/biz/ - Business & Finance

Source for current transaction fee structure based on OMG price:
https://blockexplorer.mainnet.v1.omg.network/fees

Source for planned 1/3rd ETH fee structure:
https://omg.network/omg-network-scales-ethereum/

Source for fee structure change within the next week or so:
https://youtu.be/U45BD9ksxh8

^is a Messari mainnet convention (Messari is a 3rd party blockchain research and news site) Q&A with the COO of OMG Network. You can hear at around 16:40 & 25:00 the mainnet will go live within the next week or so.

Not many people know about this fee structure change at all biz. Not many people realise that exchanges are able to currently purchase OMG at a price that will save them over 90% of ETH fees once the network goes live. Look at the volume over the past few months, they are accumulating waiting for this exact fee structure change and mainnet going live.

>exchange buys OMG for $2
>fee structure changes
>exchanges pump OMG price To $20
>exchange can now transfer ANY token on the ETH blockchain for 1/3rd the piece of the ETH chain
>they pay the fees in OMG, but the rate is decided on the price of ETH
>because they pumped OMG 10x, they are paying 1/10th transaction fees ON TOP of the 1/3rd discount naturally given to OMG Network
>exchange pays just 1/30th the cost of transaction fees

That is an example of what exchanges are doing right now. They can save 96% on the transaction fees of any Ethereum based token and in order to do it, they HAVE to pump the price. This is gold dust to the equivalent of insider information, do with it what you want but I think you’d be a fool not to buy in before the fe structure changes and mainnet goes live.

>>19621579
STOP SHILLING this absolute GOOK coin. shit is dead.

still have a bag from 2017. Wishful thinking desu

>>19621812
Nigga did you read the post? There is incentive for exchanges and Omise to hold the price down below $2 Before the fee structure change because the network relies on fees as a percentage of OMG at the moment. More expensive OMG = more expensive transactions.

Once the fee structure changes to ETH based, incentive for exchanges and Omise immediately switches to pump the price as high as possible. Just look at the fucking volume increase to understand that exchanges are intending to do exactly that

I swear to god biz complains about all the scam tokens posted here constantly, but this has an actual working product with a reputable company (largest payments provider in south east asia) behind it, and you’re one of very few people to know all of the above before any of it is priced in, and you call it a scam. I bet you own Unipower or ghost you fucking retard

>>19621893
It’s wishful thinking but he’s right about the incentive for the price to be held down until the fees change. Just have to wait and see but I’m hopeful, and people usually do follow incentives in crypto

>>19621975
I want to believe fren. may as well put 1000$ in it. But let me hear what would you shill except this skater token. If I had 10k$, where to put it for sweet gainz?

>>19622008
Yes this is correct. Nothing can be certain, but it looks very likely that exchanges are accumulating, and why wouldn’t they of it can save them 90%+ of all ERC20 and ETH transfers. That’s millions of dollars a month for exchanges

>>19621579
hey fagwit
>NEWS FLASH
traffic DOES NOT cause prices/value to rise for crypto. if it did mETH would have increased on value when tether went live on ethereum's network. that did not happen. kys dumbfuck

>>19622029
BTC, ETH, LINK, BAT, NEO, XLM would all make a balanced pftl. Never buy shitcoins with less than 1 million daily 24hr volume because you will lose your money.

>>19621975
> nigga
zoomer alert. zoomer alert. do not listen to this idiot child if you want to make money. buy BTC. it's the only coin that matters.

>>19622045
Who said anything about traffic? Did you read the post? This is about network fees and how exchanges can save 90% or more of their transaction fees by pumping OMG next week

>>19622196
>not taking good advice when it’s given to you on a plate
ngmi

>>19622212
to be fair literally your second sentence was about volume/traffic.

>>19622196
cringe

>>19622244
nice digits but i'm comfy with my BTC

Bought 1.5k, if this doesnt make me money by end of june imma come ur house and fuck u up anon

>>19622288
you can't even post an actual decent resolution of that meme. you must be posting from an EDGE network computer cafe in Mumbai. fuck off, Vivek.

>>19622259
Volume = amount of OMG tokens traded

Traffic = amount of ETH/ERC20 tokens transferred over OMG Network

>>19622029
KNC

>>19622339
ok thanks for clearing this up.

>>19622320
>you can't even post an actual decent resolution of that meme
Can’t even imagine my life going so wrongly that I ever consider stringing these words in that order

How many to get comfy in the coming year?

Got my /makeit/ stack

>>19622478
1000 to buy a personal Thai ladyboy for life
3000 is a make it stack
5000 to be a sik cunt

>>19622478
3000 k

OMG is going to have a legendary moonrun and the fudsters will weep in the streets.

>>19621579
Isn't there also a PUA burn phase? So that would incentivise them to keep the price low, that way more tokens get burned.

>>19622596
>>19622478
>>19622653
>>19622631
>>19622848
what discord are you all from?

>>19622889
No, PoA stage will not include burning tokens, instead the team made OMG the only way to pay fees during PoA stage to give the token more value. From here the plan is to develop and finish Proof of Guarantee style staking, which will complete the network

>>19622893
rent free

So how much time do I have left to buy thisbefore the great pump? I need to accumulate more, want to ride some PND before I buy this for max gains.
What’s the deadline? Sunday?

>>19623051
We don’t know. None of this is common knowledge and all they say in the video above is “next week at some point”. The video was posted last week though

>>19623088
What video, can you post some sources? This is interesting.

>>19623100
Nvm i see it now. Will look into this and report later. Ill buy in after ghost announcements.

>>19621579
do plebbit still love this shit or have the moved on to stonks now?

Thanks just bought 100k

father forgive biz for they do not know what they are doing. They will not board my Ark and are destined to drown in the tears of the unwashed masses. Judgement Day is almost here. I warned you biz.

>>19621674
>https://omg.network/omg-network-scales-ethereum/
LMAO. Is this a fucking joke? You expect me to take this project seriously?

>>19623284
>he bases his crypto decisions on Reddit

>>19623383
Lol that’s just a fucking dev scrub, the COO has his camera turned off. Reminder though, this person is the creator of Ethereum

>>19623456
> Reminder though, this person is the creator of Ethereum
which doesn't help your case.

>>19621579
Please stop trying to help these actual fucking retards. I’ve had to see “>gook scam” so many fucking times I would rather we all just sit back and watch them kill themselves.

>>19623383
>largest payments company in south east Asia
Stay mad cunt

>>19623284
>do plebbit still love this shit
That would be that flawed coin nano and yes they still love nano and attempt to shill that garbage on /pol/ and have to give some out to everyone.

>>19623504
> south east Asia
biggest fish in the pond.

>>19623507
really smells like curry now...

>>19623515
1/3rd the size of the US economy and the highest regional GDP growth in the world, stay poor pajeet

>>19623531
I’ve figured it out now, you’re a loopring dev

So where’s the proof that this shit will launch next week? From what I understood, it’s already launched. Why do you say next week then?

You‘ve convinced me. Where can I grab some bags for cheap?

>>19623698
Look at the sources I posted in the first reply. The mainnet is live it running an OMG token based fee and they haven’t started tether on it just yet. They talk about changing the fee and the mainnet going live in the video “sometime next week”. It was posted last week.

>>19623698
Mainnet is out but the old fees are still running and tether hasn’t started running through it yet. Once the fees change that would be considered going fully “live” and that should be the turning point OP is referring to

>>19623641
nope but I did own that shitcoin and get burned by it, TOO.
>>19623734
you shills are so easy to spot.

>>19623734
Unironically Coinbase because you might have some airdropped already, think they did that last month

Biz said same fud shit on zilliqa few weeks when it was 110 sats, im not falling for this again, ill keep my stack till the end of june watching movement

>>19623825
>burned by a token that’s up 70% since ICO and 200% over the last month
Maybe crypto isn’t for you sweetie?

>>19623805
And when is that?

>>19623834
Anon.. this isn’t fud, you should read it..

>>19623965
Watch the video above, the COO said “sometime next week” and that was said Monday last week

>>19623942
unlike you I wasn't in crypto starting this month.

>>19624374
ICO was in 2017

>>19624622
and if you can count, you'll find out when I bought. they partnered with UC Berkeley which is how I found out about them.
#OMGOOKOIN

>>19623834
https://cointelegraph.com/news/zilliqa-zil-beats-bitcoin-with-950-gains-since-march-whats-next

What happened to Jun?

>>19624908
Jun is CEO of the parent company SYNQA (formerly Omise) still involved to the same degree he always was

>>19623825
I don't think they're shills. They probably wouldn't have enough liquidity to move the price by selling.

I'm weary that it'll be as simple as you think OP but it's an interesting hypothesis and I get the same feeling from OMG that I got from XRP, XLM, ETH back when I was watching those and thinking I'd learn how to buy crypto "eventually, but not right now, I'm too tired" for six months before they started mooning in 2017.

Current chart seems to show price leveling out with volume drying up so seems like we'll either break up or down.

The huge wicks during the pre-coinbase insider pump make me think we probably break downward with maybe some whales wanting to exit without dumping price but we'll see what happens.

>>19625006
https://mobile.twitter.com/smcnamara/status/1270386193344147456

No way. This project has miles of room above it. There’s too much upside and too much money to be made for exchanges

>>19625056
Is Stephen McNamura someone important?

>>19625056
>https://mobile.twitter.com/smcnamara/status/1270386193344147456
lmao, this. some random guy @mentions Brendan Eich (who ALWAYS replies to tweets), and doesn't even get acknowledged. and then some PAJEET jumps on the thread as well to shill their project? this shit is just comedic.

>>19625056
I don't disagree. I have over 10k omg and am comfy. But short term I am afraid of whether we break downward. I hope not though. I just want to moon already.

>>19625469
I feel ya, all my coin are staying put, really keeping me on my toes here, too suspenseful. I get so worried seeing everyone else cheering their coin on and acting like they're mooning when they aren't. Maybe we should take a break from this place, eh?

>>19625436
>>19625457
McNamara is the COO of OMG lads

Anyone bullish on lightning network for ethereum? Raiden's token (RDN) is pumping.

>>19626020
Thank you!