Game theory on EOS ICO or how could we try to be rich!
If you tried to participate to eos, you might have ran into strategies to use or abuse the rules of the ICO.
The rules:
Split evenly into 350 consecutive 23 hour periods of 2,000,000 EOS tokens each beginning on July 1, 2017 at 13:00:00 UTC.
Simple right?
The default strategy:
Buy some tokens and hope no many people join in. This implies that you get some tokens below market price, hence you a juicy return depending on how low the participation was. IT is the default strategy, specially if you factor the FOMO (why did people bother to join the first 5 days...?). So what happens :
- No participation for around 20 hours
- The participation gets higher as we get closer to the end of the period
- Every buyer looses since the went over the price market.
I did it yesterday and I was expecting people to stop when it will be about half market price. I guess I am too rationale.
It might be the default strategy but you just need one special day to have your pockets full. So I will build a program to automate that and take a decision around the last hours. You also can pick a special date when no one is around. You can also bet on the fact that the hype will wear off after ~a month.
The hacker strategy
This one involves tricking eos.io, which impacts most users.
I don't think so many people know how to get the info if the website (or their Ethereum node) is down. I would not be surprised if they get DDOS or something similar. You can see their security scanning the website: https://discovery.cryptosense.com/discover/eos.io. Not bad uh?!
The buy cheap strategy
The only time you know the price won't rise is just before the closing period. Because on one end, you have the people buying over market price (except on the lucky days). The question after that is when to sell exactly. I have a feeling it should be around a certain time frame prior closing time but I don't know for now.
Take in account the 23 hours period and not 24, meaning the hour changes everyday. This should impact the way participation is distributed.
The chess game is only starting
I will keep joining for the next days and work on my program. I will most likely buy/sell pretty quickly. I don't think we are anywhere close the lowest point. The price is too high in my humble opinion.
Do you see any other way? I will let you updated for my hackeos program and let you know if I get my retirement money that way.
@cryptohazard... I have done an article myself on this topic. Do take a look @vinyprop
An abstract below:
One might ask why am I being such a spoil sport with respect to ICOs, have I lost any money on them? And to that, my answer would be NO! as I do not believe in gambling with my money hard earned money.
Now another might knock the door which would be, how can someone have the audacity to refer these hugely popular ICOs as gambling events? And to answer this I would in-turn ask a few questions and if you end up answering them in a ‘no’ for most of them, then I would have proved my point.
Q1- Will you give your money to someone just because he or she says that they have a great idea?
Q2- Will you contemplate funding a business which might (and yes might!) become a successful business in the future and possess no value presently?
Q3- Will you ever believe a tailor who says “your blazer will be ready by the evening, I already have all the buttons with me and now all I need to do is to design your blazer, procure the cloth, cut it, stitch it & last but not the least attach these buttons (which I already have with me) onto it”?
took a look. Answering on it!
Thank you for taking your time out... Will wait for your expert comments ☺️. Peace ✌️