Where do I even begin with OmiseGo? This has been a red hot coin for the past few months. I’m going to be completely honest, I’ve seen the rise of OmiseGo but sat in the sidelines the whole time. Each time I thought a NEO-esque consolidation was imminent ($60 to $20), it surprises me and goes up by double digit percentage points. Part of the inaction was because of a personal distaste with the unethical marketing tactics used by OmiseGo’s leadership and part of it was my blatant ignorance of OmiseGo’s technology and potential. After a busy few weeks, I’ve finally found time to do a deep dive into OmiseGo and I’ve found that this is project with a lot of potential. OmiseGo’s idea is gamechanging. It has a great company behind it, and it’s tech looks strong, at least on paper.
However, a word of warning. There are quite a few red flags with OmiseGo that a investor cannot ignore. It does not have a product yet nor does it have a public Git repo showing work in progress. This is atypical for cryptocurrency projects. Additionally, the CEO, Jun, has been using very very questionable tactics to market OmiseGo including blatantly pumping the coin by teasing announcements of announcements. I also want to call out the unprofessional way he handled the entire McDonald’s Thailand affair and it has left a really bad taste in my mouth (read more about it in the “OmiseGo’s Risks” section of this post).State of the project
OmiseGo was kicked off with an ICO which raised $25 million. The ICO concluded at the end of June this year. OmiseGo will be its own blockchain but at the moment is an ERC20 token. The ERC20 token will be convertible to real OmiseGo tokens at a 1:1 ratio when actual blockchain is released. OmiseGo has stated that they hoped to release the blockchain in Q4.Market misinformation and what OmiseGo actually is
Turns out, most people have a very poor understanding of OmiseGo’s potential. I’ve watched several YouTubers exp...