[ANN] e-Peso: the government-backed currency for the Philippines (launch 30-oct)

[Dabs]

Go contribute to the thread I started. This ePeso you are launching will die, because

1. It is not backed by the PH government.
2. It will probably not be backed by any Filipino or resident of the PH.
3. No one is going to use it.
4. The value will go lower than the IPO price the day it is launched.

The reason my thread is a pre-ann, is that it is not even official. It's all about ideas. Good ones that we can hope to put on the table for the government to see. It's a discussion. It's not a launch.

If you proceed to launch, I actually do not wish you any luck at all. I hope it dies. It's better that way, especially for the future of the real E-Peso.

https://bitcointalk.org/index.php?topic=816977.0

[Equate]

Government backed crypto ? for real ?

[naplam]

Go contribute to the thread I started. This ePeso you are launching will die, because

1. It is not backed by the PH government.
2. It will probably not be backed by any Filipino or resident of the PH.
3. No one is going to use it.
4. The value will go lower than the IPO price the day it is launched.

The reason my thread is a pre-ann, is that it is not even official. It's all about ideas. Good ones that we can hope to put on the table for the government to see. It's a discussion. It's not a launch.

If you proceed to launch, I actually do not wish you any luck at all. I hope it dies. It's better that way, especially for the future of the real E-Peso.

You don't know what you're talking about. There is no IPO!

Stop the naysaying. Launch a currency or don't. If you don't have the expertise, let those who do do it. I'm open to serious suggestions but you getting defensive about somebody else launching is ridiculous. Still,you're all welcome to contribute and use the ePeso!

[naplam]

Government backed crypto ? for real ?

The House has expressed their interest in launching a government-backed crypto in bill 4914. We're going to launch it now, way sooner than it would take them to with all the bureacracy and so on. They can take over later on and enforce peso parity, after there has been some investment and promotion in the ePeso. They'll have a proven and useful crypto ready to use, lowering their barrier to entry significantly.

[forever21]

as dabs said there is no hope for this

give it up bro as you are messing up the original plan of the real e-peso

 

[naplam]

I'm not your "bro". If you don't like the ePeso then don't use it, nobody is forcing you to do anything

[totoy]

[Dabs]

You don't know what you're talking about. There is no IPO!

Stop the naysaying. Launch a currency or don't. If you don't have the expertise, let those who do do it. I'm open to serious suggestions but you getting defensive about somebody else launching is ridiculous. Still,you're all welcome to contribute and use the ePeso!

Okay. Well, I like to contradict myself, so good luck with your coin. You're actually the type of person I would want to participate in my thread. Seriously, you need the insta-ten-thousand nodes that the Banko Sentral is going to want in place. (and all the other stuff).

[lionheart78]

this is sad we should be working together; author of this thread pls reconsider someone just got ahead of you in posting idea here about this stuff,


From: https://bitcointalk.org/index.php?topic=816977.msg9136595#msg9136595

Hi,

Background info:
http://www.msn.com/en-ph/money/business/bill-filed-to-create-e-peso-for-internet-payments/ar-BB85Tuk
http://www.philstar.com/business/2014/10/05/1376516/solon-pushes-e-peso-act

I'm looking for potential devs to code this. Then I will get in touch with someone in the PH government.

Note: This coin may probably never happen, since it involves politics and government and a central bank. Or it may take several months or years before something happens.

Specs:

1. What algo? Block Times? Pow? Pos? Etc?
2. 10,000 (ten thousand) full nodes on launch. (Every bank branch will have a full node.)
3. 1 billion E-Pesos in the first two years, probably all pre-mined by the Banko Sentral ng Pilipinas
4. Exchanges = every local Philippine bank
5. Anonymity = probably none for those who go to the bank. Everyone else, depends on how smart you are.
6. Value = 1 E-Peso = 1 Paper Peso. Approximately $22 Million USD in the first two years.

I guess, this thread is going to be a discussion on how this gets implemented, or on what is a good idea for a country coin, that is actually going to be backed by that country's government.

So here is our chance to get involved.

Crazy? Bad idea? Someone is going to do it, if not you.

As I saw in a giant robot movie - Pacific Rim -

"Haven't you heard Mr. Beckett? The world is coming to an end. So where would you rather die? Here? or in a Jaeger?"

[Bakal]

Naplam, if i may, well i will say parin:

1. please do listen to these guys. please do reconsider.
2. you launched too soon on "your" idea.
3. you are killing a great idea.
4. "KS" ginawa mo! respeto naman!

Go contribute to the thread I started. This ePeso you are launching will die, because

1. It is not backed by the PH government.
2. It will probably not be backed by any Filipino or resident of the PH.
3. No one is going to use it.
4. The value will go lower than the IPO price the day it is launched.

The reason my thread is a pre-ann, is that it is not even official. It's all about ideas. Good ones that we can hope to put on the table for the government to see. It's a discussion. It's not a launch.

If you proceed to launch, I actually do not wish you any luck at all. I hope it dies. It's better that way, especially for the future of the real E-Peso.

https://bitcointalk.org/index.php?topic=816977.0

[SisyphusEsperanto]

Government backed crypto ? for real ?

The House has expressed their interest in launching a government-backed crypto in bill 4914. We're going to launch it now, way sooner than it would take them to with all the bureacracy and so on. They can take over later on and enforce peso parity, after there has been some investment and promotion in the ePeso. They'll have a proven and useful crypto ready to use, lowering their barrier to entry significantly.

So… what are your intentions? Everyone likes making lists here, so here’s mine:

1. You create a coin with the same name as the one on the proposed house bill (which is confusing for everyone involved).
2. You list down a local news link, but have no copy of the proposed house bill (which is readily available on local bitcoin channels).
3. Have no idea on the local crypto scene (BSP or otherwise)

Listen to what others are saying. They’re valid suggestions.

So again… what are your intentions?

[naplam]

Reconsider what? this currency was planned since the news about the e-Peso appeared, just look at the domain registration dates. You don't have the expertise or the right ideas about the currency.

You should make bullet lists of WHAT exactly to reconsider about the currency ITSELF, like I said all suggestions are welcome. Instead of "reconsider letting us control it" and "this is why I don't like you".

[naplam]

I'm going to go ahead and copy something actually useful from the Pilipinas thread:

hopefully magkatulungan na lang and against din ako gawing PoW ang e-peso i vote for 100% premined, pos coin; tingnan mo yung scenario e-peso mined heavily by other country lol di ba parang awkward, isipin mo national e-currency mo foreigner ang may hawak ng majority ng coin. Naisip nya kaya ito? anyway that is just my opinion and no harm intended

100% premined PoS is out of the question for various reasons: PoS is unsafe in its current incarnations, the ePeso cannot be an interest-bearing currency if it is to be equivalent to the paper peso, and so on. You express your concern about how the citizens will get their hands on it (apart from buying it from others): that's what the premine is for, it will be distributed among citizens, merchants and evangelists. Do you think a premine bigger than 15% is needed? Bear in mind people are reluctant to support heavily premined currencies.

[Dabs]

What might happen is, if the PH gov decides to take this, they will fork it and render all previously mined coins as invalid. Then, by law, they put the 10,000 full nodes online.

It's only out of the question if it's not fully government controlled. If it's really backed by the gov, they will want full control.

What's more likely to happen is a brand new coin from scratch.

As an experiment, this one may work, but it will have no value. Just like testnet coins.

That's just my opinion, but hey, feel free to launch.

[tagbond]

@ Naplam - if you consider that the current interest rate on long term deposits is just above 1%, and the fact that as a crypto currency holder you are "the bank" then it follows the same banking model and affords an alternative to PoW. The technical aspects are something else...:-)

As Dabs has already pointed out, the BSP would not take over an already existing coin, they would simply fork the best of the bunch that suits their intentions and control it in all respects, or allow companies like mine who are regulated as a quasi bank institution to handle some aspects of it.

As per regulations here, if anyone was to create their own currency, virtual or otherwise, they MUST have an EMI license or work under a bank with an EMI as an EMNSP. Anything else will just not be considered and in fact if they know you are the one doing it, then you have a problem on your hands. If you have the spare $2.5m USD to do this (that's the paid up capital you have to invest as per requirements), plus all the rest of the stuff you have to do, then you could consider it, but otherwise you would be operating outside of the law here.

For your conversations it seems you know very little about regulations for banking and commerce here - perhaps you should educate yourself first before rushing into it?

If you have the time and money to waste creating another coin, that's fine by me and it would be fun to see how far it can go, but don't try and con people that it is anything that is government supported or will ever be supported in the Philippines. I am not against you creating a coin, but I am very much against how you are representing it. Change your message, and you might find more support from me and others.

[naplam]

There are plenty of reasons not to do a premined pos coin:
- Distrust of the people for holding 100% of the currency for a very long period of time
- PoS is not secure as currently implemented in any coins. Constant checkpointing is necessary and so on.
- Interest-bearing asset

As Dabs has already pointed out, the BSP would not take over an already existing coin, they would simply fork the best of the bunch that suits their intentions and control it in all respects, or allow companies like mine who are regulated as a quasi bank institution to handle some aspects of it.

Exactly. We'll position the ePeso as the currency best suited to be built upon to be accepted as the official electronic currency for the Philippines.

As per regulations here,(...)

This cryptocurrency is global and not under the jurisdiction of the Philippines until it is adopted by the government. In any case, there are no laws regulating Bitcoin or cryptocurrencies:

On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) issued a statement on risks associated with Bitcoin trading and usage. Bitcoin exchanges are not regulated by BSP at the moment. BSP will be monitoring the possibility of Bitcoin usage in money laundering and other illegal purposes.

Nobody is trying to con anyone. Anyone can read all we're writing, this is entirely transparent. In fact the "other" thread is using the same language about a "government-backed" crypto. That's because it is what we aspire to: that the Philippines will find it is what they're looking for as they have stated in the bill and will back it, adopt it and take charge of it at some point.

[mcgeal]

LOLZ...

[naplam]

The website is almost finished, it will be up later today 

[naplam]

The website is now online!:
 http://epeso.co

[tss]

more and more alts.  cant wait for one of them to succeed but this one is   MUCH SCAM.  NOT WOW.  SO LOL.