/biz/ - Business & Finance

>>4446209
jesus christ, his tweets look like Pajeet shills on this board.

And people bitch about LINK not promoting their shit WHY exactly?

No fucking bank would take this retard seriously.

>>4446341
English isn’t his first language asshat, how many languages can you speak besides burger?

OMG 2018 confirmed

>>4446209
I'm still holding the OMG ath but I have no faith in these assholes

>>4446407
>OOOHH YEAH who's SUPER ExCItEd for LINK's mAiNeT ReLeAsE?!?!?

>Can I get a WHOOP WHOOOOP

what a fucking joke. At least sergey and co work hard.

I love the way omise goys completely sweep the lack of the promised september big news under the carpet. Kek. DELUDED.

>>4446426
You poor Basterd

We have an anime character. Ask yourself - does your shitcoin have it's own anime character?
The answer is no!

>>4446209
Pathetic. And now compare that shit to the professionalism of the REQ team

>>4446341
because he turned ico investor's $300 into 5 figures in 2 months with just a skateboard.

>>4446341
>No fucking bank would take this retard seriously.

Can't tell if serious

https://www.cardfellow.com/credit-card-processing-fees/

Read this page.

Understand what it says.

Understand what the INTERCHANGE fee is, and why it doesn't go to visa.

Now

Tell me how OMG will both 1) beat these fees and 2) deliver you great wealth

>>4446528
None of you OMG idiots can refute this

>>4446528
plasma will be able to handle infinite transactions per second
do you even know the purpose of OMG ?
It is literally to exchange things like frequest flier miles/coke rewards/ runescape gold into whatever you want, steam credit, skype credit, KRW, USD, GBP, literally any thing that can be considered of value, into any other thing that can be considered of value.

it needs an extremely robust backend for this, and that is what plasma is.

>>4446691
Plasma is vaporware lmao.

>>4446691
ur mom has an extremely robust backend

>>4446708
This. ETH is a kike scam to slow down Bitcoin adoption.

>>4446691
Do you even know what my point is?

>>4446847
guess you didn't process a single word i said

no other company on the face of the planet has the intention, or the capability to provide what i described OMG providing

they have a monopoly on the entire market of decentralized conversion of assets.

>>4446209

If Sergey tweeted any of this shit I would drop my LINK in 0.5 seconds.

>>4447036
And you didn't process anything I said.

Did anything I post have anything to do with the technology or functionality of OMG?

No? Then why the fuck are you talking about it? Why don't you address my actual point. Again, do you know what it is?

>>4447151
what part dont you get?

is it the part where OMG is so much more than a Mastercard or VISA card?

We aren't talking about the same thing here, dunce boy, OMG offers what VISA and Mastercard do, and then 100x more.

OMG will eat these single use companies alive. You don't need to pay for your food with USD or KRW, you can pay for it with fucking WoW gold or Dominos pizza rewards.

>>4447151
faster settlement because "blockchain"

>>4446209

vitalik is listed as an advisory, but doesnt seem like he's actually that invested in this project

>>4447205
This guy gets it.

So many tards on this board stay poor and buy ur scamcoins.

>>4447205
READ
THE
LINK
YOU
DENSE
FUCK.

Wow, some faggot can buy mountain dew in WoWbucks! While that is actually a nice feature, tell me: HOW ARE YOU GOING TO MAKE MONEY ON IT?

Look at the link. See what is the CURRENT market fee is for Visa functionality (hint: OMG will not receive the baking fees in these calculations). You're going to chimp out and say "MUH OMG DOES MORE" but how much is that worth? Do you know? How many people would even use nonfiat versions of crypto? Do you know?

You have to beat 0.1% transaction fees. Not 1%, not 0.5%, but 0.1%

Hey, if you think that's going to pay you enough then that's fine, but I thought you faggots might benefit from a dose of reality in your wild optimism.

You don't understand how inexpensive payments already is. You will not be making much with OMG, even if it is technically superior . If you respond to anything other than these points I'm done talking.

>>4446209

I am so tired of this shilling pajeet

Hope omg crashes and burns

>>4447317
Your pointin are shit, OMG IS not only about staking, most of the valuen comes from the platform.

Do tour own research and stop getting stuck on a single point of view, deluded monkey.

>>4447351
>OMG IS not only about staking, most of the valuen comes from the platform.
This literally makes zero sense.

>>4447364
In your monkey brain, true.

I think we are done here

>>4447364
>If you respond to anything other than these points I'm done talking

>>4447384
There are only two ways to make money in OMG: trade it away or stake it.

I don't know if you're trying to pretend there's a third, but if so youre full of shit.

>>4446426
It's a shitty product but that skateboard guy really knows how to hype it.

>>4446715

>>4447405
Or you are stupid and havent done your research.

>>4447444
Keep evading the question pajeet

>>4447317
the company processes over 100 million dollars a day currently, without all of the features that i have been talking about
1. there is no fee going to a bank with OMG because it all goes to token holders
2. handling hundreds of millions of dollars currently, it can be almost guaranteed that once you can pay for anything with crypto/anything they will handle over 1 bn per day
3. it is instant. visa/mastercard take hours if you're lucky, days if you're not or its international.

if you don't think that the functionality of OMG being superior to VISA and other traditional money services is relevant , then what the fuck are you doing in cryptocurrency? The whole point is that its superior to current archaic standards.

>>4447448
How does omise profit if all holders get the fees? (serious question) or do they themselves hold a large amount

>>4447448
The reason that there are banks involved in the first place with Visa transactions is because most of the time people are transacting with credit or with bank supported debit.

OMG does not solve for the existence of credit markets, okay?

I understand that the payment mechanism is nice, but for the most part people will still be using credit in their transactions. The instantaneous settlement is nice, the currency agnostic feature is nice, but it is only an improvement on a very small and inexpensive part of the process.

I'm not even arguing that OMG won't wind up transacting several billions or even trillions of dollars a year. It may well kill Visa.

But the simple fact is that the margins in payments are razor thin. Even large holders of OMG will not wind up making much money on this coin through staking.

And once people find that out, what will happen to the price? How much can a (less than) 0.1% fee payment get you?

>>4447481
They hold like 30% of the coins

>>4447496
If its less than 0.1% shared between 100 million staking coins thats really not a lot even on an industral scale

>>4447553
Exactly

>>4447553
It's staking
not earning per share

>>4446209

>T-TRUST US GUYS

>WE'RE DOING SOMETHING

>W-WE WERE LATE WITH ALL DELIVERABLES AND HAVE NO WORKING MAIN NET IN SIGHT, BUT KEEP HOLDING


They're worried about REQ aren't they?

>>4446715
not bad, kid

>>4447236

He's distanced himself from these scammers when he realized they're using his image to speed up their own retirement and nothing else.

>>4447496
>OMG does not solve for the existence of credit markets, okay?
There are actually credit markets in cryptocurrency, see SALT or Ripio , both of which would be interoperable with OMG
>I'm not even arguing that OMG won't wind up transacting several billions or even trillions of dollars a year
Ok, we agree on something
Let's assume that it hits 10 bn/ day, or 3.65 tn/yr
3,650,000,000,000 * .001 (.1% fee) = 3650000000, or 3.65 bn in fees per year.
3650000000 / 100,000,000 (~100M OMG tokens) = $36.5 per token per year

Now, I currently have 1250 OMG , which i bought around $3.50 for a little over 4 grand
1250 * 36.5 = $45,000 per year passive income.

Tell me why this is a bad idea.

>>4447561
>>4447576
I wanna get in on this omg. Really do, purely based off that shill article by that palm beach newsletter or whatever it was.
Cant find it but heres something
https://www.reddit.com/r/omise_go/comments/70tg7y/omisego_network_penetration_and_token_staking/

3.64 usd per token off 51 billion usd per year

Havent been keeping up to date with it much though, didnt realise you can pay with anything on it

>>4446209
>can't stop thinkning

Why own Omg and not xmr or IOTA? What's difference between it all

>>4447640
The fact that there are lending cryptos doesn't change my point, which is that the majority of the fees paid in processing transactions actually goes to the institutions that lent the money, not the processor.

And there's nothing "wrong" about holding OMG. I just want to impress on people here exactly how little they'll be making from this.

I've seen people throw out 0.5% fees, even 1% fees. This is absurd. As is your assumption of 3.65 trillion a year. This is not happening for at least 4 years. Visa does only about double that. Even a technically superior network doesn't instantaneously achieve higher use.

Also you can bet VISA and MC are developing similar networks. While consortium blockchain will not be as useful, they'll definitely have a heyday of their own and will impede the rise to your 3.65 trillion hope.

And I own 5,000 OMG for what it's worth. I had to research this to keep me from presuming I'll retire in 2019. It's been disappointing to discover this won't be a huge boon for me, and that there are legitimate risks from competition, but I still believe in this project.

I'm just going to have to keep wage cucking for longer than I thought

>>4447746
I can wait 4 years to get my six figure passive income, i'm only 23.
Meanwhile I will continue wage slaving also, and accumulate as much as possible.
If it ends up handling 3-4 tn/year in 5 years, I will be making more than anyone in my family, passively.

>>4447647
The 1% fee assumption in that article is way off base, in my opinion.

>>4447640
are you retarded ? today it has 100 million and you take 10 fucking billion as an example ? a quick 100x ? thats delusion and over optimism.

make a realistic example. its going to take them at least 2 -3 years to reach 1 billion a day

I'm just curious, based on your article, if you can explain the following.

>"Interchange accounts for the largest portion of credit card processing expense and it's paid to card-issuing banks"

So Visa/Mastercard/etc don't get any of the fees- understandable, but as all transactions will be flowing through OmiseGo with no intermediary in between (banks), stakeholders should get these fees, as is the whole model behind OmiseGo

So interchange fees are paid to OmiseGo stakeholders (which will be lower in order to undercut competition), which will be charged via any exchange of currency, based on the whitepaper, which states "iti s possible to provide eWallet providers an entire interchange process in a decentralized high-performant open network"

Additionally, the whitepaper states Transaction fees on the network including (but not limited to) payment, INTERCHANGE ,trading, and clearinghouse use, are given to non-faulty validators who enforce bonded contract states.

So it seems to me, as if OmiseGo will still be charging the interchange fee and paying them back to stakeholders, along with any other fee they are going to impose.

Please don't reply which FUD or shitposting, I'd like to have an open, intelligent discussion about this, you seem pretty passionate about this.

>>4447871
https://knect365.com/superreturn/article/0ce288d8-88d6-4e65-be48-a3e209011b6b/sea-the-fastest-growing-internet-market-in-the-world

It is optimistic, but southeast asia is currently the fastest growing digital market anywhere in the world.
It is not entirely unreasonable to assume such drastic growth.

>>4447883

Some additional information to back up the notion that OmiseGo will pay interchange fees to stakeholders

"Transaction fees are native to the OmiseGO chain. The validators earn fees from validating
the activity of this blockchain. Payments and interchange fees are used to pay for activity on this network and to incentivize honest activity."

>>4447883
Again see another post that I made here about why the banks are involved.

The banks are involved because they're lending money to both the cardholder and the merchant receiving the fees. Usually two separate banks.

So the common claim is that "Visa charges 3.5% in transaction fees" this is incorrect.

Three separate intermediaries are involved in getting the effective rate close to 3.5%, with Visa being the smallest component.

They only get like 0.1%.

So if OMG is going to obtain the other components of the transaction fee, they literally have to become a lending institution. They have to lend both the cardholder and the merchant money for their transaction, because regardless of how nice the OMG network is, people still have a need for CREDIT.

Now, there are reasons to believe OMG actually is entering the credit market. Look at the subreddit and see that they """"leaked"""" out an image of an entity known as "O1 Bank" last week.

Is this a lending institution that would justify the word interchange that you quoted? Maybe.

But if so, it's pretty important to realize that if you're going to assume the success of OMG and the value of staking, you also have to assume the success of some form of decentralized banking system.

>>4447988

I'll have to do a bit more research. Yes I did see the "leaked" O1 Bank- going to wait and see how they intent on implementing their cash in/out layer.

Thanks for your insight.

>>4446715

kek

>>4446407

Tfw you don't hire a translator for like 10 dollars an hour to just make your tweets not look ridiculous in the language you're supposed to be doing professional communications in.

>>4448781
If anyone serious had a coin they were promoting in Japan, you can be sure they wouldn't be tweeting to the Japanese in broken 5th grade language.