OmiseGo

[VampiricElder]

OMG up 958% in 26 days and still going up!

https://steemit.com/cryptocurrency/@krytonika/omisego-continues-on-historic-ico-to-exchange-run-up-958-in-26-days

[1714786749]

1714786749

[1714786749]

1714786749

[1714786749]

1714786749

[Miner2525]

I mean they know that people will ask themeselves this question "How is fiat on a decentralized exchange possible, if I claim that people do not need bank or even with banks". I mean they simply do not answer that question in their promotion website or videos. This makes me suspicious. If I have something valueable I try to explain that to people and do not hide the goods via totally weird senteces that do not come to the point.

It does seem a little weird, but my guess is you don't need a bank account because Omise is a money transmitter which means they have retail locations where people can receive and send fiat to the OmiseGo wallet.  So the centralization is already at the legacy Omise network.

[dennyd999]

I mean they know that people will ask themeselves this question "How is fiat on a decentralized exchange possible, if I claim that people do not need bank or even with banks". I mean they simply do not answer that question in their promotion website or videos. This makes me suspicious. If I have something valueable I try to explain that to people and do not hide the goods via totally weird senteces that do not come to the point.

It does seem a little weird, but my guess is you don't need a bank account because Omise is a money transmitter which means they have retail locations where people can receive and send fiat to the OmiseGo wallet.  So the centralization is already at the legacy Omise network.

it is what a millions people are waiting from blokchain!
An office for peoples which computer skills are not so good where you can just give your money and another human can receive it. in a seconds with a minimal commision. It is a MUST BE! also you using new technology. everyone will like it.
specialy when you can send just 10$ not paying another 10$ for commision.

[freew5660]

OMG up 958% in 26 days and still going up!

https://steemit.com/cryptocurrency/@krytonika/omisego-continues-on-historic-ico-to-exchange-run-up-958-in-26-days

It was good rally even though BTC gone too far after the BCC fork. It'll be enjoying to watch next days.

[SGToken]

I should have read this thread days ago

[CryptoBoomers]

^ "was" a good rally?

Still is - I don't think we've seen anything yet.

Double digits in no time, probably going to follow the NEO pattern (but maybe faster) and far surpass it.

[_Ini_]

I mean they know that people will ask themeselves this question "How is fiat on a decentralized exchange possible, if I claim that people do not need bank or even with banks". I mean they simply do not answer that question in their promotion website or videos. This makes me suspicious. If I have something valueable I try to explain that to people and do not hide the goods via totally weird senteces that do not come to the point.

It does seem a little weird, but my guess is you don't need a bank account because Omise is a money transmitter which means they have retail locations where people can receive and send fiat to the OmiseGo wallet.  So the centralization is already at the legacy Omise network.

If it is like this, then it would be only Asia. But I never saw an Omise retailer in Asia, did anyone else? If so they should clearify this, I mean it is a big plus point for them. At the moment it looks like that they only provide online payment gateways. If somebody owns suchs a big plus point they would promote it. So it still looks very suspicious.

Or do I go to the partner Pizza company and give my money to them that they put it on the blockchain?

I contacted them, let's see if they answer.

I mean they know that people will ask themeselves this question "How is fiat on a decentralized exchange possible, if I claim that people do not need bank or even with banks". I mean they simply do not answer that question in their promotion website or videos. This makes me suspicious. If I have something valueable I try to explain that to people and do not hide the goods via totally weird senteces that do not come to the point.

It does seem a little weird, but my guess is you don't need a bank account because Omise is a money transmitter which means they have retail locations where people can receive and send fiat to the OmiseGo wallet.  So the centralization is already at the legacy Omise network.

it is what a millions people are waiting from blokchain!
An office for peoples which computer skills are not so good where you can just give your money and another human can receive it. in a seconds with a minimal commision. It is a MUST BE! also you using new technology. everyone will like it.
specialy when you can send just 10$ not paying another 10$ for commision.

These things are already existing in a small amount for Bitcoin. Problem is that they are far too slow. PoS would save the problem maybe, but problem is that PoS is not proven and many people doubt that it is possible to do it fair and working. And that is also a thing that is very bad for crypto that maybe everything builts on something that will never be released as a working product. A retailer with fast confirmation times sounds nice, but as mentioned before Ethereum has at the moment no working PoS product.

[Machanto]

As far as I know we haven't seen anything yet and the coin is going pretty well. I bought a small amount at 200k satoshi but im not worried at all, I can see it surpassing that price by a long run.

[Za1n]

I've watched now every video on youtube about omisego and what the f*** are they talking about. Nobody answers the main question. They say that you don't even need a bank account to get money on omisego (a decentralized exchange).

1) Please how should this work?

2) Even if you have a bank account you would need to use an centralized exchange to put money on a peer to peer network, so it doesen't solve a problem. Am I right?

It has only one good feature and that is providing more transaction-speed too for example given bitcoin and that is in my opinion not so valuable.

Here's my take:

Fiat will be represented by tokens within the OmiseGo network.  It's basically an alternative payment network to fiat and cryptocurrency.  Hence the airdrop so people have OmiseGo to spend and receive as well as to stake nodes to process the transactions.  Chicken and egg.

It seems to be be uniquely aimed at the unbanked poor and can be co-branded by local businesses.  I guess if you're poor and have little fiat, then its not such a huge leap to get free OmiseGo via an airdrop or some other manner and learn the ropes.  It may all just be a clever tactic to get the next generation onto cryptocurrencies before they're invested too heavily into legacy fiat.

I don't think the technical achievements here mean much...  it seems more of a marketing and cultural issue as well as being the first to offer more shovel-ready options than other blockchains.  But those don't have the experience and existing network of Omise behind them.

But somebody has to have the actual Fiat currency that represents the token and that the token on the network appears and receives value. I don't see that this can be relized without centralized exchanges.

I mean they know that people will ask themeselves this question "How is fiat on a decentralized exchange possible, if I claim that people do not need bank or even with banks". I mean they simply do not answer that question in their promotion website or videos. This makes me suspicious. If I have something valueable I try to explain that to people and do not hide the goods via totally weird senteces that do not come to the point.

Think of Omise as PayPal, or basically a money transmitter.

Think if Paypal created a token with a blockchain that allowed you to utilize PayPal's normal functionality, maybe PaypalGo.

This is basically what Omise is going to do with their new OmiseGo tokens.

Perhaps read more about how the parent company processes payments rather than just focus on one product they offer. https://www.omise.co/docs

[_Ini_]

As far as I know we haven't seen anything yet and the coin is going pretty well. I bought a small amount at 200k satoshi but im not worried at all, I can see it surpassing that price by a long run.

Yeah this is crypto 99% of all investors have no clue. People without no clue invest and even the people who say "This techoologiy is flawed" or "They have proven nothing so far" have no invest anyway because the folk does boost the price anyway, because the marketing of the startup is good. Crypto in the short term is not about underlying technolgy. You see it in the ICO market. There were ICOs for startups who never released a working product in years. I suspect that this company will release something (because they have already proven that they have the competence to release an other working product) and maybe something good but so far they rely on something that is not there and maybe will never be solid.

Imagine Ethereum never works with PoS how much bad impact that would have on really rock solid products.

Crypto in the short term is just Marketing. People with no clue see the marketing. Think "wow that sounds good, I invest".

[_Ini_]

I've watched now every video on youtube about omisego and what the f*** are they talking about. Nobody answers the main question. They say that you don't even need a bank account to get money on omisego (a decentralized exchange).

1) Please how should this work?

2) Even if you have a bank account you would need to use an centralized exchange to put money on a peer to peer network, so it doesen't solve a problem. Am I right?

It has only one good feature and that is providing more transaction-speed too for example given bitcoin and that is in my opinion not so valuable.

Here's my take:

Fiat will be represented by tokens within the OmiseGo network.  It's basically an alternative payment network to fiat and cryptocurrency.  Hence the airdrop so people have OmiseGo to spend and receive as well as to stake nodes to process the transactions.  Chicken and egg.

It seems to be be uniquely aimed at the unbanked poor and can be co-branded by local businesses.  I guess if you're poor and have little fiat, then its not such a huge leap to get free OmiseGo via an airdrop or some other manner and learn the ropes.  It may all just be a clever tactic to get the next generation onto cryptocurrencies before they're invested too heavily into legacy fiat.

I don't think the technical achievements here mean much...  it seems more of a marketing and cultural issue as well as being the first to offer more shovel-ready options than other blockchains.  But those don't have the experience and existing network of Omise behind them.

But somebody has to have the actual Fiat currency that represents the token and that the token on the network appears and receives value. I don't see that this can be relized without centralized exchanges.

I mean they know that people will ask themeselves this question "How is fiat on a decentralized exchange possible, if I claim that people do not need bank or even with banks". I mean they simply do not answer that question in their promotion website or videos. This makes me suspicious. If I have something valueable I try to explain that to people and do not hide the goods via totally weird senteces that do not come to the point.

Think of Omise as PayPal, or basically a money transmitter.

Think if Paypal created a token with a blockchain that allowed you to utilize PayPal's normal functionality, maybe PaypalGo.

This is basically what Omise is going to do with their new OmiseGo tokens.

Perhaps read more about how the parent company processes payments rather than just focus on one product they offer. https://www.omise.co/docs

That's what I was saying. They are a company for online payment gateways and in conclusion online payment. You did not say anything about the problem that we are talking about. How does the Fiat money get on the blockchain. If they continue to use centralized exchanges the value of the product is not so big in my opinion.

[Za1n]

Just like with PayPal you would have a balance on their service. You could continue to use the service as you have in the past or you could choose to instead redeem some or all of your balance for OMG tokens. The token would then hold claim against your balance until it was redeemed by someone else.

The question would remain on if they would value tokens 1:1 with an exchange rate or would instead have some sort of contract instead, i.e. this specific token for this address is worth $500. I do not believe they are expecting the actual deposits and redemption to be made outside of their network though if that is what you are asking.

[wenzuo]

both the airdrop and nod of dpos is aimed to attract more people. the amount of user will decide a pay instrument live or die, i never doubt the technology of omg, but it has a long way to go

[_Ini_]

Just like with PayPal you would have a balance on their service. You could continue to use the service as you have in the past or you could choose to instead redeem some or all of your balance for OMG tokens. The token would then hold claim against your balance until it was redeemed by someone else.

The question would remain on if they would value tokens 1:1 with an exchange rate or would instead have some sort of contract instead, i.e. this specific token for this address is worth $500. I do not believe they are expecting the actual deposits and redemption to be made outside of their network though if that is what you are asking.

With paypal you send your fiat money to a centralized company which then will hold your fiat money. In a peer to peer network, who do you send your fiat money to? maybe I did not got your point? Can you explain your sentence with an example?

[TheStrudeler]

OMG did come out of nowhere is skyrocketing, I'm also trying to understand the technology behind it. Will watch this project, as well the conversation above... 

[Ethereuming]

OmiseGo in 2018? Maybe $1, $10, $20, $100 or $300? 

[Chuckie469]

When will the 5% airdrop to ETH holders
take place?

[itsonlikedonkeykong]

When will the 5% airdrop to ETH holders
take place?

Great question!  I assume that the 5% OMG airdrop has not yet taken place.

[BitMaker1]

I have jumped in at 5 and sold at 6.5. Why?

At first i wanted to join rally. Then, I started to search for the information about OMG. And I am really surprised how many youtube "experts" talk about omg.

All they could tell in favour of omg is:

- Omise is company that have 6000+ clients??? Are you serious about 6000 only??? Does Omise provide its services to a couple of villages in Thai?
- Vitalik gave Omise a couple of "free" advices Probably on Skype
- Omise has offices in Thai, Japan, Singapore, etc Are they all 10 square meter offices with a table and a coffee machine?

Ok, here are the questions that are not answered in OmiseGO presentation:

- How are they going to transfer fiat currency on blockchain? How do they put fiat on blockchain and what for? Is it possible at all?
- How are they going to make INSTANT payments in cryptocurrencies if all major coins need some time to validate transaction?
- They claim to allow instant fiat to coins exchange. How is it possible if the price of coins constantly changes? At a lower fixed rate?
- They claim to target "unbanked" asians. Ok! There are XX number of local and international services with Apps that provide instant fiat transfers: Capitalist, Yandex.Money, moneyPolo, Okpay, Advcach, Payer, Payoneer, etc They all create accounts for the customers on-line in 2 minutes and allow instant payments. Some of them allow BTC-USD exchange at a fixed internal rate. Many of them ask customers to go through online KYC procedure to unlock some of the features. So, what is the difference between all of these services and Omise? According to Omise website they do exactly the same thing now charging 3.65% (!) commission fee per transaction in it's service.
- They say it is decentralised.. How, if all it's business would depend on an App in Google play Market and AppStore, that are controlled by US legislation? US Authorities can just ban Omise app in both appstores in case they would aware of ONE US citizen would have made a fiat transfer using a service that doesn't comply to KYC. This is what happened to BTC-E exchange recently. Is OmiseGo blockchain going to run on Omise infrastructure? Decentralised ?? Hmm...
- What is the difference with a number of existing true cripto-wallet Apps that allow to transfer coins to anyone on the planet?

I hope i am terribly wrong, but right now to me it all looks like another smartphone payment App among XXX others on the market + fancy word "blockchain" which exist only on paper and will be released some time in Q4 to serve 6000 Omise Thai customers. Hope I am wrong!

P.S Still holding some OMG-coins

[Miner2525]

If it is like this, then it would be only Asia. But I never saw an Omise retailer in Asia, did anyone else? If so they should clearify this, I mean it is a big plus point for them. At the moment it looks like that they only provide online payment gateways. If somebody owns suchs a big plus point they would promote it. So it still looks very suspicious.

Or do I go to the partner Pizza company and give my money to them that they put it on the blockchain?

I contacted them, let's see if they answer.

That's usually how it works with money transmitters.  They use independent contractors that are already retail establishments so they can earn a little extra gravy.  The advantage here is Omise already has that built out so they don't have to start from the ground up unlike other blockchain-based money transmitters.  It's not easy.

BTW, I don't own any OMG as the price is WAY ahead of reality.  It's just Chinese gamblers FOMO again.  Some day they will learn how to value a business.

But hey, its free tokens!  Add it to the shitcoin pile.  You never know.