Thoughts on Pundi X project

[SiverSurfer]

Your advice makes sense, we are thinking of also excluding Chinese nationals from participating in the ICO. Do we stand to lose alot of [PLACEHOLDER] ?

I think many will find another way to buy it, maybe through friends.

[Bitcoin4ik]

So you have a working product. pundi-pundi.com

Looks neat and you just might kick some ass.

[metalbean]

So you have a working product. pundi-pundi.com

Looks neat and you just might kick some ass.

Yeah, that's our current product Pundi-Pundi, our blockchain services on top of it will be called Pundi X.

Thanks for discovering us

[Herdirfauzi]

what you describe about your project is very interesting, I've heard that in Indonesia do not apply the use of bitcoin currency. then what will you do? I heard the news from my friend. 

[Herdirfauzi]

Hi guys,

Here's the background:

In 2-2017 we launched a payment app and managed to corner a small payment market in our market. Several of us in the team play bitcoins and are crypto-anarchist wannabe, but never thought of doing anything with crypto except trading, and hopefully one day using it to buy groceries. Then ICO explodes.....

Should we leverage on this ICO craze (in a good and right way) ?

We create this use case:
1. Buying cryptocurrency should be as easy as buying a bottled water
2. Spending cryptocurrency should be easier than using a cashless app

Statement 1 & 2 are designed for normal people, those that call us "and ask what bitcoin is" because we look nerdy enough for them to think we know.

We have
1. Working app - which is no1 (at least top 3) in Indonesia despite being a new comer. It's a QR payment system like Linepay in Japan or Alipay in China. It's geared towards offline payment so the use case is to pay when you buy a coffee or groceries by scanning the QR code. We have credit lending in it but decided to postpone it since we don't have P2P(or on-site) lending license.

2. Working device - we modified a POS machine (some call EDC) manufactured in Shen Zhen, and we have ordered 500 of them. Actually since we have a team in Shen Zhen we can pre order and get 10000 devices in two weeks. It's very secure and I invite hackers to break it, through software or hardware attack.

3. Working card - A decade ago people feel safer when they buy talk time (mobile calling card) they need to have a plastic card. So we will give that to the people too.

Finally we want to roll out 1,000,000 smart devices connected to the Ethereum blockchain in 3 years.

Again we are not chasing the ICO craze purely for money, but we do think its a good chance to roll out projects that can really benefit normal people. >90% of crypto is in the hands of 1% is not right. Crypto will not be the currency we want to be if it's not shared with more people.

Thoughts? Advice needed.

I have read the article about Bitcoin currency ban to use as a transaction in Indonesia, actually I also do not believe the article, I just share the information you can check here
https://infobanknews.com/bi-larang-keras-penggunaan-bitcoin-di-indonesia/

[YelloAme]

Sounds like a good idea but you can do this without ICO

[kryptqnick]

This is probably one of the best ICOs I've seen so far.

Many ICOs today are focused on the blockchain space doing virtual connectivity and decentralization, while this is very noble and will kill the banks (hopefully) it is still not benefitting the normal people still. I am just afraid that we swap one big connected bank with baldies with one decentralized bank with kids. So it's refreshing that you have something that I can see and hold and use it, especially for the normal people.

You might want to check out hero token so far, I think they are also in South East Asia and does something close to you.

Thanks! Glad to hear that

Yes, living in Indonesia allows us to know that while bitcoin revolution is brewing online, the offline people will never be part of it if we don't do something.

Thanks for recommending token hero

If you already have a popular project (than app of yours) and you want to build an ICO on it - I guess it will be successful in case you have good marketing team. It is also nice to hear that some people that launch icos aren't scammers, and I feel like more and more ico projects appear to be legit.
Nevertheless, I don't understand why you need to build your own coin instead of using some other coin like ethereum as a payment, or simply making a token on Waves.

[leea-1334]

I think you have a good proposal. A real example of crypto in the real world, with a real solution for a real need. I would actually start with small time shops first. You mentioned Indonesia, that is perfect. I believe there are so many small shops there. But, I would like to ask, how would you protect these owners from theft? Yes, the devices may be secure. But that won't stop thieves from thinking they can crack it.

Sorry to throw real example but this is the risk.

[metalbean]

I have read the article about Bitcoin currency ban to use as a transaction in Indonesia, actually I also do not believe the article, I just share the information you can check here
https://infobanknews.com/bi-larang-keras-penggunaan-bitcoin-di-indonesia/

Hi Herdirfauzi,

Thanks for the link,

Bank of Indonesia indeed prohibits the use of cryptocurrency as real currency. We cannot use it to buy items like how we use Indonesian Rupiah. Bitcoin and cryptocurrency is classified as virtual good. So we will have to operate in the domain of "virtual goods". For example, tokens have to be sold first and converted real time to Indonesian Rupiah before using the fiat currency to buy daily items such as sugar. The challenge is to do a real time conversion that is fair and beneficial to the buyer, seller and merchant owner.

Thanks for asking good questions Herdirfauzi

[metalbean]

If you already have a popular project (than app of yours) and you want to build an ICO on it - I guess it will be successful in case you have good marketing team. It is also nice to hear that some people that launch icos aren't scammers, and I feel like more and more ico projects appear to be legit.

Thanks for the encouraging words Kryptqnick.

We are lucky to have not one but several fintech apps. Granted only one is consumer-facing so people usually know us as Pundi-Pundi in Indonesia. The rest of the apps are B2B for merchants for shops management  - Pundi Toko & Pundi Booster, and QR payment SDK (for other app owners) - Scanbersama.

Our latest project is Pundi X (the one we are discussing in this thread).

Nevertheless, I don't understand why you need to build your own coin instead of using some other coin like ethereum as a payment, or simply making a token on Waves.

Payment can be in any coins, and we suspect it will mostly be the big major coins such as bitcoin/ethereum. Buying and selling of cryptocurrency are in bitcoins/etheruem, and buying of daily goods are in bitcoins/ethereum by selling coins for local currency.

Our native tokens are to facilitate the payment and other backend stuff just like gas in ether.

[imabauss]

what I can do with your card? is it the same with visa card? and do you have api for 3rd company

[seadk]

I think you have a good proposal. A real example of crypto in the real world, with a real solution for a real need. I would actually start with small time shops first. You mentioned Indonesia, that is perfect. I believe there are so many small shops there. But, I would like to ask, how would you protect these owners from theft? Yes, the devices may be secure. But that won't stop thieves from thinking they can crack it.

Sorry to throw real example but this is the risk.

ya, i am also agree with this, and how to educate the shop owner/seller about the cryptocurrency itself?

it is will be another challenge, but in the end if it succeed, it is the foundation of the future payment ecosystem.

[criptix]

Again we are not chasing the ICO craze purely for money, but we do think its a good chance to roll out projects that can really benefit normal people. >90% of crypto is in the hands of 1% is not right. Crypto will not be the currency we want to be if it's not shared with more people.

This will always happen with any currency, and no social redistribution.
Its called the Pareto principle

[metalbean]

what I can do with your card? is it the same with visa card? and do you have api for 3rd company

Thanks, yea we will build a layer of plugin for our partners. Let me share with you a diagram.

[metalbean]

Again we are not chasing the ICO craze purely for money, but we do think its a good chance to roll out projects that can really benefit normal people. >90% of crypto is in the hands of 1% is not right. Crypto will not be the currency we want to be if it's not shared with more people.

This will always happen with any currency, and no social redistribution.
Its called the Pareto principle

I agree. Nuff said.

[indr01]

Wah, i found your thread in indonesian forum before

https://bitcointalk.org/index.php?topic=2188933.0


This one will be a cool concept. Supporting this project to be launched in my country, Indonesia.
I think you chose a right country to launch this project, since Indonesian market is really massive.

3 of 5 unicorn startups in South East Asia based in Indonesia, and you cannot be an unicorn if you cannot beat indonesian market.

Good luck

[Bitcoin4ik]

Thanks Bitcoin4ik for the encouraging words.

1. Private key ownership - users will own their private key either by paper wallet (which is hard printed in our Pundi X Pass card) or it is stored in the app (which you also have the key). Fundamentally we have the flaws and strengths of paper/offline and online wallet.

Makes sense

2. For the device - I will share with you more about the specs if you are interested

Yes, I am curious, and you mentioned that you speak Chinese, so maybe you paid China's ShenZhen a visit.

[metalbean]

I think you have a good proposal. A real example of crypto in the real world, with a real solution for a real need. I would actually start with small time shops first. You mentioned Indonesia, that is perfect. I believe there are so many small shops there. But, I would like to ask, how would you protect these owners from theft? Yes, the devices may be secure. But that won't stop thieves from thinking they can crack it.

Sorry to throw real example but this is the risk.

I like that your idea of small shops Leea, we indeed are starting with small shops.

In fact we already have 500 shops accepting our QR payment system, so we can fairly easily introduce our device to them. As for cracking and theft, it's like loosing your phone? If your phone is lost will your wallet be secure still.

[fastboy619]

Metalbean, you've nailed it.

Blockchain needs real life application and if you are really doing what u say u r, shut up and take my money.

[SiverSurfer]

When can we see it?