[ANN] PayPie - Blockchain-Powered Risk Assessment

[pynetx]

I don't really trust centralized systems with my personal data.
It's good to have paypie take steps to make it safer for everyone.

If data is strongly encrypted and safely storaged on blockchain I don't see any contraindications. Hacker won't be able to access your personal info and your partners will have much easier job with accounting

Nothing is strongly encrypted. Heard about Equifax hack?
I don't think they were not using encryptions but still, they are hacked and now hackers are demanding $2.6B worth of BTC.

[1714944590]

1714944590

[1714944590]

1714944590

[1714944590]

1714944590

[the_donald]

I don't really trust centralized systems with my personal data.
It's good to have paypie take steps to make it safer for everyone.

If data is strongly encrypted and safely storaged on blockchain I don't see any contraindications. Hacker won't be able to access your personal info and your partners will have much easier job with accounting

Nothing is strongly encrypted. Heard about Equifax hack?
I don't think they were not using encryptions but still, they are hacked and now hackers are demanding $2.6B worth of BTC.

I think they were using encryption, but you can get around that. they were just incompetent which is what happens in a low competition market.

[levyashin]

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.

He might actually right but he might actually wrong. We are talking about a very important thing for the coin but with very limited information. 

I know team is extremely busy for marketing and devolopment reasons but they should make an detailed explanation about this paypie coin and ppp coin.

[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?

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/

sorry, actually meant a transaction as everyday transaction between two parties. For example i pay you 100$ 
to make up some business we did and you give me a good rating that will end up in the block chain.

[Jay2408]

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.

He might actually right but he might actually wrong. We are talking about a very important thing for the coin but with very limited information. 

I know team is extremely busy for marketing and devolopment reasons but they should make an detailed explanation about this paypie coin and ppp coin.

Right...  and a comprehensive elaboration in their White paper, so that it's understandable for the average investor, would also be helpful.

[pynetx]

I don't really trust centralized systems with my personal data.
It's good to have paypie take steps to make it safer for everyone.

If data is strongly encrypted and safely storaged on blockchain I don't see any contraindications. Hacker won't be able to access your personal info and your partners will have much easier job with accounting

Nothing is strongly encrypted. Heard about Equifax hack?
I don't think they were not using encryptions but still, they are hacked and now hackers are demanding $2.6B worth of BTC.

I think they were using encryption, but you can get around that. they were just incompetent which is what happens in a low competition market.

You are right. That's what happens in centralized systems. When a single entity has control of everything then things get worse.

[Rigorous]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

[no-ice-please]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

Which means they are a direct competitor?

[levyashin]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

Which means they are a direct competitor?

I am not sure about it's a direct competitor cause one of then is accounting based the other one ise insurance. But if it's, that's not a bad thing.

Market is already very big for just one company and competiton cause companies to perform better.

[Heimer]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

Which means they are a direct competitor?

I am not sure about it's a direct competitor cause one of then is accounting based the other one ise insurance. But if it's, that's not a bad thing.

Market is already very big for just one company and competiton cause companies to perform better.

Not exactly. Traditional companies need much more time to achive something. They are obsolete and old minded so they won't be able to compete with Paypie soon

[toolucky98]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

Which means they are a direct competitor?

I am not sure about it's a direct competitor cause one of then is accounting based the other one ise insurance. But if it's, that's not a bad thing.

Market is already very big for just one company and competiton cause companies to perform better.

Not exactly. Traditional companies need much more time to achive something. They are obsolete and old minded so they won't be able to compete with Paypie soon

I dont think so, they are a big team. But its true that competition will make the competitors push and motivate each other.

[no-ice-please]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

Which means they are a direct competitor?

I am not sure about it's a direct competitor cause one of then is accounting based the other one ise insurance. But if it's, that's not a bad thing.

Market is already very big for just one company and competiton cause companies to perform better.

Not exactly. Traditional companies need much more time to achive something. They are obsolete and old minded so they won't be able to compete with Paypie soon

Very valid point made by Heimer. They always have to cope with their old infrastructure first to then implement new infrastructure. Not a problem that Paypie will have to deal with.

[toolucky98]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

Which means they are a direct competitor?

I am not sure about it's a direct competitor cause one of then is accounting based the other one ise insurance. But if it's, that's not a bad thing.

Market is already very big for just one company and competiton cause companies to perform better.

Not exactly. Traditional companies need much more time to achive something. They are obsolete and old minded so they won't be able to compete with Paypie soon

Very valid point made by Heimer. They always have to cope with their old infrastructure first to then implement new infrastructure. Not a problem that Paypie will have to deal with.

And thats how google has beaten yahoo in mailing business. Im sorry, no offense, but i wont be closed-minded.

[the_donald]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

Which means they are a direct competitor?

I am not sure about it's a direct competitor cause one of then is accounting based the other one ise insurance. But if it's, that's not a bad thing.

Market is already very big for just one company and competiton cause companies to perform better.

Not exactly. Traditional companies need much more time to achive something. They are obsolete and old minded so they won't be able to compete with Paypie soon

Very valid point made by Heimer. They always have to cope with their old infrastructure first to then implement new infrastructure. Not a problem that Paypie will have to deal with.

The good news here is that if these companies want to enter the market, it means that the idea is solid. they wouldn't put their money in if they weren't certain. luckily paypie is first to market.

[Rigorous]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

Which means they are a direct competitor?

I am not sure about it's a direct competitor cause one of then is accounting based the other one ise insurance. But if it's, that's not a bad thing.

Market is already very big for just one company and competiton cause companies to perform better.

Some insurance companies have broadened their horizon with loans, mortgages and pension funds. In the following quote from the article you can see they are already looking into trading risks, which is getting close to PayPie's territory, no?

The short-term focus is on handling reinsurance contracts, while the group’s wider goal of exploring blockchain potential is “to build an efficient world-wide industry platform for market participants to more easily cede, handle, and trade risks.”

[ParRus]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

good news! This once again confirms the relevance of this sphere, If the PAYPIE will realizes this opportunity first, it will be very cool

[ubercool]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

good news! This once again confirms the relevance of this sphere, If the PAYPIE will realizes this opportunity first, it will be very cool

If they get into the market before them and grab these opportunities then it will automatically double the application population over night and Paypie can eliminate most of their competitors.

[lvsca]

who want to try buy my ticket on alpha site and do refund? i will now how this website do.

[tiger5056]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

good news! This once again confirms the relevance of this sphere, If the PAYPIE will realizes this opportunity first, it will be very cool

If they get into the market before them and grab these opportunities then it will automatically double the application population over night and Paypie can eliminate most of their competitors.

competition is good thing. paypie has first advantage.

[bitsurfer2014]

I just heard that some old-school insurance companies that teamed up in B3i (Blockchain Insurance Industry Initiative) are going to roll out a blockchain technology beta for credit risk management.

http://www.insurancebusinessmag.com/us/news/breaking-news/insurance-giants-join-forces-as-blockchain-prototype-debuts-78510.aspx

Which means they are a direct competitor?

I am not sure about it's a direct competitor cause one of then is accounting based the other one ise insurance. But if it's, that's not a bad thing.

Market is already very big for just one company and competiton cause companies to perform better.

Not exactly. Traditional companies need much more time to achive something. They are obsolete and old minded so they won't be able to compete with Paypie soon

Very valid point made by Heimer. They always have to cope with their old infrastructure first to then implement new infrastructure. Not a problem that Paypie will have to deal with.

IMHO, its not easy to migrate legacy systems to a new one, and most employees of that old school insurance company with legacy systems will be hesitant to adapt their new system.