OMG future value is $0

Nice, just sold 100K.

just sold 100k good looks

Correct. You can set your fees at 0% until people say "Hey I'm not getting any transactions, OMG sucks" and they sell their tokens and leave the market, then the 0% fee-ers can raise it up a little bit and actually earn money. Or the 0% fee-ers will try to outlast eachother and buy up the tokens as everyone sells their OMG on the cheap and leaves the market.

Are you being ironic?

Just sold all my money

Dude, my fucking SKATEBOARD. Leave it alone!

Yup.. it works out actually, thanks OP .. too bad altruism won't win in the game of greed. A good concept but I'm out.

damn that was good fud. actusöly sold my bags for link

poor omisegoons.

little by little they understand they hold the shittiest of the coins.

only a skateboard to show.

No there are curently 12,000 people paying $10-$20 a month to host the full Bitcoin blockchain on a Virtual Private Server, validate blocks,and relay transactions to other full nodes (paying $10-$20/month while receiving 0 tx fees and 0 block rewards). They do this at a loss because of altruism. It makes them feels good to be part of a new currency and to disrupt the banks.

Proof of Nodes doing this: bitnodes.earn.com/

Because running a omg node will cost nothing ? I see. Read the cosmos implementations to have a idea of how much it will cost.

>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. The token will have value derived from the fees derived from this network, with the obligation/cost of providing validation to its users. THIS TOKEN MUST HAVE VALUE, to prevent low-cost attacks and is necessary to enforce this network
See you fags when this hits 400+

How does zero fees tank the price of the token?

> It's like no one does their own research
> It's like these brainlets think they are more intelligent than Money Skelly and the Skateboard Posse.

The OMG token price is 100% equal to some multiple of 'estimated future fees per token'.

Those 12000 people are mining, there is an incentive to run your own node with which to mine and use your own wallet with, I do this with Monero and any cryptonight currency, and for those who are not mining, they are doing it out of the goodness of there hearts.. yes..

But you forget. You can not get fucking paid to host a bitcoin node. If they could, like with Lightning Network, they would choose to get paid, no matter how altruistic you think they are, and there would be no percentage of outliers in such a system for longer than a week. Those people would be flooded out of the network by a torrent of transactions.

One node cannot process all of the transactions on the network, and no more than a few nodes will exist that offer 0% fees, like I said, the relative few that exist will be flooded out of the network by the large amount of users that want to take advantage of a 0% fee. There simply won't be a high enough ratio of 0%ers to users that want 0%. This is called a fee market, and it exists because of incentive. And you are a dumbass for circumventing this baseless fud.

You will have to run a full Ethereum Node to process OMG transactions. That will be $10-$20 (or more) per month in Virtual Private Server costs.

>bitnodes.earn.com/
To clarify, they are mining.. OR being altruistic on a raspberry pi, not a fully capable node, and of that percentage of nodes that are altruistic, there are very few that are capable as a full node with high capacity.

Facts:

1. East asians HATE people from thailand, laos, and vietnam. Jungle gooks is not a meme, they literally see them as savage subhumans.

2. People don't have bank accounts in thailand because they are BROKE AS FUCK. Women there are basically forced into prostitution to survive. Why would they try cashing money into a shitty app for a cheeseburger when the American dollar is KING?

3. The hostel movies are based off real events in thailand, and was supposed to be a doc. The director thought it would be dangerous to do this so that is why it became a horror movie in eastern yurope. People sell their elderly family members to elite torture gangs for as little as $10k, even less in most cases.

4. Crime is rampant in southern asia, you really think people are going to drink their koolaid and use an app that allows people to steal your cash by beating you up and taking a pic of your face? Of course not.

Do you want to be a part of this? Human suffering, human trafficing, and torture?

I don't. Jun and vitalik can shove their shilled skateboard 'sucky sucky, me rove u rong time' coin up their asses.

I filed reports to the sec about jun and his false advertising and constant attempts to mislead investors.

Friend, they are not mining. Look at attached picture. Most nodes are in Eastern US and Europe with almost none in China. These are people paying paying $10-$20/month while receiving 0 tx fees and 0 block rewards to host the full Bitcoin blockchain on a Virtual Private Server, validate blocks,and relay transactions to other full nodes.

All of them are losing $10-$20/month in VPS fees because it feels good to be part of a new currency and to disrupt the banks. This is 100% altruism.

Proof: bitnodes.earn.com/

You can always see if something is FUD or not by looking for the number 0$ in a post. Nothing in the world is worth 0$.

Do opposite of what Biz says. Just bought some.

ty for confirming i should hold

Fact: you have no idea what will happen in the future.

The Omisego network won't allow it. They already stated they don't want outliers of people charging 1000% fees or those who are doing it at 0%. Those people will be stripped of their ability to stake in the network. They want fast transactions and having those bottlenecks won't help the system.

I hope they do! Because this scenario only exists if there is not a price floor for transaction fees.

But they have stated multiple times in the past that the network would be a free an open market, they're just the ones building it at first.

So how come every nigger pajeet that fuds omisego gets a respond but the only two people who actually gave the valid reasons why the fud is bullshit are simply being ignored?

Please read the follow up before you strawman.

"To clarify, they are mining.. OR being altruistic on a raspberry pi, not a fully capable node, and of that percentage of nodes that are altruistic, there are very few that are capable as a full node with high capacity."

There was an omisego chart floating around here a couple of days ago outlining what I stated.

Yes Consensus rules are that it is a free and open market for validators to choose what fees they charge to confirm transactions.

My scenario only exists if there is a not a minimum fee that Omise requires to stake.

To my knowledge there is not, Omise is treating it as an open market. And seeing as Bitcoin Nodes are happy to validate blocks for 0% fees, I believe OMG validators will as well.

Here is a map of everyone currently paying $10-$20/month in VPS costs for a return of 0% fees to validate blocks on the Bitcoin Network.

i got into crypto since the beginning, so even tho i live in thailand and this could probably get huge and i will miss the train, i really cant distinguish this from any other centralized corporation. seems just like more of the same.
dont trust anything that cant be mined

this and if you look at the alltime trend for OMG since binance inception, you are losing ETH by owning this token

soon Ethereum won't be mine able anymore, wouldn't you trust them anymore?

I agree that some are mining. I believe most are not because of the locations on the map. If most are not mining, that means approximately 6000 (or more) nodes are paying $10-$20/month in VPS costs for a return of 0% transaction fees.

That could be 6000 OMG nodes very easily doing the same because it 'feels good to unbank the banked'. 6000 0% fee nodes spread out across the globe. Nobody charging more than 0% tx fees will get any OMG transactions to validate and earn from.

>omg
>centralized

I swear to god

They said they don't want insanely high or low fees, also the idea that the whole network will be 0% fee is ridiculous. People put money in expecting money back and to think a few altruistic individuals will cause the collapse of a multi million dollar investment is stupid. Stop FUDing.

It's pretty amazing that people are trying to fud $20 billion mkcap token. Is the volume for all crypto just wash trading?

I said this scenario only exists if Omise does not put a price floor (a minimum) on tx fees validators can charge.

To my knowledge they have not, and they have said they are going to treat it as an open market.

the point is that it wasnt premined. anything premined is liable for an exit scam. only way to lose everything you have in a mineable currency is if all the early adopters made a cooordinated exit whereas these tokens and xrp for example just one guy can make it insolvent in a few hours

The math is there. The value of 1 OMG token is some multiple of the tx fees it will generate. What if people charge 0% tx fees and all of those transactions run through their node?

Currently 11,800 people are on the Bitcoin network paying $10-$20/month to be a full node for a return of 0% tx fees because muh decentralization. Half of those could easily be 0% fee OMG nodes because muh unbank the banked.

Check the pic

Wow I sure love how Omisego is going to follow a somewhat similar model to BTC and ETH, gotta love those 0% tx fees for both of them. You are fuding out your ass.

OP is right.

this is why btc fees are free and not insanely high

You're reading the phone book, none of that matters.

So is the value of Raiblocks and iota $0? Should bitcoin descend to $30 because that's the transaction fee?

Your premise is incorrect (even if we assume that there actually would be no fee, which Fomo combined w/ a million transactions a second on plasma) no transaction doesn't equal a zero dollar value.

You are stupid as fuck dude. No one is going to do zero fee validation. Comparing it too bitcoin nodes is retarded. BTC has some serious maximalist willing to do whatever to support it, but you can be ABSOLUTELY SURE, they would not run their nodes for free if it negatively affected their BTC holdings

Yeah, you have never been outside of the US or your mommys basement. Fucking redneck retard

>got into crypto since the beginning
and still can't understand fucking basic concepts, doesn't see the value in OMG, doesn't understand the difference between centralized and decentralized, thinks you lost ETH by holding OMG from the beginning, thinks there is a possibility of an exit scam.... wtf
>got into crypto since the beginning
WHAT? THE BEGINNING OF DECEMBER?
well since you are a living meme, probably an english teacher hippie, living in Thailand I assume you are like the rest of them with an IQ lower than the current USD value of OMG
Happy new year and go fuck yourself, mate 5555

You had me sold at human suffering

When plasma is millions of tx per second, there is no incentive to pay more to receive in 0.0001 seconds vs 0.2 seconds, therefore no incentive to pay more.

This meme still provides the lulz

There is limited space in a BTC and ETH block. You pay extra to hope to be included.
There will be approximately unlimited transactions rolling through Plasma (twitter.com/jun_omise/status/919595778632323074?lang=en).

No incentive to pay more if everyone gets through.

there will be an equilibrium that has nothing to do with block placement.

Please, come on, read what I said before you reply.

They have no option to charge, if they did, a large percentage of them would. Please read. You have no evidence that they are running the nodes for altruism either, they could have other incentives, such as a general sense of DIY. Altruism will not be dominant enough to make a change in a system of financial incentives.

and there is no incentive for stakers to validate with 0 fees lmao
You do realize the future business model of OMG relies heavily on them staking their 30+% of tokens and receiving revenue on it?
OMG is such a good project even the FUDsters have serious problems coming up with any real or even possible risks.
I'll tell you one, ETH or Plasma fails. That is a real risk. 0% fees is not a real risk

I do think the BTC maximalists do go pretty crazy for it. But if 1 person moves their month's $10-$20 VPS charges server from receiving 0% Bitcoin fees as a node to receiving 0% OMG fees as a validator, why won't more?

K, you can make a thread when omg hits 0 and tx is 0, i'll be waiting faggot.

>OMG is such a good project even the FUDsters have serious problems coming up with any real or even possible risks.
this

So why does BCH not have 0 fees huh? There is no congestion, why would anyone pay? Or hundreds of other shitcoins with unlimited space. Fuck off already

Yes totally, this is one of the reasons omg will clearly not be free.

Because OMG doesn't have the same kind of maximalists that BTC has. And there has NEVER been a connection between nodes and BTC value. There has also never been any chance for these pajeets running nodes on rasperry pi to earn anything off it. the majority of OMG stakers have no interest in doing 0% validation

There is also no incentive to run a Bitcoin node for $10-$20/month in server costs in return for 0% of BTC fees, but 11851 people are.

If even 1 person validates for 0% on the OMG network everyone will send their transactions to them, and then if 1 person is doing it, why won't more?

All the people in the pic are running 0% tx fee BTC nodes around the world.

are you under the impression that your pictures get deleted if you don't keep reposting it?

Since you aren't listening to what I have told you several times already here is a suggestion for you. Close this Nepalese cat breeding board and go to omg rocketchat or anywhere else where you can talk directly to the team. Ask them this question and see what they say

Actually, the chart says otherwise

pic related

btw, I have never ever even slightly thought about running a bitcoin node. there are millions of people in btc nowadays, only 10k people are doing so

I think a more likely scenario is not 0% fees forever, but 0% fees for a time so that people who are charging more than 0% fees get no transactions, get frustrated with how much OMG sucks, then sell their coins for the cheap.

The 0% fee-ers do this until they buy up enough of those cheap coins and then raise tx fees back up so they make money.

This is the funniest fud I've seen. Fucking altruism in crypto.. Lmao.

I agree. I haven't either, but some people are. And if they move over to OMG because it feels good to unbank the banked while charging 0% tx fees, then all of the other validators will not get any tx to validate and therefore no fees.

Yes I'm going to see if they will have a minimum price floor for tx fees.

omg will run through plasma, so it means the fees will be set by a centralized system

So if this is a genuine concern of yours and not just sarcastic fudding. I can assure you if the scenario you described were to happen, there would be some minimum fee set. Like I said, Omise revenue will depend on this, and they are a for-profit company.

11,851 people it in BTC right now mate. Paying to run a full node and collecting 0% tx fees. This could be where all your tx's you can validate will be going. They won't want to pay a fee to you.

bitnodes.earn.com/

>so it means the fees will be set by a centralized system
false

So how do I send BTC through these nodes so I don't have to pay a tx fee?

Incorrect. Omise has said the tx fee rate will float on the free market and they will have no say in them. It is up to the validators to decide what to charge, and the transaction senders to decide what they are willing to pay to have it sent.

Why do you think they'd be able to process all the fees and who fucking cares? It doesn't matter if there's a zero fee.

oh shoot
yeah im waiting for this coin to reach 30$ then im dumping.
i can't afford to wait until they implement something that only exists in theory

You set the fee to zero to hope your transaction come through within the next month kek.

You can't because they are non-mining nodes i.e. worthless and have no reason to really exist. It is just all this Core propaganda about how every pajeet who can't even afford to send a single tx MUST be able to run a node on a $5 raspberry pi without having any incentive for doing so

That's literally every project lol.

Who the fuck fuss a $20 billion mkcap coin?

Very genuine. And I said this scenario wouldn't happen if Omise sets a tx fee floor that a validator can charge.

Omise has said they would let the tx fee rate float on the open market and have not said whether they will enact a price ceiling or a price floor. So right now, with the information we have, validators could charge 0% tx fees. They will suck all the txs away from everyone else.

that's not the same. omisego can still run without plasma. but saying that the ENTIRE project relies on plasma is nonesense
plasma and lightning only exist in theory, so being reliant on something like that is foolish, i want a solid product that already have a test build running

Okay, just realize your OP sounds very much like fudding. But like I said, go ask them right now, as much as I hate to recommend plebbit, the team is pretty active answering questions there or on rocketchat

They're called full nodes on the Bitcoin Network.

en.bitcoin.it/wiki/Full_node

They pay REAL money to host the full blockchain on a Virtual Private Server, validate blocks,and relay transactions to other full nodes (paying $10-$20/month while receiving 0 tx fees and 0 block rewards).

They do not include txs in blocks, miners do. They only validate and relay, for 0% tx fees.

why aren't they the most popular bitcoin transaction processor?

why are people paying $20 fees?

Because then other people staking and validating that charge a fee would get 0 txs to validate and therefore 0 tx fees.

>i want a solid product that already have a test build running
the problem is that by this time the price will already be in another galaxy and you wont have time to get on board.
Big returns only exist because of big risk

Then leave crypto and invest in stocks, why are you talking to a bunch of neets instead of the developers?

Yes that's what I will do.

The network has to be physically able to handle that, why do you think 1 node can handle every transaction in the world?

They don't includes txs in blocks, only miners do. They send those bundled up blocks to everyone else on the network (nodes and miners) so everyone has a complete and true view of the ledger in its current state.

good, looking forward to see their (hopefully public) reply.

>nodes are the same thing as stakers
no they aren't.

do you understand how PoS works?

The reason that there are altruistic nodes is because the cost to run a node is relatively small, assuming that no transactions are being processed.

Now, you don't have to run an ASIC miner in a PoS construction but you DO NEED TO POSESS THE ACTUALY FUCKING COIN

And the size of your staking investment represents the percentage of transactions you will win the leadership election on.

So tell me, how much will altruistic validators be willing to spend when OMG is $400 a coin?

You buy ONE OMG and run it altruistically (assuming a 1 OMG staking requirement) and your altruism grants you the ability to transact approximately 1/100,000,000 of every transaction.

the theory is infeasible because staking is expensive by design. you need the STAKE first.