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PHCoin: First Digital Currency of and for the Philippines?

ferrariEverest · 59 · 19890

ferrariEverest

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www.baltictimes.com/news/articles/35182/

Latvian national airline AirBaltic has become the world’s first airline to accept Bitcoin payments
"Bitcoin, a software-based payment system introduced in 2009, means payments are recorded in a public ledger with bitcoin as its unit of account. Bitcoin payments are accepted by other companies including WordPress.com, Overstock.com, Expedia, Dell, and others."

Imagine using PHCoin pag babyahe tayo sa PAL or Cebu Pacific. Gamit lang tayo ng PHCoin mobile wallet app o kaya scan yung QR code. Ok yun!


Wills

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Bitcoin.....



Is Bitcoin An Investment Or A Cult?


   
Bitcoin’s buckets of media attention — way out of proportion to its roughly $6.9 billion in value (assuming there are 12.34 million minted Bitcoins trading at $556 a piece) – leads me to conclude that the force is strong with the argument that it’s a cult.

After all, this week Tokyo-based Mt. Gox, Bitcoin’s once-dominant mechanism for exchanging real money for the virtual currency, appeared to have collapsed — in the wake of a reported theft of 740,408 Bitcoins worth about $414 million — which represents about 6% of all Bitcoins.

With Mt. Gox ceasing to process transactions, anyone with an account there is probably out of luck — after all Tokyo financial regulators are declining to help Mt. Gox customers, saying that since Bitcoins are a product rather than a currency, the regulators have no authority over it.

And that collapse is reinforcing my basic belief about Bitcoin — it’s a cult that is almost completely immune to logic. I would have expected that Bitcoin proponents would view Mt. Gox’s collapse as great news.

That’s because it would draw more media attention to Bitcoin. And that media attention would make people who own Bitcoin feel even more special — probably causing their brains to release a reinforcing dose of Dopamine.

What would it take to deprogram Bitcoin cultists? I could imagine that if I had sunk most of my savings into Bitcoin and lost it all to the Mt.Gox collapse, my wife would not be very happy with me. And perhaps there are some individuals out there who have been shaken out of their Bitcoin reverie by the realization that losing all their money would cause their personal life to collapse.

Bitcoin believers view as good news that Mt. Gox has lost market share over the last year. While it handled 80% of all Bitcoin transactions at one point in 2013, Genesis Block, a virtual currency research firm, reports that newer exchanges such as Slovenia’s Bitstamp and Bulgaria’s BTC-e have taken over where Mt. Gox left off.

I would derive less comfort from dealing with an exchange in Bulgaria — famous for its skills at hacking — than one in Tokyo. But obviously hackers know no geographic boundaries.

It’s just that if you wanted a legal authority to help you get back your Bitcoins if they were stolen, you might prefer an exchange in a country with a well-developed legal system. But if you think that way — you aren’t a Bitcoin believer.

Bitcoin has a long history of volatility due to hacks — after which its price seems to rally. After all, back in June 2011 a hacker crashed the crypto-currency — bringing its value from $17.50 down to pennies. Anyone who bought Bitcoin after that is now sitting on huge profits — even after Mt. Gox’s collapse — it trades at $556 according to CoinDesk.

But I have interviewed many Bitcoin enthusiasts and they view all bad news as good. Consider my April 2013 interview with Kent Liu – a Master’s in Material Science student at Cornell. He told me that Bitcoin has superior “fundamental principles” and prefers investing in Bitcoin to stocks “because no company can change the world.”

Another believer is Rick Falkvinge, the founder of Sweden’s Pirate political party who told the New York Times, “My thoughts and my heart go out to all of those others in the community who lost a lot more than me today. [Despite losing $80,000 in Mt. Gox I remain] absolutely bullish on Bitcoin.”

Despite all this bad news, electronic currencies could become mainstream. On the surface, they appear to be cheaper to produce than paper and coins. But governments would only adopt electronic currency if they could control its creation, assure that it could not be hacked — a feat that may be impossible to achieve, and encourage businesses to accept it as a means of payment.

But a central tenant of Bitcoin believers is that it is a stateless currency — meaning that no government can control how it is created, traded, or used.

The consequences of that belief are becoming clear to anyone who used to be able to access their Bitcoin account at Mt. Gox.

Still — the possibility that there are people who bought their Bitcoins for pennies on the dollar after the price collapsed in June 2011 and have stored them on an exchange that has not been hacked suggests that there is money to be made.

So as an investment, what separates Bitcoins from privately held stock in a start-up? Barry Silbert, who founded SecondMarket to trade such shares is now trying to set up a Bitcoin exchange.

Just as he makes money running a market to trade  private shares of hot tech start-ups, he sees potential profit in running a more mature place to trade Bitcoin.

There are important difference between Bitcoin and private shares of hot tech start-ups. There is absolutely no way to estimate what a Bitcoin should be worth — just the knowledge that there are people who want to own Bitcoin because they believe in it and the fact that there are others happy to sell them virtual picks and shovels.

There is also no way to be sure what private shares of a hot tech start-up ought to be worth. But at least a hot tech start-up has lots of people who use its product, a growing base of highly talented employees, and venture backers whose conduct is regulated by the government.

One lesson that applies to all investments that Bitcoin shares is not to put all your eggs in one basket. Bitcoin trader Kolin Burgess put all his eggs in Mt. Gox. According to USA Today, Burgess has been picketing the Tokyo officer tower housing Mt. Gox since February 14.

Quoth Burgess: “I may have lost all of my money. It hasn’t shaken my trust in Bitcoin, but it has shaken my trust in bitcoin exchanges.”

If Bitcoin cultists like Burgess cling to their desire to be free of government intervention, they should take their losses without a whimper. I just hope they have no dependents.


http://www.forbes.com/sites/petercohan/2014/02/26/is-bitcoin-an-investment-or-a-cult/2/


ferrariEverest

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Interesting article Wills. I'm not sure about the intention of the author though. :D

Kung bilang investment, risk is always inherent, so hindi dapat mag 100% sa Bitcoin.

Bitcoin, as a digital currency, is way beyond an investment. There is more to digital currencies like Bitcoin than meets the eye. Maraming pwede gawin sa digital currencies.


Gox

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I did a bit of research on PHCoin as well, and it keeps me wondering... why do they need to create PHCoin when they can just use Bitcoin? It serves the same purpose. You could also pay freelancers without fees through Bitcoin. Aside from that Bitcoin has tons of miners keeping the network secure (while PHCoin has near zero for now), and infrastructure allowing buyers to conveniently get coins through Bitcoin ATMs and exchanges.

Don't get me wrong, I support someone making the lives of freelancers better. However, he's gonna start from scratch when there is already Bitcoin. With minimal miners, the network is not gonna be secure and attackers could double spend or destroy confidence in the currency.
« Last Edit: Aug 05, 2014, 01:39 AM by Gox »


foolishorient

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Ang mt.gox ay isang third party website. Government website nga nahahack e? Pero di ako sure parang nang scam ata sila.
Kung ako tatanungin di ako maglalagay ng coins sa  website as my online wallet. No.

KAYA NGA WALLET E? wallet HINDI account! Ipapatago mo sa website ang laman ng WALLET MO!
Takot ka din baka may makialam ng pc at laptop mo?

Meron tayong paper wallet. Print mo lagay mo sa kahon lock mo at ibaun mo sa lupa ng hindi mawala. Bakit ba takot na takot ka madami bang magnanakaw jan? biro lang  :hihi:

okay. Bakit may Phcoin pa? Di  nalang bitcoin

1. Ang tagal ng confirmations ng Bitcoin to make the coins spendable. 10 min. per block kasi. Phcoin is 1 block per minute
2. Mission, wala ang bitcoin nyan
3. Ang Algorithm ng Phcoin used by the miner ay mas maganda. Compare natin.

Bitcoin's Sha256d algo
1. Malakas sa kuryente
2. Mahal ang ASIC para sa miners. Actually nalulugi na ang mga miners.

Phcoin's X11 algo
1. Tipid sa kuryente, cost effective
2. Video card lang pare.

Kung ayaw mo mag mine eto  - Proof of jobs (freelancing) proof of distribution (giveaways etc)

Bakit PHcoin talaga? Parang dinisenyo sya para satin. Gusto mo ba Darkcoin ang ipalaganap dito ginagamit sa drug dealings meron din (dopecoin, gaycoin, titcoin, sexcoin) oh yan mamili kayong lahat.

"Minimal miners" kase wala pa halos value. Kung magkakavalue yan ng mataas automatic na yan.

Isa lang naman ang ayaw kong mangyare sa PHCOIN , pag dumating ang mga CHINESE MINERS, NGANGA!

kaya kung ako sa inyo mag mine na o magtabi tabi na jan  :D
« Last Edit: Aug 05, 2014, 03:43 PM by foolishorient »


george88

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Is this spreading awareness of digital currency? Don't you know that a 28y/o successful woman in SG committed suicide after losing $400M of Bitcoin without knowing where it goes...


Gox

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Is this spreading awareness of digital currency? Don't you know that a 28y/o successful woman in SG committed suicide after losing $400M of Bitcoin without knowing where it goes...

Sorry, but hundreds (if not thousands) of people also commit suicide due to losses in the stock market. I don't think its a good enough reason to avoid digital currencies.

I know there are plenty of scams out of there. However, there's a reason why VC firms in Silicon Valley and hedge funds are putting in millions in Bitcoin...



george88

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It is good to the 1st world country with strict law implementation but not in a 3rd, lawless and corrupt country how can you purchase in a digital currency world if there will be a blackout like yolanda or glenda? Will you brag to the store owner hey I have million of Bitcoins I need rice, water and food  :rofl: :rofl: :rofl:


Wills

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However, there's a reason why VC firms in Silicon Valley and hedge funds are putting in millions in Bitcoin...



Speculation.


Gox

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Yes, and money is made when you speculate along side smart money.


Gox

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It is good to the 1st world country with strict law implementation but not in a 3rd, lawless and corrupt country how can you purchase in a digital currency world if there will be a blackout like yolanda or glenda? Will you brag to the store owner hey I have million of Bitcoins I need rice, water and food  :rofl: :rofl: :rofl:

Bitcoin doesn't even try to replace PHP or USD. It is a digital currency that allows transfers from any country in the world to another without fees. It allows OFWs to remit money for free rather than pay western union 5-8% on transactions, or sell goods online without paying Paypal or credit card companies. That is its purpose.

It doesn't try to replace a country's local currency, but offers a way for people to make cheap international payments. For sure, it would accrue to huge cost savings for those who use it.
« Last Edit: Aug 05, 2014, 09:45 PM by Gox »


george88

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Gox

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Newbie talaga ako dito sa PMT. Registered last March. Bakit fishy?  :D


george88

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Bitcoin doesn't even try to replace PHP or USD. It is a digital currency that allows transfers from any country in the world to another without fees. It allows OFWs to remit money for free rather than pay western union 5-8% on transactions, or sell goods online without paying Paypal or credit card companies. That is its purpose.

It doesn't try to replace a country's local currency, but offers a way for people to make cheap international payments. For sure, it would accrue to huge cost savings for those who use it.

So how can I have bitcoins without exchange of real money? For FREE so facebook style of services sounds cool... you mean western union or bank will give you free transaction withdrawing money in ATM for free and unlimited.


pulubing_palaboy

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Yes, and money is made when you speculate along side smart money.
are you saying you can't lose money when you speculate so long as you are alongside  smart money?


 


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