[ANN] PayPie - Blockchain-Powered Risk Assessment

[Elkmar]

Maybe what I'll say is stupid, but I like the fact that they have a stand at this explo, with flyers, goodies etc ...

This looks really professional in my opinion 

[Sozialtourist]

Again this is just a guess on my part but as i aforementioned, due to SEC rules, the piecoin might have been conceived as an alternative to incentive Paypie customers/Paypie coin holders. Piecoin might be distributed as a form of dividend (note that i use the word a form to denote that its not an actual dividend) and the distribution could be exchanged on Paypie's platform for fiat. Since it's not the main coin associated with the project and only has internal use, i.e.( Paypie won't provide an exchange for it) this deflects any issue that the SEC rules might pose.
 
 As for pegging to multiple currencies, am guessing they will peg it to the currency that's currently worth the most, and use exchange rates from that currency to pay out on other currencies. Again, am just guessing and none of this should be considered viable till statement is obtained from an admin

I think I have figured it out. But still guessing. I think you actually have it backwards. PPP tokens are the investment vehicle and PieCoin are stable stores of debit/credit value.

Assuming PPP are the PayPie tokens that are traded on the exchanges. PPP will be converted to PieCoin (PIE) for internal transactions in the PayPie market.

PIE are pegged to a several major currencies at the same time: a currency basket. For the sake of argument, assume the currency basket is 1 PIE = $1.

You owe someone $300. Which means you are 300 PIE short.

PIE can only be exchanged through PPP tokens.

PPP tokens fluctuate, but according to the whitepaper the price per token starts at 1 PPP = 0.0011 ETH.

If the price of $300 = 1 ETH you need to buy 1/0.0011 = 909 PPP.

If PPP doubles in value, you need to buy 454 PPP instead. Your debt, in terms of currency basket value, has remained the same amount, ie. 300 PIE = $300.

If you were indebted 300 PPP instead of PIE, after PPP doubled in value you would owe $600.

Nice catch, and they can achieve that with PIE because it's only an internal token and it won't be put on exchanges. It's the only way to keep a token stable at the moment, there's this token, Corion in which devs claim that price will be always $1, isn't on exchanges yet but it will be on day, I'm going to grab a popcorn basket when their reserve to buy COR will finish (because at some point it will finish)

Are we talking about PIECoin, as in https://coinmarketcap.com/currencies/piecoin/ ? I am really confused now  

[jukKas]

Nice pictures from the EXPO. Hope everything went very well. Did you guys had any good talks there? What was the peoples feeling about credit risk assessment on blockchain?

[Islapdonkey]

Again this is just a guess on my part but as i aforementioned, due to SEC rules, the piecoin might have been conceived as an alternative to incentive Paypie customers/Paypie coin holders. Piecoin might be distributed as a form of dividend (note that i use the word a form to denote that its not an actual dividend) and the distribution could be exchanged on Paypie's platform for fiat. Since it's not the main coin associated with the project and only has internal use, i.e.( Paypie won't provide an exchange for it) this deflects any issue that the SEC rules might pose.
 
 As for pegging to multiple currencies, am guessing they will peg it to the currency that's currently worth the most, and use exchange rates from that currency to pay out on other currencies. Again, am just guessing and none of this should be considered viable till statement is obtained from an admin

I think I have figured it out. But still guessing. I think you actually have it backwards. PPP tokens are the investment vehicle and PieCoin are stable stores of debit/credit value.

Assuming PPP are the PayPie tokens that are traded on the exchanges. PPP will be converted to PieCoin (PIE) for internal transactions in the PayPie market.

PIE are pegged to a several major currencies at the same time: a currency basket. For the sake of argument, assume the currency basket is 1 PIE = $1.

You owe someone $300. Which means you are 300 PIE short.

PIE can only be exchanged through PPP tokens.

PPP tokens fluctuate, but according to the whitepaper the price per token starts at 1 PPP = 0.0011 ETH.

If the price of $300 = 1 ETH you need to buy 1/0.0011 = 909 PPP.

If PPP doubles in value, you need to buy 454 PPP instead. Your debt, in terms of currency basket value, has remained the same amount, ie. 300 PIE = $300.

If you were indebted 300 PPP instead of PIE, after PPP doubled in value you would owe $600.

Nice catch, and they can achieve that with PIE because it's only an internal token and it won't be put on exchanges. It's the only way to keep a token stable at the moment, there's this token, Corion in which devs claim that price will be always $1, isn't on exchanges yet but it will be on day, I'm going to grab a popcorn basket when their reserve to buy COR will finish (because at some point it will finish)

Are we talking about PIECoin, as in https://coinmarketcap.com/currencies/piecoin/ ? I am really confused now  

No we not talking about the shit coin on the exchanges called pie coin, rather we referring to an internal coin utilized on the paypie platform thats also named piecoin.
Anyway, rigorous your explanation makes a lot of sense, hopefully a paypie admin can confirm if it's on the right track cos investors will deem such info vital.

[Voltaje]

Again this is just a guess on my part but as i aforementioned, due to SEC rules, the piecoin might have been conceived as an alternative to incentive Paypie customers/Paypie coin holders. Piecoin might be distributed as a form of dividend (note that i use the word a form to denote that its not an actual dividend) and the distribution could be exchanged on Paypie's platform for fiat. Since it's not the main coin associated with the project and only has internal use, i.e.( Paypie won't provide an exchange for it) this deflects any issue that the SEC rules might pose.
 
 As for pegging to multiple currencies, am guessing they will peg it to the currency that's currently worth the most, and use exchange rates from that currency to pay out on other currencies. Again, am just guessing and none of this should be considered viable till statement is obtained from an admin

I think I have figured it out. But still guessing. I think you actually have it backwards. PPP tokens are the investment vehicle and PieCoin are stable stores of debit/credit value.

Assuming PPP are the PayPie tokens that are traded on the exchanges. PPP will be converted to PieCoin (PIE) for internal transactions in the PayPie market.

PIE are pegged to a several major currencies at the same time: a currency basket. For the sake of argument, assume the currency basket is 1 PIE = $1.

You owe someone $300. Which means you are 300 PIE short.

PIE can only be exchanged through PPP tokens.

PPP tokens fluctuate, but according to the whitepaper the price per token starts at 1 PPP = 0.0011 ETH.

If the price of $300 = 1 ETH you need to buy 1/0.0011 = 909 PPP.

If PPP doubles in value, you need to buy 454 PPP instead. Your debt, in terms of currency basket value, has remained the same amount, ie. 300 PIE = $300.

If you were indebted 300 PPP instead of PIE, after PPP doubled in value you would owe $600.

Nice catch, and they can achieve that with PIE because it's only an internal token and it won't be put on exchanges. It's the only way to keep a token stable at the moment, there's this token, Corion in which devs claim that price will be always $1, isn't on exchanges yet but it will be on day, I'm going to grab a popcorn basket when their reserve to buy COR will finish (because at some point it will finish)

Are we talking about PIECoin, as in https://coinmarketcap.com/currencies/piecoin/ ? I am really confused now  

No we not talking about the shit coin on the exchanges called pie coin, rather we referring to an internal coin utilized on the paypie platform thats also named piecoin.
Anyway, rigorous your explanation makes a lot of sense, hopefully a paypie admin can confirm if it's on the right track cos investors will deem such info vital.

I imagine they decided the name PayPie to be similar to PayPal, even if the purpose isn't the same, it gives kind of a similar vibe, different to paycoin, that is a shitcon that has no use but to be a  coin, paypiecoin is another token altogether, dont put an existing coin here, anyway, the explanatino is correct, but a lot of us already knew that.

[Piggy]

I was thinking today, how do you prevent obvious abuses? Like somembody trying to make his company having a lot of good rating by making fake transactions?

[Rigorous]

Again this is just a guess on my part but as i aforementioned, due to SEC rules, the piecoin might have been conceived as an alternative to incentive Paypie customers/Paypie coin holders. Piecoin might be distributed as a form of dividend (note that i use the word a form to denote that its not an actual dividend) and the distribution could be exchanged on Paypie's platform for fiat. Since it's not the main coin associated with the project and only has internal use, i.e.( Paypie won't provide an exchange for it) this deflects any issue that the SEC rules might pose.
 
 As for pegging to multiple currencies, am guessing they will peg it to the currency that's currently worth the most, and use exchange rates from that currency to pay out on other currencies. Again, am just guessing and none of this should be considered viable till statement is obtained from an admin

I think I have figured it out. But still guessing. I think you actually have it backwards. PPP tokens are the investment vehicle and PieCoin are stable stores of debit/credit value.

Assuming PPP are the PayPie tokens that are traded on the exchanges. PPP will be converted to PieCoin (PIE) for internal transactions in the PayPie market.

PIE are pegged to a several major currencies at the same time: a currency basket. For the sake of argument, assume the currency basket is 1 PIE = $1.

You owe someone $300. Which means you are 300 PIE short.

PIE can only be exchanged through PPP tokens.

PPP tokens fluctuate, but according to the whitepaper the price per token starts at 1 PPP = 0.0011 ETH.

If the price of $300 = 1 ETH you need to buy 1/0.0011 = 909 PPP.

If PPP doubles in value, you need to buy 454 PPP instead. Your debt, in terms of currency basket value, has remained the same amount, ie. 300 PIE = $300.

If you were indebted 300 PPP instead of PIE, after PPP doubled in value you would owe $600.

Nice catch, and they can achieve that with PIE because it's only an internal token and it won't be put on exchanges. It's the only way to keep a token stable at the moment, there's this token, Corion in which devs claim that price will be always $1, isn't on exchanges yet but it will be on day, I'm going to grab a popcorn basket when their reserve to buy COR will finish (because at some point it will finish)

Are we talking about PIECoin, as in https://coinmarketcap.com/currencies/piecoin/ ? I am really confused now  

No we not talking about the shit coin on the exchanges called pie coin, rather we referring to an internal coin utilized on the paypie platform thats also named piecoin.
Anyway, rigorous your explanation makes a lot of sense, hopefully a paypie admin can confirm if it's on the right track cos investors will deem such info vital.

After re-reading the whitepaper again and again I think I got it completely wrong.

The actual money owed on the invoice is not paid with PIE but through traditional ways, ie. bank transfers, VISA, whatever. I was misled by statements such as

all transactions will flow through blockchain and validity of all transactions including sent invoices can be verified

Lender confirms, signs and funds get transferred to the company and published on blockchain

But it's not realistic to transfer money owed through PIE, as the PIE balance sheet would quickly eclipse the value of PPP and PayPie itself. Small-medium companies have balance sheets of up to $100 Million.

The only things transferred through the PayPie network are documents such as invoices, and those invoices are put on a marketplace where the right to see or pay them may be bought using PIE. PayPie charges a fee on each marketplace transaction.

[Islapdonkey]

I was thinking today, how do you prevent obvious abuses? Like somembody trying to make his company having a lot of good rating by making fake transactions?

that's the beauty of blockchain technology, it's transparent and every data is verifiable. Just the same way you can't easily fake a bitcoin transaction, it will be extremely hard to continuously fake a ledger transaction on the paypie blockchain. A dedicated investigator can easily detect the erroneous information/

[Islapdonkey]

Again this is just a guess on my part but as i aforementioned, due to SEC rules, the piecoin might have been conceived as an alternative to incentive Paypie customers/Paypie coin holders. Piecoin might be distributed as a form of dividend (note that i use the word a form to denote that its not an actual dividend) and the distribution could be exchanged on Paypie's platform for fiat. Since it's not the main coin associated with the project and only has internal use, i.e.( Paypie won't provide an exchange for it) this deflects any issue that the SEC rules might pose.
 
 As for pegging to multiple currencies, am guessing they will peg it to the currency that's currently worth the most, and use exchange rates from that currency to pay out on other currencies. Again, am just guessing and none of this should be considered viable till statement is obtained from an admin

I think I have figured it out. But still guessing. I think you actually have it backwards. PPP tokens are the investment vehicle and PieCoin are stable stores of debit/credit value.

Assuming PPP are the PayPie tokens that are traded on the exchanges. PPP will be converted to PieCoin (PIE) for internal transactions in the PayPie market.

PIE are pegged to a several major currencies at the same time: a currency basket. For the sake of argument, assume the currency basket is 1 PIE = $1.

You owe someone $300. Which means you are 300 PIE short.

PIE can only be exchanged through PPP tokens.

PPP tokens fluctuate, but according to the whitepaper the price per token starts at 1 PPP = 0.0011 ETH.

If the price of $300 = 1 ETH you need to buy 1/0.0011 = 909 PPP.

If PPP doubles in value, you need to buy 454 PPP instead. Your debt, in terms of currency basket value, has remained the same amount, ie. 300 PIE = $300.

If you were indebted 300 PPP instead of PIE, after PPP doubled in value you would owe $600.

Nice catch, and they can achieve that with PIE because it's only an internal token and it won't be put on exchanges. It's the only way to keep a token stable at the moment, there's this token, Corion in which devs claim that price will be always $1, isn't on exchanges yet but it will be on day, I'm going to grab a popcorn basket when their reserve to buy COR will finish (because at some point it will finish)

Are we talking about PIECoin, as in https://coinmarketcap.com/currencies/piecoin/ ? I am really confused now  

No we not talking about the shit coin on the exchanges called pie coin, rather we referring to an internal coin utilized on the paypie platform thats also named piecoin.
Anyway, rigorous your explanation makes a lot of sense, hopefully a paypie admin can confirm if it's on the right track cos investors will deem such info vital.

After re-reading the whitepaper again and again I think I got it completely wrong.

The actual money owed on the invoice is not paid with PIE but through traditional ways, ie. bank transfers, VISA, whatever. I was misled by statements such as

all transactions will flow through blockchain and validity of all transactions including sent invoices can be verified

Lender confirms, signs and funds get transferred to the company and published on blockchain

But it's not realistic to transfer money owed through PIE, as the PIE balance sheet would quickly eclipse the value of PPP and PayPie itself. Small-medium companies have balance sheets of up to $100 Million.

The only things transferred through the PayPie network are documents such as invoices, and those invoices are put on a marketplace where the right to see or pay them may be bought using PIE. PayPie charges a fee on each marketplace transaction.

You might actually be right, cos like i aforementioned maybe the payment might be allocated as pie, and the pie coin can be exchange for fiat at and only on Paypie platform.

[ParRus]

I think PAYPIE ico will have a wonderful sucess. The visibility growth day by day, a lot of people want to be a part of the project and have big hope for the future. Just see how many people enjoy PAYPIE possibility on the thread, we are all impatient !

[the_donald]

I was thinking today, how do you prevent obvious abuses? Like somembody trying to make his company having a lot of good rating by making fake transactions?

that's the beauty of blockchain technology, it's transparent and every data is verifiable. Just the same way you can't easily fake a bitcoin transaction, it will be extremely hard to continuously fake a ledger transaction on the paypie blockchain. A dedicated investigator can easily detect the erroneous information/

I have my doubts that you can't cook the books to an extend. it's true blockchain tech is great and all, but I wouldn't go so far as to say you can't fake entries.

[haxllega]

Really cant wait to see this ICO start!
Great campaign and very good marketing behind this project! First account platform on blockchain for the moment so this must attract some big investors.

Good luck devs!

2018 will be a great year for crypto currencies when all these great projects release their working platforms.

[Cauchy]

I was thinking today, how do you prevent obvious abuses? Like somembody trying to make his company having a lot of good rating by making fake transactions?

that's the beauty of blockchain technology, it's transparent and every data is verifiable. Just the same way you can't easily fake a bitcoin transaction, it will be extremely hard to continuously fake a ledger transaction on the paypie blockchain. A dedicated investigator can easily detect the erroneous information/

I have my doubts that you can't cook the books to an extend. it's true blockchain tech is great and all, but I wouldn't go so far as to say you can't fake entries.

This is a topic I would like to understand better. For sure what is put on the bc is there to stay and transparent so I guess one would need to find other means of manipulating the books if that would be the case. But I guess, anyone who havnt a cleansheet most likely is not interested in using bc technology 

[Elkmar]

I was thinking today, how do you prevent obvious abuses? Like somembody trying to make his company having a lot of good rating by making fake transactions?

that's the beauty of blockchain technology, it's transparent and every data is verifiable. Just the same way you can't easily fake a bitcoin transaction, it will be extremely hard to continuously fake a ledger transaction on the paypie blockchain. A dedicated investigator can easily detect the erroneous information/

Every transaction can be checked with TXID and a block explorer. So if thousands of fake transactions are made, at one point there will the same address from where everything originated, and the fraud will be easy to see. Just design a software to rapidly go through every transaction, and specially made to find frauds and you can't cheat the system anymore 

[Heimer]

I think PAYPIE ico will have a wonderful sucess. The visibility growth day by day, a lot of people want to be a part of the project and have big hope for the future. Just see how many people enjoy PAYPIE possibility on the thread, we are all impatient !

It's more than possible. Huge hype from community means high demand for Paypie token, they've got very good dev team, nice roadmap and strong niche

[FIEX]

I think PAYPIE ico will have a wonderful sucess. The visibility growth day by day, a lot of people want to be a part of the project and have big hope for the future. Just see how many people enjoy PAYPIE possibility on the thread, we are all impatient !

It's more than possible. Huge hype from community means high demand for Paypie token, they've got very good dev team, nice roadmap and strong niche

Lets hope this hype will be a succes for the ICO.
Saw another project with a huge hype fail with there pre-sale , really hope Paypie will get the investors!

Its such a niche and investors loves that!

[belechau]

There will always be fraudsters and their way of getting things distorted, Accounting will certainly reduce those possibilities and combat existing ones, unmasking them through accounting evidence, this will give us much more credibility as a Dev, and much more trust and control as an investor. This is the investment that will be worth all our investments.

[itsonlikedonkeykong]

in case it will be used by banks and insurance companies this is going to be huge!! 

Sooner or later financial institutions such as banks and insurance companies will embrace PAYPIE's platform as its risk score is accurate and fraud proof.

I agree. It's only a matter of time, all imeginable services will eventually run on blockchain.

If PayPie truly can deliver their promises, then it will be huge indeed.

Moreover, PAYPIE's platform and risk scoring IMHO, could prevent financial collapse of banking and lending institutions as they are fed with accurate data of a particular company to minimize lending risks.

Exactly, and situations like the equifax data breach, will be harder to pull off on the ethereum blockchain, due to it's transparent, yet cryptographic nature, and smart contracts.

Absolutely correct.

The public blockchain will provide transparency and help to verify all transactions too.

[imtiazmahmood]

i saw all back pages i saw expo pictures too. i liked team work. really professional. this project is amazing project. i will keep my eyes on this project.

[Voltaje]

in case it will be used by banks and insurance companies this is going to be huge!! 

Sooner or later financial institutions such as banks and insurance companies will embrace PAYPIE's platform as its risk score is accurate and fraud proof.

I agree. It's only a matter of time, all imeginable services will eventually run on blockchain.

If PayPie truly can deliver their promises, then it will be huge indeed.

Moreover, PAYPIE's platform and risk scoring IMHO, could prevent financial collapse of banking and lending institutions as they are fed with accurate data of a particular company to minimize lending risks.

Exactly, and situations like the equifax data breach, will be harder to pull off on the ethereum blockchain, due to it's transparent, yet cryptographic nature, and smart contracts.

Absolutely correct.

The public blockchain will provide transparency and help to verify all transactions too.

Guys, we already know the benefits of the blockchain, and that paypie will do wonderful, now we must simply support and spread the word here about paypie for it to succeed and reach the hard cap, so this can start properly.