Hi Everyone,

Please refrain from sending Pesobits across wallets. We might provide a new wallet if needed.

Thanks

- BENJAMIN PACHECO (Founder PSB) 

Hi Everyone,

The initial plan in the shift to the new blockchain is suppose to be smooth, redistributing the new wallet and new pesobits to the addresses that everyone can see in the block explorer but since cryptopia won't update their wallet we'll have to do auditing for their users.

1) For Cryptopia users: - As stated earlier you need to send a screenshot of your balance to pesobit@gmail.com.  - We will open another online wallet for you which matches the old blockchain so you can send your pesobits there then it will be replaced by the new Pesobits with PoSP (you will receive instructions on your emails as soon as everything is ready for that migration)

2) Pesobits in other exchanges, just let it stay there for now until further notice as we'll be waiting for them to update their wallets. 3) Pesobits in the Online Wallet, have nothing to worry as it will be shifted to PoSP and everything will be the same for you guys. Staking earnings will be increased as well. 4) Pesobits in other systems like coinomi or coinpayments, we will be supplying them with new wallets as well. 5) Pesobits in Desktop Wallet, a new desktop wallet has been created. PoSP will benefit Desktop wallet users as you may get more than the old model's staking earnings without changing the rate of inflation of the coin so it still remains at 5%.

6) As for the news regarding Pesobits who got out of the Online wallet illegally, Eduardo (the ICO page and the online wallet creator) is investigating how there were unregistered withdrawals from the Online wallet which I found out while we are checking the transactions directly from the blockchain in preparation to the shift to PoSP. We've identified the addresses and the email addresses and as a corrective measure will edit the blockchain so those Pesobits will not be usable. And this change in the blockchain is what caused Pesobit to be delisted from Cryptopia (same reason why ETH got delisted). To clarify, programs and database were untouched based on our logfiles and security checks so all data are still safe as the problem could be a bug on the online wallet creator's code. One thing is for sure, all Pesobits will be replaced with the PoSP-version and we will be focusing first in auditing the Pesobits as well as migrating all the wallets. 

7) So what's next after the PoSP migration? Projects will continue as usual as business license has been renewed, business meetings will resume to bring in more usage for Pesobit and many more.

The 'Illegal Pesobits' as what I call them is a big challenge and as much as I want to blame or point fingers as to how and why it happened I'd rather focus on providing resolution and overcome this hurdle. It's not on how hard you fall, it's on how you stand up and be better and Pesobit will surely do so with your support. 

More announcement will be released as to what needs to be done with your old Pesobits, just look back to items 1-5 as to what needs to be done..

- BENJAMIN PACHECO (Founder PSB) 

Pesobit's new version

We have completed the new Pesobit wallet software, and accordingly published it in github (https://github.com/pesobitph/pesobit-source/) Basically, it uses same addresses so you have to clear your blockchain and resync using the new wallet.

The links has been sent to exchanges: Ccex, Yobit, NovaExchange, TradeSatoshi, CoinPayments.net, POSWallet and Coinomi. As for Cryptopia who will no longer support Pesobit, we'll replace your old Pesobits with the new one just wait a little longer for the deposit addresses to be given to you.

So what's new with Pesobit? 1) PoSP or Proof-of-Staking Participation. PoSP allows Pesobit holders to earn more than the current 5% per annum staking rate while still maintaining the same inflation rate of the coin. In PoSP, the longer your desktop wallet is connected and staking the higher the rewards will be which makes sense because you're helping in securing the network by adding your wallet to the active nodes. The online wallet will use a fixed 7% per annum staking returns from the old 5%.

2) The total money offer of Pesobit will now stand at 32 millions from now on, to cover for the 10 million Pesobits illegally withdrawn from the PSB Online Wallet. So to counter the negative balance new Pesobits were created. The coins are not in CCex so they're cleared to continue trading. Other exchangers like Cryptopia may have those coins so trading, deposit and withdrawals were halted at that time. The new Pesobit software will ensure that a significant part of the stolen PSB's will no longer be usable. This is the reason why we're having a manual audit on Cryptopia users so I'd know that only those legit PSBs will be replaced with the new ones. Please note that some of these PSBs were already sold and unrecoverable, and this explains the recent large selloff that took place, just before I closed the Pesobit network. 

As for how security was breached to allow this, it was not a hack but rather an exploit of a weakness in the Online Wallet that was used by a few users - I found out about this when auditing all the transactions in preparation for the migration towards PoSP. I already approached the Online wallet creator (Eduardo) about this and he apologizes for leaving this weakness found in our Online Wallet he created from the ground up. Eduardo has applied some extra security measures, among which people will not be able to withdraw automatically - there will be a manual review before a withdraw will be authorized. You will still receive a confirmation email upon withdrawal but it is simply to confirm that it was really you who did it. Pesobits from the Online Wallet will have a few hours delay but will try my best to keep it at a very minimum. It will only be like this though for a short period of time (1 or 2 weeks) until we get the withdrawals bug-free.

As time goes, we will keep working at identifying the users who initialted this exploit and illegally sent those PSBs out of the Online Wallet.  We will try to recover the lost Pesobits in an amicable way, with these users possibly buying back the sold Pesobits from the exchanges (or the Pesobits that were sold already). Anyway these Pesobits will no longer be usable since the new blockchain blocks the old one. This could bring back circulation of PSB to how it was before this event occured. As always, our ambitious projects will continue, and the time has never been better to create systems around PSB, or to bring new PSB users to the community.

I will announce once the 3rd party systems are done upgrading their wallets then we'll bring all systems back up of course including the online wallet.

- BENJAMIN PACHECO (Founder PSB) 

Online Wallet is now accessible. NOTES: Sending - delayed temporarily. We also want to make sure that the other 3rd party systems are already in the right or updated blockchain like poswallet.com. Receiving - make sure that that the sender is coming from the new blockchain as well or you will not receive them. Staking - disabled for now but will enable in the next few days with an increase in staking rewards brought by PoSP.

Download links of the updated wallets: MAC - https://github.com/pesob...aw/master/Pesobit-Qt.dmg Windows - https://github.com/pesob...ob/master/pesobit-qt.exe

But please refer to this post (https://bitcointalk.org/index.php?topic=1581240.msg17681395#msg17681395) before upgrading your wallets if they have Pesobits on them

C-Cex (https://c-cex.com) just joined the Pesobit Online Wallet (https://wallet.pesobit.net) and POSwallet (https://poswallet.com/) to be on the right chain. Coins can now be sent successfully across these systems. With this, https://c-cex.com just became the first exchange who supported the PoSP version of Pesobit, feel free to trade there.

Thanks

- BENJAMIN PACHECO (Founder PSB) 

Coinpayments.net is done in upgrading their wallet and is already operational, this means that we can now resume the Marketplace at https://market.pesobit.net Registrants from abroad (Overseas Filipino Workers) can now register as well with their countries being added for registration purposes which will allow them to make use of its services that will benefit them like Gift Cards and Bank Encashments with small fees.  Items will be added then it will be fully operational within the next few days.

Pesobit Faucets are now available in these links below: http://luzon.pesobit.net http://visayas.pesobit.net

http://mindanao.pesobit.net

Feel free to spread out your referral links and don't forget to click on the ads. All income generated by ad clicking will be used to purchase PSBs, to create buying pressure and maintain our project and bounty fund.

- BENJAMIN PACHECO (Founder PSB) 

Pesobit Crowdfunding Platform via the Online Wallet Here you can join/post projects requiring crowdfunding. 

For Project Managers requiring to crowdfund their project 1) Listing your projects require you to send 5k Pesobits as entry fee 2) After your crowdfunding stage, 2% will be deducted from the raised BTC for using the platform 3) This feature only uses BTC by default unless the Project Manager prefers PSB</p> 4) There are 3000+ users of this Online Wallet. We will also post about your Project once a week in our Facebook and Twitter account. So you know that your project will be seen by thousands of people. 5) If you're interested to post about your project, email pesobit@gmail.com

BSP (Bangko Central ng Pilipinas) is now regulating Bitcoin exchanges and in line with this, we'll make sure that E-Wallet.ph will be safe to use upon launching. To those who doesn't know what E-Wallet.ph will be, it is a registered company that will allow Pesobit -> Philippine Peso conversion which can be withdrawn to the banking network with Visa/Mastercard in tow. It will also have a User-to-user fund transfer, Bills Payment and Mobile Prepaid load features so it has to be approached carefully.

Want to help spread Pesobits, share your faucet links by using these faucets below (and don't forget to click the ads): http://luzon.pesobit.net http://visayas.pesobit.net http://mindanao.pesobit.net

- BENJAMIN PACHECO (Founder PSB) 

Some of the drafted specifications of the Pesobit Freelancing website. 1) The site will use US Dollars as price reference but uses Pesobit for actual transfer. 2) Users will enter their Pesobit receiving address in their profile. The site won't have Online Wallet capability. 3) The Pesobit rate to be listed at the top of the site will be in US Dollar value and in Bitcoin value. 4) There will be Notifications, Messaging and Feedback section. 5) Together with the Marketplace and the Online Wallet, this can be used free of charge.

- BENJAMIN PACHECO (Founder PSB)

3rd Party Investment area has been enabled in the Online Wallet at https://wallet.pesobit.net. This is the section where Fund Managers can offer their investment programs. To be sure that these are legit investments and not those scam ones, they're required to have at least 400K PSB Staking in the Online Wallet which will act as their locked funds so we're sure that they will stay true with their invesment program. Also they have to pay 0.01 BTC per week to me as fee for using the platform. Interested to become a Fund Manager, email me at pesobit@gmail.com. For the first Fund Manager to offer their services, it has 5% interest per month where the interest will be paid in Pesobit using Pesobit price at the end of your investment period. This will increase Buy orders in exchanges since the Fund Manager has to use the profit and buy Pesobits for distribution to the investors. There could be 1 day delay before your Investments become 'paid' since I have to submit your data to the Fund Manager first then wait for his response. Enjoy your weekend :)

- BENJAMIN PACHECO (Founder PSB) 

Pesobit Weekly Report (4th week of February 2017)

This week put some trading volume for Pesobit in C-Cex which is a good sign.  I also received some commitments in joining the investors program of E-Wallet.ph. Freelance website is under development. Pesobit Online Wallet mobile app is due for release mid-March. Coinomi will be including the new blockchain of Pesobit in their next release. Received some interested who will be joining the Crowdfunding section of the Online Wallet. 3rd Party Investment section got its first Fund Manager (a few also sent their interest in becoming one) with Staking Pesobits as guaranteed collateral to the investors. It looks like I will also present an Escrow program but not much details are in place.

Enjoy the weekend guys :)

- BENJAMIN PACHECO (Founder PSB) 

To those who are seeing posts involving Pesobit in their investment programs, those are not official unless I announce it in my official Facebook account https://facebook.com/pesobitcrypto or from BitcoinTalk official thread at https://bitcointalk.org/index.php?topic=1581240. But Pesobit is publicly owned so it's up to you guys how you will use your Pesobits, just be careful. The ones that I can openly endorse is the one (still dealing with a second fund manager) in the Online Wallet because it has a collateral of locked Pesobits making it safe.

To those who desire to be a fund manager but can't afford the large volume of Staking Pesobits that serve as collateral, it's ok because I might implement a Rating system with 5 stars. So if you're collateral is less then you'll get lesser stars but still good enough to provide your investors a feeling that you won't end up as scam.

The draft of the freelancing website will be shown to you via screenshot once the structure is fully available.

Just a little update about the upcoming E-Wallet online services, you might be issued 2 Pesobit addresses (one that acts as regular Pesobit address and the other is a Peso wallet address). The Peso wallet address basically converts the transferred Pesobit directly to Philippine Peso (of course with a minimal fee). Thanks to those who committed to be an investor of the E-Wallet platform, we're getting closer :)

- BENJAMIN PACHECO (Founder PSB)