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Author Topic: Pilipinas (Philippines)  (Read 1310359 times)
Dabs
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October 09, 2014, 12:50:35 AM
 #1141

Mark, what's wrong with stamp? (It seems the local exchanges are running out because a bunch of people are buying.) Or any other? (BTC-e?) Or are we avoiding doing wire transfers?

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October 09, 2014, 01:06:33 AM
 #1142

I checked out the E-Peso article. Some things I noticed:

1. Gov Premined? 1 Billion pesos worth.
2. Insta 27,986+ full nodes (all branches must have full nodes) There are 10,000 bank branches nationwide, and 17,000 non-bank financial institutions.
3. Possibly 27,986+ bank owned miners
4. 1 E-Peso should be equal to 1 Paper/Coin Peso
5. I wonder what algo. Maybe custom made. Maybe the gov will create E-Peso specific ASICs. Existing hardware means old SHA256 asics or scrypt ASICs or GPUs. A block erupter in every bank, while I have a farm of spondoolies. hahahah!

6. I still have 10+ Sapphire 270X and 270 for sale. Smiley

Quote
Bill filed to create E-Peso for internet payments
InterAksyon
Newsbytes.ph, InterAksyon.com

MANILA, Philippines — A lawmaker has filed a bill creating electronic money as a medium of exchange for use on the Internet and all other electronic and non-electronic means of communications.

Pangasinan representative Kimi S. Cojuangco, author of House Bill 4914, said there is an urgent need to enact the proposed “E-Peso Act of 2014″ since there is no official medium of exchange or money for the Internet.

“What exists is a patchwork of methods using traditional credit systems, which act in place of money on the Internet. The E-peso is the electronic equivalent to the paper peso,” Cojuangco said.

Cojuangco said the E-peso would be a legal tender and legal payment for debt, taxes, goods, and services transacted through the Internet.

Under the bill, the E-peso will be recognized as the electronic legal tender and will be available in all banks branches operating the country.

Cojuangco said the amount on circulation of the E-peso would be limited to P1 billion in the initial two years.

The Bangko Sentral ng Pilipinas (BSP) shall explore and study the technology of “bitcoin and post bitcoin cryptocurrencies” to expand the knowledge base, which it will use in deciding what technology to use in E-peso, the bill said.

The BSP will also choose a system that uses peer-to-peer processing of the log chain and shall exert its utmost to leverage existing hardware being used by the other leading cryptocurrencies such as bitcoin, according to the bill.

The proposed legislation mandates BSP to require all bank branches to dedicate at least one computer with adequate technical specification to serve as a local peer.

An initial amount equivalent to one percent of the total amount of Philippine currency in circulation will be minted by the BSP within one year from the enactment of the proposed act.

Emphasis mine.

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October 09, 2014, 01:52:34 AM
 #1143

So, if this E-Peso happens, I'm guessing Banko Sentral will pre-mine 200 million in the first two months while testing the coin, 100 million per month. Then decrease the block subsidy total per month by 10 million every two months, until in the 22nd month there will be 1 Billion e-pesos in circulation.

Or, the gov could just pre-mine all 1 billion on block zero, and miners have maybe 10~100 million total per month or something. Eventually, the coin should match a portion of the narrow (M1) or broad (M2) stock of Philippine legal money, which is currently at $40 Billion USD to $130 Billion USD.

In 10 years, there will be 10 billion E-Pesos.

*edit* Another article:
http://www.philstar.com/business/2014/10/05/1376516/solon-pushes-e-peso-act

It says 1%.

Quote
An initial amount equivalent to one percent of the total amount of Philippine currency in circulation shall be minted by the BSP within one year from the enactment of the proposed act, the bill outlined.

$40 Billion USD = 1,788 Billion Philippine Pesos.
1% of that is 1.78 Billion Pesos

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October 09, 2014, 02:02:16 AM
 #1144

So, if this E-Peso happens, I'm guessing Banko Sentral will pre-mine 200 million in the first two months while testing the coin, 100 million per month. Then decrease the block subsidy total per month by 10 million every two months, until in the 22nd month there will be 1 Billion e-pesos in circulation.

Or, the gov could just pre-mine all 1 billion on block zero, and miners have maybe 10~100 million total per month or something. Eventually, the coin should match a portion of the narrow (M1) or broad (M2) stock of Philippine legal money, which is currently at $40 Billion USD to $130 Billion USD.

In 10 years, there will be 10 billion E-Pesos.

*edit* Another article:
http://www.philstar.com/business/2014/10/05/1376516/solon-pushes-e-peso-act

It says 1%.

Quote
An initial amount equivalent to one percent of the total amount of Philippine currency in circulation shall be minted by the BSP within one year from the enactment of the proposed act, the bill outlined.

$40 Billion USD = 1,788 Billion Philippine Pesos.
1% of that is 1.78 Billion Pesos

Thanks for sharing this Dabs.. hopefully our local miners will have some opportunity to get a bite on the chunk on this, but by checking on history, it either get premined ( as in mined in full force for some months before releasing it officially or it gets instamined )
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October 09, 2014, 02:05:17 AM
 #1145

It will probably be insta-mined. The rest should be normally mined. At least the 1 Billion will be held by Banko Sentral. And you can go to any bank to exchange your PHP to E-PHP and vice versa.

Because if it's not insta-mined, and it uses SHA256 or even scrypt, I'm going to rent-a-bunch-of-hashes. As will every other miner out there. Suddenly these cloud miners look useful.

If it uses a new algo, then my GPU's might be useful later if I haven't sold them yet.

The larger banks should be major pool operators. There will, of course, be independent miners and solo miners. A centralized de-centralized coin, backed by fiat. Interesting.

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October 09, 2014, 02:11:03 AM
 #1146

It will probably be insta-mined. The rest should be normally mined. At least the 1 Billion will be held by Banko Sentral. And you can go to any bank to exchange your PHP to E-PHP and vice versa.

Because if it's not insta-mined, and it uses SHA256 or even scrypt, I'm going to rent-a-bunch-of-hashes. As will every other miner out there. Suddenly these cloud miners look useful.

If it uses a new algo, then my GPU's might be useful later if I haven't sold them yet.

The larger banks should be major pool operators. There will, of course, be independent miners and solo miners. A centralized de-centralized coin, backed by fiat. Interesting.

Once I noticed those high end GPUs on some popular computer outlets get sold out frequently, something is up! Smiley
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October 09, 2014, 02:22:17 AM
 #1147

Once I noticed those high end GPUs on some popular computer outlets get sold out frequently, something is up! Smiley

Don't worry, BSP will make an announcement. And the banks will have some sort of new equipment rolling in. Someone will notice.

The thing better be open source, and signed by some high ranking geek working inside BSP.

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October 09, 2014, 02:27:18 AM
 #1148

I doubt E-Peso will really happen. It's just a suggestion from 1 person in the gov right..? I don't think the bill will be approved. But I am not an expert in PH politics, so not sure how it exactly works.

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October 09, 2014, 02:30:15 AM
 #1149

I doubt E-Peso will really happen. It's just a suggestion from 1 person in the gov right..? I don't think the bill will be approved. But I am not an expert in PH politics, so not sure how it exactly works.

It boils down on a good sales pitch...
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October 09, 2014, 02:45:23 AM
 #1150

I doubt E-Peso will really happen. It's just a suggestion from 1 person in the gov right..? I don't think the bill will be approved. But I am not an expert in PH politics, so not sure how it exactly works.

It boils down on a good sales pitch...

Here's the sales pitch. If it's anything like bitcoin, you can hide your ill-gotten wealth. (Of course, don't remind them politicians that it's all in the blockchain.)

You will see 20+ senators, 200+ congressmen, and 50+ provincial governors approve the bill.

Then watch as our 1000 PH/s cloud miner insta-mines the first billion coins. Everyone will think the BSP is doing it.

I will have a new job description as "E-Peso Escrow Agent". My fee will still be 1%. But I'll be sure to buy bomb-proof Chevrolet Suburbans and put up my own security agency.

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October 09, 2014, 02:49:48 AM
 #1151

I doubt E-Peso will really happen. It's just a suggestion from 1 person in the gov right..? I don't think the bill will be approved. But I am not an expert in PH politics, so not sure how it exactly works.

It boils down on a good sales pitch...

Here's the sales pitch. If it's anything like bitcoin, you can hide your ill-gotten wealth. (Of course, don't remind them politicians that it's all in the blockchain.)

You will see 20+ senators, 200+ congressmen, and 50+ provincial governors approve the bill.

Then watch as our 1000 PH/s cloud miner insta-mines the first billion coins. Everyone will think the BSP is doing it.

I will have a new job description as "E-Peso Escrow Agent". My fee will still be 1%. But I'll be sure to buy bomb-proof Chevrolet Suburbans and put up my own security agency.

BRAVO!!! Smiley
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October 09, 2014, 05:54:26 AM
 #1152

I doubt E-Peso will really happen. It's just a suggestion from 1 person in the gov right..? I don't think the bill will be approved. But I am not an expert in PH politics, so not sure how it exactly works.

It boils down on a good sales pitch...

Here's the sales pitch. If it's anything like bitcoin, you can hide your ill-gotten wealth. (Of course, don't remind them politicians that it's all in the blockchain.)

You will see 20+ senators, 200+ congressmen, and 50+ provincial governors approve the bill.

Then watch as our 1000 PH/s cloud miner insta-mines the first billion coins. Everyone will think the BSP is doing it.

I will have a new job description as "E-Peso Escrow Agent". My fee will still be 1%. But I'll be sure to buy bomb-proof Chevrolet Suburbans and put up my own security agency.

I hope they will use darkcoin like system.

Hi!
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October 09, 2014, 06:03:32 AM
 #1153

Mark, what's wrong with stamp? (It seems the local exchanges are running out because a bunch of people are buying.) Or any other? (BTC-e?) Or are we avoiding doing wire transfers?

Because the price on btc-e is usually the cheapest in the USD market...

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October 09, 2014, 06:18:01 AM
 #1154

@Dabs - BTC-e pricing is lower than bitstamp usually, and is what I am used to buying at. They also charge 1% fee to deposit cash, so if I can buy locally then it's better.

re the ePeso, I have been meeting with the BSP for the last year on different matters, and I am pretty sure they will resist the use of any kind of cryptocurrency, judging on past remarks and conversations. I could create the currency myself, but there will be many problems at the entry exit points to fiat, and it's just a headache.

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October 09, 2014, 07:27:16 AM
 #1155

Mark, thanks. I might have to buy on BTC-e. Do they have limits? I'm only planning to get, maybe 1M PHP worth, or 20,000 USD worth. (Maybe you should buy it, then I can buy from you, hehe.)

As for the E-Peso, I started another thread in the alt forums. If for nothing else, I want to know what people think:
https://bitcointalk.org/index.php?topic=816977.0

These politicians sometimes ... well, they are politicians. hehe.

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October 09, 2014, 12:44:28 PM
 #1156

Do you think magnanak pa ang mag pulitiko kapag E-Peso na ang gamit?haha syempre puro mga buwaya kasi yan eh haha
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October 09, 2014, 02:20:37 PM
 #1157

Do you think magnanak pa ang mag pulitiko kapag E-Peso na ang gamit?haha syempre puro mga buwaya kasi yan eh haha

They will convert whatever paper pesos they have to e-pesos. Then they will try to buy other crypto currencies with it on a foreign exchange, or an alt-exchange. Poof!

Or they will ask me to help them do it. I will ask them for 1% and some other favor in kind.

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October 09, 2014, 05:55:17 PM
 #1158

Mark, thanks. I might have to buy on BTC-e. Do they have limits? [...]

No limits on btc-e. They are the shady BTC supermarket, woot wooot! Although you'll rip through the order book considerably with a market buy of that magnitude, offsetting the general lower price on that exchange.

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October 10, 2014, 02:49:04 AM
 #1159

Do you think magnanak pa ang mag pulitiko kapag E-Peso na ang gamit?haha syempre puro mga buwaya kasi yan eh haha

They will convert whatever paper pesos they have to e-pesos. Then they will try to buy other crypto currencies with it on a foreign exchange, or an alt-exchange. Poof!

Or they will ask me to help them do it. I will ask them for 1% and some other favor in kind.

hahaha share2 lang. pero kapag my tago kang yaman halimbawa maraming kang pera sa bangko makikita at makikita yan. pero kapag online wallet nila itatago pwede ba yan?haha makikita pa ba yan?kaya lang sobrang laki ng pera ng mga yan baka hacked lang yan.
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October 10, 2014, 06:12:31 AM
 #1160

If the BSP don't work on the epeso I idea, I might do it anyway, just as an experiment to see if it can be done - These are the general ideas:

  • PoW / PoS (2%) coin
  • 1 epeso = 1 peso
  • I billion premined, with option to add more in future as need arises, but mining is done centrally. You cannot just have everyone printing money..:-)
  • Very transparent Block Explorer - other sites will no doubt spring up showing the amounts that public personas/politicians have if they have shared their public address, otherwise rich list would show patterns anyway. In other words, some control of AML.
  • Network of computers (probably AWS) to handle PoS and Stability of network, double spend etc.
  • Coins transferred through Tagcash network with no costs in our out (via Bank), or via cash, via EC Pay network (7/11 etc), for which there is a 1% charge to get the money into the network to buy the ePeso (their charges not mine). Tagcash revenues come from flat fees from merchants who do over 100 transactions a month in epesos, pesos, points or actions like stamps in the stamp books etc
  • Remittances would be easier, as BTC can be purchased abroad and there would be ways to purchase ePesos on exchanges but the rate would be fixed for cashout to bank in Philippines, so exchange rates on external sites would not fluctuate too much. We would handle KYC and AML through Tagcash or an exchange we ourselves would create to convert between BTC and ePesos
  • The amount of money held in the bank in Pesos should equal the amount of ePesos in circulation, possibly under supervision of a bank or us if we obtain an EMI. However, operating as EMNSP under UnionBank or SecurityBank are also options.

We would make 2% of the coins in stock via PoS, which would pay for the overheads of computers to handle PoS and therefore stability of network. Over time, this would be dispersed and the holders of ePesos would be making 2%, including the banks who would offer to hold coins in exchange for say 1 to 1.5%. Banking would not really be affected too much, but transfers of money would be much easier using the system. Anyone without computers or smartphones can use Tagcash to transfer back and forth using SMS. If there is a need to introduce more money into the system, that can be done. If the BSP want to take over the operation that also is not a problem.

So there's a few ideas - anyone have any constructive criticism?..Wink

EDIT:
After discussion, research and feedback, it is just not viable to introduce this, at least from my point of view. Way too much hassle for no return - I am sure when the BSP is ready to create something they will ask for advice from us and others involved, and I will be happy to help. Personally, I see it as years away. Way too many problems with AML, capital flight and acceptance.

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