Student Research

College of Business, Economics, Accountancy and Management

The Impact of the Crypto Currency MSDollar to the MonSpace

Members of Batangas Province: An Analysis

Dimaculangan, April Joyce A.

Guce, Angelica Joy D.
Lajara, Ma. Eloiza M.
Malantic, Tricia Anne C.

April 10, 2018

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J.P. Laurel Highway, Mataas na Lupa, Lipa Batangas
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Chapter I

Introduction

Background of the Study

Trending in the social media and in actual situations today is the popularity of
Bitcoin. In the Philippines, its counterpart is the MonsSpace Dollar also popularly known
as MSD. Bitcoin and MSD are only two types of crypto currencies among a thousand and
four types of legitimate crypto currencies in existence that are now rocking the financial
sector around the globe. This study is focused on MSD and will analyze its impact to the
financial investment of its clients.
Crypto-currencies like MSD operate independently of a banking system and can
be used in many countries as a store or exchange of value like cash. The most common
use of cryptocurrency is for buying and selling goods and services online. E-Commerce is
the major activity practiced by investors wherein MSD, created, introduced and issued
by MonSpace Multinational Corporation (MMC) based in Malaysia as a medium of
exchange is the main instrument used in the transaction. Just like credit or debit card,
PayPal and Google’s G-cash, MSD is a convenient way for purchasing personal items,
paying bills or transferring monies, thus making MSD a legitimate financial medium.
Another very interesting feature of MSD is that unlike the above-mentioned
payment instruments, MSD is a legitimate cryptocurrency duly-registered at the securities
and exchange commission (SEC) of Malaysia and also listed in the major cryptocurrency
trading offices (CTO) around the world such as Nasdaq, making MSD trading legal.
With these features, MMC promises a new way of life to many individuals
including the frugal Batangueños. At present, MMC had registered more than a thousand
memberships in the province of Batangas and said to be growing. In fact, the belief of
these members to the promise of MMC is so overwhelming, prompting these researchers

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to conduct an investigation to find out the financial aspect that lies in investing in this
phenomenal new cryptocurrency.
However, people are judgemental. Some presuppose that engaging in
cryptocurrency is cuddling investment scam. In this study, the researchers will attempt to
analyze the impact of investing in MSD relative to the investors’ income generation,
profit growth, interest rate, and economic stability or wealth status.
The result of this study will provide comprehensible information pertaining to
cryptocurrency, its operation and impact to the objectives of its clients.

Statement of Research Problems

The aim of the study is to determine the impact of the crypto-currency MSDollar
to the financial investment of MMC members in Batangas province.
Specifically, it will seek answers to the following research questions:
1. What is the effect of MSDollar to the personal finance management of the
selected MMC members from the different municipalities in Batangas province?
2. What is the contribution of MSDollar to the investment decisions of the selected
MMC members from the different municipalities in Batangas province?
3. How does MSDollar affect the financing decisions of the selected MMC members
from the different municipalities in Batangas province?

Research Framework

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This conceptual framework model was taken from the study of Daniel Mulinge
Nthenge and Japhet Ringera (2013). The framework consisted of both independent and
dependent variables. The research has three independent variables that will be used to
measure financial management. These three variables are working capital management,
financial decisions and investment decisions. The dependent variable is financial
performance measured by sakes volume, asset growth and profit.

Money as a form of security is an integral part of physical personal part of life

because with them faces at every turn: working, satisfying own desires and incurring
mandatory expenses. The interests of the common households are always in various
forms of property which are attractive and are very necessary. The value of these needs is
highly dependent of the financial proviso of the household. Limited tax and risk selection
opportunity conditioned to very different forms of property demand and their variety is
the stimulus of financial innovation. Globalization of Financial markets, permanent
changes in the economy which are difficult to predict shows the need of personal finance
management.
These changes and technological innovation leads to personal property growth
and property structure changes, creates a new personal finance management options,
creates modern-saving and investment measures. All of it changes the financial behavior
of individuals their approach to personal finance management which is separable as an
effective motive targeted behaves in financial market and ensuring future revenue.
Personal financial management can be interpreted through equality: through
consumption, investment, savings, given the life cycle, or changing business cycles
(Europos Investicinis Fondas, 2015).

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The study revealed that there is a strong relationship between the financial management
to the impact of investor decision.

Operational Framework
Figure 1 below presents the conceptual framework guiding this research. The
research has three independent variables that will be used to measure personal financial
management of the investors. These three variables are personal capital management,
financial decisions and investment decisions. The dependent variable is the impact of
cryptocurrency measured by personal savings, asset growth and economic profit or loss.

INDEPENDENT VARIABLES DEPENDENT VARIABLES

Personal finance Impact of Cryptocurrency

management to of MSD Client Investors
in Batangas province
Investment decisions  personal savings
 asset growth
Financing decisions  economic profit (or loss)

Fig. 1. Research Paradigm

Operational Framework
opeo
The intervening variables include management skills, ownership, personal
objectives, risk environment and cryptocurrency trading development. The financial
management skills will determine how the independent variables affect financial
performance. Effective management skills and approaches, the independent variables will
definitely lead to improved financial performance. The personal savings, asset growth
and economic profit or gain will determine the objectives they set and, therefore,
determine the effectiveness of personal financial management. The objectives they set
and how they relate with the personal financial management will determine the effect of
the cryptocurrency to the financial performance of the individual’s investment.

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Hypotheses
MSDollar has no significant effect to the personal finance management of the
selected MMC members from the different municipalities in Batangas province.

MSDollar has no contribution to the investment decisions of the selected MMC

members from the different municipalities in Batangas province.

MSDollar has no significant effect to the financing decisions of the selected MMC
members from the different municipalities in Batangas province.

Objectives of the study

1. To determine the effect of MSDollar to the personal finance management of the
selected MMC members from the different municipalities in Batangas province.
2. To analyze the contribution of MSDollar to the investment decisions of the
selected MMC members from the different municipalities in Batangas province.
3. To find out how does MSDollar affect the financing decisions of the selected
MMC members from the different municipalities in Batangas province.

Significance
The study would have significance to a number of stakeholders. The study would
be valuable to other sectors of the society as the information that could be gained from
this study will provide clear knowledge to better understand cryptocurrency. The study
would further present vivid visualization of how cryptocurrency works. The result of the
study would also provide more insight into the relationship between savings and trading
that would be of value to other people interested in the world of trading. The findings of
this study will be useful to Philippine lawmakers as the result can help them be
enlightened of the role cryptocurrency can do in the exercise of their governance and
control of the State and the information can be used as guidelines in the drafting of bills
relative to the monetary policy significant to the development of the Philippine economy

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in the future. The study would also contribute to the bulk of knowledge and research for
the school, as it can be very useful as a source of reference to students for purposes of
studies relative to cryptocurrency. Moreover, the study can be a very constructive source
of reference for future researchers.

Scope and Limitation

The purpose of this study is to analyze the financial performance of selected
MonSpacers or MMC members from different municipalities in the province of Batangas,
wherein the primary data will be obtained through survey questionnaires that will be
distributed to the members as respondents. The scope of the study will be limited to
obtaining information from responses relative to the variables personal capital
management, financial decisions and investment decisions as the source of the primary
data. The gathered data will be upheld using reviewed secondary sources such as
literatures from books, articles and journals and studies from theses and dissertations to
include reading resources from electronic references.

Definition of Terms
Asset growth. Refers to the personal assets that are affected by the MSD investment
activity such as trading. Stocks with high asset growth underperform stocks with low
asset growth. (Cooper, 2017)

Crypto Currency. An emerging innovative and independent currency that uses

cryptography for its creation and for performing secure transactions. Refers to MSDollar
that have effect on the personal financial management skills of the members. (Todorov,
2017).

Economic profit (or loss). Economic Profit (EP) reflects the net operating income after
the creditors’ and shareholders’ cost of capital. Refers to as net income after cost of
capital generated from investing in the cryptocurrency by the investor. (Sera, 2011).

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Financing Decision. The Financing Decision is yet another crucial decision made by the
investor relating to self financing-mix. It is concerned with the borrowing and allocation
of funds required for the investment decisions. The objective of financial decision is to
maintain an optimum capital structure, i.e. a proper mix of debt and equity, to ensure the
trade-off between the risk and return to the shareholders. Adopting cryptocurrency can
save or sink the capital structure of an investor (Bawaba, 2010).

Financial Planning. Financial planning is necessary that person could move from there
where it is to there where he wants to be (Glaser and Weber, 2015). Adopting
cryptocurrency can vary the duration of the terms of the investment capital .

Investment decision. In the terminology of financial management, the investment

decision means capital budgeting. Investment decision and capital budgeting are not
considered different acts in business world. In investment decision, the word ‘Capital’ is
exclusively understood to refer to real assets which may assume any shape viz personal
properties, stock certificates and receivables.

Investment. Whereas, investment refers to any such real assets. In other words,
investment decisions are concerned with the question whether adding to capital assets
today will increase the revenues of tomorrow to cover costs. Thus investment decisions
are commitment of money resources at different time in expectation of economic returns
in future dates. Adopting cryptocurrency may bring about changes in investment decision
(Shivam, 2018).

MSDollar. Cryptocurrency that is use by the members of MonSpace International.

(www.monspacea.com)

MonSpace International. The business entity that creates and introduced MSDollar.
(www.monspacea.com)

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Personal investment. Personal investment is one of most important personal finance

ingredients. Investments are additional source of income ensuring regular capital to meet
of personal needs and to implement financial purposes, the main of that - the financial
independence. In a broad sense - investment is financial resources of investment in
various assets which have value growth trend temporal in respect of. However, personal
financial planning should be understood wider: consumption and savings, debt,
insurance, investment, pensions, real estate, income tax planning (Europos investicinis
fondas, 2015).

Personal savings. Money that an individual has put away for non-immediate use. Funds
and other forms of money save from investments with MSD (Kumar, R., (2016).

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Chapter II

Review of Related Literature

To better understand the various effects or impacts of cryptocurrency, the

following related literatures describing cryptocurrency, how it works, how it is produce,
how it is use and the features that made it acceptable to the public worldwide is herein
presented.

Digital Currency
To begin with, Digital currency is a payment method which exists only in
electronic form and is not tangible. Digital currency can be transferred between entities or
users with the help of technology like computers, smartphones and the internet. Although
it is similar to physical currencies, digital money allows borderless transfer of ownership
as well as instantaneous transactions. Digital currencies can be used to purchase goods
and services but can also be restricted to certain online communities such as a gaming or
social networks. Digital currency is also known as digital money and cybercash or
Cryptocurrency.

Cryptocurrency
Crypto-currency is a digital currency or asset that relies on encryption technology
to transfer value over the Internet. Cryptocurrency is best thought of as digital currency
as it only exists on computers. It is transferred between peers; there is no middleman like
a bank. Transactions are recorded on a digital public ledger called a blockchain.
Transactions and the ledger are encrypted using cryptography, which is why it is called
“crypto” “currency.” It is also decentralized, meaning it is controlled by users with a
computer algorithm and not a central government.
There are more than 1,500 cryptocurrencies registered at Nasdaq. The top ten
cryptocurrency are (1) Bitcoin which is the original cryptocurrency to emerge in the wake

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of the 2008 financial crisis. (2) Ethereum is the second most popular platform in the
crypto community and is often touted as bitcoin’s main rival. (3) Ripple seemingly came
out of nowhere towards the end of 2017, when it briefly shot past Ethereum and then
settled in third place in January 2018. Since its inception, (4) Bitcoin CH was estimated
to be worth over $28billion (£19.9billion). (5) Cardano is another platform used to send
and receive digital money, employing the use of its digital token ADA. (6) Stellar is a
transaction network boasting fast and efficient money transfers across borders with
market capitalisation at $10.5billion (£7.46billion). (7) NEO is an emerging platform and
digital token which enables the development of smart contracts and assets on the
blockchain. (8) Litecoin is a peer-to-peer cryptocurrency and is often referred to as
bitcoin’s little brother. (9) EOS is another blockchain platform with a market cap
estimated to be in the region of $9billion (£6.3billion). and lastly, (10) NEM is a
distributed blockchain and cryptocurrency with its signature XEM token currently with a
8.99 billion XEM tokens in circulation (Kettley, 2018).

Monetary Value
Cryptocurrency works a lot like bank credit on a debit card. In both cases, a
complex system that issues currency and records transactions and balances works behind
the scenes to allow people to send and receive currency electronically. The main
difference between cryptocurrency and bank credit is that instead of banks and
governments issuing the currency and keeping ledgers, an algorithm does.
Operation
Transactions are sent between peers from “cryptocurrency wallets” by matching
up public codes which relate back to user-held private passwords also know as
cryptographic “keys”. Transactions made between peers are recorded on a public ledger
of transactions called a “blockchain.” All users of a given cryptocurrency have access to
the ledger if they choose to download a “full node” wallet. The transaction amounts are
public, but who sent the transaction is encrypted. Each transaction leads back to a digital
“cryptocurrency wallet.” Whoever owns the password or key to the wallet, owns the
amount of cryptocurrency denoted on the ledger. When someone sends or receives

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cryptocurrency, when they send from one wallet to another wallet using a set of private
and public passwords, that transaction is queued up to be added to the ledger. Many
transactions are added to a ledger at once. These “blocks” of transactions are added
sequentially. That is why the ledger and the technology behind it are called “block”
“chain.” It is a “chain” of “blocks” of transactions.

Mining
When a peer-to-peer cryptocurrency transaction is made, that transaction is sent
out to all users with “full node” wallets. Specific types of users called miners then try to
solve a cryptographic puzzle using software which lets them add a “block” of
transactions to the ledger. Whoever solves the puzzle first gets a few “newly mined”
coins as a reward. Sometimes miners pool computing power and share the new coins. The
algorithm relies on consensus. If the majority of users trying to solve the puzzle all
submit the same transaction data, then it confirms that the transactions are correct.
People who are running software and hardware aimed at confirming transactions
to the digital ledger are cryptocurrency miners. Solving cryptographic puzzles via
software to add transactions to the ledger, blockchain in the hope of getting coins as a
reward is cryptocurrency mining. MSD account holder can also sell his/her account to
fellow holder and this is done through ‘inside trading’ scheduled by MMC annually.

Liquidity
Operated by blockchain, MSD can be converted to fiat currency via an exchanger
and send it to the bank account, either local or international. Same is the process with
Bitcoin system for buying and selling of crypto currency but at lower rate and sell at
higher price. To invest, prospective investors are advice to wait for the value of MSD to
go up and then sell at high price value. This activity is the so-called cryto-traiding
(Bastian, 2018).

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NASDAQ
NASDAQ is an electronic market place to trade securities. It is the second largest
exchange in the world after New York exchange. NASDAQ is where MSD is listed.

Monspace
Monspace Multinational Corp (MMC) is a global enterprise with an active
interest in multiple sectors namely telecommunications, real estate, food and beverage,
travel and tourism and technology. MMC works like a cooperative-type business. It
advocates patronage refund. Its vision is to be a leading multinational corporation,
creating sustained growth for our core operations in all industry sectors we are in; to be a
strong promoter of economic and social growth globally, starting with Asia. Its mission is
to stay abreast with the hectic pace of the market, providing quality products and services
to consumers; to be a responsible corporation, committed to transparency and top quality
management; and to pursue innovation, increasing our competitiveness through the use of
modern technology and architecture. Monspace introduced MSD or monspace dollar coin
as the new crypto currency that can be use worlwide as digital money
(www.monspacea.com).

Foundation
According to MMC founder Jessy Lai, the organisation is not an investment
company rather an e-commerce company like Lazada or TaoBao where everyone can go
to their webpage and purchase products from there which is MMC main business. The
founder added the company also helps its members by providing funds for them to
establish businesses as well as properties from which to run them. There are currently 18
million users registered under MonSpace worldwide. By buying the company’s products,
users accumulate points which can then be exchanged for a gift
(www.freemalaysiatoday.com).
Moreover, MMC owns a lot of businesses and establishments, such as E-
commerce operating an eMall like Lazada, eBay and Amazon. Sky communication, SIM
card and Mobile phone devices, low costs property projects, farm lands with controlled

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environment facilities, hotels and sand resorts, food and beverage, restaurants and Cafes,
MS cola, MS Juice, Fat mama steam-boat restaurants, entertainment, beauty, health and
fashion group and international school and ambulance services.
MMC businesses have evolved from virtual to physical reality. MMC is located at
The Earth, Bukit Jalil, 43300 Kuala Lumpur, Federal Territory of Kuala Lumpur,
Malaysia.

MSD or Monspace Dollar

MSDollar is the cryptocurrency powered by Monspace, it works like Bitcoin.
Monspace offer members at start value of $0.10 cents but the long term projection is
higher in value. If more companies are using msdollar the value is much becomes higher.
Every time they use msdollar and people are going to invest or buy it, the demand
becomes higher and the value increase. MMC have existing industrial entities to back up
or guarantee MSD value.
To enjoy Monspace products, one digital money is needed to avail the products of
MMC. Aside from buying with cash, use of MSD or Monspace Dollar encourages
dividend through shares of stocks. Monspace Dollar (MSD) is a new cryptocurrency coin
that listed in crypto currency stock market www.coinmarketcap.com.

Personal Investment
To have the digital money, interested individuals must become registered
members. For Ordinary Member Plan, applicant must pay ₱8,200 for the purchase of
Entry Code plus ₱1,400 for the Registration Fee totalling to ₱9,300 per account. An
applicant can have several accounts.
Once a Member, he/she is issued an electronic wallet and will receive 250 MSD
and 250 (MSP) Monspace product points that can be used to buy products on their online
shopping mall at monspacemall.com.

Income Prospect

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As a Member, it’s the optional choice of the members to get benefits from the
Affiliate Program offered by the company also known as MLM concept or Multi-Level
Marketing. The Monspace Affiliate Program is a binary system wherein members are
rewarded an Introducer bonus for all of their referrals. MMC stressed this is optional on
the part of the member; intensifying MMC is not a pyramiding scam but a livelihood
support company where members also act as sales agents.

Asset Growth
Aside from being a digital money, the following features of its livelihood project
for members through the Affiliate Program follows a prescribed monetary policy. For the
Introducer Bonus or Direct Referral, active members are rewarded 100 EC points
equivalent to ₱1,640.00. For the Levelling Bonus, the reward is 300 EC points
equivalent to ₱4,920.00. The Level reaches up to the 5th Level only. Again to prevent
‘pyramiding’. This level can be approached when members have introduced or refer one
pair match from left and right structure. After the 5th Level is the Infinity Level, where
the member gets to be rewarded ₱820.00 equivalent to 50 EC points known as the Pairing
Bonus to Infinity. This is accomplish when active members under the lead members
directly refers two (2) Ordinary Member Plan up to the fifth level.

Economic Prospect
Another feature of the MSD is the Shareholder Plan which cost ₱82,000.00 per
account. Once a shareholder will receive or guaranteed 2,500 MSD and 2,500 MSP.
MSD shares of stocks is also guaranteed dividend at the behest of MMC.

Related Studies
In order to understand the varied effects or impacts of MSD cryptocurrency
to the personal financial management of a client-investor, in this study are the members
per se, a review of past studies related to the research topic was conducted. The
researchers examined the financial effect of cryptocurrency relative to the variables of the
present study and are presented here in support of the result analyses.

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The research of Hutchison (2017) determined the acceptance of alternative

electronic currencies by information technology security professionals using the unified
theory of acceptance and use of technology (UTAUT) theoretical framework.

A similar study conducted by Wells (2011) about the use of e-commerce for
online revealed the practice is nothing new as in the credit card industry which is also
fraught with identity theft and fraud. He stressed that many of us already know the risks
of conducting e-commerce transactions using major credit card companies such as VISA,
MasterCard, and PayPal as well as wire-transfer services. Despite the risks, these
traditional payment systems have conducted payment transactions for many decades.
This indicates how acceptable this model is by merchants and consumers.

The study of Lee (2013) stressed that the fundamental design of Bitcoin is as a
system of transferring payments between individuals and in terms of this core
functionality, it has done remarkably well for such an innovative technology and its
actual processing of payments has remained impressively secure and reliable throughout
all the fraud and turmoil that has surrounded its development.

The investigation conducted by Doran (2014) of Bitcoin further confirmed that

cryptocurrency is safe and secured because Bitcoin is pseudonymous and not anonymous,
Bitcoins do not just disappear. Rather each transaction is public knowledge and is visible
to anyone using the Bitcoin network.

Moreover, Doran physically disassembled toolkits and studied the programs

associated with e-wallet, software and hard drive of Bitcoin system and finally
concluded that overall, the test and analysis of the Bitcoin system was a success. The
recovery of evidence of the Bitcoin wallet applications and user-generated activity in the
form of Bitcoin transactions from within the wallet applications demonstrates that data is
stored within the wallet files on the test system. The key word search of the RAM

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showed user-generated activity in the form of Internet searches, usernames, and Bitcoin
addresses. The recovery of evidence from the individual Bitcoin wallet log files provided
a wealth of evidence such as the location of specific block files, date and time stamps of
transactions, as well as the IP addresses of the peer network.

Spenkelink (2014) in identifying the factors that influence the adoption of

cryptocurrencies from a multiple stakeholder classified the three main pillars which are
important for future mass adoption which are Ease of use: at the moment there is a lack
of user‐friendliness when using bitcoins. Sending and receiving bitcoin is still
cumbersome and holding bitcoins is prone to many risks. Users need to be able to have
more confidence in the safety of their funds. Then, Price stability: the current price
volatility driven by speculation and a lack of liquidity makes that it is very risky for a
user to keep his funds in cryptocurrency as the value varies wildly. This undermines the
function of cryptocurrency as a store of value; and lastly, Governance: the current bitcoin
foundation undermines ideological aspects of cryptocurrencies by being very centralized
and intransparent. There is increasingly less democracy in the bitcoin ecosystem with
large mining companies entering the system and big investors holding large amounts of
bitcoin. Solutions to future problems as scalability and the height of transaction fees are
not being dealt with efficiently and no clear roadmap to solving these problems is
available.

The adoption of cryptocurrency paved the way for individual to venture into
investments. By investing cryptocurrency, investors hope their economic status will also
change. With the change are effects on various aspects of personal financial undertakings.

The observations of Shaw(2016) that when it comes to investment decisions, the

conclusion often drawn from these and related examples is that ultimately, the value of an
object comes from people’s perception of it being valuable. Applying this notion to
money, it then follows that the real reason any money holds value is because people have

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come to perceive and treat it as having value and thus, if Bitcoin seems valuable and is
treated as such by people, regardless of the reasons for it, it can also serve as money.
Similarly, Shaw further emphasized that with regards to financial decisions
Bitcoin fanatics are enthralled by the libertarian ideal of a pure, digital currency beyond
the reach of any central bank. The real innovation is not the digital coins themselves, but
the trust machines that mints them and which promises much more besides.

References
Hutchison, M., (2017). Acceptance of Electronic Monetary Exchanges, Specifically
Bitcoin, by Information Security Professionals: A Quantitative Study Using the Unified
Theory of Acceptance and Use of Technology (UTAUT) Model. Colorado Technical
University

Wells, Constance J., (2011). Digital Currency Systems: Emerging B2B e-Commerce
Alternative During Monetary Crisis in the United States. Aspen University

Lee, Timothy (2013). ìThe $11 Million in Bitcoins the Winklevoss Brothers Bought Is
Now Worth $32 Million.î The Washington Post, November 9. Retrieved
https://www.washingtonpost.com

Doran, MD., (2014). A Forensic Look AT Bitcoin Cryptocurrency. Utica College

Spenkelink, H., (2014). Identifying factors that influence the adoption of cryptocurrencies
from a multiple stakeholder perspective. Amstelveen, Switzerland

Shaw, Lynette (2016). The Meanings of New Money: Social Constructions of Value in
the Rise of Digital Currencies. University of Washington, Dissertations Publishing,
10162351.

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