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Author Topic: Pilipinas (Philippines)  (Read 1205978 times)
tagbond
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October 09, 2014, 06:18:01 AM
 #1161

@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
 #1162

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
 #1163

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
 #1164

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
 #1165

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
 #1166

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
 #1167

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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October 10, 2014, 08:07:59 AM
 #1168

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

Can you post that in my other thread?
https://bitcointalk.org/index.php?topic=816977.0

I have a few ideas about specifications, but I haven't mentioned them yet. Even though this will be an experiment, we need to sit down on this a few times. I'll try to get in touch with that legislator from Pangasinan.

My kid's pediatrician has the same surname.

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jimmy01
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October 10, 2014, 02:00:18 PM
 #1169

Sa tingin nyu guys maipasa ang bill about Epeso?
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October 10, 2014, 04:11:08 PM
 #1170

Sa tingin nyu guys maipasa ang bill about Epeso?

What is money?
Money is a social convention in the sense that it is not valuable in itself, but valuable because people agree to take it as valuable. It is a medium of exchange, a tool that allows us to trade with one another without having to resort to barter, which inefficiently depends on the double coincidence of wants.

so in short explanation, magtatagumpay ang E-peso if people here in the philippines are willing to use it.
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October 10, 2014, 04:27:16 PM
 #1171

Sa tingin nyu guys maipasa ang bill about Epeso?

What is money?
Money is a social convention in the sense that it is not valuable in itself, but valuable because people agree to take it as valuable. It is a medium of exchange, a tool that allows us to trade with one another without having to resort to barter, which inefficiently depends on the double coincidence of wants.

so in short explanation, magtatagumpay ang E-peso if people here in the philippines are willing to use it.

Yun ang tanong kong willing ba na gumamit. Halos lahat gumagamit na ng internet hindi malayo na gagamit at gagamitin natin to.
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October 10, 2014, 04:45:58 PM
 #1172

If we give plenty of reasons to use it, it will happen...but it probably won't be quick, it will take a few years..:-)

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October 10, 2014, 04:54:50 PM
 #1173

well on what i have observed kasi sa crypto currency, most of the coins aim to make money rather than to be money.
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October 10, 2014, 08:12:59 PM
 #1174

If you make the coin only mineable via PoS at 1 to 2% ( I am thinking 1% is better since cash to back it up has to earn a little more for payouts), and pegged for buy in or cash out at 1 peso with no transaction fees, then it would end up being used as a money substitute. It would act the same way as Gcash or Smart Money, but decentralized in its use.

I am curious to see if a bank will handle the cash reserves to balance the issued crypto, as they want that cash, but the BSP may recommend that bank not to handle it...

If there are locations that handle KYC for cash in and cash out to bank accounts only, then that should satisfy the BSP for AML and should not require an EMI or banking license.

Alternatively,the ePeso could just be premined and given out to people who supply valid ID, a bit like the experiments in Iceland and elsewhere and then let the value settle itself.  A lot less hassle, no worries on the regulation front. Same idea tho for algo, probably based on Blackcoin.

Either way, if the coins are not used by enough people then it will be a waste of time. as is the situation with most coins, if there is no community or use case scenario then it will fizzle out.

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October 11, 2014, 02:21:38 AM
 #1175

mga tropa,, baka naman pwede nyo ako turuan about this bit coin, i already bunches of info about this coin, i already register in an online wallet , and it still confusing me, baka pwede makisali sa pool nyo. what ba mga kailangan gawin para maka-mine?
ang ginagawa ko palang now is Bitcoins4me pero every 1hour ang free sashori. help me here please Huh Huh
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October 11, 2014, 11:37:49 AM
 #1176

Haven't been updated about the latest happenings in our country. I don't know anything about this ePeso thing. Is this another form of digital money? If it is, who are the devs responsible for this? Sorry po medyo na curious lang ako bigla. First time reader of the Philippines thread. 4th year high school student from Pasig City. Hello po mga kababayan! o/














 

 

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tagbond
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October 13, 2014, 08:01:41 AM
 #1177

@dothebeats - Just search google for e-Peso bill in Philippines and take your pick of various stories. My personal feeling is that the e-Peso will never get off the ground as government controlled currency, but it does increase awareness and knowledge of crypto in general, which is also good for Bitcoin.

Bitcoin and crrypto will be the future of remittances into the Philippines, but the country has a long way to go for the average man on the street to use - he will want Pesos, either in Fiat money or something similar to Gcash / Paypal, which is what I am developing with Tagcash.com

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October 13, 2014, 08:23:14 AM
 #1178

@dothebeats - Just search google for e-Peso bill in Philippines and take your pick of various stories. My personal feeling is that the e-Peso will never get off the ground as government controlled currency, but it does increase awareness and knowledge of crypto in general, which is also good for Bitcoin.

Bitcoin and crrypto will be the future of remittances into the Philippines, but the country has a long way to go for the average man on the street to use - he will want Pesos, either in Fiat money or something similar to Gcash / Paypal, which is what I am developing with Tagcash.com

and im sure politics will be the first user of this e-peso bill Cheesy
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October 13, 2014, 08:41:47 AM
 #1179

@dothebeats - Just search google for e-Peso bill in Philippines and take your pick of various stories. My personal feeling is that the e-Peso will never get off the ground as government controlled currency, but it does increase awareness and knowledge of crypto in general, which is also good for Bitcoin.

Bitcoin and crrypto will be the future of remittances into the Philippines, but the country has a long way to go for the average man on the street to use - he will want Pesos, either in Fiat money or something similar to Gcash / Paypal, which is what I am developing with Tagcash.com

and im sure politics will be the first user of this e-peso bill Cheesy

Just wait until I can do a "private" presentation to some of the top politicians here. ALL of them did not budge about the foreign currency accounts, because that's probably where all of them keep their money.

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October 13, 2014, 09:59:24 AM
 #1180

@dothebeats - Just search google for e-Peso bill in Philippines and take your pick of various stories. My personal feeling is that the e-Peso will never get off the ground as government controlled currency, but it does increase awareness and knowledge of crypto in general, which is also good for Bitcoin.

Bitcoin and crrypto will be the future of remittances into the Philippines, but the country has a long way to go for the average man on the street to use - he will want Pesos, either in Fiat money or something similar to Gcash / Paypal, which is what I am developing with Tagcash.com

and im sure politics will be the first user of this e-peso bill Cheesy

Just wait until I can do a "private" presentation to some of the top politicians here. ALL of them did not budge about the foreign currency accounts, because that's probably where all of them keep their money.

ohh  i think they will probably approve it sir dabs it will be another option to hide their money
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