tx id have no results in the block explorer. Will the network reject the invalid transaction and return the coins, or are they permanently burned?

Sad to hear that. Not sure your coin will came back to you, better double check before you send coin and try to send small amount first. And then if transaction going well you can send all your coins. Have you try to contact psb team about that?

Already cancelled.

[target]

Good news.
Rewards will be higher with desktop staking! Where can we see some rough estimation for how much rewards will be?
I'm not just only who thought of setting their desktop for the purpose of gaining PSB by staking for as long as they could.

[Noojna]

Good news.
Rewards will be higher with desktop staking! Where can we see some rough estimation for how much rewards will be?
I'm not just only who thought of setting their desktop for the purpose of gaining PSB by staking for as long as they could.

Yes! PoSP is the algorithm that makes the most economical sense as it rewards very generously people who choose to participate while allowing a low global inflation of a coin. It motivates people to stay online and secure the network, and to remove their coin sitting at exchanges (you don't get reward for keeping coin at an exchange)

The higher reward will be gained in the online wallet as well, for those who don't like to maintain a desktop wallet.

Right now, with 20% of coins staking at this very moment the yearly reward rate would be around 25%, with inflation staying at 5%.

Sooner PoSP will be enabled, the better!!!!

[BTC-BTC-BTC]

Good news.
Rewards will be higher with desktop staking! Where can we see some rough estimation for how much rewards will be?
I'm not just only who thought of setting their desktop for the purpose of gaining PSB by staking for as long as they could.

Yes! PoSP is the algorithm that makes the most economical sense as it rewards very generously people who choose to participate while allowing a low global inflation of a coin. It motivates people to stay online and secure the network, and to remove their coin sitting at exchanges (you don't get reward for keeping coin at an exchange)

The higher reward will be gained in the online wallet as well, for those who don't like to maintain a desktop wallet.

Right now, with 20% of coins staking at this very moment the yearly reward rate would be around 25%, with inflation staying at 5%.

Sooner PoSP will be enabled, the better!!!!

Agreed. Like the PoSP algorithm.

[Noojna]

...  exchanges, block explorers were contacted to halt Pesobit operations.

Get your PSBs NOW!!!! trading will be halted soon and I'm not sure current low prices will still exist after this major PoSP update...

(I got myself a nice 30 000 more PSBs - Thank you, seller, for selling so low!!!)

 

[robelneo]

The reason why phillipines will ban pesobit is that gov-t officials dont wanna be associated with virtual currencies that are controlled and exploited by criminals and money launderers.

How come the Phil. Govt. will ban pesobit and not bitcoin? Any proof?

Because the Philippines government can easily take down pesobit unlike bitcoin, pesobit dev are known. They do have public profile, its easy to take down as now. I don't think the users that holds 100k of pesobit is wiling to die to support the currency. A supporter can easily be charged of drug trafficking as they did to the rest of the victims of extrajudicial killings.

Are you from the Philippines? it's an open market and the government is open for new ventures as long as it benefits every investors and users,the country has coins.ph although subject to regulation it still promote crypto currency,you can only say that to countries like korea or other communist country

[Crypto Girl]

The reason why phillipines will ban pesobit is that gov-t officials dont wanna be associated with virtual currencies that are controlled and exploited by criminals and money launderers.

i don't know where did you get the idea that banning the pesobit is included in the government's war against drugs and criminalities including money launderers while allowing crypto like pesobit and it's easy remittance scheme will makes money remittance much more easier.
making Filipino lives peaceful and easy is one of the goal of the Duterte administration.
i know you knew it, unless you are an ally of the yellowtards.

[rudolfaxl]

Pesobit wait PSB's..!!!!

[matsud2]

i miss when psb price hit 0.0001
when we will see that price again? 

[care2yak]

i miss when psb price hit 0.0001
when we will see that price again? 

maybe a price rally will follow the shift from PoS to PoSP