/biz/ - Business & Finance

[Anonymous No.8096016]

I'm almost sold on REQ, but there's one piece of FUD that's actually been bothering me--the use of the actual token.

As I understand it, it's not required for anyone to actually hold any REQ themselves, since it's burned automatically from a reserve when a transaction goes through.

They aren't stakable either. Do you save on fees if you choose to use your own to pay?

Can anyone actually answer me if there's a use for the token that would benefit a holder, and not just "I hope the price goes up because it should get more rare...and...people like rare things."

[Anonymous No.8096133]

>>8096016
>the use of the actual token.

The token represents the cost to perform the work on the network. Simple.

[Anonymous No.8096157]

>>8096133
the REQoning is coming

[Anonymous No.8096164]

>>8096133
Right, but why would anyone buy it when it's literally not needed by anyone to use their service?

[Anonymous No.8096171]

The entire Request ecosystem needs the token to funtion, they are building it that way.

What is the purpose of burning tokens? Isn't that just wasting them?

1) Value added for investors - token burning decreases supply, increasing scarcity. 2) Burned to actually use the network - very small percentage of the transaction total value burned in REQ. This allows the network to be used and gives incentive to others to hold the token and manage gateways. Token burning is similar to share repurchasing in the traditional stock market. By reducing the supply of tokens, demand may increase, providing value to holders by increasing the price per token.


What is the token used for?

Fees

The REQ ERC20 token is required to participate in the network. When using the network participants will pay a network fee in REQ, which will be burned. This fee will be 0.05-0.5% of the transaction value, with this percentage decreasing as network volume increases. The user should be aware they will also pay the network fees for any blockchain they make use of as well as any additional services, for example if a Request for BTC is fulfilled using ETH, there would be a fee for transfering the ETH, a Kyber fee for converting to BTC, and a fee for the BTC transaction.

Governance

One of the major challenges to a decentralised system is decision making. If the Request Network is to survive and flourish, there must be a system for governance. Here the intention is to use the REQ token for voting rights, with plans to create the necessary tools for administration and potentially a chat system.

Technical independence

It is possible that in the process of scaling Request a solution such as Plasma Chains will be used. In this solution a specific token is used to secure the network via PoS (Proof of Stake). Using a token is the most flexible and independent way to conceptualize a system that will need consensus and security to evolve in the long term.

[Anonymous No.8096207]

I'm in for the announcement and main-net. Honestly, I'm just jaded.

>>8096133
The actual use doesn't matter. What matters is the impression that it is useful. Unless you are holding it long-term.

[Anonymous No.8096270]

>>8096164
the token is needed but its not needed for them to have it

[Anonymous No.8096345]

>>8096207
>>8096171
Right, so pretty much the token starts as a fund for the REQ team to start up, now they have the money from the ICO and us, the investors, now the kickback is simple, think of the REQ tpokens as gas and were waiting on the auto industry to take off. Meaning REQ is an eco system so it will have tons of apps running on it, all doing transactions, including more venmo and REQ rip offs, running off REQ its self (ie WooREQ) everytime REQ or anything BUILT on the ecosystem does a transaction REQ is burnt, driving the price of the REQ token up and also giving passive income. Refer to the picture for how massive this could actually be when it comes online. So we invest a ton early, the developers take that money and develop big apps on top of the REQ platform, which in of its self is huge and then reap the rewards of the passive income

[Anonymous No.8096404]

>>8096270
right, correct so if Mr. Normie is paying his house heating bill or sending a friend money, they may not even know about the REQ token or that its being used at all, and probably wont ever will know about it. But its being burnt in the background. A sends B money, REQ handles the process, burns a REQ token or a percentage of one, lowest fees, and they receive their money and move on. All the while not knowing whats really going on behind the scenes

[Anonymous No.8096448]

>>8096404
Right, so again, why the fuck would the token have any value at all

[Anonymous No.8096523]

>>8096448
The network runs on it like gas. Think dude. Imagine you were in a small group of people that knew about modern gasoline and had a chance to invest heavily before it blew up. No cars or industries really are eyeing it up yet. REQ tokens are the gas, the way it handles currency and runs is the req token its self, its a part of the mathematical equation. Are you one of the people back then that said "Oh so if the gas burns whats the point anyway?"

[Anonymous No.8096576]

>>8096016
What IS that stuff spurted all over her face?

[Anonymous No.8096700]

>>8096171
>not using the meme version

[Anonymous No.8096726]

>>8096523
It's like gasoline where nobody needs to pump it themselves it just happens automatically. Nobody needs to buy gas themselves, the car company just auto allocates gas to users. The amount of gas required to run your car also goes down as there's less and less of it.

Why would anyone buy gas on their own in that case?

[Anonymous No.8096800]

>>8096448
>>8096016
Let me explain to you, in order for the request network platform to be decentralized, the foundation needs to be a non profit. However, the team need financial incentive to actually do any work, and they also need funding without being a public or private company. Thus the token system is born.

Obviously the fees don't NEED to be paid in REQ and it doesn't have to cost REQ to build on the platform, they could've just used ETH, but the only way for the team to make money whilst still being decentralised was for them to make the REQ token something that is going to increase in value with the adoption of the platform. It's like decentralised shares of a company.

Other big crypto startups are doing the same thing, Vechain for example.

[Anonymous No.8096801]

>>8096726
Ok so imagine how fast the gas will be used up on an automated system.

>Why would anyone buy gas on their own in that case?
Because the product, gasoline, is still being bought, burnt, and used, and maybe companies will buy the gasoline from you, the holder of it, so they dont have to pay fees at any higher rates because they have their own store of gas, making transactions almost costless. get it?

[Anonymous No.8096877]

>>8096345
this anon knows his shit, i'm impressed finally, someone on this board can actually put this together, good job anon

[Anonymous No.8096881]

>>8096700
I saved the non-meme version and just found out when i upload it.

Thanks mate, got it now!

[Anonymous No.8096938]

>>8096877
explaining that is impossible to some people. I tried to explain it to a normie friend and they just dont get it. They go right back to watching facebook videos and stuff

[Anonymous No.8097304]

>>8096800
Right, but the main thing that I guess I'm not understanding, is if the token burn is dynamic and decreases as supply gets lower, why would the value increase if it self-corrects?

The fees aren't just going to increase, because that would be stupid. If the fees aren't going to increase over time, why would people value the token more over time?

[Anonymous No.8097363]

>>8097304
OH HOLY FUCK I'M A RETARD IT JUST CLICKED FOR ME.

OF COURSE THE VALUE WOULD GO UP BECAUSE AS IT TAKES LESS AND LESS REQ TO PAY FOR THE SAME FEE, THAT NATURALLY MEANS EACH REQ IS WORTH MORE BECAUSE SMALLER AND SMALLER FRACTIONS OF THEM ARE REQUIRED TO PAY THE SAME THING AUTOMATICALLY.

Please kill me I'm a huge retard.

[Anonymous No.8097397]

>>8097304
Put simply:
Even if the market cap remains the same there will be less REQ tokens out there the more the network is used
Market cap divided by circulating supply = price
Lower the circulating supply and you will have a higher price per token

[Anonymous No.8097400]

>>8097363
and a brainlet star collapsed

[Anonymous No.8097480]

>>8096881
No problem good sir

[Anonymous No.8097770]

>>8097363
this. you're doing better than 99% of people on this board honestly.

t. all-in with 100k REQ

[Anonymous No.8097806]

Can someone redpull me on the REQ reputation system? They won't be banning people, will they?

[Anonymous No.8097926]

>>8097363
fucking kek
good job anon

[Anonymous No.8098149]

https://www.youtube.com/watch?v=kKqsV3t94PY

[Anonymous No.8099120]

>>8096016
REQ has been getting a lot of attention lately. If they time mainnet launch well it could attract normie investors like TRON did,

[Anonymous No.8099199]

>>8096938

IQ is real. Your friend is just dumb.

[Anonymous No.8099237]

>>8096164
>Right, but why would anyone buy it

Because we're speculating on the wide-spread feasibility of Request Network and these tokens are the closes thing we have to a share in the success of the project..

[Anonymous No.8099288]

>>8097363

You right in regards to REQ but lemme point something out.

Take RCN. They're doing a decentralized way to lend out money. It's a very similar project to REQ.

WTF is the limit of the token then?

Another example is LINK. WTF is the point of the token then?

[Anonymous No.8099294]

>>8097363
You have no idea how many people don't grasp this basic concept. People honestly don't understand basic supply and demand on fucking /biz/ It's pretty infuriating. But then again most people here are literal third worlders or children. Sometimes both at the same time.

[Anonymous No.8099464]

>>8099288
>>8096016

The entire ICO/Token system is really just a way to circumvent laws, find investors, and essily have a way for your investors to make profit.

That's all it is.

I think this is the answer you're looking for.

It can be applied to many tokens.

LINK, REQ, RFN, ZRX, KNC, ETC

[Anonymous No.8099737]

>>8099288
There is actually a partnership between RCN and REQ. REQ will handle their financial flow.

[Anonymous No.8099969]

What happens when all the REQ are burned up?

[Anonymous No.8099989]

>>8099969
You'll get laid.

[Anonymous No.8099991]

>>8099288
For most, its a way to pay for a service that isn't tied to ethereum.

[Anonymous No.8100025]

>>8099969
jesus returns and armageddon commences

[Anonymous No.8100063]

>>8099969
SKYFATHER RETURN
ONLY FIRE

[Anonymous No.8100379]

>>8097363
Well done, anon. I'm proud of you.

[Anonymous No.8100964]

>>8099969

[Anonymous No.8101371]

Should I be buying REQ right now?

[Anonymous No.8101599]

>>8101371
yes
it should've been the only coin you were buying since it came out
>b-but I would've missed other moons
pfft

[Anonymous No.8101660]

I'm glad you finally realized that you're pretty fucking stupid.

[Anonymous No.8101769]

I was under the impression the actual vendors need supplies of REQ and the token burning occurs out of these reserves when fees are paid.

[Anonymous No.8101911]

guys can I sue them if my REQ tokens get burnt?

[Anonymous No.8102055]

>>8101371
not yet. we have a long drop

[Anonymous No.8102851]

Reqqies are so deluded, nobody is going to use this garbage over venmo

[Anonymous No.8102924]

>>8101769
It's cheaper for vendors fee wise if they buy a stack of REQ, but they don't NEED to buy it

[Anonymous No.8103854]

>>8102851
what the fuck is a venmo

[Anonymous No.8104370]

I have 14k and don’t know if I can afford any more. Am I gunna make it??

[Anonymous No.8104526]

>>8104370
Probably