REQ

Including you

Ty user. Its a fucking shame that Veeky Forums has deteriorated into a ton of normies needing to be spoon-fed basic information.

What happened to the old Veeky Forums where people researched the fuck out of of investments with a level of autism unseen outside of a professional chess tournament?

>The burn rates are insignificant

It's estimated that it will halve the supply every 2 years. Meaning that the value (if the demand stays the same) will double every 2 years. Of course the demand will also increase with time and it'll get more adopted by stores.

>muh Poe's Law

Another pseudo-intellectual on Veeky Forums, I bet you talk shit about TA in other threads with meme triangles and arrows.

How much money have you lost on shitcoins in this bull market?

I have the intelligent opinion that you are a fucking inbred brainlet LARPing as a successful crypto trader

the burn rate depends on the price of the token
if it stays sub $1 or around $1 it'll become unusable pretty quickly. If this thing really is the future in like 10 years REQ tokens should be worth a fuckton

Yes but they will adjust the fees if it gets more popular. Their target is a halving of the supply every 2 years. Read their yellowpaper where they go into the specifics.

1 billion now. 500 million in 2020 250 million in 2022 etc.

They will try to dynamically increase and decrease the fee to accomplish this.

while you were reading whitepapers, i was accumulating

>insignificant

REQ tokens are ERC20 tokens which are necessary to participate in the network, create advanced Requests
and reward various parties who will help build the request ecosystem.
When using the network, the participants will need to pay a network fee in REQ which will be burned.
The fees will be adjusted by the Request Network operators depending on the decreasing supply of REQ
and the exchange rate with the different currencies authorized by the network.
As an example, a request at the beginning of the system might burned 10 REQ out of the total supply
of 1 000 000 000 REQ. Later, after the system has been used for a while, a Request might burn 0.0001REQ
out of a total supply of 100 000 REQ.
The network will have a built in system to reward platforms on top of the protocol who decide to charge
a REQ fee. In this way we favorize the creation of an entire financial open platform.
The costs we expect on the platform are 0.05% to 0.5% of the transaction. These costs will then decrease
when the volume of the network increases in order to remain competitive and to avoid incentivizing the
development of alternatives. With the global market transiting more than $ 5,000 billion a day, minimal fees
will become ample when the platform grows to a larger scale.

>nobody ever lied about anything ever
pic related
it's you

>When using the network, the participants will need to pay a network fee in REQ which will be burned.

That's not how it works, noone is required to have REQ for the transaction

Equivalent cost in REQ is still burned, brainlet. This is why you can pay in any currency and have the network function

>Is a miserable cynic
Is it difficult being miserable all the time?

This is a copy and paste of the whitepaper your brainlet. Kyber will handle the fact that you dont need the req tokens on hand.

dude go read the whitepaper again. you say you read it, but you clearly didn't understand it

>nobody ever jests
you're ruining the memescape as we speak you faggot

Just read it again, you just don't get it do you?

Any intelligent person left on this board?

ahh so you're only pretending to be retarded, got it

the token still doesnt do anything
this 'fuel' meme seems like a lie
the fact is that it doesnt need a token to work

>"Hey, can you send me ten dollars? I'll buy us both food you don't need to come along"
"Yeah, I got this new app Request Network?
>"Sweet, I got it recently as well!"
"Hmm, that's weird, do you have any REQ tokens? It's saying I need REQ tokens to send you dollars."
>"Wtf is a REQ token? How do I get one?"
"I have no idea, honestly Stacey this is so confusing. I'll just Venmo you."
>"Agreed, I'm deleting that shitty app."

I read quickly ("fast" for you americunts).

Which part in particular of the Whitepaper do you not understand?

it needs a token to work because that's the way it was coded. the token exists as an incentive to develop and maintain the network because its value increases over time.

its valuable because THE DEVS CHOOSE TO MAKE THEIR MONEY WITH THIS TOKEN BY HOLDING THEM INSTEAD OF MAKING MONEY OFF THE FEES YOU FUCKING PAJEET! FUCK OFF! I DONT WANT YOU TO BUY REQ! DIE PAJEET DIE!

i think you started this as a serious thread but realized how retarded you were and now you're pretending to troll

T. Brainlet

>”Hey, I’m picking up food, want me to get you anything?”
“Sure, let me send you a Request. Just sent you $10.”
>”Nice, just got my $10 of LINK (or whatever fucking shitcoin you want you inbred piece of garbage.)”

If you haven't sold for 250% gains, atleast, you are doing this all wrong.

Still holding, just thinking to buy more but not 100% convinced

I would buy, its bound to go back to go up especially given mainet is just around the corner

I bought 4000 REQ today to get me to a solid 50k REQ total so that $20 would make me a millionaire.

it's pretty much like shares. If request team manages to get deloitte or another one of the big 4 accounting firms on board price will skyrocket.

Also if plasma is integrated like it looks like it will be then REQ will be used for the gas fees on the REQ plasma chains. Meaning its staking and burning at the same time.

>Meaning its staking and burning at the same time.

Can you go deeper into this. I want to know more about this but it's never specified in both the whitepaper and/or yellowpaper.

If it's like XRP then we're all gonna be very rich lol, even if only for a few days. Check the market cap difference.

Also will REQshill that posts the same info every thread please source me on REQ creating its own chain and moving away from being a mere ERC20 token? Because I struggle to see a future without doing this.

REQ being over 50 cents defeats the whole purpose of the token. If you knew anything about the project, you'd know this.

Use your brain people. Are you seriously going to fucking buy this over 50 cents?

REQ is divisible into pieces of 18 digits. Doesn't matter how much worth one REQ is. Just means 0.001 REQ will get burned instead of a couple of REQ for every transaction.

Plasma chains have the specifications for the chains defined by the people who run the chains. Think of them as a totally different blockchain, a sub chain from the main ETH chain. And they can even have sub-sub chains, and sub-sub-sub chains. They can have different characteristics, like different block times, different gas limits, etc. They can probably even have different securing algorithms, like proof-of-stake, proof-of-work, tangles, whatever their heart desires.

So for example the OMG network will run on it's own plasma chains, they will run a Proof-of-stake system where the fees from the network are distributed to the people staking.

REQ is very likely to implement a very similar system, it's hinted at in the whitepaper and the team has said that with the current plasma spec this is most likely the route they will go. It is slightly different, in that it has a burning mechanism that OMG doesn't have. Because of this the reward from staking will probably be lower. I could see the fees on OMG and REQ being about the same, with the full fee going to OMG stakers, and with REQ the fee being 50/50 burnt and given to stakers.

Also what I forgot to add is that there won't be any gas prices, as the fees from the staking system will cover this gas cost. The whole fee will be paid in REQ, no ETH gas cost required.

Wouldn't the burn cause holders to gain more value to make up for the 50% difference they are not receiving from staking?

I see thank you.

Any idea how much REQ you must hold to be able to stake it? Will the staked REQ be used by the REQ system to provide liquid REQ for burning? Or does it work in a different way?

What is the use for the REQ network of you staking your REQ if it isn't to provide liquidity for token burning?

Yeah of course, that's the way I see it anyway. But the staking stuff is still up in the air, the burning isn't. The more the network is used, the more the tokens should be worth.

My question is how are companies going to get these tokens? Will they buy them on an exchange or will a service do all this stuff in the background? Im guessing kyber or some other dex exchanges the fiat to req behind the scenes?

No specifications on any amounts. This is all just a possibility at the moment as plasma chains allow you to not have to use ETH for gas.

Liquidity is provided by kyber, so no the staking REQ would not be burnt.

On the last point I would speculate you have to be a node operator to stake. In return for routing payments through your node you are rewarded with being able to stake your REQ in return for more.

Yes the team has already formed a partnership with kyber over integrating their liquidity for REQ to have access to at a discounted fee I suspect.

But does a company have to buy them on kyber or how does that work? Seems like companies would just want to buy with fiat

Help me understand something. Does burning mean the tokens will just get less and less over time? What happens when that reaches 0?

>Also will REQshill that posts the same info every thread please source me on REQ creating its own chain and moving away from being a mere ERC20 token? Because I struggle to see a future without doing this.
pls respon

From what I understand they burn at a slower rate as time goes on. So like in two years there'll be half the supply, but it'll take two hundred to get to 1% of it.

wtf is kyber/plasma and how does it fit in?

pretty much

DYOR, dirty nigger

This is not the use-case of Request bro.

if it halves every 2 year it'll be

50% in 2 years
25% in 4 years
12.5% in 6 years
6.25% in 8 years
3.125% in 10 years
1.5625% in 12 years
0.78125% in 14 years

so reaching 1% would take between 12 and 14 years. Not even close to 200 years.

thanks mate +1 rep, such an informative post.

you clearly don't have a clue but wanna sound like a boss

get fucked you normie cunt

Ok fair enough, but the point was correct.

That rate of burn seems a bit fast though not sure it's sustainable.

it also depends on the cost of the REQ tokens
the higher it goes the longer it can be used

>wtf is kyber/plasma and how does it fit in?

any takers? apart from

complete brainlet. that's like asking why you need ETH to use the ETH blockchain.

REQ is used to fuel and pay for all of the request network functionality.

this

but wtf is plasma/kyber?

Think of it like BNB. You can use Binance without holding BNB but there are major incentives to hold it.

plasma and kyber aren't related. Plasma is a blockchain concept, not a unique REQ concept. but it would allow staking if ETH or other blockchains implement it

got to this blog post:

blog.request.network/request-network-project-update-november-10th-2017-a57193780ddf

TECHNICAL QUESTIONS section

Kyber is another coin and one of their partnerships:

blog.request.network/request-network-project-update-november-24th-2017-tech-ecosystem-request-core-kyber-network-b760637eba9b

go to the kyber network partnership section for a short overview.

>Company submits request for payment in the currency they want to receive
>Payer pays for the payment in the currency they want to pay in
>Payers currency is changed to the currency the company wants through kyber, and a small percentage is converted to REQ and burnt.

It will have it's own plasma chain under ETH. So yes it will have it's own chain, and probably have it's own subchains. Look up how plasma is going to work.

Plasma is one way ETH is going to scale. People can run their own blockchains on top of ETH, and then go to ETH when there is a problem. So think of it as a tree diagram. ETH is at the top. Then it splits into many different project blockchains under that like OMG, REQ, etc. Then those blockchains could have their own blockchains as well... etc.

Kyber is a decentralised exchange which will hold large amounts of tokens so other projects can create programs that automatically exchange 1 token for another.

>It will have it's own plasma chain under ETH. So yes it will have it's own chain, and probably have it's own subchains. Look up how plasma is going to work.
Ah ok. I have no idea what plasma is but as long as it doesn't depend on ETH (or any other platform) to function then it'll be ok.

When half of biz thought Eth was a shitcoin?

Would you recommend holding some KNC then?

It absolutely does depend on ETH to function. 90% of the projects in crypto depend on ETH.

It's fucked then. All tokens restricted to ETH's potential are effectively doomed in the long run.

Look up plasma and how that's going to be integrated. It definitely does need it's own token.

you realize that every erc20 token could move over to the 'next' ETH if they wanted? nothing is forcing a token to stay on ETH, there's just no other proven smart contract platform out there yet.

ETH has the most developers out of any platform.
It has the most corporate researchers.
It has the most corporate partnerships.
It has real world products already using it.
It processes more transactions than every other blockchain put together.

What are you talking about?

But don't worry, REQ has already said it will use the most dominate platform available. At the moment it's ETH. They don't want to go through the hassle of making their own blockchain. That's not what this project is about.

Thanks, just sold all my coins

If true I suppose there is hope. I thought when user said it depended on ETH to function that meant it was intrinsically tied to the ETH ecosystem.

I agree there is no alternative to ETH right now, though I am personally hoping ARK ends up taking its place. Odds low at the moment.