[NewMeta]

In the spirit of the new Crypto forum here is a thread dedicated to my next moon pick. This is a thread for all things OMG, discuss, share news etc etc...

Link to Website: https://omg.omise.co/

Link to the Reddit Page: https://www.reddit.com/r/omise_go/

Follow on Twitter: https://twitter.com/omise_go

Coinmarket Cap: https://coinmarketcap.com/assets/omisego/

Here is a little snippet from the website if you want to know abit about the project, for more I suggest visiting the site and reading up on it:

What is OmiseGO?

OmiseGO is the answer to a fundamental coordination problem amongst payment processors, gateways and financial institutions. By enabling decentralized exchange on a public blockchain at high volume and low cost, OmiseGO provides a next-generation value transfer service operating across currencies and asset types. Through the OmiseGO network connected to the Ethereum mainnet, anyone will be able to conduct financial transactions such as payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading, and other on-demand services, in a completely decentralized and inexpensive way. Further, millions of mainstream users in the largest growing economies in the world will be enabled to make the transition from using fiat money to using decentralized currencies such as ETH, BTC, and others. The OmiseGO network is intrinsically agnostic between fiat and decentralized money: as far as adoption and usage go, the system is constructed so that the best currencies will win.

Why Buy OmiseGo?

There is a lot of hype behind this Coin, Ethereum founder Vitalik Buterin himself is personally advising on the project which in and of itself speaks a lot for the projects potential. They have already secured a partnership with McDonalds Thailand, the Thai Central Bank and recently in today's news there is some rumored partnership with Google Thailand. The price after todays conference with the Golem Project (GNT) climbed to 13 dollars which was its ATH, however at the time of writing this, it usually sits around 9-11 dollars, we will see if it stays above that or not.

I know a lot of other forum members are already behind this coin, and it's not too late to get in, cause this coin is going to the mooooooooooooooooooooooon!

Where Can I Buy OMG?

Bitfinex or Bittrex are your best bets. For those used to only trading on Coinbase with fiat, you will have to buy BTC or ETH with Fiat, send to these exchanges and trade the BTC/ETH for OMG there.

Also there is a planned airdrop to those who own GNT and ETH in offline wallets, it won't be much but if you happen to have these cryptos in an offline wallet don't be surprised if you see a fraction of an OMG in there someday soon.



And that's all for now! I will try keep this thread updated with news and other tidbits from time to time.

[thebassist]

Another important detail:

Quote:

Owning OMG tokens buys the right to validate this blockchain, within its consensus rules. 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.

This is similar to owning the currency of a blockchain – token holders can earn the “gas” or transaction fees. Therefore, the more transactions there are on the Omise GO blockchain, the more valuable OMG is.

So if we consider something like 1% transaction fees, and that all or a large portion those fees are paid out to token holders, imagine what that means if they start eating up some market share in the payment processing biz, even a couple percentages of the whole (rather massive) pie.

From a reddit post on the OMG subreddit:

Quote:

Google and Temasek released a joint report in May that called Southeast Asia the “world’s fastest growing internet region,” translating into a $200 billion e-commerce market by 2025. Omise is the "Stripe" of SE Asia, and looks set to take a significant portion of the growth. Their roster of clients is pretty sick,
https://medium.com/@jun_omise/the-omise-...839508a17e As of June 15, they are signing up 2000 merchants per month.
https://www.omise.co/can-i-get-a-lower-fee-from-omise Let's assume their growth has been consistent; they now would have ~50,000 merchants. Some merchants have lots of volume, some small. Let's assume each merchant is averaging only ~.1M THB (1/10th of their "better pricing" lowest level), or $3,000/mo; this would be $1.8Bn/yr of total transaction volume, today.

With 10X growth assumptions, they would process $18Bn/yr of transaction volume.
https://www.omise.co/pricing Omise fees start off at 3.65%. For OmiseGo to make their business profitable, fees have to be less. Let's go super low, and assume 1%.
The token holders, in the aggregate, would be earning $180M/yr. At a fair multiple, this is $25/OMG.

Definitely gonna be cashing in a solid fraction of my ICO gains into OMG.

[thebassist]

Also just for the record, might as well state the current price of $12.80 a pop, just so we can laugh at how low that is a year from now.

[Genghis Khan]

How does one become a validator for OmiseGo? Say I own OMG tokens, what do I have to do to be a validator?

[thebassist]

(09-07-2017 05:57 PM)Genghis Khan Wrote:  

How does one become a validator for OmiseGo? Say I own OMG tokens, what do I have to do to be a validator?

Good question, I wasn't able to find a truly satisfactory answer about how their Proof of Stake system will work. Maybe someone more knowledgable than me could expand.

Quote below is the best I could get, from the omise go team on reddit:

Quote:

OMG is a token that secures a public permissionless POS network, whose primary use case is to host a decentralised exchange for digital fiat and crypto alike. It is backed by significant mainstream financial firms in Asia who will use it as the backend for existing digital wallets - think Venmo, Google Wallet, WeChat Pay (examples of digital wallets only) - and for hosting digital fiat tokens for their existing merchant payment network.
OMG holders can use OMG to validate the network. If they validate a block correctly, they get paid the tx fees from that block (but if they validate incorrectly, they get punished). Like mining but without the need for hardware (and if you do bad stuff the network doesn't accept, you don't burn expensive electricity, you lose money in other ways).

Also from reddit (just a post from a user on the subreddit):

Quote:

OmiseGo will also be rolling out a digital wallet, which can be used like a bank account and debt card. To participate in PoS you will deposit your OMG in that wallet and then choose to stake the OMG. Once it is staked, you won't be able to spend it without unstaking it, so as long as to don't spend it you will earn your share of fees

So in any case we do have the guarantee that it won't be anything CPU-intensive like mining any other currency, but as far as I can tell the exact nature of the process is unclear.

[Genghis Khan]

Yeah, PoS is across the board interesting in terms of ROI. You may not need a GPU to mine, but you'll need to figure out a way to keep your stake online most of the time. This may mean using a service like AWS or a server that guarantees some very high uptime guarantee.

I imagine there will be a cost associated with PoS systems, whether you host your own stake or use a staking pool. Furthermore, I wonder if there will be unexpected cost changes. GPUs have been selling out, raising prices as demand far exceeds supply. I wonder if something similar may happen, especially if you need a very high uptime guarantee and everyone is trying to use the same server space.

In fact, I wouldn't be too surprised if we see some type of staking war: multiple blockchains (such as OmiseGo) offering lower and lower transaction fees, until the blockchain with users with the best server space-cost optimization wins. Similar to how nowadays only huge mining setups make money. Too much profit early on will entice more people, until there's a certain healthy balance. Though maybe OmiseGo having a large enough market share will make it too hard for other blockchains to compete for transaction fees.

[britchard]

I bought in at $8.60ish. However what really excites me is that it is the first dividend type coin.

Having said that, I do wonder if there is a minimum amount of coins you need to hold for the staking to be profitable.

[SamuelBRoberts]

(09-07-2017 09:58 PM)Genghis Khan Wrote:  

Yeah, PoS is across the board interesting in terms of ROI. You may not need a GPU to mine, but you'll need to figure out a way to keep your stake online most of the time. This may mean using a service like AWS or a server that guarantees some very high uptime guarantee.

I imagine there will be a cost associated with PoS systems, whether you host your own stake or use a staking pool. Furthermore, I wonder if there will be unexpected cost changes. GPUs have been selling out, raising prices as demand far exceeds supply. I wonder if something similar may happen, especially if you need a very high uptime guarantee and everyone is trying to use the same server space.

In fact, I wouldn't be too surprised if we see some type of staking war: multiple blockchains (such as OmiseGo) offering lower and lower transaction fees, until the blockchain with users with the best server space-cost optimization wins. Similar to how nowadays only huge mining setups make money. Too much profit early on will entice more people, until there's a certain healthy balance. Though maybe OmiseGo having a large enough market share will make it too hard for other blockchains to compete for transaction fees.

I've never heard of a "Staking Pool". I thought the whole point of staking was that you didn't need pools or fancy GPUs.

[Genghis Khan]

I'll elaborate based on ethereum since it seems to have the most information of the major PoS-leaning blockchains:

* Vitalik Buterin (one of the main co-founders of Ethereum) has said there will be a minimum amount of ETH required to stake. Last time he talked he pegged it at 1000 ETH. So britchard, yes there will typically be a minimum required to stake in PoS systems. And no, OMG is not the first dividend type of coin. Ethereum will be as well, as will any other PoS setup.

* Most people don't have 1000 ETH (currently valued around $300K). To overcome this barrier, it's not hard to imagine some enterprising men to set up staking pools: pool together ETH to hit the staking minimum and beyond.

* Staking also has a minimum time investment. For Ethereum it'll be 4 months (as of today, could change). This means you won't be able to touch your Ethereum for 4 months while it's being used to validate blocks.

[Deepdiver]

OMG Recent Buy Up To Report:

The Dominant Crypto in Southeast Asia

Omise, which means “store” in Japanese, was founded in 2013.

The company is based in Bangkok, Thailand, with operations in Japan, Indonesia and Singapore… and expansion plans for the Philippines, Malaysia and Hong Kong.

In July 2017, Omise launched a new payments platform, OmiseGo (OMG).

OmiseGo is an Ethereum-based token with an Initial Coin Offering (ICO) of $25 million. And it was capped at that level to avoid over-speculation.

OMG uses a proof-of-stake mining algorithm. So rather than mining for tokens, they are distributed pseudo-randomly to current holders of the tokens on the basis of transaction revenues earned by the OMG network.

So over time, a holding of OMG tokens will earn “interest” in the form of new tokens.

The immediate success of this platform has combined with the growth in the cryptocurrency market to give OMG a market capitalization of around $1 billion.

Now if OMG were a stock, we might worry that it’s moved too far from its fundamental valuation.

But remember… With a cryptocurrency, we welcome the momentum.

Omise’s core product is often compared to the Silicon Valley darling Stripe, which currently has a private market value of $9.2 billion. Both companies offer internet businesses an easy way to accept payment by credit card.

Omise also has a way for smartphone users to order remotely — and then present a barcode and pay cash.

That’s a big deal in Southeast Asia — where banks are distrusted and credit cards are uncommon, but smartphones are ubiquitous.

Indeed, only 20% of adults in Southeast Asian countries have access to credit cards. Only 27% have bank accounts, and 71% receive their wages in cash.

Thus, electronic cash wallet providers such as China’s Alipay and the U.S.’s Venmo have become an integral part of the culture. $50 billion in transactions per month go through China’s WeChat, for example.

Yet all of these payment services rely on centralized systems for processing payments and exchanging currencies. OMG aims to allow consumers to exchange money directly with merchants, e-wallet service providers and other users — without going through the banking system.

In addition, the proliferation of currencies in the region makes payments between neighboring countries very expensive. OMG solves this problem, too.

Mass Expansion Imminent

Omise is dominant in Thailand, which had an e-commerce market of $900 million in 2015 but is expected to expand to $15 billion by 2019. Plus, Omise’s presence in other markets is rapidly expanding.

One of OMG’s biggest potential markets is the Philippines, which is one of the world’s largest destinations of remittances from Filipino workers overseas.

What’s more, OMG has a development team that is exceptionally well-regarded among cryptocurrency engineers. So it’s exceptionally able to achieve its far-reaching technological ambitions.

Better yet, OMG can benefit from Omise’s existing infrastructure and grow rapidly as its technology is built out.

Bottom line: Of all the Asian cryptocurrencies, OMG is the most technologically sophisticated and the most likely to dominate the region’s e-commerce and payment systems.

To buy OmiseGo (OMG), buy Bitcoin (BTC) in your Coinbase wallet for the amount you want to invest. Then exchange the BTC through the Bittrex exchange for OMG. When you wish to sell part or all of your OMG holding, exchange them for BTC through the Bittrex exchange, then sell the Bitcoin for dollars through a Coinbase credit to your bank account.

Action to Take:

Buy OmiseGo (OMG) up to $15.

The slogan of OMG is “Unbank the banked.”

The company believes that the Western e-commerce structure that has been imported into Southeast Asia on the basis of banks and credit cards is ill-suited to the average local consumer.

Recent Bittrex Markets OMG Transaction reported on CoinMarketCap.com 9/9/2017
OmiseGOOMG/BTC$19,822,400$11.696.55%Recently

[yaku]

I've heard there will be a certain # of coin need to stake, and a much higher number of coin needed to be a node.

So what's a node? I have no clue about that.

[NewMeta]

Jun the CEO of OMG is currently in the US a day before the Apple conference:

https://www.reddit.com/r/omise_go/commen...e_info_is/

A part of me wants to believe the reddit memes of OMG working with Apple, another part of me knows its probably not true...probably.

Even then he is at the Tech Crunch Disrupt event next week to give a talk:

https://twitter.com/JUN_Omise/status/907277119117389824

Spreading the word of OMG, so it might reflect good on price in either the build up to the talk or following it, especially if he gives the September announcement there.

[Transsimian]

I really like the look of OmiseGo, but I'm not sure how much is just hype.

[Olav]

(09-11-2017 02:20 PM)Transsimian Wrote:  

I really like the look of OmiseGo, but I'm not sure how much is just hype.

It could be hype. After all it rose from 0.34 to 12.8 in just over a month. Could be a classic pump and dump. I wonder if anyone on the forum is shorting.

[NewMeta]

(09-14-2017 07:21 AM)Olav Wrote:  

(09-11-2017 02:20 PM)Transsimian Wrote:  

I really like the look of OmiseGo, but I'm not sure how much is just hype.

It could be hype. After all it rose from 0.34 to 12.8 in just over a month. Could be a classic pump and dump. I wonder if anyone on the forum is shorting.

Pump and dump phase is likely over, when it was around 5-7 dollars there were multiple 25k OMG sell walls on Bitfinex likely from one or multiple whales coordinating their exit. Beyond that point it has enjoyed quite organic growth, every pump came from big news announcements and general belief in the tech (or so I can only speculate).

Right now everything is down, and will continue to go down until BTC and ETH stablize. Overall OMG has not failed as much as other coins, so it is showing its resiliency, people still want in before the big announcement at Tech Crunch this weekend.

[Travel Museums]

I just bought some. See where it goes. The exponential growth is likely done however.

[NewMeta]

If you bought during the crash you are one lucky fucker, it went down to 6 dollars briefly before bouncing hard to 9 dollars. And right before the announcement on Sunday, to the MOON!

[NewDayNewFace]

I invested in OMG when it was 1.70. One of my best investments. Definitely one of my long term holds.

[yaku]

This was over at Reddit.

Quote:

Currently transaction fees are 3.65% on the traditional OMG network. Palm Beach Confidential expects a 75% reduction of fees and calls it at 1% with the release of their own blockchain. I think that might be a tad generous but it's the best numbers we have at the moment so lets use it.

For a current merchant to get reduced fees, they must be processing approximately ~$45,000USD per month. Some merchants have lots of volume, some would have smaller amounts. I think conservatively it would be safe to assume on average 10% of this volume across large merchants and smaller merchants. Add in the ~$150 million flowing through McDonalds Thailand, this is 2.85 Billion USD in transactions per year at the current rate of adoption.

With this, each token staked and earning the 1% fees on this network, they would currently be earning ~256 Million USD in fees per year. Assuming every single OMG token is staked, this would be ~$0.2 USD per token in annual income.

Now that we know what the network is currently capable of returning, we should take a look at where we are headed.

McDonalds is set to double stores and sales by 2021 adding another 150 Million through the network.

It is currently estimated that online shopping in this region accounts for 4% of all retail purchases. In the current markets Omise is established, there is ~$100Billion USD in E-Commerce transactions per year. This is expected to grow to $140Billion USD by 2021.

150 Million people purchase through social media channels throughout SEA with Facebook Messenger being one of the larger social platforms. Omise have just launched a WooCommerce plugin for Facebook Messenger where you can purchase items from within this app. This is in addition to their current support of WooCommerce which accounts for ~45% of all online stores in the region. They also support Magento and Opencart which make up ~20% of the market in the region. This is ~65% of web E-Commerce in the region. With OmiseGo having much lower transaction fees than competitors, conservatively gaining 5% market share by 2021 would bring in an additional $7 Billion USD through the network.

They have a plugin for AliPay which move $1.67 Trillion USD yearly. Lets go super conservative with adoption at 1% making it ~$17 Billion USD.

Then there are the unbanked. With 264 Million adults in the region not having bank accounts, OmiseGo are planning on getting these people off cash, and onto the OmiseGo network through their white label wallet. This is an additional ~ 2.4 Trillion USD. We know that ASEAN are pushing hard for financial inclusion and want to increase it by ~20% in the next three years. Omise have met with the Central Bank of Thailand. Assuming just 1% population penetration this is an additional ~$24 Billion USD flowing through the network.

This would bring in ~$51Billion USD through their network per year. That is $510 Million USD in fees. That is $3.64 USD income per token staked per year assuming all tokens are staked. This is where the value of the coin comes from, and is set to increase as adoption spikes. Not only will your OMG tokens increase in value, but they will generate more income for you as the network increases market penetration and adoption.

This is using conservative figures and only taking SEA into account.

It’s important to note that OMG is set up to be a public network, so any third party payment processor will be able to join. I haven’t even begun to look at including large third party payment processors such as PayPal, or crunched the numbers on if they were able to include other digital assets such as airline miles or credit card points.

This is the kind of application that Ethereum was created for.

[NewMeta]

My man Jun on the panel reping OmiseGo at Tech Crunch:

https://www.pscp.tv/TechCrunch/1ynJOVpwgkqGR?t=11

[Independent1]

anyone else here doing 10-30% flips? I've done 3 in the last 2 weeks and starting to think this is too easy..

I heard a lot of people do long term holds which also makes sense, although it doesn't provide any short term positive cash flow. I guess doing both is best for maximum ROI.

[Travel Museums]

Yes. It's easy so long as the volatility stays. Im honestly bored with it. I want the big money. Not staring at my phone to make hundreds to thousands.

[Independent1]

(09-19-2017 12:01 AM)Travel Museums Wrote:  

Yes. It's easy so long as the volatility stays. Im honestly bored with it. I want the big money. Not staring at my phone to make hundreds to thousands.

Shouldn't be boring if you're investing enough to care about. Simply up your stake if you're bored because compared to stock markets these gains are magnificent!

[Genghis Khan]

(09-19-2017 12:01 AM)Travel Museums Wrote:  

Yes. It's easy so long as the volatility stays. Im honestly bored with it. I want the big money. Not staring at my phone to make hundreds to thousands.

Aren't you an independently wealthy guy who travels the world? So why are you talking about chump change (hundreds/thousands of dollars)?

Something doesn't seem right. I definitely remember reading your posts in the game section about how you've made so much money in life.

[NewMeta]

https://www.omise.co/omise-partners-with...ile-orders

Big news for the month i think, mcdonalds thailand using Omise payment system as their exclusive payment system.

The market is reponding big time, already seeing a 15-20% price increase for the day and it hasnt stopped climbing!