Are you a top 1000 REQ owner?

Yes

Top 100 here.
expecting $2 EOY

999,999,954.220 who got burned this time

just accept that you're a brainlet and can't fully grasp the concept of decentralization or cryptocurrency

So the network is doomed for failure since it can't function without it's dying function-less token?

No that doesn’t make sense

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I'm just waiting for someone to tell me how owning a token with no function has any prospect of attaining value.

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Well what happens when there are no more REQ tokens to burn? How will the network maintain itself since it relies on a finite asset?

Because there is a small fee every time someone uses the network, and the fee is used to buy REQ tokens at market rate and then burn them. If a lot of people use the network, there is going to be a lot of fees being paid, which means a lot of REQ tokens being bought, which drives the price of the token up just as if a lot of Bitcoin was being bought.

>I don't know the answer and I'm frustrated

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ew I know right, just the concept of it is so creepy.

i only have 666 req and theyre on an exchange (not on purpose though - i hate the devil)

im poor. only just started getting some req in the last few days though, hoping to collect more. fucking wish i could have a top 100 or even top 1000 wallet of any investment but im a wageslave.

last week or so started moving out of BTC and started slowly collecting alts that ive been eyeing since everythings dumping so much but there are so many good alts that im only probably going to get like 5-10% of my profile in req for the time being.

>which means a lot of REQ tokens being bought
And then burned... which means they can't be used again... which means the network would cease to function once there arent any more tokens to burn? It's not like people have any advantage from buying REQ.

If a lot of people use the network, that will drive the price of the REQ token up, and therefore a smaller portion of a token needs to be bought per fee. As the price per REQ token goes up, the amount of REQ per equal fee goes down. It’s mathematically impossible for the supply to run out.

>mommy mommy the bad man is asking questions i dont know the answer to

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>that will drive the price of the REQ token up
Why would it drive the price up, since the REQ doesnt do anything but burn? What is in it for traders?

It gets market bought by a smart contract for burning

If someone does a million dollar transactionon REQ, .5% of the transaction (the fee to use the Request Network) will be used to buy REQ tokens at market rate from an exchange. If a lot of people are doing transactions on the Network, this will lead to a lot of tokens being bought which drives the price of the token up.

For an equal size transaction, more REQ tokens are burnt when the REQ token cost is cheap. For a million dollar transaction, more REQ tokens are burnt if the cost per REQ is ten cents than if it were ten dollars.

Now we know that more transactions on the Request Network leads to more REQ tokens being bought in fees which leads to a higher token price which leads to less REQ tokens being needed per fee. Get it?

If hundreds of billions of dollars are used on the network, this will lead to millions of dollars being spent on REQ tokens, which will lead to a higher token price, and therefore a smaller token amount to pay for a given fee.

>The network usage fee of the Request Network is in-between 0.1%—0.005% of the payment amount requested in dollars. The maximum fee paid per request is 1.50 dollars.

A small correction on your .5%

Because it burns tokens by market buying them. From a seller. At some point you run out of people willing to sell for a price and it moves up. This is just like any other supply/demand argument.

Kek

Powers the network as req is required for each transaction ( req gets burned)

Okay thanks that makes more sense.

Took you a while

So where do the computations behind the Request network take place? Is it accomplished by computers mining ETH? This is the only thing I don't really get about it. Where are requests processed?

Thats because most of Jow Forums entered around 4cents and the questions came up a million times already and at this point 95% of this is purely FUD from other investors asking stupid questions so people are sick of explaining it over and over and over again
How about you do some research of your own anyway? You clearly didnt even try to understand the project yet

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I'm gay for massive brown dicks and I'm not currently invested in REQ

From what I understand the token burning goes to 18 decimal places or some such so that the amount of tokens burnt is also drastically reduced later on. Right now since the token supply is so large it can be 1 REQ or so per transaction but eventually it will go down to .000000000000000001 REQ per transaction or so.

I'm only in REQ for 1k tokens right now since I'm a poorfag and that's all I can afford, but even if the token ends up being mid-tier in terms of price like Monero or DASH I can still be comfortable for a year or two on the proceeds while I put significantly more capital towards a second moon mission. Unless of course REQ does the unthinkable and goes to BTC levels in which case I'll be in lamboland, but that's a 0.00000001% chance of happening

I think we can agree that the burning mechanic exists for the sole purpose of creating demand to an otherwise useless token, because they have to reward their investors in some way.
What I'm concerned about is whether they are obligated to keep the burning mechanic in the future or if they could alternatively dump their Req holding and then just stop converting the collected fees into Req.
Not only would they get a nice cash inflow by dumping the Req, but they (or pwc) would also get all the fees.
Could this theoretically happen?

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Yes that's correct, it's built on top of Ethereum

REQ was started by a nonprofit (and has to stay that way because it’s open source) and because it’s a decentralized project, the token is necessary to give people an incentive to maintain it.

I'm at around 250.

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How is the token necessary for the service they are providing? The only use case is being burned - which only happens to give value to the investors.
My questions boils down to - can they screw up the investors in the future, or are they obligated to keep the burning.

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>how are paypal fees necessary for the service they are providing
this is what you're asking. Nobody is going to do anything for free and this is a new business model, that's all

Huh, neat. So REQ needs miners to keep mining unless it jumps to a different blockchain. Thanks

No, ofc it won't be for free, jeez. Ok, here is how its currently: You send ETH to someone via Request Payment and a small amount of that ETH is taken as a fee, then gets converted into Req and that Req is then burned. Can we agree on that?
Why have step 2 and 3 at all - why not just take some ETH as fee and not have the burning mechanic? Right, because they need to reward investors.
But, do they have to keep step 2 and 3 forever?

wow wait guys wtf he's right what do we do???

Reqs a scam

When alot of Req tokens are burned, they rise in price. When Req is worth alot, then every transaction will only burn a very small amount of Req. It would take hundreds of years to burn all of them.

Don't worry req bro, the team stated that they would start burning tokens from top holders first.

Req eats the rich

>Why have step 2 and 3 at all - why not just take some ETH as fee and not have the burning mechanic
Because this way any and all request dapps will result in profit for the foundation who own a lot of tokens. If random devs round the world had their dapps adopted and nobody used the ones the foundation made then all their work was for nothing, random devs would be profiting in ETH from their platform.

its irritating that your totally reasonable questions gets such dumb responses even as you further specify the nature of the problem

Almost 10% of my stack got burned today wtf. How do they decide which coins to burn?

holy shit
hes asking why other people cant just pocket the fees earned from someone else's work
there's no free lunches in this world kiddo

and if the foundation kept all the fees then why would other people build on top of request?

read the fucking whitepaper or their blog... these are simple concepts that are not hard to understand

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This would work but I think having their own token gives the devs and the network as a whole some independence from Eth, especially when the future of Eth was uncertain and still is.

It's a pretty reasonable question that's already been answered, if the fees are eventually brought down to the point where all that's burnt is .000000000000000001 REQ and the REQ supply is still in the hundreds of millions it's going to take a hell of a long time for the REQ to be burnt to nothing, in which case that's either enough time for the company to have created an alternative solution, nuclear war to have enveloped the world, or any other number of things to render the issue moot. In other words at that point REQ would have to process 10^18th power transactions for a single whole token to be burnt.

This system may also be how they are able to keep fees so low to begin with, remember they're significantly undercutting other payment transaction costs, even credit card/debit card transactions, which may be part of the reason why PwC is supposedly so interested in partnering with REQ.

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#335 here. That makes me a little nervous as 334 people have to make it before I do. Until then I'm poor like the rest of you chain gang niggers.

Aren't this ponzi :3

?? I retard this seem like ponzi!

Baby please post feet

I feel like anyone that can stay within the top 500 is fine. Dude, we're in the top 1.5% of all people that hold this token.

If REQ actually moons, that % will just shrink dramatically as more people jump in. There are only 34800 people in total that hold any. If this takes off like we assume it will, 500+ people getting rich is fucking easy.

Thanks for posting this user, I'm in top 250 and this really surprised me.

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Asia is pretty fucking stupid it seems.

They fall for scams like TRON and NEO. Really makes me laugh at the idiots claiming slant eyes have high IQ...

When do they get credit card payments working?

Top 250