It’s so obvious biz. Volume has been the highest ever over the last 3 months and is consistently around $100 million. Why?
The network has been released publicly and tether transactions will go live some time in the next week as I’m sure you already know. But what you probably don’t know is that currently the network fee is based on a percentage of OMG’s value. This means that the price is being kept down to allow the network to run reasonable fees. This is being changed in the next week when tether goes live to exactly 1/3rd of the Ethereum fee. Until staking comes, OMG is the only token you can use to pay the fees. The team did this to give value to the OMG token before staking goes live as well (note the OMG Network is capable of accepting any Ethereum token as fee payment but they are choosing to hold that back until staking is implemented).
Are you beginning to understand what is happening here? Exchanges can not only save 2/3rds of fees and speed up transfer of ANY Ethereum token, but they can profit even more from this by buying OMG tokens and holding them. So why isn’t the price rocketing yet? Because the fee system hasn’t changed from a percentage of OMG’s value yet as I explained above, so the price has to stay down until tether goes live in the next ~week.
The proof is in the consistent volume increase of the past 3/4 months. Exchanges are buying OMG tokens in hordes because they know it will not spike the price and because they know once the fee structure changes, nothing is stopping the price increasing exponentially. Get your head out of the sand and buy NOW.
The logic looks like this >exchange buys OMG for $2 >fee structure changes >token price goes up because OMG can be used to transfer any ETH token for 1/3rd price >OMG token goes to $10 >exchange pays 1/3rd fee they normally would in $10 OMGs, BUT they bought their OMG tokens for $2 >this means the actual fee they paid was 1/5th of 1/3rd >they can pay 6% of the normal fee PLUS they get the benefit of holding OMG with massive gains realised and can stake them in the future
This is not common knowledge biz and it’s happening in front of everyone’s eyes
Owen Bennett
Did you read the post? The token price is being held DOWN by the fee structure. Once the fee structure changes in the next week, it will increase exponentially. The amount of money exchanges can save using OMG is absurd and the higher it goes, the more they save, so exchanges are INCENTIVISED to increase the price of OMG
The last 4 months have been higher than it has ever been, even higher than the 2017/18 bull run.
Easton Cooper
So waht? If this was 2018 this would go to 100 bucks in 1 day but this is fucking 2020 staking is 3m away and there is like 5-6 awsome l2 scaling solutions based on zk so whats the point again?
Hudson Gutierrez
Did you read the fucking post? The price CANT increase until next week. Is there a single token out there at the moment that could offer exchanges as much profit as this right now??? Name it
Cooper Moore
Do you niger know how is price determened in spot market lol? THERE IS NO FUCKING FEE STRUCTURE that can keep price down if someone is willing to pay for it lol
Nolan Fisher
Yes there is, learn tokenomics. If the price of OMG increases, so does the fee to send transactions across it, making the value of the token less. The price is tethered to a fee rate. Once that changes in the next week there is nothing stopping exchanges running it up to benefit them. Watch it happen and cry when you miss it
Lincoln Moore
>The price is tethered to a fee rate So you think price can be kept down because "muh tokenomics" and if price goes up fees goe up so they are interlinked? In fucking crypto markets where absolute 0 value tokens can pamp up 1000% on news alone??? Ok you are acually retarded
Owen Stewart
I’m not saying it’s impossible for people not to buy at a higher price when there’s no incentive to until the fee structure changes, I’m saying the incentive is in place for the price to remain lower. In fact, the current price produces a fee rate almost exactly 1/3rd of ETH at the moment, proving my logic is correct as explained, and it’s staying there because people do not know the fee structure is about to change. When it does, this incentive will no longer be in place and it gets replaced by an incentive to increase the price. This is exactly what exchanges are doing and why the volume has increased over the last 4 months.
William Barnes
any google partnership news yet OP? thanks
Ethan Torres
Not necessary my friend, enjoy the regret
Jonathan Hill
was the photo & tweet at a google office necessary, friend? realistically it's the OMG holders, who have been experiencing regret. I could chuck 10k at any number of scams being shilled here and get a better return than OMG. these scammers aren't anything special
Jonathan Murphy
how is fee structure changing
Austin Carter
They’re switching from a fixed amount of OMG per transaction to a percentage of an OMG token based off a discounted percentage of ETH’s gas fee. It’ll be much cheaper and exchanges will be able to stake OMG tokens in the next few months to earn money back.
Kevin Russell
Finally someone who fucking gets it.
That partnership was with the Omise company. This had nothing to do with the OmiseGo project. Omise is one of the largest payment processors in Asia... Just look at the facts.
The current fee structure is 0.05 of an OMG, so if OMG is $2 then it’s 10 cents, if OMG is $20 then it’s $1.
Once the structure changes, it will be capped at 1/3rd the fee rate on ETH mainnet, which disconnects the price of OMG from the fees and incentivises exchanges to pump it to the next paradigm.
Anthony Collins
>This is being changed in the next week when tether goes live to exactly 1/3rd of the Ethereum fee Source?
John Powell
When is tether integrating? I’m sure you’re the individual posting this last week, who indicated that it would be integrated this week.
Aiden Rivera
2017 dinosaur coins belong in a museum
Carter Cruz
it’s not
Samuel Ramirez
>This had nothing to do with the OmiseGo project why was it posted on OmiseGo twitter then friend? you sound desperate
Jeremiah Morales
Can you read? The mainnet fee is currently FIXED.
It wasn't. It was posted on the Omise company twitter.
Daniel Taylor
Doesn’t even matter about staking in the short term. Once the fee structure changes, exchanges will be able to send any Ethereum token for 1/3rd the cost in OMG. If exchanges buy now before the fee structure changes, they can buy at a discount and then pump the price of OMG. The more they pump, the bigger their discount for paying fees.
>exchange buys OMG for $2 >fee structure changes >exchange pumps OMG to $20 >exchange pays fee at 1/3rd discount ETH rate in OMG >because they pumped OMG, exchanges are paying $2 for $20 worth of fees on an already discounted 1/3rd fee rate. >total discount for the exchange in this scenario is 97% (1/3rd of 1/10th) This is why OMG is being accumulated and why the price will skyrocket some point in the next week when the fees change and tether goes live on the OMG Network
Joshua Smith
>The more they pump, the bigger their discount for paying fees. Please explain the math. I don't understand the discount.
Camden Morales
Higher OMG price -> they lose a smaller fraction of OMG on each txn?
xdai is being accumulated, OMG is just fags sunk cost fallacy lol vitalik approved hahahahaha
William Hughes
if you truly believed this you would put your life savings in here, instead of frantically trying to shill/rebut every argument that comes your way. not buying your bags, ranjeet. go back to your kebab stand. you have customers.
William Davis
omg.network/omg-network-scales-ethereum/ Been common knowledge for about a week now. The only thing we don’t know exactly is: This, we’ve only had confirmation that it’s ready to go live and that it will happen in the next week or so, this was said some time in the last week so you would expect it to be any time this week.
Easton Thompson
lol how many of these ETH fags are the ones who have called out Tether in the past and now they're looking at Bitfinex/Tether as "muh savior"
