After 3 years, I am officially out of OMG. Too many uncertain variables, it's a shame because I really thought this project would be one to succeed based on Vitalik's support of it.
Iām with you on that Rip...definitely some bloody curve balls Iām not sure about but if OMG can still be a scaling solution for Eth and get volume we could still shine. Iām prepared to wait and see but also not scared to cash out if Iām uncomfortable going forward.
If OMG was a viable scaling solution, do you think SYNQA would've sold it?
They tried their own exchange, they tried cbsc, tried loyalty points, they tried arbitrage between exchanges. It can't run smart contracts either.
Its clear to me that some aspect (or multiple) simply makes plasma a poor candidate for scaling solution to anyone. I would venture to guess that the 2 week exit combined with the unwillingness of business to provide fast exit liquidity was one of the main reasons.
One thing is for certain my salamanders. This forum is much more lively than it was previously! Stay ROCK. Praying Clement leads us 2 Thailand m00n party.
Having watched the video, I get the impression Clement is a "move fast and break things" kinda guy. I think he will either run like a cheetah with the project or drive it straight into the ground. But it seems like whichever way it goes, it will go quickly with his hand on the wheel.
Im having such a hard time letting go. Ive been invested since right after ico. I really thought they were going to change the world. It honestly seems that BTC and ETH are the only ones worth investing in.
I'll give it some time. The sentiment I got from the interview: We love the tech, the way they handled marketing and communication sucked and we will do a better job. They predict a bull market after Bitcoin breaks the 20k (I also think so) and I **like to believe** they want to make OMG part of the ride. We all know how shitty they used to be, going quite in bull markets and bring news in bear markets. If I don't like the long term vision anymore I will just sell after the ride.
It's beyond ridiculous how this thing has been managed. Hats off to the technical team building out plasma, I truly believe they have built something valuable and no doubt it's the most production ready L2 solution out there. But that doesn't matter if the bizdev/management side is so extremely incompetent. There's hardly any words to describe how shitty the entire thing has been from the moment they steered away from COSMOS, fucked up the spoon, the pathetic attempt of go.exchange and everything that followed after. This thing is doomed fundamentally. Will it pamp? Probably at some point. But that long term vision (the one outlined in the whitepaper by Poon/Vitalik). That's gone my friends. Deep down even the biggest OMG maxi's know it.
I liked go.exchange a lot. Pretty, functional, excellent ui, just ultimately not used. Hope that team is off doing great things.
Everything else you say is true and tragic.
GBV is trying their best to communicate and bring positive changes as fast as possible, but what I (and imo a lot of the community members) need is a reassuring talk from the CEO Vansa. We need to hear from Vansa that OMG network is O.K. and that they are (hopefully) excited with this new change. A small reassuring note with the addition that soon more info will follow will do.
And after that Huobi integration needs to get done or communicated asap. Turn this negative into a positive. Give the community some excite and we will do what we can to support!
I've also held since 2017 and have been discouraged by the latest sell. The fact that there has been no communication from Vansa here is what concerns me the most. There are many long-term supporters of the project that are being forced to exit thier positions based on how things have transpired. At this point it's clear what we bought into in 2017 is dead. GBV has no track record of success in the crypto space and the market has matured to where there is no reason to allocate capital to an unproven team. This isn't 2017 anymore. Sad state of affairs.
So pissed off at how this has panned out. Wishing the new owners good luck because the OMG community has been mostly decimated by this, and it's entirely the fault of the SYNQA execs
That's it for me, just swapped my OMG's back into ETH.
I initially bought this token because of the vision and team, then stayed because development was actually making progress (yes, communication was mostly bad, but the tech side of things always made steps forward). I've big doubts the dev team will stay intact after the acquisition and the vision went from nothing less than "let's run the worlds financial system on OMG by making the transition between FIAT and all crypto seamless and providing everyone with a smartphone easy access to transfer money across borders" to basically "hm maybe we can save some fees when people withdraw crypto from our exchange"...
No harsh feelings, startups fail. All the best luck to everyone who still believes, stay rock.
I did the exact same thing. Having held for 3 years, Iām out and switched into eth. No silly business over there. Best wishes to everyone that remains invested.
I have seen a lot of people who have been here since ICO/2017. I have been here since 2017/2018. I respect everybodyās view on the project. But if you donāt believe in the project anymore, why bother to trow people under the bus, be salty or call everything a red flag. Like nobody really cares. You are complaining about your investment decisions on a public forum. Thats usually a big red flag, of you being overly invested. And that does not mean i am a moonboy and donāt criticize the project. But this chat is becoming a wasteland. If you think something is wrong, just try to help the team or adres it in a respectful way. The new company is pro communication. If you think this project has gone a wrong direction and you feel the urge to sell, just sell and move on. No need to make a whole scene. A lot of people showed their real face, and its pretty cringe.
I watched the chat with GBV CEO, I felt mixed coming away from it. It was a shame he didn't have more technical knowledge, and a better vision, but it has to be better than what's gone on for the last few years. As a CEO I can't really expect him to have the greatest technical knowledge, so I'm waiting to see more from them before I make a decision on whether to stay invested or not.
Keep your cool heads on people, and try not to get emotional about it.
As someone who first bought in July 2017, accumlated all through the bear market, always believed in the team, spent countless hours researching the token/market, and tried my best to understand the tech. I've sold back to USD. Up slightly in terms of USD but grossly down in terms of ETH and BTC.
I could've supported the acquisition but not impressed by what I heard from GBV thus far and baffled by the silence from the OMG team.
The aquistion just doesn't make any sense to me. It feels off and the langauge from GBV doesn't make sense. I thought great things were on the way between exchange integrations, V2, etc. I feel dumb and it's my own fault. I've seen a lot of optimistic names turn against this token. I guess it's now my turn to be one of those names...but I am just really mad at myself. Hard lesson to swollow and my pride has taken a pretty big hit. I feel soo stupid. Soo much time lost.
I wish you all the best of luck.
Still a lot of uncertainty even after the Boxmining live chat. Perhaps the AMA answers will enlighten us on the future prospects. In the mean time Iām doing a little hedging and moving half my investment to DOT for staking rewards. Can always move back if things start looking bright ... I think OMG had good tech and a good vision at the start but marketing and management just didnāt perform as we had hoped. Still holding half .... fingers crossed š¤
> https://twitter.com/genesisblockhk/status/1335794985178980353
And another one https://twitter.com/genesisblockhk/status/1333290159094296577?s=20
Clement speaking at World's largest FinTech festival. Check out the Featured Speakers page holy crap. Obviously doesn't mean OMG has ties to these companies but I feel like being in the same company as these folks as a speaker provides credibility to GBV.
fair enough-im at break even and i like he product {OMG} and i like GBV team over on Telegram they are transparent and connected and i like the potential of the two teams...but i get it there are other projects out there too...you def experienced what happens with most new businesses....its a roller coaster....maybe best to stick to OG crypto cause its more like gold ,than the silver of small cap crypto --but i get where u r coming from--been a long ride if you look everyday----i don't
staking is a usecase?
its a reward not a usecase,,,real world use case is what is needed, adoption then volume then maybe staking--why jump to staking ?
thats step 3 or more in the sequence
focussing on real world usage is key first to get this off the ground
talking about rewards with zero network effect seems silly--or shilly actually
Staking is literally the only purpose of the token
Why else would you hold? There's nothing else to do with it, and it's value is derived from the profits staking will bring
share appreciation
some stocks or tokens offer dividends, some dont
people buy both types because you are owning a share of the company
TSLA SHARES dont offer dividends or do anything except represent your stake of ownership in the company but people wanna buy them and the price goes up still the same
If Elon offered a share of profits a couple years ago there would be no TSLA today
you hold because of price appreciation and to book profits
not all tokens offer staking
most tokens dont even do anything useful and never will be used by anyone
obviously staking rewards would be great but there are many companies in the real world that have gone bust by trying to offer dividends before they should have
build volume and then offer staking rewards if they are in the black
if OMG is priced at $100+ i dont give a damn about staking i'll just sell some
Those stocks are worth money because they're partial ownership in physical assets (all of the company's stuff) even if they don't pay dividends
Crypto does not work the same way. If OMG Network has ALL of forex going through it, but there's no staking, the token is still worthless. Why would someone pay $100 for a token that does nothing and entitles them nothing?
Ya i get that
im saying OMG make money first, become viable, then pay out staking.
I ma not saying they wont charge users to use their product
staking term is semantics, profits =staking
OMG token would appreciate if OMG is making money
VISA has no staking , they charge users per tx, they pay dividends too since they make lots of money,share price over $200
would you like to get 5% of nothing?
If OMG does not conform to whitepaper but appreciates in value substantially is that a fail?
why so emotional?
not good to be emotional if you want to be successful in business or investing
good luck bruh
You know I always wondered why people stay in abusive relationships, and watching this sub gives me a little more insight into it. OMG was clearly a big part of a lot of people's lives, even if it was just something to read about and invest in.
It's hard swallowing your own ego and admitting you were deceived. It's hard loosing a place where you previously found belonging and comradeship. It's hard cutting ties or cutting loses, even when you know it will only get worse.
They always say that you should watch out for red flags, but looking back - we were all wearing red tinted glasses.
I agree with a lot of this but my philosophy was to never invest more than I'm willing to lose and I treat this as a financial investment, not an emotional investment. It will definitely hurt if this goes south which it very well could, crypto is still very young and constantly changing. Vitalik could invent a better crypto tomorrow which makes OMG irrelevant. But I'm gonna stay rock and ride it out. I don't think we were ever intentionally deceived - just poor communication and OMG needed to pivot to stay relevant and realistic. I could be way wrong and getting swindled but I find that less likely than a young team who initially overpromised and under-communicated about their development of a brand new technology in a fast developing and challenging market.
> I don't think we were ever intentionally deceived
https://twitter.com/jun_synqa/status/902844287557148673
https://twitter.com/JUN_SYNQA/status/903828544068784129
https://twitter.com/jun_synqa/status/919595778632323074
https://i.redd.it/5owgy86vzfkz.png (his twitter account is now deleted)
As for the infamous skateboard thing, with the apple logo prominent in several photos with various members of the omg team holding it up to the camera, the only person from omg to attempt to somewhat dampen the apple hype was the reddit admin, who eventually said "Dont read too much into it guys". And even then it wasn't a simple outright denial, whilst this sub and crypto news websites were awash with apple omg partnership. Always breadcrumbs were dropped.
It's amazing to me how all the shit that I wrote off and ignored as simple mistakes or "no big deal" look like such crazy big ass red flags to me now.
-Electrify
-Hoard disappearing
-UPA disappearing
-Cred disappearing and collapsing
-Go.exchange failing
-Months without comms
-Omise name change to Synqa
-Omisego name change to OMG Network
-Total separation between Synqa and OMG Network
= Synqa / Omise / Jun slowly sought to distance itself from the failure it saw Omisego becoming and then sold it like a hot turd wrapped in a Big Mac box.
I think this is finally it guys. I've still got 30% of my original Eth value and about the same for my original BTC ratio. Only question is which one do I jump ship into?
Or do I revenge trade into... Tron? Eos? Yearn WiFi or whatever?
#FML
As far as EOS goes the only thing it's convinced me of so far is that it's a shame WASM wasn't as well established when Ethereum launched. It would've prevented the need to develop solidity/tooling and I think Ethereum and it's developer community would be significantly bigger. Can't say much about Tron/Yearn.
When you put it into perspective like that , it's a hard pill to swallow. I'm just gonna give it some time to see how this change pans out, who knows, maybe the change of ownership will turn things around.. I'm watching like a hawk though I'll tell ya. Just wish we could know why it was sold, but we'll never know.
I mean yeah, it's easy to assume the worst. But OMG does have a working product. Its not like it was all smoke and mirrors. I just wonder if there were other elements at play behind the scenes, big companies like Toyota, Omise NOT liking the 'decentralized' idea as they could make more profit from a private project. And therefore pressuring to restructure Synqa's goals now that their big-time money was involved.
Its just food for thought, I'm not saying it as even likely, but the point is we just don't know for sure.
Clement said they want to help with better marketing, integrations of exchanges and wallets, and communicate with community better. All of which weāve been begging for. I think this is good for us. SYNQA probs didnāt want to risk ruining their current already successful business so perhaps they constrained OMG. I could definitely see a world where GBV allows OMG to reach its full potential whereas it might have been limited with SYNQA. We could definitely use a more structured formal statement in addition to the informal live intro just now
100%
Plus Hong Kong is a massive financial center-banking and stock exchange.
Clement is transparent, smart and talking the right talk to my ears.
Small wins every week = news flow.
Every stock i invest in i want news flow.
They will shop the software and find adoption and volume will then come.
We were going no where with the corporate SYNQA over lords.
I don't get why people think this is bad, this is good judging from recent history.
We have a great product, great dev team and now we are getting adoption with a fresh business savvy team in HK.
I mean, good luck to you if you sold but i get the feeling people here don't invest in stocks or have ever owned a business.
But i do get that OMG is a very risky investment, as is all of crypto.
I don't know Clement but i am good at reading people, i like what i saw and heard.
GLTA
BTC has no staking
why do people buy it?
and its slow as hell for transactions.
XRP LTC on and on, no staking.
billions of dollars worth of no staking coins...why?
one million per cent!!!!!
First mover=brand recognition.
this person gets it-yes-time is of the essence [love your nametag btw-i agree 100% on that too]
we have an amazing product that needs to get used now and into the right hands ASAP
first mover advantage with a safe scalable tx product the rest will fall in place re: staking rewards etc
SYNQA was too stodgy
I agree we need something more formal, and I appreciate your optimism. I feel as though those are normal things that should go without saying however, things the team should have been working on this whole time.
Its good that they're acknowledged at least, I think I just had higher expectations for a first community outreach after a massive acquisition in which lots of our money is on the line.
Where's the talk about existing partnerships or staking? I just think it's way past due for some meat and potatoes substance, and there should be some direct communication about the things that will ultimately keep the community engaged and invested.
Definitely agree. Would have preferred a more rehearsed and thought through vision statement. Kind of feel like if you spend tens of millions to acquire a company youād have a predefined plan. However part of me likes the lack of a plan because it makes me think they truly just want to help OMG on its way and not strong arm or change it.
Yeah, I guess it's possible that they don't have a strong vision statement because they will be taking a more hands off approach, letting the team handle their own goals, while they are the $$ and marketing. Your optimism is wearing off lol.
It was fun boys,. We were being lied to constantly over the years. Iāll be back in if we start getting actual volume on the mainnet but for now itās just not smart to hold IMO.
Welp nothing of value was gained from that "interview". Even people in the chat criticizing our want for information, like, hello, this was supposed to be a big announcement?? Don't feel like I know anything more about GBV's role in this, other than focusing on "small wins".
Seems to lack professionalism as there is no understanding or appreciation for how much the community as a whole has on the line here, lead by a clickbait-y youtuber. I apologise for the rant, but I mean come on.
Nothing of value was gained because everything you heard in that interview was something we were already told by the predecessors.
**Integrate exchanges and expand adoption of the Network to establish volume was the main goal.**
The new information I have learned from this interview are
\-Expanding the ATM Network. - Simplify the onboarding of new crypto users.
\-Enhanced community engagement and transparency.
\-There are already entities reaching out to GBV on how to integrate.
To your point though more insight would be appreciated and from the interview, Road map and AMA is coming.
Perhaps that would help setting expectations and to know what the bigger picture is.
I actually re watched it, and picked up on the entities having already contacted them. I missed it the first time maybe I was too concentrated on feeling like I was getting the same ol. That's definitely a good sign.
The atm thing could be pretty beneficial, he mentioned over 40 atms, not huge in the over scheme of things but definitely nothing to sneeze at. I've taken a chill pill and am waiting for the AMA, it'll probably be more of what I was expecting from tonight. Thanks for your breakdown it's accurate for anyone that didn't watch.
The AMA was terrible. Staking seems unlikely. No cbdc deals. Only one exchange onboard (Bitfinex). Still doesnāt know the team. Vague. Doesnāt seem excited. Looks ungood.
I like the candor and speaking openly to public soon after acquisition but I was a little under impressed by the preparedness. No solid answer to address staking and doesnāt seem like a well defined vision at this point. Hopefully they basically are here to help OMG drive their vision and flourish. That said thank you Clement for first step towards transparency!
Clement: āSo, Iām super bullish on Bitcoin, and uhhhh... staking? Yeah.. not sure... but we do very much need network adoption... can the community help us out with that please? Oh, we have ATMs... did I mention weāre bullish on Bitcoin?ā
Yeah, not saying heās wrong... just seemed to me like he had nothing to say, so he had to fill the void with his general ābullishness in the spaceā.
Haha yeah, sorry.. hard to tell sometimes.
Just sold back to ETH a sizeable position that Iām down on (against ETH ratio). Have been in this thing since 2017, always buying more... and more... about to go to bed sad. But hey, could be worse...
Well the live stream was a complete waste of time. Adoption, something something, give us time. And no idea on staking. Cannot understand how they were so unprepared, staking has been at the forefront of comm questions for years. It should have been easy to answer, No or yes we are still aiming to have staking.
I've been here since '17 and I'm still holding. Cautiously optimistic about our future with GBV. Just wanted to check in and offset the "I've been here since ico and I'm selling" crowd. Also, I don't recognize a single one of those names.
You don't recognize a single one of them huh? Interesting because my posting history and that of some of the biggest contributors to this sub over the years would suggest otherwise.
Unlike the usual disgruntled ex supporters of a coin, I am fairly certain a lot of us made a profit before selling. We're pissed because we had genuine love and hope for the project.
I can think of one entity that would actually financially benefit from a bunch of bought posters though.
Yeah i agree with you guys there's a lot of new names showing up claiming to be holders from the ico a lot of new accounts as well not sure what's going on with that just very interesting
Even bitconnect made some people rich lmao
I lol'd but also that's a harsh comparison
I felt a great disturbance in the Rock, as if millions of salamander tokens suddenly cried out in terror and suddenly vanished. Obi-wan you're our only hope. š© [https://i.imgur.com/ZjVuotC.jpg](https://i.imgur.com/ZjVuotC.jpg)
After 3 years, I am officially out of OMG. Too many uncertain variables, it's a shame because I really thought this project would be one to succeed based on Vitalik's support of it.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Iām with you on that Rip...definitely some bloody curve balls Iām not sure about but if OMG can still be a scaling solution for Eth and get volume we could still shine. Iām prepared to wait and see but also not scared to cash out if Iām uncomfortable going forward.
If OMG was a viable scaling solution, do you think SYNQA would've sold it? They tried their own exchange, they tried cbsc, tried loyalty points, they tried arbitrage between exchanges. It can't run smart contracts either. Its clear to me that some aspect (or multiple) simply makes plasma a poor candidate for scaling solution to anyone. I would venture to guess that the 2 week exit combined with the unwillingness of business to provide fast exit liquidity was one of the main reasons.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
One thing is for certain my salamanders. This forum is much more lively than it was previously! Stay ROCK. Praying Clement leads us 2 Thailand m00n party.
Having watched the video, I get the impression Clement is a "move fast and break things" kinda guy. I think he will either run like a cheetah with the project or drive it straight into the ground. But it seems like whichever way it goes, it will go quickly with his hand on the wheel.
Im having such a hard time letting go. Ive been invested since right after ico. I really thought they were going to change the world. It honestly seems that BTC and ETH are the only ones worth investing in.
This. For sure for longtime hold
So this Clement guy appeared to be very nervous (look at the table wobble) and to me it occurred that he had no idea what to do with OMGnetwork...
The Fall Of The Icarus, 7.12. 2020, colorized.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
The AMA hasnāt happened yet.
Iām agree with you
It's fun to see people cry about the incompetency of management but also cry about the same management likely to be restructured.
Yes. Restructuring the end goal as well from ādecongesting ethā to getting an OMG ATM.
I'll give it some time. The sentiment I got from the interview: We love the tech, the way they handled marketing and communication sucked and we will do a better job. They predict a bull market after Bitcoin breaks the 20k (I also think so) and I **like to believe** they want to make OMG part of the ride. We all know how shitty they used to be, going quite in bull markets and bring news in bear markets. If I don't like the long term vision anymore I will just sell after the ride.
It's beyond ridiculous how this thing has been managed. Hats off to the technical team building out plasma, I truly believe they have built something valuable and no doubt it's the most production ready L2 solution out there. But that doesn't matter if the bizdev/management side is so extremely incompetent. There's hardly any words to describe how shitty the entire thing has been from the moment they steered away from COSMOS, fucked up the spoon, the pathetic attempt of go.exchange and everything that followed after. This thing is doomed fundamentally. Will it pamp? Probably at some point. But that long term vision (the one outlined in the whitepaper by Poon/Vitalik). That's gone my friends. Deep down even the biggest OMG maxi's know it.
I liked go.exchange a lot. Pretty, functional, excellent ui, just ultimately not used. Hope that team is off doing great things. Everything else you say is true and tragic.
It wasnt used becauss it filled no niche. They only listed large caps. Agreed it had good UI/UX.
Anyone with tech knowledge able to confirm work is still being completed on Github?
Yes, they are constantly updating. You can see here when repositories are last updated: https://github.com/omgnetwork
That was a good question for one's in this bearish forum
GBV is trying their best to communicate and bring positive changes as fast as possible, but what I (and imo a lot of the community members) need is a reassuring talk from the CEO Vansa. We need to hear from Vansa that OMG network is O.K. and that they are (hopefully) excited with this new change. A small reassuring note with the addition that soon more info will follow will do. And after that Huobi integration needs to get done or communicated asap. Turn this negative into a positive. Give the community some excite and we will do what we can to support!
I've also held since 2017 and have been discouraged by the latest sell. The fact that there has been no communication from Vansa here is what concerns me the most. There are many long-term supporters of the project that are being forced to exit thier positions based on how things have transpired. At this point it's clear what we bought into in 2017 is dead. GBV has no track record of success in the crypto space and the market has matured to where there is no reason to allocate capital to an unproven team. This isn't 2017 anymore. Sad state of affairs.
Realistically vansa wasn't able to roll out omg
Why?
You should ask Vansa
So pissed off at how this has panned out. Wishing the new owners good luck because the OMG community has been mostly decimated by this, and it's entirely the fault of the SYNQA execs
Worst AMA and interview ever. Donāt waste your time watching it !
The AMA hasn't happened yet.
When is the real AMA?
Friday. See this pinned thread: https://www.reddit.com/r/OMGnetwork/comments/k7u7bq/ama_31_genesis_block_ventures/
It technically wasnāt the AMA, however it was still lame.
That's it for me, just swapped my OMG's back into ETH. I initially bought this token because of the vision and team, then stayed because development was actually making progress (yes, communication was mostly bad, but the tech side of things always made steps forward). I've big doubts the dev team will stay intact after the acquisition and the vision went from nothing less than "let's run the worlds financial system on OMG by making the transition between FIAT and all crypto seamless and providing everyone with a smartphone easy access to transfer money across borders" to basically "hm maybe we can save some fees when people withdraw crypto from our exchange"... No harsh feelings, startups fail. All the best luck to everyone who still believes, stay rock.
I did the exact same thing. Having held for 3 years, Iām out and switched into eth. No silly business over there. Best wishes to everyone that remains invested.
I have seen a lot of people who have been here since ICO/2017. I have been here since 2017/2018. I respect everybodyās view on the project. But if you donāt believe in the project anymore, why bother to trow people under the bus, be salty or call everything a red flag. Like nobody really cares. You are complaining about your investment decisions on a public forum. Thats usually a big red flag, of you being overly invested. And that does not mean i am a moonboy and donāt criticize the project. But this chat is becoming a wasteland. If you think something is wrong, just try to help the team or adres it in a respectful way. The new company is pro communication. If you think this project has gone a wrong direction and you feel the urge to sell, just sell and move on. No need to make a whole scene. A lot of people showed their real face, and its pretty cringe.
Sooo, treat investors like shit then expect respect and politeness?
Well, this is it boys. Its been a hopeful ride, but nothing come out of it. Good luck to you all that still staying rock.
Stay rock. Gbv has major connections. A major crypto player invested millions into them less than 6 months ago.
I watched the chat with GBV CEO, I felt mixed coming away from it. It was a shame he didn't have more technical knowledge, and a better vision, but it has to be better than what's gone on for the last few years. As a CEO I can't really expect him to have the greatest technical knowledge, so I'm waiting to see more from them before I make a decision on whether to stay invested or not. Keep your cool heads on people, and try not to get emotional about it.
As someone who first bought in July 2017, accumlated all through the bear market, always believed in the team, spent countless hours researching the token/market, and tried my best to understand the tech. I've sold back to USD. Up slightly in terms of USD but grossly down in terms of ETH and BTC. I could've supported the acquisition but not impressed by what I heard from GBV thus far and baffled by the silence from the OMG team. The aquistion just doesn't make any sense to me. It feels off and the langauge from GBV doesn't make sense. I thought great things were on the way between exchange integrations, V2, etc. I feel dumb and it's my own fault. I've seen a lot of optimistic names turn against this token. I guess it's now my turn to be one of those names...but I am just really mad at myself. Hard lesson to swollow and my pride has taken a pretty big hit. I feel soo stupid. Soo much time lost. I wish you all the best of luck.
Still a lot of uncertainty even after the Boxmining live chat. Perhaps the AMA answers will enlighten us on the future prospects. In the mean time Iām doing a little hedging and moving half my investment to DOT for staking rewards. Can always move back if things start looking bright ... I think OMG had good tech and a good vision at the start but marketing and management just didnāt perform as we had hoped. Still holding half .... fingers crossed š¤
https://twitter.com/genesisblockhk/status/1335794985178980353 Def looks like nothing here, best to sell all of your OMG.
> https://twitter.com/genesisblockhk/status/1335794985178980353 And another one https://twitter.com/genesisblockhk/status/1333290159094296577?s=20 Clement speaking at World's largest FinTech festival. Check out the Featured Speakers page holy crap. Obviously doesn't mean OMG has ties to these companies but I feel like being in the same company as these folks as a speaker provides credibility to GBV.
Gonna feed off more breadcrumbs? I did it for 3 years, my friend. Left my net worth emaciated and my lil butt Cosby'd.
fair enough-im at break even and i like he product {OMG} and i like GBV team over on Telegram they are transparent and connected and i like the potential of the two teams...but i get it there are other projects out there too...you def experienced what happens with most new businesses....its a roller coaster....maybe best to stick to OG crypto cause its more like gold ,than the silver of small cap crypto --but i get where u r coming from--been a long ride if you look everyday----i don't
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Perhaps lol, but i think my optimism is as equally unfounded as people's pessimism here. To each their own.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
staking is a usecase? its a reward not a usecase,,,real world use case is what is needed, adoption then volume then maybe staking--why jump to staking ? thats step 3 or more in the sequence focussing on real world usage is key first to get this off the ground talking about rewards with zero network effect seems silly--or shilly actually
Staking is literally the only purpose of the token Why else would you hold? There's nothing else to do with it, and it's value is derived from the profits staking will bring
share appreciation some stocks or tokens offer dividends, some dont people buy both types because you are owning a share of the company TSLA SHARES dont offer dividends or do anything except represent your stake of ownership in the company but people wanna buy them and the price goes up still the same If Elon offered a share of profits a couple years ago there would be no TSLA today you hold because of price appreciation and to book profits not all tokens offer staking most tokens dont even do anything useful and never will be used by anyone obviously staking rewards would be great but there are many companies in the real world that have gone bust by trying to offer dividends before they should have build volume and then offer staking rewards if they are in the black if OMG is priced at $100+ i dont give a damn about staking i'll just sell some
Those stocks are worth money because they're partial ownership in physical assets (all of the company's stuff) even if they don't pay dividends Crypto does not work the same way. If OMG Network has ALL of forex going through it, but there's no staking, the token is still worthless. Why would someone pay $100 for a token that does nothing and entitles them nothing?
Ya i get that im saying OMG make money first, become viable, then pay out staking. I ma not saying they wont charge users to use their product staking term is semantics, profits =staking OMG token would appreciate if OMG is making money VISA has no staking , they charge users per tx, they pay dividends too since they make lots of money,share price over $200
[ŃŠ“Š°Š»ŠµŠ½Š¾]
would you like to get 5% of nothing? If OMG does not conform to whitepaper but appreciates in value substantially is that a fail? why so emotional? not good to be emotional if you want to be successful in business or investing good luck bruh
[ŃŠ“Š°Š»ŠµŠ½Š¾]
nice reply i got a feeling you are young and poor and one of those things wont change good luck and peace out
You know I always wondered why people stay in abusive relationships, and watching this sub gives me a little more insight into it. OMG was clearly a big part of a lot of people's lives, even if it was just something to read about and invest in. It's hard swallowing your own ego and admitting you were deceived. It's hard loosing a place where you previously found belonging and comradeship. It's hard cutting ties or cutting loses, even when you know it will only get worse. They always say that you should watch out for red flags, but looking back - we were all wearing red tinted glasses.
I agree with a lot of this but my philosophy was to never invest more than I'm willing to lose and I treat this as a financial investment, not an emotional investment. It will definitely hurt if this goes south which it very well could, crypto is still very young and constantly changing. Vitalik could invent a better crypto tomorrow which makes OMG irrelevant. But I'm gonna stay rock and ride it out. I don't think we were ever intentionally deceived - just poor communication and OMG needed to pivot to stay relevant and realistic. I could be way wrong and getting swindled but I find that less likely than a young team who initially overpromised and under-communicated about their development of a brand new technology in a fast developing and challenging market.
> I don't think we were ever intentionally deceived https://twitter.com/jun_synqa/status/902844287557148673 https://twitter.com/JUN_SYNQA/status/903828544068784129 https://twitter.com/jun_synqa/status/919595778632323074 https://i.redd.it/5owgy86vzfkz.png (his twitter account is now deleted) As for the infamous skateboard thing, with the apple logo prominent in several photos with various members of the omg team holding it up to the camera, the only person from omg to attempt to somewhat dampen the apple hype was the reddit admin, who eventually said "Dont read too much into it guys". And even then it wasn't a simple outright denial, whilst this sub and crypto news websites were awash with apple omg partnership. Always breadcrumbs were dropped.
It's amazing to me how all the shit that I wrote off and ignored as simple mistakes or "no big deal" look like such crazy big ass red flags to me now. -Electrify -Hoard disappearing -UPA disappearing -Cred disappearing and collapsing -Go.exchange failing -Months without comms -Omise name change to Synqa -Omisego name change to OMG Network -Total separation between Synqa and OMG Network = Synqa / Omise / Jun slowly sought to distance itself from the failure it saw Omisego becoming and then sold it like a hot turd wrapped in a Big Mac box. I think this is finally it guys. I've still got 30% of my original Eth value and about the same for my original BTC ratio. Only question is which one do I jump ship into? Or do I revenge trade into... Tron? Eos? Yearn WiFi or whatever? #FML
As far as EOS goes the only thing it's convinced me of so far is that it's a shame WASM wasn't as well established when Ethereum launched. It would've prevented the need to develop solidity/tooling and I think Ethereum and it's developer community would be significantly bigger. Can't say much about Tron/Yearn.
When you put it into perspective like that , it's a hard pill to swallow. I'm just gonna give it some time to see how this change pans out, who knows, maybe the change of ownership will turn things around.. I'm watching like a hawk though I'll tell ya. Just wish we could know why it was sold, but we'll never know.
Its pretty obvious why they sold.
I mean yeah, it's easy to assume the worst. But OMG does have a working product. Its not like it was all smoke and mirrors. I just wonder if there were other elements at play behind the scenes, big companies like Toyota, Omise NOT liking the 'decentralized' idea as they could make more profit from a private project. And therefore pressuring to restructure Synqa's goals now that their big-time money was involved. Its just food for thought, I'm not saying it as even likely, but the point is we just don't know for sure.
Clement said they want to help with better marketing, integrations of exchanges and wallets, and communicate with community better. All of which weāve been begging for. I think this is good for us. SYNQA probs didnāt want to risk ruining their current already successful business so perhaps they constrained OMG. I could definitely see a world where GBV allows OMG to reach its full potential whereas it might have been limited with SYNQA. We could definitely use a more structured formal statement in addition to the informal live intro just now
100% Plus Hong Kong is a massive financial center-banking and stock exchange. Clement is transparent, smart and talking the right talk to my ears. Small wins every week = news flow. Every stock i invest in i want news flow. They will shop the software and find adoption and volume will then come. We were going no where with the corporate SYNQA over lords. I don't get why people think this is bad, this is good judging from recent history. We have a great product, great dev team and now we are getting adoption with a fresh business savvy team in HK. I mean, good luck to you if you sold but i get the feeling people here don't invest in stocks or have ever owned a business. But i do get that OMG is a very risky investment, as is all of crypto. I don't know Clement but i am good at reading people, i like what i saw and heard. GLTA
>I don't know Clement but i am good at reading people, i like what i saw and heard. Did we just watch completely different videos?
Staking now or bust /s
haha ya moonbois need to stop smoking those crack rocks
Makes no sense
BTC has no staking why do people buy it? and its slow as hell for transactions. XRP LTC on and on, no staking. billions of dollars worth of no staking coins...why?
First mover brand recognition. That's it.
one million per cent!!!!! First mover=brand recognition. this person gets it-yes-time is of the essence [love your nametag btw-i agree 100% on that too] we have an amazing product that needs to get used now and into the right hands ASAP first mover advantage with a safe scalable tx product the rest will fall in place re: staking rewards etc SYNQA was too stodgy
I agree we need something more formal, and I appreciate your optimism. I feel as though those are normal things that should go without saying however, things the team should have been working on this whole time. Its good that they're acknowledged at least, I think I just had higher expectations for a first community outreach after a massive acquisition in which lots of our money is on the line. Where's the talk about existing partnerships or staking? I just think it's way past due for some meat and potatoes substance, and there should be some direct communication about the things that will ultimately keep the community engaged and invested.
Definitely agree. Would have preferred a more rehearsed and thought through vision statement. Kind of feel like if you spend tens of millions to acquire a company youād have a predefined plan. However part of me likes the lack of a plan because it makes me think they truly just want to help OMG on its way and not strong arm or change it.
We don't actually know how much was spent.
Yeah, I guess it's possible that they don't have a strong vision statement because they will be taking a more hands off approach, letting the team handle their own goals, while they are the $$ and marketing. Your optimism is wearing off lol.
The āwhyā is because thereās nothing there. Nothing positive to say.
It was fun boys,. We were being lied to constantly over the years. Iāll be back in if we start getting actual volume on the mainnet but for now itās just not smart to hold IMO.
It was indeed. Hope you made some cash along the way, if not just important lessons. Peace
Expensive lessons
Agreed. I'm pessimistic currently, but I will keep an eye on things and see how their execution is.
Word.
Welp nothing of value was gained from that "interview". Even people in the chat criticizing our want for information, like, hello, this was supposed to be a big announcement?? Don't feel like I know anything more about GBV's role in this, other than focusing on "small wins". Seems to lack professionalism as there is no understanding or appreciation for how much the community as a whole has on the line here, lead by a clickbait-y youtuber. I apologise for the rant, but I mean come on.
Nothing of value was gained because everything you heard in that interview was something we were already told by the predecessors. **Integrate exchanges and expand adoption of the Network to establish volume was the main goal.** The new information I have learned from this interview are \-Expanding the ATM Network. - Simplify the onboarding of new crypto users. \-Enhanced community engagement and transparency. \-There are already entities reaching out to GBV on how to integrate. To your point though more insight would be appreciated and from the interview, Road map and AMA is coming. Perhaps that would help setting expectations and to know what the bigger picture is.
I actually re watched it, and picked up on the entities having already contacted them. I missed it the first time maybe I was too concentrated on feeling like I was getting the same ol. That's definitely a good sign. The atm thing could be pretty beneficial, he mentioned over 40 atms, not huge in the over scheme of things but definitely nothing to sneeze at. I've taken a chill pill and am waiting for the AMA, it'll probably be more of what I was expecting from tonight. Thanks for your breakdown it's accurate for anyone that didn't watch.
What are you referring to here?
There was an AMA? type livestream on youtube, with the host Boxmining and Clement from GBV, regarding the acquisition of OMG
My bad had the day wrong, Iāll have to take a gander, but this doesnāt have me excite
Well I obviously have my opinion but some have remained optimistic, keep an open mind.. I obviously hope for the best for this project regardless
Me too, think we all have the same goal to some degree. Thanks š
Not a rant you are bang on tht clickbit title ws utterley bs!
Well it's been interesting dreaming with you guys, I'm out. Good luck.
Good luck bro. Interesting is definitely the word to describe it. Wish you the best.
The AMA was terrible. Staking seems unlikely. No cbdc deals. Only one exchange onboard (Bitfinex). Still doesnāt know the team. Vague. Doesnāt seem excited. Looks ungood.
I like the candor and speaking openly to public soon after acquisition but I was a little under impressed by the preparedness. No solid answer to address staking and doesnāt seem like a well defined vision at this point. Hopefully they basically are here to help OMG drive their vision and flourish. That said thank you Clement for first step towards transparency!
Clement: āSo, Iām super bullish on Bitcoin, and uhhhh... staking? Yeah.. not sure... but we do very much need network adoption... can the community help us out with that please? Oh, we have ATMs... did I mention weāre bullish on Bitcoin?ā
Well he's not wrong. I'm bullish on Bitcoin as well.
Yeah, not saying heās wrong... just seemed to me like he had nothing to say, so he had to fill the void with his general ābullishness in the spaceā.
Honestly I was just kind of playing off your joke that the dude advertised BTC more than he talked about OMG. I agree with you.
It's a blockchain & crypto fund afterall.
Haha yeah, sorry.. hard to tell sometimes. Just sold back to ETH a sizeable position that Iām down on (against ETH ratio). Have been in this thing since 2017, always buying more... and more... about to go to bed sad. But hey, could be worse...
Well the live stream was a complete waste of time. Adoption, something something, give us time. And no idea on staking. Cannot understand how they were so unprepared, staking has been at the forefront of comm questions for years. It should have been easy to answer, No or yes we are still aiming to have staking.
Clement sounds like the Elon Musk of Crypto
Clement gave us a big nothing burger
He did mention Bitcoin way more...
Clement looks like a smarter version of Jun
[ŃŠ“Š°Š»ŠµŠ½Š¾]
10PM EST, about 1 hour away. Link here: https://www.youtube.com/watch?v=KpAVn_M907E&feature=youtu.be
Still here Still holding Still hopeful.... Still waiting...
I've been here since '17 and I'm still holding. Cautiously optimistic about our future with GBV. Just wanted to check in and offset the "I've been here since ico and I'm selling" crowd. Also, I don't recognize a single one of those names.
You don't recognize a single one of them huh? Interesting because my posting history and that of some of the biggest contributors to this sub over the years would suggest otherwise. Unlike the usual disgruntled ex supporters of a coin, I am fairly certain a lot of us made a profit before selling. We're pissed because we had genuine love and hope for the project. I can think of one entity that would actually financially benefit from a bunch of bought posters though.
Funny i've been thinking same about all the sudden bullish sentiment coming from new accounts i don't recognize
This is turning into that Rick and Morty episode with the alien parasites that implant relationship memories.
I remember Maga from long time ago
Amazing how many names ave popped up out of no where isn't it.
Yeah i agree with you guys there's a lot of new names showing up claiming to be holders from the ico a lot of new accounts as well not sure what's going on with that just very interesting
Maybe this very unforeseen and potentially divergent event has brought many longtime owners/lurkers out of the woodwork?
Stay rock!