CryptoBasic Podcast

Your source for all Cryptocurrency information, made for the novice investor. 

I don't know why.

Karim:

Whenever i hear the name omise ago, i think of, like, really good ramen, you know, like, i don't know why, but yeah, it sounds delicious and it sounds cool.

Karim:

Well, because there's a place that used to live right next to that was called go bistro the best rahman s in south florida.

Brent:

Exactly why?

Karim:

Because ago bistro oh, my god.

Brent:

Silly brain.

Karim:

Theo!

Mike:

And welcome to another edition of the crypto basic podcast.

Karim:

Today's episode is a part of our wanna one syriza collection of standalone episodes where we explore projects and concepts from the ground up today's topic is oh, misago one away one.

Mike:

This is one of the most popular theory based projects in this base today, it's one that i know we've all been interested in for a long time, so my name is korean bar.

Karim:

Okay, i'm going to be your host for today and here to explain the project.

Mike:

Joining me are brent philbin.

Karim:

What about you and michael lockie reporting for duty?

Mike:

All right, guys, i'm actually really excited about this episode of star trek.

Karim:

Musical has really been a project that has gotten a lot of hype that's got my interest multiple times, i never really went all the way with diving all the way in and making the decision to invest.

Mike:

But before we get started, you know disclosure and the audience always knowing where we're at can you guys give me your personal history, which is going to have your body to have you thought about buying it?

Karim:

What's up?

Brent:

Brent, you go first, okay?

Mike:

So just before i even talk about that, i wanted to mention that the reason we chose this coin it was we did a poll in the discord, and it won.

Karim:

So if you want a say in future coins jumping our discord, there's always a big red button on our website or lincoln, the show notes, so jump in there and there's a lot of great community on discord to talk with as far as my personal experience in history with omise ago, i didn't even realize it was pronounced omise diego and i bought it when i thought it was oh, mai's go!

Mike:

It was like the first thing i ever bought in crypto currency, i didn't do any research, i heard that they were being taken by mcdonald's, and i was like, wait, this is great and i thought that the name meant something different.

Karim:

I'll get into that later, but and it was the symbols were omg, so it was literally the worst possible recent bytecoin but i did own it.

Mike:

I do anymore.

Karim:

I got rid of it at some point, but that was my all right.

Brent:

So you you have owned the coin, but currently you do not own it.

Mike:

And mike, what about you?

Brent:

At one point, this was a fairly small portion of my portfolio and is currently at zero percent, though all right, so nobody owns omise ago, but you guys have both dabbled in an ag i never purchased, but, like i said, i'm super interested about this project, all right, so let's, start with the company's vision.

Mike:

Give me a general overview of what this project is all about and what they're trying to accomplish.

Brent:

Yeah.

Karim:

So they're trying to accomplish many different things, but one of the primary things they're trying to do is the company itself is a little bit different than the crypto currency we're going to get into that their vision is they won't provide unbanked people with an easy open solution for allowing them toe owned send and receive money in a de materialized form so there's a lot that kind of goes into that we're going to go into some or on the features of structure section but they're trying to allow a lot of assets to be able to be changed at a very high speed okay, so i have a question for you guys then how is this different than just regular currency because just from that general vision it sounds like okay, we want to be able to transfer assets i mean it sounds like that's what most of the currencies do already know well they're not specifically transferring just the quote unquote wealth or whatever that or a store value they're intentionally trying to connect fiat and or crypto assets or other assets together seamlessly through a decentralized exchange eventually so they're trying to make fiat or crypto payments if you only take japanese yen and i only take ripple will make it happen and just a further clarification brent so are you saying that we should think of omise ago as a decentralized exchange or that it will have a decentralized exchange that's going to be their primary use case and value proposition catch?

Mike:

They're not yet but that's where they want to go.

Karim:

Okay.

Mike:

Really, really interesting.

Karim:

Okay, so why don't we go into the history of the coin?

Brent:

While the most important thing is that the company omise ai is a company that's existed since two thousand thirteen, they are basically a venmo there a just a payment processing platform that is owned by a centralized company and they've been operating for awhile so they decided to get into the crypt of space with an i c e o a little bit later.

Mike:

So it's founded by a couple of interesting people but the one that i want to point out is joseph poon.

Brent:

You'll recognize him from the lightning network paper and you may further recognize him as the guy that helped batalik burn that fakes a toshi dude and he kind of jumped in there and was like i wrote the paper and i haven't no idea what the fuck you're talking about.

Karim:

So that was him so he's one of the founders of this company of the crypto part the only say go part so omise ago is different than oh meesa okay, so um east the company when they were getting ready to launch their blockchain aspect of their business brought this guy in basically to help with that that creation and others yeah, you know, there's, a very large advisory platform which includes the most important part being batalik is part of their advisory board, so they had a nice ceo, and there was interesting thing that happened with their icy oh, they got so much interest in their private sale that they sold out of all the coins that they said they were going to sell in their icy up.

Brent:

They did not do what other eye ceos have done the past and say, oh, we're either going to a shut down the private pre i'm seo investors as certain percentage, and they also didn't say, well, okay, we're just going to sell mohr tokens at public value where it's estimated they could have gotten to another eighty to one hundred million dollars in ethereum at the time.

Karim:

And that was in two thousand seventeen, so they could have gotten a lot of extra money.

Brent:

And they turned it down, saying, no, this is what we wrote that we were going to do.

Mike:

And this is what we follow through with two things jump out there one is obviously it's awesome to see them stick with the budget because the temptation about it money is obviously a very strong temptation and then brought when you say that it's estimated were basically comparing it to what other on captain ceos were able to raise around the same time and we're just saying like considering who was on this team, people like metallic they could've raised just on godley amount of money if they wanted to write well, what i think more of what we're trying to say is that twenty five million when it reaches the cap during the pre sell the priest is usually one of the hardest places too actually, so so if you're able to sell that much in the pre sale before going public, i think it might even be a conservative estimate to say an additional under million and i actually think that the advisory board and the team on here is probably one of the biggest strength is that they have and, you know, a little bit of this is going to feel like it's trying to ride a theorems hotels a little bit too much, but at the same time, if you're going to pick a team to put your wagon on, this is a really good one, all right?

Karim:

And is there anything else you guys can tell us about the history there was a lot of stuff but the big piece of the history that people talk about when they talk about omise ago is a partnership with mcdonald's thailand and you'll hear it often said that you can take it at mcdonald's really this was a partnership with the omi se company notto be sago was coin but there was a non zero partnership there was actually a point of contention in the community for a little bit and we'll get into a little bit of the issues that the community had with that and some issues that i have that myself personally, you know it's really interesting as i hear you discuss this because i remember the mcdonald's story being a very big deal you know, to think that a cryptocurrency was being accepted in such a big retailer and this also reminds me a little bit of companies or blocking projects like dragon chain and ripple like we have or becoming private you know, we have all these prod it's that also have private entities that are either working conjunction with them and sometimes it makes a lot of sense sometimes it doesn't but it's just good to always keep that separate in our minds and understand that for example in this case it could be easy to mistake omi's for omi's ago but they're different entities so very good clarification all right?

Brent:

So i think this is the time of the show where we go for our rapid fire section theo alright so our rapid fire section is one of our favorite sections we get a brief overview of the coin we get brent philbin on the phone and we say hey brent yes or no to a bunch of questions he's gonna answer quickly sometimes not so quickly some other time so we're going to start with question number one brent is deceit kucoin token or platform this is a token and we'll always be a token token on the theory in boxing correct it's currently a token on the theory of blockchain it will eventually be on its own chain interesting is omise ago decentralized know they have some decentralized ideas but as of right now there's no wanchain governance planned that i even know of they've talked about it but they have no road not for it and there is no check and balance here as far as i know once omise ago goes to main that the obese a company has full control all right is it easy to move around yeah right now it's an e r c twenty token so it's going to be a z z is ethereum but they claim to be able to do over a million transactions per second and we'll get into how they're going to do that wow a million current sections per second that's a lot more than visa, right?

Karim:

Yeah a lot okay alright can omise ago be mined or state right now no but yes it will be able to be staked once they go live at their main that it will be a non delegated proof of state coin and is their main that live no and does it sound cool?

Mike:

Yeah, i literally bought it based on the name so that was back in my stupider days i guess but yeah, it sounds cool and as we get into, they do some of the tricky marketing branding things that are good friends trun mike you know i'm going to want your opinion on this one as well.

Brent:

There's a sound cool is for the whole podcast oh yeah i definitely think it sounds cool it's one of the easier ones that that's why i wasn't even paying attention when you guys were talking about x i know what you're saying yeah ok, i agree i think it sounds pretty cool i don't know why whenever i hear the name omise ago i think of like really good ramen, you know, like i don't know why, but yeah, it sounds delicious and it sounds cool well, because there's a place that used to live right next to that was called go bistro that had the best rahman s in south florida exactly why?

Karim:

Because ago bistro oh my god, silly brain no don't worry, i've got an encyclopedia of food places in my brain ain't time your wonder what's going on food, you ask me, and i'll tell you what you're thinking.

Mike:

You know, brand is so good with food, he'll even read your subconscious, understand?

Karim:

Alright, guys, i want to get into the nitty gritty.

Brent:

I want to understand how omise ago actually works.

Karim:

What air?

Mike:

The features, how it's structured.

Karim:

Give it to me, mike, you want to go first on this?

Brent:

Yeah.

Karim:

I want to talk about a few of the things i know brent party talks on a couple of these times i'm a kind of regard state um a little bit as we mentioned earlier it is currently in the twenty token they are working on their own blockchain and it will move off there when the time is right obviously with a lot of these projects there's been some delays along the way so it's important you know if this is something you end up investing in make sure you keep up with the information and joined the discords joined the telegrams whatever it is do you decide do just make sure you stay on top of it and i'm really interested in the decentralized exchange they're trying to develop a couple little features on here that that really stood out to me and my research so as we mentioned earlier poon is one of the creators that originally worked with the meets ago he's also done a lot of work with the lightning network as brent mentioned earlier so part of that experience that he gained while working on the lightning network has allowed them to work on what their version of the lightning network is going to be for omi she goes typically it's not i don't think this is going to apply to ethereum globally i think there's only gonna be on the omise ago side chain which is also going to attach itself to the ethereum blockchain she's a little bit extra involved with this but this plasma network is intended to be an off chance solution that is going to allow transactions up to a million transactions per second as brent had mentioned earlier also something that i came across in my research as well that brent also noted here they're actively looking to just purchase a current exchange that has its own volume and they want to just attach their decentralize exchange to an existing exchange so that way they can solve the obvious liquidity problems that could arise with these types of trades they're trying to do another couple things i was looking at with this sea centralized exchange that i found well imagining brunt had mentioned you know if you wanted to trade like japanese yen for a crypto currency but i'm in america they could still make that happen it could be what i believe so the big corn networks refer to an atomic swap correct me if i'm wrong there but i think it's actually intended to go a little further than just fiat in crypto i think there's also intentions to allow game credit tokens any hypes of things that have recognizable value is also something that could be traded on this decentralized exchange.

Mike:

So there's a whole lot going on brown.

Karim:

Is there anything else you wanna add here?

Brent:

Yeah, i'll go into kind of how they plan to make this work and here's where they're making their own chain, but they're going to be pretty much.

Karim:

Attached to a theory um in vincent's so one plasma functions like you said like them that like the lightning network we don't know exactly how but similarly you open payment channels and they stay open so you could do a million transactions back and forth and not have any issues what they're going to do then is if you want to sell us dollars turn them into magic online ticket you can then go into your wallet as long as magic online has a wallet that's attached to the oh moments ago network and as long as there's a us dollar attached to it somewhere basically they instantly turn the u s dollars into ethereum and then instantly turned the ethereum into magic online tokens or whatever they need to do in the step in between giving you a basic exchange rate so the one little caveat here and the reason they're looking to acquire an exchange rather than start from the ground up is if it's a lesser known token or lesser traded token you're going to have a really bad exchange rate because they could only do what is available and there's part of the community that say it doesn't really matter what the liquidity is like because they'll use some sort of formula but i haven't been able to track that down so i don't really know the cool part here is the way you're going to be able to attach toothy omi sago platform you can do it one of two ways you can go all in and you can have liquidity on their exchange so you can be safe finance and attach your finance token to them and just go all in like that or you could just go through their wallet they're making a white label wallet with their s decay which is a software development kit so the white label for a product like this means you can take it and pretend that you made it so if i have say a theory that's bad that's bad example cause already attached by a bitcoin i ca n't take their white label product create my own bitcoin version of this and release it and have it look like we just hey guys we finally integrated bytecoin with omg similarly i've a great example here sorry to interrupt you brent but i've never really noticed or i'm sorry i never really understood what a software development kit was until i started getting into crypto and if you notice a lot of the wallets the desktop wallets that exists in the crypt of space all have the same there's a lot of them have a very similar look to him a lot of very similar design.

Brent:

So the light coin wallet the trying to think the original pivx ix wallet a lot of the blockchain based wallets from bitcoin originally all have this exact same look to them this exact same feel on your desktop and intuitively it didn't really make sense as to why everything was so somewhere the staking mechanism is very similar but the way that you create those wallets i'm guessing is a very similar ideas to whatthe software development kit is yeah it's private labeling people do it on amazon all time they take the chinese product slap their label on it send it out pretend like they made it so that's kind of what it is but it's intentional it's not like you're doing any sort of intellectual property theft they want as many people to create their own white label version of this as possible so that they could be integrated into many places as possible so the other things we mentioned we touched on it but they are a proof of steak which is just like a true proof of steak there not delegated professed aches so you don't have to vote for a certain person and only that person can generate the new stuff or anything like that if you have again this isn't out yet but they said if you have a least a thousand omise sago thinkyou can and that might actually be a rumor i'm not sure don't quote me on that number but you can stake that and verify transactions and if your transactions fail the byzantine fault tolerance and it looks like you're cheating the network and and screwing with it then you lose everything that you have locked up.

Karim:

It's all burned.

Brent:

So if there is proof that you have attacked the network in any way, anything you're staking, he's gone.

Karim:

So yet and part of like mike said, they're trying to acquire an exchange toe facilitate the liquidity of their decentralize exchange, which is again weird that the centralized company is trying to acquire an exchange so that they could make a decentralized it's very, very strange, but that's that's how it works, i mean start to finish.

Brent:

It does look like it's possible to do.

Karim:

I will put a caveat out there, though we have no idea if they can do it.

Brent:

We have no idea if they're one million transactions per second as possible.

Karim:

Not only do we have no idea, because they don't even have a test, not anything like that there.

Brent:

Get hub does not have the omg code it's, not there.

Karim:

They have white label code and they have the data and everything.

Brent:

But the actual omg chain code isn't there very interesting so omise ago is not open source is one of things that you're saying.

Karim:

They say they're going to put it up there, but they haven't so.

Brent:

One of things that jones out here is as faras plasma it's.

Karim:

Interesting, because i guess it does give them credibility that they have the person who designed the lightning network and it's trying to be built like the lightning network.

Mike:

So obviously that gives us some credence.

Karim:

A million transactions per second might be a lot.

Brent:

And as a sign that i might be unnecessary to, but they could really be planning for the future.

Karim:

No, no that's.

Brent:

So the number one reason that a decentralized exchanges in the future and very not likely toe work is because of the massive amount of transactions you need tohave to run an exchange visa could not run an exchange on their visa platform.

Karim:

They can't do the transactions fast enough.

Mike:

There's tons of little transactions that go on and on and on.

Brent:

That's why all of the massive volume of exchanges are all centralized.

Karim:

If either delta is absolute ridiculous thing to use, it takes forever.

Mike:

You can't do what you can do on a normal exchange on ether delta, even though it's nice that it's decentralized there hold the money.

Karim:

So scaling the transactions per second is the most important thing for creating a decentralized exchange.

Mike:

It needs to be this much.

Karim:

And bride, the other a question that i wanted a little bit more clarification on, although you might not have the answer is depending on the literature out there, but so which transactions are being like when there's a decentralized exchange where they're saying, we're going to take asset a and acid sea and in between the use ethereum to convert?

Mike:

Is that what i'm basically hearing you say so via plasma via plasma, as aside chain okay, as pretty interesting.

Brent:

So it's essentially just functioning like a side chain it's attached to a theory, but it is going to record its own transactions, right?

Mike:

It's going to record its own payment channels between omg and ethereum or whatever the particular asset happens to be, and if i understand it right, it doesn't have to be ethereum.

Karim:

It'll be the path of least resistance or so something like that.

Brent:

So right now it looks like it's pretty much mostly going to be a theory, um, because of the way they've done everything, but they have made it clear that doesn't have to be also, i want to just jump back about the get hub i searched because i read the information that doesn't exist.

Mike:

I looked on the get up there are commits there so there is get of activity, but i do not know if i don't think they've published the code.

Brent:

They hadn't published the code as of, like a month ago, so it i just want to get that out there in case i'm wrong.

Mike:

If somebody could confirm for us that the code has or has not been published again, they said they were going to publish it.

Brent:

I went into the omg subreddit and tried to find a post about the fact that it wasn't there obviously every post that i have found was down voted to zero or less, and the community did not react in any sort of a positive way to those people that we're asking about, you know, it was very tron, moon boy, there's gonna be a couple other comparisons to try that we're getting too in a second, but yeah, it was very barrier head in the sand don't really care what anybody has to say about this clear, i would say problem, i mean, how many of the top hundred coins do not have code on their get huobi even the ones that are not even close to a main that right or at least the ones that are claimed to be open source which it seems like oh misako might be britain and to be right i mean if it's going to be decentralized i would assume it has to be open source here's a couple i'll read off a couple of these comments just for fun because i was here they have already said that we release sing it eventually why would they do it now when they're going to revolutionise banking is the number of one comment you know like the number three convent can someone just ban bellamy already?

Mike:

Who is the poster and the next one is wins last time you checked get hub they released codes on it thirty hours ago and then the o p is like those are not the source codes they're just airdrop code it is not what we're looking for so again this is a couple months old so it's just i like to talk about how the community response to things and that might not be a good enough sample size to be indicative of the omg community as a whole.

Brent:

I just thought it was important to their author i got one more question for you guys did you stumble up on any rumors about have they been in discussions with any exchanges they have anybody in mind and is there a backup plan if they can't buy an exchange i don't know the exchange acquiring is a relatively new announcement that they haven't said a specific exchange that they're thinking about acquiring nor have they said what happens if they don't require one?

Mike:

I've gotten interesting little twist on my personal future outlook that we'll get to in a little bit interesting so before i move on is there anything that either one of you wants to add two features and structure?

Brent:

I think we think we covered pretty well and bright just to clarify the omise ago token itself since there's no main and i'm assuming right now it's just sitting there doesn't really have any function but is it gonna have any function once the mean it is live just basically this taking like you mentioned yeah as far as i can tell it's on ly staking i couldn't even i didn't even see the funny is i found parts that mentioned that the fees would be used to give to the staking rewards but i didn't find out what the fees were so i think there's going to be fees on top of just being staking and block war is coming okay?

Karim:

And then i have to ask this because if the goal is to become an exchange was was there anything that hinted at the idea that once the exchange was running that the fees generated from the exchange would go towards world warding token holders or anything like that hard to find they're moving at a snail's pace.

Brent:

They're way behind the road map and they've communicated with the community about it and they even said, we need to update our road map about a week ago.

Karim:

I have not seen that update that doesn't mean that doesn't exist, but i could not find it on the tron subreddit i looked at the top post of this week and it wasn't there, so i don't think it's out yet, but look for them to update there and just put this out recording this on may eighth it's not scheduled to release until monday fourteenth so there's some days in there where i could end up being wrong about that, but they have said they're going to update the roadmap.

Brent:

It'll be interesting to keep an eye on that.

Mike:

So alright, guys, i think it's time than to move into really one of my favorite sections, which is the pros and cons, because this is where we try to balance out our ideas about the project.

Brent:

So i'm always in favor of the tennis match and i'm going to go anybody want cons?

Karim:

I'll take that because i still have a still have a big con that i haven't talked about i've said the word drawn a couple of times which i did not expect to be saying when i went into this i thought this is a project that was going to be pretty quickly in love with and explaining all the reasons that i liked it which interesting i was proven wrong right?

Brent:

So you feel like your personal bias going into this project was positive mike do you feel the same way?

Karim:

I am now less positive that i was going in interesting it was a little disappointing overall alright so mike give me some pros i'm a big fan of the way they handled the situation they definitely could have got raised more money they technically probably should have just closed off the private sale at a certain time but i'm not going to blame him for just go ahead and using the larger investors in the private sense and just locking it at a twenty five million hard cap i like the way they handled that.

Brent:

I will say that i think that the fact that there is now some sort of cap on private sales may have been a direct result of this i c e o i won't put it on them that they should have had that beforehand and i appreciate the fact that they had the integrity to leave it as it wass all right, brandt, give us a con, so since i just sees it, i'm going to move it up.

Mike:

They kind of have the same announcement of announcement, vague booking, shitty announcement style that tron and our buddy ah justin son have now.

Brent:

They're not necessarily a chinese company.

Karim:

They have chinese influence there.

Brent:

I think they're mostly thai company, so we may just be seeing a standard way of thinking for companies that are based over there.

Karim:

But i don't know, this is we're going to throw lincoln.

Brent:

The show notes, there are some really questionable things, like metallic showed up to their office, and they were just like posting pictures of his body with like his mouth and it's, skinny little arms and, like his laptop, has a bunch of easily identifiable stickers that if you had ever seen him type on that in public, you'll be able to figure that out.

Mike:

So people are like, oh, my god does good stuff and they're going excited.

Brent:

I got pictures of themselves at the google headquarters in front of the google sign with the vague statement deeper partnership discussion at omi se and, you know, giving the implication that maybe they were working on a partnership with google, where there is no sustenance to that.

Karim:

All these air in the show notes, they got things like after five months going to be super excited for oh, misa misa go.

Brent:

I can't stop thinking, oh, boy, like stuff like that is just shitty pipe marketing that makes it really hurts the legitimacy of the project, in my opinion, all right, i got a few comments here.

Karim:

First and foremost, this is likely like your annoyance with this whole situation is likely a zoomed in annoyance with like one very civic employees or one marketer that works for this large company.

Brent:

And so much of it of what's going on is really going on behind the scenes, and they just have somebody taking pictures and working on the social media aspect.

Karim:

So this is not something that i'm really putting a lot of frustration into, mike.

Brent:

The only thing i would say in response that well i agree with you you can't put too much stock in it but i think most projects are aware that their marketing arm is the part that comes into contact with the public so if it's making mistakes like it is giving a name to your project and if your marketing is you know super high p or in other cases not this case but another case is ifyou're marketing is fraudulent or you have something like what happened with walton chain it reflects on the court team because the people that are making decisions about how marketing is handled are letting it slide you know i'm curious on this little twist for you guys and i feel like brent might have actually alluded to this earlier do you think that this is possibly more of a cultural difference in the way that we view the marketing versus the way that like southeast asia views like marketing in general i mean if that were true we would see god coming from friday night neo and icon and i don't if that's the case neo has done that shit icon hasn't but i feel like a lot of these coins that are very civilly based out of there have a lot of similar marketing practices that we as westerners tend to not be a huge fan of i'm wondering how much of this cultural i don't know if you remember when neo did this?

Karim:

But they released this like it was a even vague for announcement of announcement standpoint.

Brent:

It was a graphic that people had to, like, go, translate.

Karim:

But they couldn't translate via google translate because it was a graphic, right, and it just said, like, great things are on the horizon three days.

Brent:

And then, like it was like, great things are on the rise in two days, and everybody thought it was going to be the partnership with the chinese government.

Karim:

Let them do everything, and they were going forward, and it was just like something really stupid, i guess there's some credence to that point, that it could be a cultural difference with some of these projects it could be.

Mike:

And i still think they bear the burden of responsibility i mean the walton chain people they didn't have to do anything other than let that happen were for those that don't know the walton vechain they had a twitter giveaway and then like one of their employees forgot to log off of his fake account or forgot to log in to his fake account.

Brent:

So he said that he was winning via the walton chain twitter so they basically had to give away and then gave it to one of their employees and they're like, oh no, that was and they tried to whatever so basically they would give doing fake invoice, but i will say that for instance, neo learned their lesson they said they would never do that again and i think that omise ago has according to the over our king community feedback that i've been able to discover has tone this down and one of the things that they said was this's how we always posted before we were cryptocurrency company on our own personal facebooks and twitters we didn't see any reason to post any differently i could believe we will take community feedback into account so again it's a great and if they've stopped that makes them a lot better than our friend ah of what have justin whatever the fuck, son all right, so why don't we get it back to some pros yeah, and we talked about the plasma solution that they trying to accomplish with a million transactions per second.

Karim:

That is absolutely a number that is going need to be achieved in order for decentralized exchange to exist.

Mike:

And again, if they could make that happen, that's going to be massive, a million might not even be enough.

Karim:

I know you said that's, a huge number.

Mike:

I would be really interested to see the numbers of what, for instance, fidelity does on a daily basis or trade station or something like that.

Karim:

It's got to be magnitudes higher than even the best possible crypto exchange and it's, a really important point that none of the other decentralized exchanges that i have researched have claimed to have.

Mike:

So this makes them unique in the space.

Brent:

Alright, bring you wantto go with some constant ifyou're.

Karim:

A less popular coin, or, if you're more specifically something like a game token, like we often refer to the world of warcraft gold or something like that and there's, a low liquidity thie spread is going to be very, very big, and the end user might not realize that they need toe wait or be, quote unquote, taken advantage of by an order book.

Brent:

Now again, the community has said there's, a way to mitigate this.

Karim:

I do not know or understand it.

Brent:

I think it might have even been in the white paper, but the white paper is the most well written but yet difficult white paper i've ever had to read.

Mike:

It's, like whoever wrote that decided on the biggest, longest but still most appropriate word and every single sentence.

Brent:

So it would be like the waiter coming over to your table after you'd order drinks and being like, pardon me, good sir, but would you be able to dictate to me if the beverages are forthcoming, like you know where they're going?

Mike:

Just said, hey, you bring in the drinks, all right, so quick side.

Karim:

Note.

Mike:

Guys, i don't know how accurate this is, but i did look up more or less.

Karim:

What the the daily trading volume was in the new york stock exchange, and i came up with a number that ranges between two and six billion shares.

Mike:

Generally traded lets you say those are individual transactions.

Karim:

Six billion a day should be handled by a million.

Brent:

A second.

Mike:

Know, yeah.

Brent:

I guess i guess i could again that's shares being that's not even i don't even feel like that's not talking about options that's not talking about all the different like things that could be, i don't know, maybe it is enough, but i know that ten thousand isn't even close.

Mike:

So again, something interesting look into one of our listeners knows the answer to that question that would be awesome if they could show us and discord, i can wrap up the rest of these cons, they're all basically about the decentralization, not existing.

Brent:

They have no specifics on possible governance on change, so while it will be a decentralized chain, they haven't given any indication that you'll be able to affect different parts of the project, so it'll be a fully centralized project with a decentralized chain that they're working on.

Karim:

If they decide to make a change to their code that you don't like, that has nothing to do with the omg chain, for instance, they change plasma, or they change their wallets or something like that.

Brent:

You have no say, but at the same time, if they try to like up the amount of coins available, you can shut that down the same way you could shut down any normal fork.

Karim:

One of the questions that i have for you guys here while we're in the pros and cons, i kind of was trying to get this earlier, but as listening to you talk about this project, the main thing that i keep thinking about is the company, right and how they intend to profit from this venture, and i feel like there are a couple of different paths one of the past that they could profit with this venture is simply by creating a product that rises thie token of omise ago, and they have a lot of it and that's how they make money and all of the token holders are also making money.

Brent:

But the other thing that i'm wondering about with everything just being so undefined and not having a clear cut governance and not having, for example, just ah, no idea hey what's gonna happen with all the fear he's in this decentralized exchange, it just ah, i don't want to say you worries me a little bit, but it just makes me wonder.

Karim:

I want to know what your relationship is going to be to the project, and i understand that you need to profit here that's not a problem, i just want to know how you're going to profit, so i know how it's going to affect the network.

Mike:

That's a question that it would be great to have somebody from their community specifically answer for us as usual.

Brent:

We sometimes do get contacted by members of the community because we may post to show on reddit or somebody else might post it for us, which is what happened in trying.

Karim:

We tend to not post coins that we have a negative opinion on.

Brent:

I don't know that we have a negative opinion on this, like, kind of, like, like, sixty, forty that's, so we'll get to that soon.

Mike:

Yeah, listen, just know anybody that's listening to this and it's, not a regular listener.

Brent:

Our general approach is trying to be very critical and objective were trying to tear projects down, and if anything comes out of it, even limping than we've done our job.

Mike:

So this is just our general approach, ok, anything else that we need to say for pros or cons?

Brent:

Yeah, i just want a couple more pros i want to wrap up here the fact that this company art exists and already has a user base in southeast china is a pretty big deal i think it's pretty similar to avenge noora papal in the u s so building a blockchain that off a company that already has established customers tends to have a lot of value in my opinion and i'm also a pretty big fan of the team and the the advisory board more so that oversees this project, they have a lot of high profile names and a lot of people that are really out to have the best interest of the cryptocurrency space in mind, so i also want to point out since we've made a couple comparisons tron first of all, i don't think this coin is anywhere near should he's like not even magnitudes magnitudes wait way less shitty than try tron did the same thing where they've like we've got this great user based social network that's already ready to go, but it looks like that's more or less kind of fake and isn't really a actual wide user base omi se actually has a really user base that uses it daily it's not defunct it's not an old myspace that has some people that they're resurrecting or anything like that they exist, they're working, they're doing things so basically if they ever feel if the projects ever in a situation where they need to leverage a large customer base for misa actually has that large customer base toe and that's relevant and mike i will agree with you that you know, we don't really know how much tch influence vitale ig has whether they listened to him in ten only or they're just somebody that they have on because they know that he commands a lot of respect but i agree with your overall assessment that he's one of the people that we trust in the space whatever he accomplishes or not he seems to be trying to do the right thing for the space you know what we've mentioned metallic and we've mentioned a spoon yeah, i want to just list off what the other members of the advisory team are because a lot of these names i've heard before not one hundred percent on who all of them are, but we mentioned a couple of big ones i think it's important we're pointing out this a big positive for the coin with this advisory board so we're talking about metallic we're talking about gavin would who also took part in ethereum jaquan we're talking about vlad zamfir fear who's leading the research on casper you could see mike right now he can't even breathe because i'm trying to pronounce names i understand i'm getting them all wrong that's fine mother, you're going to go wrong that is really like your hurt the founder of golam julian as a house key and we've got thomas greco and you know, that's just those are all on the advisory board that it was founded by june hasegawa, which is the guy who was having the issue with his twitter or it might be you know actually i'm not sure if that dispense with y and donny heroin suit i thought you're on top of a composed teo yeah, well, they're the founders i thought it was important and then the advisory board is, well, a steem force a lot of big names.

Mike:

At the very least, we can say that there are a lot of serious people with legitimate reputations that have been willing to associate themselves with this project so that's and i wish they would all get much better, like easier to pronounce nicknames i'm sorry, brandt.

Brent:

The world exists outside florida.

Karim:

All right, so not according to virg easy boys.

Brent:

Where can we buy oh, misa, go for those that are interested, it's binance available pretty much at all the big changes.

Karim:

Their number one volume is on by nance number two is on who boy?

Brent:

They like their everywhere easy to find okay?

Mike:

And what about the competitors like what are the projects that omise ago is competing with as with all projects the answer could be quite broad we've zoomed in on a few that are more direct competitors on multiple levels from the kyber network which is a project that i actually hope that we can get to sooner rather than later i know i have a stupid name i hate the kyber name it's braver crystal wright this is not iraq fire section four then kyber network all right okay you will answer rapid fire questions when they are asked of you alright shockingly enough i have no issues with kyber network name because you don't know their lightsaber crystals you don't start all right guy i am using my powers is host to keep this from derailing into some kinda nerdy discussion about a show that brent likes mike continue please with competitors a few other ones would include icon zeroex and bitshares also jade i sif just can't relax all right bring anything else to add their on competitors i mean o x that's because of the decentralized exchange right same thing with big chair right and i picked the ones that were coins like either delta doesn't have a coin but they're a decentralized exchange competitors radar really uses zeroex platform so they would be right i i got one for you guys bye nance should eventually be some competition no wait spoilers okay okay okay interestingly enough when i saw brent's note on personal future outlook i haven't loved i love where he's going with this.

Karim:

Brent, i want you to take it from here.

Mike:

I actually wrote my note in like a very tron weigh on my personal future outlook is i didn't want to spoil it on our notes here that we share our outline.

Brent:

It says fun one dash let's get crazy hashtag bnb, supple huobi let's hear it.

Mike:

So i actually think that there is a non zero legitimate chance that omise diego's exchange that they either end purchasing or end up doing business with is very possibly nas again is personal future outlook were like getting crazy here sometimes what if, by nance's, attempt at a decentralized exchange merges with omise agos quest for a decentralized exchange and now we have the decentralized exchange with the most possible transactions per second with the most possible liquidity operating with white label wallets and able to connect everybody like that's, that is right there, that's, huge, that's crazy.

Brent:

I don't know if that can happen.

Mike:

I don't remember crying, but that would be nuts one.

Brent:

Hundred percent i love this a theory i love the potential of this and a lot of ways it solves both of their problems at the same time which is what ultimately a partnership tends to be you know, scratch my back and i'll scratch yours i think this is a really interesting idea being able to use the bnd token as the medium of exchange with finances go trade volume this is a match made in heaven to be honest okay, so i'm going to play devil's advocate real quick i like the idea but i have one question for you because to me this sounds like we're talking about a tiny little popper tryingto buy a crypto currency giant so explain to me what binah nce would get out of this because it sounds like they're doing just fine.

Karim:

Well miss, i don't think that they would sell to a museo i think that there's a partnership here because they're trying to go decentralized.

Brent:

They put out that that call that contest correct to create the decentralized framework if omise ago can literally drop it in their lap and they're already running on decentralized token blah blah, blah like that could be huge.

Karim:

The only caveat i see there is they're both using a token already does that have a problem?

Brent:

Or maybe they could just have emerged fork like bytecoin private hate that we talk about bytecoin private but they did do a cool little thing where they basically gave everybody who had a bitcoin kucoin and everybody had is the classic kucoin so that could easily be done with financing omise ago, if they wanted to merge, where if you had no mixin kucoin you got no mexico coin if you had a chance when you got it finance or they're called like omg bmb and you get those coins actually bright, i was going to ask you, what would you call the marriage of being blog?

Mike:

I didn't think about that with you are here's what i will.

Brent:

I'm going to go on a little bit of a tangent because i said i bought this coin with no knowledge, mostly based off their name, and it was losing trade.

Mike:

I got out of it, but i lost so there's, some loose ties to magic, the gathering from crypto currency and one of the words and magic, the gathering that was like completely a bic witness for a time, then we're talking ten years ago, fifteen years ago when we were all actually playing well, not all that green, but mike and i were actually playing the game was mice like, if you did something good, you're like mice, i did something good.

Brent:

Like we still have friends that use that everyday casual conversation and what it meant was you might as well like do this thing so if you drew a card off your deck it was like this we'll draw that card so it became this like word and i saw omg and then i found out omg stood for what i thought was oh my eyes go and i'm like, wow, this guy has this has to be like a magic related coin in some way and, you know, mt gox was originally supposed to be magic, the gathering online exchange so there's like and i got all excited and didn't do my research and end up buying a coin for no reason this particular eyes particularly funny for me because you know, i always give you shit about like, whatever your internal world bubble is you just projected so it makes perfect sense to me that you just stumbled on a crypto and you're like i see slang that i relate to makes the end together divided by three and it's a perfect reverence um and that is this is quite fascinating because there's like absolutely no shot this is anywhere matters gathered related at all no it's not it's, not at all don't think that it is all right, mike, did you give me your personal future outlook?

Mike:

I want to hear it so you know, brent brought up a great point, and i like his vision.

Brent:

You know, i have to give this project a lot more credit, and i would other projects at this stage of the game and honestly, that's probably weather market cap reflects it.

Mike:

This is still a lot of a white paper and a promise now, there's a lot of people making those promises there's a lot of great people making those promises, but what do we have?

Brent:

What substance do we really haven't?

Mike:

This point kind of nothing?

Brent:

They're pretty far behind on the road map.

Karim:

I'd really prefer to see some progress from the code on get up, perhaps, yeah, so basically, let me ask you guys this question, then pretty directly, because i think you're bringing up a good point might if this project didn't have italic as an adviser.

Brent:

And if joseph poon wasn't working on the plasma code with this project past this and testing, it'd be a lot harder to pass the sniff test.

Karim:

Yeah that it would it would be this absolute would not be very similar at all it would be a lot closer to a tron is now so as skeptics what does this mean there's a couple different things one it's possible that we're being too easy on omg it's also possible we're being too hard on tron obviously the answer is usually somewhere in between but i think this is kind of an interesting recurring theme now part of this is decided by the market as well this is backed by great people it's still kind of a white paper and promise but yet as of this recording it's within the top twenty and market cap it's been a relevant high ranking cryptocurrency ever since i broke in to crypto i remember very vividly having a phone conversation with kareem about krypto and i remember that i this hand written note where he was telling me what different projects were that i should start looking into an o g was definitely one of the ones that you were excited about at the time and it's always been something that i've i've known is a worthwhile project and a lot of people that i respect like this as this research unfolded i was a bit disappointed and i do agree wholeheartedly that if vitelic wasn't directly helping them out in whatever ways that he is i think this would be a pretty big red flag well i think that it makes sense, and i, you know, one of the things that we discuss when we're trying to analyze something objectively is that, you know, you have different factors than there that are going to give you more, less credibility that are giving you more assurance.

Brent:

So for the time being, it is relevant that people like metallic and poon are associated with this project.

Karim:

So i think that it makes sense for us to give them credit for that.

Brent:

However, this looks like one of those projects that were really going to have to re visit, to see what they actually managed to put on blocking on code.

Karim:

And specifically, i'll be honest with you guys, i'm not a big fan of a project that's highly dependent on a big corporate porches, essentially, i mean, i wouldn't want that of a company, right?

Mike:

If somebody was trying to get me to invest in a company and they're like, hey, listen, we're going to be able to do x y z, we just need to buy a company that does x y z that's not that impressive, but there are interesting names.

Brent:

There is some momentum behind this project.

Mike:

So i think this is something we will track closely.

Karim:

I know we re evaluate cryptocurrency he's about a hundred days after they come out, and i could see us wanting to re visit and do another episode on this before i sign us off.

Mike:

Is there anything else you guys want?

Karim:

Ad.

Mike:

Okay so something else i wanted to address world quick and this is a bit of a off topic tangents a little bit broad but i want you guys kind of go along with me so this project in my opinion is very much you're investing in the team if you invest in home to your investing in what you believe that they can accomplish so with that concept in mind i think it's very important that these types of really wild card propositions i think it's super important that they remain a very low very manageable sliver of your portfolio this is not a coin that makes sense logically to have a big position in and let's just like hypothetical here you know if you wanna have a piece of the omg pie because you've i think that there's say a one percent chance that they partner with finance and that this becomes like and that would be a huge huge win for the omg token and the team itself so that's part of what makes up part of your portfolio design it needs to be risk reward this seems like a coin that it wouldn't shock me if it kind of fizzles out over the next year and kind of becomes a little less relevant but it also wouldn't surprise me if something very substantial does occur and it actually does go in a massive right direction it could go very high and so when it has such a wide range of outcomes i think you need to temper your expectations and i think you just need to be realistic about what all the possible outcomes could be.

Brent:

Mike, i agree with you that this appears to be a high risk project.

Mike:

More importantly, i think that this probably a good time to remind our audience that the crypto basic team is not anybody financial advisors this's not financial advice, we're doing this for entertainment purposes only and given our personal opinion, but one last thing i'll say to mike and response to that which i don't know how the community will react to me saying this but i think it's worth saying omise ago appears tohave obviously good advisors in somebody like metallic, but we don't really know what the team is, you know, like and yes, like they might be advised by a good group of people, but we don't know what is the internal structure and omise ago and i mean joseph poon and lisa's working if he's leading the design, that makes sense to me, but i don't know when it comes to advisers.

Karim:

I do think it's relevant that these individuals are willing to associate their reputation with the project, but on last metallics in there working on code, you know what i'm saying it's like a second level bonus for me if that makes sense i have a very little very quick response here.

Mike:

Well, the way i view this advisory, i kind of view it as their friends they go to these conferences and i've seen poon visually on the same video with the talent in many conferences i think at least for that i visually watching myself and i'm not even i don't watch a lot of those what i kind of viewed this as it's like almost like a traveling buddy, you know, it wouldn't surprise me if there was a team of like fifteen people they go get drinks afterwards, they get dinner beforehand, they talk, they care so much about the a theory of decentralization, the concepts, the humanitarian side of crypto and what it's trying to accomplish in the world i feel like these guys are just purists and with that in mind, it's really hard to discredit what metallic is almost certainly bringing to their team i mean, if they're mostly drinking buddies, i'm even less impressed with the advisory i'm hoping he's getting in there and given them some technical know how to be honest with you.

Karim:

I want the advisory to be the best people in blockchain explaining the actual engineering and how to pull off the code and howto handle whatever scaling issues or whatever it is they have i feel like that's the more critical part but write a minute are you telling me, you don't think you'd be any smarter of your drinking buddies with charles hoskins aion i absolutely would, of course, but i think you guys are missing the point clearly you're hanging on to my analogy of a drinking buddy way, okay, listen, listen, listen, listen think of what poker strategy chats have been in the past, what people can provide a lot of value to accompany by just being the no, i i understand i understand completely, mike, i'm agreeing with that, but that's, what i'm reminding people is that at the end of the day, you know, if we're going to use to poker analogy it's good to know that somebody communicates with good players and that that is their orbit, but when they go play the tournament that's the person playing the tournament and if you're going to invest in them, you're investing in that player and it doesn't matter that they're friends with dr volker phil ivey, right, right, but if you think of no, this is like chris moneymaker being signed by poker stars like he's part of that unit and he's clearly going to be better by associations that makes something okay, i get it and, well, let's not harp on it so much, i agreed let's very clear, i were definitely swear neblio splitting i do think that there's a lot of valium, the advisor team it's, just that at the end of the day there is a reason why they're advisors and not an actual member of the team, because if they could be listed as a member of the team, they certainly would so that's just something to keep in mind.

Brent:

But alright, guys, i do have to bring us back, and we always end up talking about poker or wyoming.

Karim:

So do we have anything anything left to say about romeo yelling at our one yelling at them?

Brent:

I just know that that's, my reference point, hey, karim, you've got to get the show back on track, son.

Karim:

So, gentlemen, is there anything else that you want to cy about o minutes ago?

Brent:

The only thing i'm going to say is that even though it is not in my portfolio, it is something owned by a lot of my friends.

Mike:

I will still be cheering for it got you likely from the sidelines.

Karim:

Language sound all right?

Mike:

Well, i hope that gives you a general over view of omise ago.

Brent:

Their project what they're trying to accomplish.

Mike:

We try to give you the best information that we can in these one on ones.

Brent:

And don't forget we have a lot of other one on one snow.

Karim:

Cardano bytecoin, ethereum icon.

Brent:

Any big project you can think of, we probably cover to get in there.

Mike:

We also have some concepts police raid us on itunes or where you get your podcast.

Brent:

That is the best way you can help the show.

Mike:

And if you would like to participate such a cz, be able to give ideas for the podcast win contest, participate in our polls than the place to do that is, join our discord.

Brent:

You confined that on our website, but that's going to do it for us.

Mike:

Today we had brand philbin and michael laki breaking down a musical for us.

Brent:

Thank you so much.

Karim:

We appreciate it.

Brent:

And my name was karen.

Mike:

Broke out was your host and thank you very much for tuning in

The members of the CryptoBasic podcast are not financial advisors, and this information is provided for entertainment purposes. Please do your own research, and don't listen to these idiots.

The CryptoBasic Podcast is owned and operated by Cipher Consulting Group LLC.