EOS Price Rekt Due to Petty Lies And FUD
Hello everyone. Let's cover the FUD step by step and see if they have any legitimacy. It's going to be bit of a ramble, so bear with me.
Dan Larimer Leaves EOS
Short answer; No. Dan Larimer is not leaving EOS. Even if he did leave EOS that would not be a scandal. Dan Larimer has always been up front and clear that he is a start up man. He is the creator of STEEM and Bitshares, and with creating EOS he tried to correct some of the problems his former projects faced. However, Dan has "left" both STEEM and Bitshares, and even if he were to leave EOS that is not nesecarily a bad thing. A good project should not only survive without its creator, but in fact it SHOULD survive without its creator. If not, what would happen if the creator of such a project were to die, be sick or for some other reason not be able to do his job very well. Well, that project would collapse, and that means the creator and the company surrounding him did not do a good enough job to secure the business. So rest assure, Dan will "leave" at some point. EOS is not a company per se. It has financial backing by Block.one, but EOS is the infrastructure where anyone can build on. It is up to the community and developers to push EOS forward. What Dan was rambling on about in the EOS Telegram group was some ideas he had in the shower about a privacy coin. Now, I think these top guys should be careful what they say, and he probably realised that as well because not long after he made several statements he was NOT leaving.
But, of course, some damage was all ready done, and I am still seeing TRON boys still "discovering" this news in different chats days after he rebutted it. And there are a lot of ETH-fanboys and others trying to arbitrage off of this fake news. But that's how it is.
400,000 EOS Hack
Wow, this was another one. I heard the rumor on Tronbet Telegram, and of course I started trying to figure out what had happened. I found a post on the toxic subreddit "cryptocurrency" where all of a sudden people talked about 400,000 EOS ACCOUNTS being hacked. Wait a minute, are there even 400,000 EOS accounts? Then someone started talking about 400 million people being hacked. And then I realised that a lot of these people are no different from people living in the dark ages. Back then rumor spread from mouth to ear - verbally. One should imagine that with WRITTEN words and the ability to check any piece of information on a small thing thats on your lap ( In case you still don't know what I'm talking about - A Laptop that is connected to the Internet) But no, people run around like beheaded hens spreading any kind of FUD.
So what happened? Someone wrote some articles like this one that is literally a piece of crap article. Just look at how it starts.
Hello ETH-fanboy. Desperate much?
What the FUD is basically about is that someone months ago created the fake EOS token and beause Newdex did not run smart contracts the scammers were able to get away with some EOS. What the articles forgets to mention is that this has nothing to do with EOS' security, AND not only that, but Newdex fixed the problem AND they paid people back their money. I know this personally because they paid me back me money. And they pretty much regained all trust and is now the go-to exchange for EOS based tokens.
EOS Has No Value To Offer Users
This might be the most absurd and desperate statement ever. And that article is not the only place where I've read this. On the r/toxicandsoreloser subreddit also known as r/cryptocurrency people seem to be quite butthurt that EOS actually DOES offer value. And their only way of dealing with this is through bizarre attempts of attacks. I know ETH-fanboys had this "noble" and quite honestly delusional idea that the holy O´supply chain would be the first real utility of Blockchain, or some other huge industrial utility. Instead ETH can't even do 100 transactions per second, and all its ICO's are facing fraud allegations or cashing out. Whereas on EOS, we are sticking to the realities. The thing is that EOS recently did 19,000 tps on the Jungle Testnet and is doing around 5000 tps on a regular basis. And when a network is able to do that it basically is up to the market to decide where the utility is. And if you like it or not, the market chose gambling. Ok? You may not like gambling, you might think it is boring or immoral, but a lot of people love gambling and gambling on blockchain has utility.
- Invest/mine early and collect their tokens which you can stake for dividends when the house wins (be a co-owner)
- Better transparency (Blockchain - people can prove transactions didn't go through)
- No hazzle with slow IBAN overseas payment and payOUTS.
Anyone who has used sites such as Bettson and Pokerstars know how incredibly bad it works. All of a sudden your money is gone and it takes weeks to get it back. Their customer service is horrible and the experience in general is very bad.
So, like any other industry we have to start from the ground. It's not like Virtual Reality was the fist utility for the Internet. I remember a lot of people talked about it and dreamt of it even back in the 90's. But it would take almost 30 years before it even started to have the tech and interest from the mainstream. And in the meantime a lot of other things popped up that most people never thought about in the beginning. Everyone always has these grand ideas of how something ideally should work. But it rarely works like that. And after gambling, there is gaming. Makes sense right? And you can either join in on the fun or you can sit in ETH and wait..and wait..and wait.
Get your hands dirty in the real world or sit in the church of ETH and never lose faith in the noble utility of Blockchain
And here we are then. EOS got rekt more than any other token lately despite the fact that adoption is rising every day. With close to 40,000 dapp users every day compared to ETH around 5000 and TRON around 2000, it is quite absurd to see that so many people are not able to stay rational. Here you have a huge "internal" market inside EOS that is going the opposite way of the bear market - people making a lot on dividends and trading, and yet all the Ethereum guys can do is to bash EOS. And that's how you know you are winning, when your competitor is spending time attacking you instead of promoting their own achievements. (Hint: They don't have any achievements to promote) And very soon we have new games like Prospectors.io launching (I'm going to start beta-testing tomorrow!) that is taking blockchain gaming to another level gameplay AND graphic-wise.
I can't tell you if EOS is overvalued or undervalued, but all I know is that almost all blockchain development that has any effect on you as a user and investor happens on EOS right now. I see some tendencies on TRON as well to be fair. But other than just copying what EOS has done I don't see any real advancements. And I am pretty sure that the next bullrun will be a bullrun where people will look for projects that are actually functioning. No one is going to buy these speculative tokens with a lot of fancy words that no one really understands. As the SEC is going after ICO shillers we're not going to see many non-disclosed shilling from Youtubers either. That era is gone. We have all learned the hard way. Now we have moved a step further and we want functional blockchains.
And yes, EOS is not perfect. We have the CPU issue to solve, but with the speed of development being done there are workarounds like ZKS and CPU-emergency as well as Chintai while we are waiting for the REX to be finished.
I won't be doing much writing before christmas, but make sure you check back in tomorrow for the third week of gambling dapp ROI stats. Hope you enjoyed it and please leave a rating or a comment!
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