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

[electronicash]

.... snip .... snip ... why would users use PSB when they can use bitcoin? ... snip ... snip ...

Why focus on bitcoin when it's insanely expensive for the common Filipino? True, most altcoins lack development and community support - but not Pesobit. Don't underestimate the Filipino spirit of communal unity, work, and cooperation to achieve a particular goal. The community and dev team behind Pesobit are motivated towards having useful applications and services for this crypto -- so that means it'll have a much greater potential and opportunity to grow and attract more users. And with that value will follow. Although it is Philippine-based, there are users everywhere in the world so it won't just be Filipinos that will benefit here.

Well said - and that's how a crypto becomes successful - its the people who support it.

yea they dump their coins pretty hard from 10k down to 500sats - i'm surprise you considered that support. if that's how you understood "support" i don't know how twisted i understood it.

tell you what, it may dip down to the very minimum to around 10 sats to zilch. but i'm not gonna be surprise. thats how they support it.

[care2yak]

yea they dump their coins pretty hard from 10k down to 500sats - i'm surprise you considered that support. if that's how you understood "support" i don't know how twisted i understood it.

tell you what, it may dip down to the very minimum to around 10 sats to zilch. but i'm not gonna be surprise. thats how they support it.

Well that's how trading is. It's the same with the forex markets. Price dips then bounces back up. Even bitcoin had price dips. You'd understand that if you've been in crypto trading long enough, which apparently, your argument above implies that you are not.

You're comparing PSB to Bitcoin which already has a lot of history. Most folks in the cryptosphere revere bitcoin now because it's time-tested and is still continuously evolving. Pesobit is not even a year old yet so it will have a lot of stories to tell on the road to its first year, second year, and beyond. So expect a lot more challenges and improvements to pesobit.

You're too in a hurry for it to fail. That shows that by nature, you're a pessimist. Judging from your general activity, you frequent the Philippine boards so you're Filipino. How sad, a Filipino that isn't proud of his own country's crypto achievement. Stay tuned for more pesobit activity and when it reaches new highs, i hope you choke on your own words.

[Jezzy of Jensen]

yea they dump their coins pretty hard from 10k down to 500sats - i'm surprise you considered that support. if that's how you understood "support" i don't know how twisted i understood it.

tell you what, it may dip down to the very minimum to around 10 sats to zilch. but i'm not gonna be surprise. thats how they support it.

Well that's how trading is. It's the same with the forex markets. Price dips then bounces back up. Even bitcoin had price dips. You'd understand that if you've been in crypto trading long enough, which apparently, your argument above implies that you are not.

You're comparing PSB to Bitcoin which already has a lot of history. Most folks in the cryptosphere revere bitcoin now because it's time-tested and is still continuously evolving. Pesobit is not even a year old yet so it will have a lot of stories to tell on the road to its first year, second year, and beyond. So expect a lot more challenges and improvements to pesobit.

You're too in a hurry for it to fail. That shows that by nature, you're a pessimist. Judging from your general activity, you frequent the Philippine boards so you're Filipino. How sad, a Filipino that isn't proud of his own country's crypto achievement. Stay tuned for more pesobit activity and when it reaches new highs, i hope you choke on your own words.

That is not the case at all:

(1) The majority of alts do not bounce back, or if some do, they have a limited bounce period (ping pong ball dropped on the floor).
(2) A sizable number do not even bounce, they just go nowhere.
(3) Forex is not like you describe, it is similar to the alt-world I describe.
(4) You are describing an altcoin world from about 18 months ago (even then exaggerated somewhat).

 

[Noojna]

yea they dump their coins pretty hard from 10k down to 500sats - i'm surprise you considered that support. if that's how you understood "support" i don't know how twisted i understood it.

tell you what, it may dip down to the very minimum to around 10 sats to zilch. but i'm not gonna be surprise. thats how they support it.

The thieves stole millions of PSB. They did not wait with their freshly stolen PSBs, the thieves sold them gradually - but very fast. They sold too fast for the market to digest them.

And that's how we got this falling market, in my opinion.

This is why it fell so fast. With the upcoming hard fork, this problem will be taken care of (and I hope the thieves behind bars).

Except for these thieves, the PSB community has always been strong and enthusiastic, is what I am saying. Do not blame the PSB community for the current low prices!

[amhrie27]

Will my PSB balance in CCex be affected too after the fork? I already send an email from my cryptopia account. I'm afraid if my balance in CCex will be lost too.

[electronicash]

.... snip .... snip ... why would users use PSB when they can use bitcoin? ... snip ... snip ...

Why focus on bitcoin when it's insanely expensive for the common Filipino? True, most altcoins lack development and community support - but not Pesobit. Don't underestimate the Filipino spirit of communal unity, work, and cooperation to achieve a particular goal. The community and dev team behind Pesobit are motivated towards having useful applications and services for this crypto -- so that means it'll have a much greater potential and opportunity to grow and attract more users. And with that value will follow. Although it is Philippine-based, there are users everywhere in the world so it won't just be Filipinos that will benefit here.

Well said - and that's how a crypto becomes successful - its the people who support it.

yea they dump their coins pretty hard from 10k down to 500sats - i'm surprise you considered that support. if that's how you understood "support" i don't know how twisted i understood it.

tell you what, it may dip down to the very minimum to around 10 sats to zilch. but i'm not gonna be surprise. thats how they support it.

Tangina mo daldal ka ng daldal bakla ka yata  

whats the matter, i hurt your feelings?

yea they dump their coins pretty hard from 10k down to 500sats - i'm surprise you considered that support. if that's how you understood "support" i don't know how twisted i understood it.

tell you what, it may dip down to the very minimum to around 10 sats to zilch. but i'm not gonna be surprise. thats how they support it.

Well that's how trading is. It's the same with the forex markets. Price dips then bounces back up. Even bitcoin had price dips. You'd understand that if you've been in crypto trading long enough, which apparently, your argument above implies that you are not.

You're comparing PSB to Bitcoin which already has a lot of history. Most folks in the cryptosphere revere bitcoin now because it's time-tested and is still continuously evolving. Pesobit is not even a year old yet so it will have a lot of stories to tell on the road to its first year, second year, and beyond. So expect a lot more challenges and improvements to pesobit.

You're too in a hurry for it to fail. That shows that by nature, you're a pessimist. Judging from your general activity, you frequent the Philippine boards so you're Filipino. How sad, a Filipino that isn't proud of his own country's crypto achievement. Stay tuned for more pesobit activity and when it reaches new highs, i hope you choke on your own words.

That is not the case at all:

(1) The majority of alts do not bounce back, or if some do, they have a limited bounce period (ping pong ball dropped on the floor).
(2) A sizable number do not even bounce, they just go nowhere.
(3) Forex is not like you describe, it is similar to the alt-world I describe.
(4) You are describing an altcoin world from about 18 months ago (even then exaggerated somewhat).

 

not been in crypto long enough but it didn't take me days to realize that altcoins that plumet down to almost nothing can't bounce back. Bitcoin was a success because there were just few yet during its time. nothing special to psb - thats the truth.  

forex has trillions and more being traded in a day. crypto is trading cents compare to it. i have been in forex long enough that i even trade mad pairs.

[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.

[fikihafana]

any new node for new chain? i got problem sync and all of my coin not accepted.

[PiotrZielinski]

Hey Dev could i please get a Slack invite? Thanks

[amhrie27]

Do i need to withdraw it from cryptopia now? ? I've already sent an email and i only provided my email address for identification as i have no record of my wallet address.

[bitdragon2016]

Just downloaded the POSP qt wallet, but its seems there is 0 connection and cannot sync. 

[Coin_trader]

this coin is a product of hardwork and those people behind will surely not let their labor to go in vain, after this crisis, this coin will stand tall and will mark it's name in the cryptoworld.
the dev are doing their part to make the coin live and stay longer and competent and for this i am pretty sure that this will gain the community support.

[ButtonPusha4K]

Glad to see Pesobit keep moving forward despite the set backs! Lutzow could you walk us through on how to transition from the old wallets to the new ones step by step. I have quite a few PSB's and I actually still have some I bought on Yobit right before this switch. This would help out a lot...thanks!

[gradys225]

hi all I had coins in my wallet on the desktop. what I need to download another wallet?

[bitdragon2016]

I think the new release qt wallet is still incomplete. It's been 8 hours since I downloaded the wallet but it has no connection, unlike the wallet before it runs smoothly with no problems at all. Maybe we just need to wait a few days for the developers to update regarding this matter.   

[examplens]

Novaexchange and Yobit PSB is still in maintenance.
When we can expect from exchanges it will respond to your wallet changes? Do you have any info from him?
thanks

[menace.bit]

Pesobit's new version

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.

Wow! That's a lot of new Pesobit coins - like 50% of the total supply. I do not get the idea why you had to create 10 million new coins. If the "illegal" 10 million are un-useable, why are they still counted in the total supply? or they are still in circulation and can still be used?

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.

Who owns these coins that were these "illegally withdrawn" and how sure can you be that they are indeed illegal?

It was a "hidden feature" in the online wallet. Someone found out and used it and now called "thieves". You should pay more attention to building quality and make it bug free. This is very serious.

[electronicash]

Pesobit's new version

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.

Wow! That's a lot of new Pesobit coins - like 50% of the total supply. I do not get the idea why you had to create 10 million new coins. If the "illegal" 10 million are un-useable, why are they still counted in the total supply? or they are still in circulation and can still be used?

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.

Who owns these coins that were these "illegally withdrawn" and how sure can you be that they are indeed illegal?

It was a "hidden feature" in the online wallet. Someone found out and used it and now called "thieves". You should pay more attention to building quality and make it bug free. This is very serious.

who do you think these thieves are that has the access to do some changes to the blockchain? 10 million psb is serious cash stolen from investors and that's not even enough, the greedy wants more. that they are still trying to give hope for the poor guys enticing them to buy more for it will have good value. 

[bitdragon2016]

Anyone successfully synced the latest POSP network? Its been 18hours already but I still got zero connection, I wonder what is the problem.. 

[malcovixeffect]

Dead?