I'm not trying to FUD or anything like that, I'm bullish on REQ because I do believe that it has huge potential as a payment platform for crypto, but one thing honestly keeps weighing on me.
What, is the actual benefit for a single person to own some of their own REQ? Is it possible to use your own REQ to pay for fees? I can see this being big, because buying early would save you a ton if it gets popular later, and is a legitimate use case. But their whitepaper just talks about how the token is used, not about any benefit to holders (besides some voting system that they were vague about and probably isn't an immediate priority.)
Can anyone link to where they say that you can use your own REQ to pay transaction fees?
If not, can anyone actually tell me a reason to own REQ beyond just pure hoping that people will buy, simply because the supply decreases? It just doesn't sit well with me holding a coin/token that has no use beyond hoping other people buy it from you at a higher price.
Again, not trying to FUD, I feel like this is a legitimate concern for a lot of people.
Users don't need to own REQ tokens to make transactions on the network. REQ tokens are used to pay for fees behind the scenes. I assume financial gateways would have to autobuy REQ to facilitate transactions on their platforms.
>Users don't need to own REQ tokens.
I fucking understand that, but if you DO own REQ tokens, can you opt to use your OWN instead of purchasing some automatically?
Holy fuck nobody has the answer to this. I'm legit seeing that the only reason to own tokens is to assume that the price will go up because people will want to speculate and buy it at a higher price from you.
Is there any actual benefit BESIDES HOPING SOMEONE ELSE WILL BUY IT FROM YOU?
>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 network will have a built in system to reward platforms on top of the protocol who decide to charge a REQ fee. >The REQ token will bring the community together and allow for discussions and votes on future decisions. All from the whitepaper >a reason to own REQ beyond just pure hoping that people will buy, simply because the supply decreases Don't you get it? REQ is REQUIRED to used the network and will be bought FOR YOU from a DEX via a smart contract if you don't buy it yourself.
Similar tokenomics to Ethereum. Better than Ethereum IMO, Vitalik has even said ETH is retardedly overvalued. At least the Request team have developed a model to maximise the value of the token, Vitalik doesn't give a shit about the price of ETH.
Oh my fucking god nobody is answering my question, I fucking understand that the network auto buys it for you, but does nobody understand that if this is the case, unlike ETH, there's no reason for anyone to buy the token themselves.
Why would the price go up, please explain. If you do not have the option to use your own REQ tokens (There's nothing that says you can), why would anyone buy their own?
one day my REQ will be worth enough that i'll be able to pay lilmixedhunny to let me fuck her face
REQ team should hire her for marketing purposes. she's already the face of REQ on Veeky Forums
>no reason for anyone to buy the token themselves. Well if the network didn't fucking automatically buy them for you then you WOULD have to buy it Jesus christ. It is just taking away a barrier to using the network, to use Ethereum you have to fucking buy ETH yourself which is a pain in the ass. Sending erc20s from MEW to an Exchange is an example, I have to fucking buy ETH from coinbase and send it to MEW just to move my erc20s. >why would the price go up why would the price of Ethereum go up And of course you can buy your own stash of REQ, anticipating it is deflationary and will go up in value over time, therefore saving money in fees.
Coins get burned and decrease in number, and so their value should increase
The advantage of having them is just for the sake of speculation, a good bet if REQ ecosystem will ever get mainstream, that's it
Let's say that happens... and lets say the price is $.20 (it wont be, it will go up rapidly, but just to make my point)
If $10B were processed at .25% (at this volume, it may slide down to .05 but still a massive burn, we'll do both calcs) and a lot of tokens would simply disappear out of the ecosystem.
$10B at .25% @ a .20cent token price? = an available supply of 666M minus 125,000,000 tokens burned = a supply of 541M tokens left.
$10B at .05% @ a .20cent token price? = an available supply of 666M minus 25M tokens = 641M tokens left over?
This is the likely scenario for a $10B or more in total volume moved through the REQ but this could easily eclipse $1T over a 5 year period, just given the nature of money going back and forth and provided REQ is adopted an internationally recognized way to accept crypto for payments.
Do you see how this is going to rapidly force the price to REQ to go up when tokens get burned on a large scale? You need to retake ECON101 if you don't understand this.
My last question is simple... REQ network is basically an "Out of the box" 100% secure ICO funding platform.... When some developer makes that app for the REQ network and folks are moving $10,000s across REQ network....
What will happen to this price based on simple token burn economics?
REQ is a steal, in my opinion.
How am I wrong here? The network would have to become abandoned or disrupted massively for it to fail and I think that's pretty close to 0%. It will be used in SOME capacity and in terms of a 5 year hold... I think its gonnabe safe and comfy as fuck!
yes i remember that number
Like what does it matter if some code buys REQ or a human uses his fingers to buy REQ. It is market bought either way and you are being retarded.
Using the network = buying REQ. Simple as REQ is bought when the network is used I don't know how much simpler I can make it
rmembr that darcrus burn on bittrex down 30% that day. i lost faith in token burn ecoonomics. they delisted that shit
Can you run out of tokens? Seems a bit counter intuitive to create a massive system based on finite number of tokens that, when working, destroys those tokens.
"Nobody is going to pay with REQ tokens." >HEY KEK LOLZ YOU CAN PAY WITH ANY CRYPTO ON REQ "Oh so why should we buy the tokens at all?" >BECAUSE IT'S PAYPAL 2.0 CAN YOU NOT UNDERSTAND THIS REEEEEEEEE
Every REQ thread ever.
the amount of tokens it burns is dependent on the price of the REQ token at the time of the transaction if the price of REQ were to remain absolutely constant at $0.20, then by my calculations, after $27B and $270B worth of transactions (i'm assuming 0.05 to 0.5% fees), there would be no tokens left to burn. but the price won't stay at 20 cents for that long
between* $27b and $270b, apologies
The network literally market buys until the fees are covered, meaning the price goes UP when the network is used
There is DIRECT CORRELATION with network usage and token price. It's insane how people are not understanding this
Do you not understand economics?
as the value goes up... as demand goes up.
If REQ is $100 and I need to send $100 in ETH to you and you want to receive it in USD immediately... I would buy REQ at $100 and since the white paper says I'd need as low as .05% of REQ to pay for the transaction...
You'd send $100.05 worth of ETH onto the REQ network, and $.05 of that transaction would go to buying REQ, which is can be a .0005 of a REQ token in this scenario.
But if REQ were $1 and demand for token is low... that same $100 invoice would burn the same 5 cents worth of REQ, but 5 cents of REQ is .05 REQ and that's what would get burned.
Point being, any sort of massive adoption where $10B or more in crypto is moved through REQ network means price will skyrocket because there should be no reason to think transactions on the network would ever slow down and investors would only want to buy and hodl more tokens to sell later as REQ increases in price.
not sure if your post is directed at me, i understand this feature. we are in complete agreement
though i will admit it's a somewhat complicated idea to grasp. part of why it's flown under the radar so much
No it's directed at OP, replying to you in agreement. It does take a while to grasp to be fair, it's a completely new business model that even allows the foundation to be a non-profit. Really interesting to see how it's going to play out
>muh why would the price go up when demand goes up and circulating supply goes down? just kill yourself brainlet investing isnt for you
OP here, sorry I feel like a brainlet now. Somehow I was not making the correlation between there being no difference if someone bought tokens themselves or if the network bought them.
Thank you to a few anons that spelled it out for me.
It's ok friend now you can be even more confident in your investment. We are like the Saudis landing on oil and hoarding it for ourselves until everyone needs to use it for their cars. Pretty weird to think of it like that
don't worry about it OP, you're doing better than 90% of brainlets on this board who either haven't connected the dots yet or are busy spouting "MUH they'll burn your tokens" FUD
REQ is god's gift to those who missed out on mega-gains (i'm talking 100-1000x) with BTC, with ETH, with ANS/NEO, or with XRB/NANO
REQ may very well be one's last chance to "make it" in crypto with a smallish starting investment. think about it this way: by the time the request network is fully functional and in high usage (and its early investors have all made it), that will indicate that the market has matured to the point that 100-1000x returns are simply no longer possible.
so yeah, to others: don't miss this one as well.
REQ will make anime real
why do people hold ETH, brainlet? Just buy it when you need it :)
I only have 14k req, my goal was 25k but I bought too late at .50 usd and have been HODLing. I'm getting a settlement from a car accident in the summer, was going to get another 10k of Req just planning a best time to buy. Price prediction Q3 2018 anyone?
The REQ pill or the Daytrading Pill
Take the REQ pill, buy as many tokens as you can... guaranteed retirement in 3-5 years
Take the Daytrading pill... torture yourself on the latest scams and lose bigtime
Why are people so short sighted? Just park your cash, get a job, pay your bills and chill and REQ will pull through
Do what you gotta do... you could get an advance on your settlement but those guys are damn near USARY
Still Req is ATL atm. When will we see some decoupling from Btc ?
don't shit on day trading, day trading was how i managed to turn 20k REQ (a $1000 investment at the time) into 100k REQ less than three months later, without putting in additional fiat (that simply wasn't an option for me).
as a broke college student, that's far more money than i could've made any other way. i understand trading's not for everyone though, and most ppl get rekt doing it
i didn't use signals to trade, instead i kept close track of ratios between a bunch of different tokens that i like/think are promising: REQ, LINK, KNC, ZRX, RCN (though i like REQ the best). tradingview has a nice option where you can view REQ/LINK charts, ZRX/KNC charts, RCN/REQ charts, etc
when the price of something i was holding significantly outperformed another one of these tokens (in the absence of any bullish news), i would transfer some or even all of my holdings into that other token. i would do this multiple times a week - if you keep track of enough tokens, it becomes fairly easy to spot an opportunity to increase your stack 10-20%
very rarely would i hold BTC or ETH in between trades - i would generally just immediately swap from one tokens to another. if i was setting price targets it was usually in terms of amounts of other tokens. for example i was holding 40k LINK up until recently, and i sold the moment it became worth as much as 100k REQ - precisely because i had never been able to afford that much REQ previously, so that was my target
probably not the most efficient trading strategy but worked out in the end. but after this bloodbath of a week i'm just in full-on HODL mode. also finishing a thesis and have less time to stare at charts
also important to note, this strategy really only works in a bullish market, where it's a matter of hopping between tokens that are all rapidly increasing. i've had far less success the last few weeks while everything's been dipping nonstop. i was lucky enough to just be holding LINK for most of that, which actually didn't get hit as hard as the majority other tokens (mostly due to conference and sxsw hype)
I work for a living, so I can't sit at my PC for 10 hours.
ok, sorry i bothered to answer your question. as far as i'm aware, arbitrage is when you take advantage of difference in price of something in different markets. like if a token is slightly cheaper on one exchange versus another. i never did that unless there's a different meaning of arbitrage?
Well my bad, did mean to sound so arrogant.
You did well, 100K REQ is going to be substantial chunk of money this year.
Still falls under arbitrage because you're taking advantage of inefficiencies in the various markets as they adjust around crypto.
ok, i see what you're saying. in a generally bullish market, in the absence of any specific news, most coins/tokens should be increasing in value at roughly the same rate - their charts should be extremely correlated
but since their gains and losses are, in reality, very staggered, it provides an opening for exponential gains by rapidly hopping between things.
i guess that is arbitrage in a way. never really thought of it in those terms
this but you can claim that $14k was a gift and you dont have to prove it
Hey, this is exactly what I do and I've asked if there is a name for this strategy and nobody ever has an idea other "sell high buy low". I have a basket of trusted coins and every day I sell off my best performing one and distribute the funds across the rest of my picks, or sometimes dump it all into something that looks like it's dipping hard for no reason. So I'm constantly selling pumps and constantly buying dips while also semi-HODLing in coins I believe in long-term. Feels like the best of both worlds.
I also hold a 20% over going rate limit sell order on all my coins all the time to catch ridiculous flash pumps like REQ today. I run a bot that refreshes the limit sells every 6 hours so I don't accidentally sell anything that's rising organically.
Turned 2 BTC into 2.5 BTC through February, so I wouldn't say it doesn't work in a bear market.
word, nice gains. my holdings went from being worth 3.5 BTC to 2 BTC over the last month (ouch), so clearly you're doing something right. what are you holding right now if i may ask? or which coins/tokens do you monitor regularly and swap between?
It has a goddamn burn in the core loop. Buy and hold brainlet.
EOS, REQ, LINK, VEN, OMG, BNB, AION, XLM, and I finally broke down and added NANO to my rotation recently. Sometimes I'll cycle to another Teeka shitcoin like GTO or CND since they seem to enjoy a lot of random market buy spikes that I can catch. Used to cycle Waltconnect until the twitter thing happened.
Also I did go all-in LINK the week before the conference so I enjoyed a good +20% riding from 5k to 6k. Not 'smart' going all-in on anything but it paid off.