Pilipinas (Philippines)

[bitwarrior]

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%.

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 )

[Dabs]

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.

[bitwarrior]

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!

[Dabs]

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

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.

[NLNico]

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.

[bitwarrior]

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...

[Dabs]

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.

[bitwarrior]

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!!!

[TriggerX]

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.

[Newar]

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...

[tagbond]

@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.

[Dabs]

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://asktom.cf/index.php?topic=816977.0

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

[jimmy01]

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

[Dabs]

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.

[Newar]

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.

[jimmy01]

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.

[tagbond]

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?..

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.

[Dabs]

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?..

Can you post that in my other thread?
https://asktom.cf/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.

[jimmy01]

Sa tingin nyu guys maipasa ang bill about Epeso?

[thebenjamincode]

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.