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Nice affects only your processes. Ionice doesn't work inside an openvz container.
This, however the nice value on a process does have slight potential to impact other user's processes. The nice value is not only compared against that of other processes in your VPS, but all processes on the node. That is to say, you setting the nice value has the same value as the root node user setting the nice value.
So if I nice something to 10 it'll have lower priority than all non-niced processes on other nodes?
Correct. I think a lot of people don't realize this, I used to see people set their game servers to -19 all the time.
I want to know more about this, can you give a more detailed explanation?
Basically as a customer on OpenVZ you can set your processes to have a higher or lower priority than other processes on the node. How much of an impact this can cause is a bit over my head in math, but the key is that in OpenVZ your container is not in itself a single process under which your processes run, like KVM. Your nice values would be respected as though the root node user set them, unless the OVZ kernel has a function that I'm unaware of.