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