The other day, I was looking at my ethereum account on Etherscan.io and noticed I had some OmiseGo tokens. I’ve heard of OmiseGo before. so I figured it’s a good time to research it and figure out if I want to hodl or sell them. Obviously, by the title of this video, you can tell I decided to sell them. Here are the reasons why…. Before I start, I wanna congradulate bitcoin for reaching a new all time high. At time of filming, it’s over $5800. I only own half a bitcoin, so it didn’t make me rich. None the less, it still makes me excited, because high prices bring more public awareness and adoption. So congradulations to all the bitcoin hodlers out there.
Now back to the show. The Number 4 why I sold Omisego The reasons to invest don’t interest me. OmiseGo is building a payments platform for Southeast Asia. I don’t care about foreign currency exchange in Southeast Asia nor do I want to start caring about it. It’s service doesn’t excite me or give me hope that it will make my life better in anyway. Stuff I invest in needs to be useful to me.
Number 3 I don’t agree with the reasons promoted on why it’s a good investment… …The first being how Vitalik and other Ethereum Devs are advisors to the project. Just because someone is an advisor, doesn’t mean they care about developing it. An advisor could offer advice once a year and still technically be an advisor. Plus, Omise donated $100k to Ethereum back in 2015. Who’s to say the devs don’t feel obligated to be listed as advisors because of that. Not say this is the case, but I’m saying it is a possibilty that I can’t prove.
The fact that I can’t find any public statements of anything the Ethereum Devs have said about Omisego, is a little strange too. …Another reason I’ve seen promoted on why Omisego is a good investment is that it’s a well established company with a proven track record of success that has been around since 2013.
We all should know that 4 years is an exteremly short time frame to start calling disruptive technologies “sucessful”. Tesla was founded in 2003 and didn’t start looking promising until 2014 with the Model S. And Telsa didn’t take public money until 2010. Also bitcoin has been around since 2009 and I don’t think I would even call that a success quite yet. … Another thing, It’s promoted that Mcdonald’s will be using OmiseGo’s payment system. Meanwhile, the exact statement made by the OmiseGo founder is “we’re launching OmiseGo to support omise payments and all existing stakeholders, including our existing and future merchants, such as Mcdonalds… are welcome to use it. No partnership or permission needed” …so that statement tells me McDonalds doesn’t plan to use anything.
Only that they will have the option of using it. Number 2 Omise is a foreign service. Which means I cannot gauge how popular it is, what the market need for it is, nor use or test their service so I can’t judge on if they’re improving or not. And Number 1 I don’t want to deal with it… too many things to keep track of. Omisego would be a long term investment. With Bitcoin, Ethereum, and this youtube channel, I don’t have any capacity leftover for anymore long term experimental investments. If anyone wants to know… I traded my OmiseGo at $9 per token for Etheruem at $300 each. If my decision to sell ends up being a mistake years down the line… feel free to call me out on it. I’m gonna stand by my decision either way. Well, that’s it for today guys. You know what to do. Bing Bing!