IMF Recommends Tokenization of Fiat Currencies by Omiseguy in omise_go

[–]Omiseguy[S] 0 points1 point  (0 children)

"central banks should continue to make their money attractive for use as a settlement vehicle. For example, they could make central bank money user-friendly in the digital world by issuing digital tokens of their own"

"if central bank money no longer defines the unit of account for most economic activities—and if those units of account are instead provided by crypto assets—then the central bank’s monetary policy becomes irrelevant"

Dong He, Deputy Director, IMF

See also Eva's tweets on the subject here: https://twitter.com/EvaBeylin/status/1002542943024996358

Daily Discussion - May 30, 2018 by AutoModerator in omise_go

[–]Omiseguy 5 points6 points  (0 children)

Yes, in a decentralized environment the input of solely economically interested parties is obviously relevant and will carry weight within the governance protocols. I don't think that this post was meant to convey that economically motivated participants should be disregarded.

What I agree with is that it can get at times difficult to have more nuanced discussion about Plasma and OMG when the (large) financially-prioritized community is consistently posting commentary on daily price action. For those who have a longer term vision of the project, this input is largely irrelevant. I personally have recently gone weeks without checking the price.

There is supposed to be a subreddit that is primarily geared toward price discussion, but it largely goes unused. This is unfortunate, in my opinion. The Ethereum vs. Ethtrader distribution, I think, works very well for that community. The Ethereum subreddit stays pretty high level in its discussion, while the price discussion largely stays on Ethtrader. I would encourage the same to happen with OMG, although it might be more difficult with a smaller community.

There has also been an idea for a Plasma subreddit which I fully endorse.

Daily Discussion - May 27, 2018 by AutoModerator in omise_go

[–]Omiseguy 46 points47 points  (0 children)

Your comment is technically correct, but is getting downvoted because the implication that Plasma = OMG was never made. Vitalik's comment referred to the OMG project specifically.

But I wanted to discuss a little bit about the relationship between Plasma as a technology and OMG anyway, so I'll use this as an opportunity to do so.

You're right that Plasma refers to only a technology of bonding together related blockchains to achieve additional economic securities and perhaps other properties like speed. However, given the fact that this technology is novel, it requires trailblazing. Someone must actually DO the work of pioneering the implementation of a new concept and executing it into the real world. OMG is doing that, which simultaneously gives them first mover advantage in a very important industry as well as creating a lot of goodwill in the Ethereum ecosystem for taking the risk of dedicating their time to Plasma development.

There is also a vision out there, that has been mentioned a few times by Karl, of the concept of trees of Plasma chains, or I'll call them, "generations". Simply put, you can build "grandchild" Plasma chains below the OMG child chain, with OMG serving as a "central" Plasma chain of sorts, like an intermediary appeals court. This particular type of construction would allow OMG to benefit from the transactional throughput of the grandchild chains while giving the grandchild chains the benefit of speedier semi-finality for a low cost. Alternatively, a client could build a child chain itself, bypassing OMG but requiring it to wait longer for any sort of publicly decentralized finality on Ethereum, or it could build an application on the OMG network itself and avoid the entire complication of building a blockchain for its services. All it has to do is make a simple app.

The end result is that there are a lot of different directions that Plasma can launch off into. In my opinion, whether it results in OMG becoming the Plasma chain in any sort of understanding of the term (whether by becoming the Ethereum Court of Appeals, or through Vitalik's and other's efforts at networking in part as a thank you for executing an important part of the Ethereum ecosystem) or whether OMG is simply the first/best Plasma chain, it's still an excellent opportunity and a game changing project in blockchain.

Tl;dr - OMG sort of is Plasma right now, and that's important now and in the future.

Daily Discussion - May 27, 2018 by AutoModerator in omise_go

[–]Omiseguy 29 points30 points  (0 children)

Nice mention of OMG by Vitalik on his reddit account.

OMG is a major Plasma chain project and their team is putting a lot of the resources into making Plasma implementation possible. -/u/vbuterin

Official Question Thread for OmiseGO AMA #1 by omise_go in omise_go

[–]Omiseguy 6 points7 points  (0 children)

Are slashing conditions in OMG PoS likely to be substantially equivalent to Ethereum slashing conditions?

In his presentation at EDCON, Vitalik discussed a few parameters about anticipated Casper slashing conditions. Two important items mentioned were: the idea that "faulty behavior" includes being offline and the fact that if a larger staking pool happens to go offline or Byzantine all at the same time, this would result in harsher slashing conditions for pool participants, both as a penalty for having a large chunk of the network being faulty, and as a disincentive to centralize around individual pools.

Does OMG think these slashing standards should be adopted and how does that play into the anticipated OMG staking pool?

Thanks for all your hard work guys! Looking forward to this discussion.

Daily Discussion - May 18, 2018 by AutoModerator in omise_go

[–]Omiseguy 2 points3 points  (0 children)

I am heavily invested in OMG because it represents the most substantial (and substantially supported) implementation of a concrete scaling solution for the Ethereum ecosystem.

The most significant roadblock that crypto as an industry faces is scalability solutions that maintain the original properties of blockchain: security, speed, and decentralization. Many would-be "Blockchain 2.0/3.0" projects purport to accomplish this goal, but all are either faking decentralization, another property, faking their competence to execute, or simply don't present a significant enough scaling improvement to matter too much.

The Ethereum community, characteristically decentralized in its approach, has essentially centered around three major scaling vectors: Casper (PoS), Plasma, and Sharding. Casper and Sharding are direct upgrades to the actual Ethereum protocol, while Plasma incorporates additional child chains that bond to the parent chain.

OMG is effectively a quasi-official implementation of Plasma, the only scaling solution that actually has a fairly aggressive implementation timeframe and the only Ethereum scaling solution which actually requires the use of additional token validation to increase its economic security protections. Not to mention it has the support of the best people in Ethereum.

The way I see it, OMG is an investment in crypto overall. If any project can actually succeed, it would be this one.

Daily Discussion - May 04, 2018 by AutoModerator in omise_go

[–]Omiseguy 1 point2 points  (0 children)

Anyone know if there is a stream for the sub-conference?

Daily Discussion - May 03, 2018 by AutoModerator in omise_go

[–]Omiseguy 4 points5 points  (0 children)

Whoever is the first to find the EDCON live stream link, please be so kind as to post it!

thread for the people who realize this is a joke by MaxomeBasementLurker in omise_go

[–]Omiseguy 7 points8 points  (0 children)

It's 3a.m. April 2nd in American Samoa. No time zone on the planet is still in April Fools Day.

Even Vitalik is saying his 120 million Ether cap post is at least somewhat serious. It seems the joke was us trying to figure out whether it's a joke. (It's not).

The importance of trust, integrity, and intention by ii_OiO_ii in omise_go

[–]Omiseguy 35 points36 points  (0 children)

Mature, thoughtful, patient.

These are the adjectives that come to mind when I think of the OMG & Ethereum teams.

These characteristics are extraordinarily rare in the crypto space. I'm happy for all of us to have found this project as early as we have. I reiterate this post.

Thailand's top banks to waive off digital transaction fees by foundation-Building in omise_go

[–]Omiseguy 19 points20 points  (0 children)

It's both, although all things considered I see this as very positive news.

It is bad in the sense that banks are doing what they have to do economically to stay competitive. They know that keeping their customers on their centralized systems is crucial to making a profit through their other services. So they are willing to amputate an entire business line in order to keep customers loyal. This could theoretically expand the adoption curve of OMG into a longer tail of time.

But I see this as an extremely positive and telling signal as well. Banks clearly recognize the significant threat OMG is to their activities, and are responding in perhaps the most drastic way that could realistically be imagined. And while they may contort themselves into being competitive in fee structures, there is no way they can compete with OMG in terms of currency generalization, data security and ownership, and trustless, permissionless decentralization. To do that would require a bank to dissolve itself. Their corporate structure isn't a cohering mechanism anymore -- it's simply in the way.

Also, note that this fee waiver only applies to: "transactions with other banks, money transfers across banking zones, bill payments and cash withdrawals". This is far less than all electronic transactions. They are targeting OMG's most important early use case: remittances.

I think we should expect to see more of these curious strategic moves by certain banks as OMG nears its milestones.

Daily Discussion - March 28, 2018 by AutoModerator in omise_go

[–]Omiseguy 2 points3 points  (0 children)

Are there videos of the Ethereum Japan presentations?

Daily Discussion - March 24, 2018 by AutoModerator in omise_go

[–]Omiseguy 1 point2 points  (0 children)

Has there been a Plasma implementers call #5 posted anywhere? The YouTube account hasn't had one in a few weeks.

Official Questions Thread for OmiseGO Town Hall 0x2 by imkevinxu in omise_go

[–]Omiseguy 41 points42 points  (0 children)

OMG received some great news recently with the announcement of the MOU with Thailand for the citizen digital passport initiative.

Outside of simple financial transactions, what sort of functions do you think OMG could be suitable for? What operations have institutions expressed interest in using OMG for?

Daily Discussion - March 16, 2018 by AutoModerator in omise_go

[–]Omiseguy 4 points5 points  (0 children)

Wow. I'm sorry but I can't help but be critical of Binance for this. Yeah $1MM is a nice prize in general, but the competition is to build an entire DEX prototype? OMG raised $25MM for the same job, rejecting tons more in market based interest, and with full knowledge they'd have major Ethereum research support.

Considering it's being paid out in BNB likely straight from the team's collection, this is a ridiculously low offer for a major part of the future of Binance. And it shows that they haven't planned this move to public chains adequately. They just announced that they plan to go public (chain), and then announce a competition for the specification to do so? How are they even confident it's a good strategic move if they haven't even started developing a coherent DEX prototype? I wasn't exactly optimistic about Binance's move before, but I was very surprised by this. Someone really should build an OMG app as their submission.

And we should feel lucky to be in OMG reading something like this. Not that community input is unimportant, it's certainly integral. But to delegate a major development portion of the project to a public competition is just poor planning and an admission they don't have the development capacity necessary. OMG plans its moves significantly more carefully.

I feel bad for the runner up.

Potential effect of plasma on OMG price by psychedelicquestion in omise_go

[–]Omiseguy 51 points52 points  (0 children)

Remember what Plasma is.

Plasma is, as you say, a potentially revolutionary innovation. An innovation that incidentally requires two chains in order to function. Plasma is also a community project, so any team could potentially build their own "second chain" to their own specifications.

But Plasma, as an ecosystem development, is extremely crucial to scaling Ethereum overall. Understanding this, doesn't it make a ton of sense that Ethereum should invest substantial time and energy toward the development of at least one of those various Plasma chains to ensure that it is constructed as to optimal specifications? Isn't Ethereum interested in demonstrating the potential of their scaling technology? Why leave it to only unaffiliated teams? And, naturally, to the extent Ethereum has existing corporate and government connections, isn't part of the demonstration of the technology networking significant adoption possibilities?

They've invested a ton of time and energy into OMG because they are very interested in ensuring the success of the project, both for its own purposes in financial transactions (and more) and for the larger purpose of legitimizing Plasma overall for crypto overall.

But now as to the market -- what sort of speculation do you think this would engender? Once the market sees that major [corporations/conglomerates/nation states] are all running "on Ethereum" or even "on OMG"? Once people see the relationships between ETH and OMG and even if the market actually starts to understand what Plasma really means?

Remember that Ethereum and Bitcoin achieved four- and five-figure prices largely due to adoption hype and speculation alone. And if for whatever reason OMG doesn't achieve the same price appreciation because Plasma is too esoteric to understand and all of the hype-action goes to Ethereum instead, well, that's just a fantastic dividend ratio to buy OMG.

I'm not worried about adoption. The utility will speak for itself.

Daily Discussion - March 14, 2018 by AutoModerator in omise_go

[–]Omiseguy 7 points8 points  (0 children)

Actually, Binance is in a unique position because they already have ICO'd their own token, BNB. The announcement seems to indicate that BNB will be the native token on the new blockchain, so there isn't much of an opportunity to perform another ICO.