EOS RED FLAGS!!!
Lately, there has been an incredible hype concerning EOS. A lot of huge influencers have deemed EOS as an ethereum killer which got a lot of people investing heavily without really researching it.
However, there is much concern that can be found when reading their TERMS AND CONDITIONS and the EOS FAQ!
Here is the three main potential red flags that needs to be adressed:
1- EOS tokens are erc20 tokens
EOS tokens are distributed in the form of erc20 tokens. The problem with that information is that erc20 is an ethereum token used in the ETH blockchain. Basically, tokens are being distributed, but will not be used in the EOS platform. The question anyone should have faced with this fact is why isn't EOS developing their own tokens in their own blockchain?
2- You have no guarentee at all!
According to the EOS FAQ, holding erc20 tokens gives you no rights whatsoever! They mention clearly in their FAQ that you are not owed anything by holding the tokens thus you should not expect to receive any other digital assets in exchange for the tokens. It is also mentionned that the compagny behind EOS (block 1) is not responsible for lanching the EOS platform which inevitably cast doubt about the launch of the platform. They also reserve their right to change their software to their will and potentially devaluate the coin.
3- The EOS ICO is locking up too much Ether
Every single day, the EOS ICO is locking up 15 000 ether. As of today, about 1 100 000 ETH have been locked into the ICO and if the current trend continues we could see that number rise to 6 million ETH by the end of the EOS distribution! All of this is tied up under one compagny which is block 1.
THE CONSIPIRACY THEORIES
1- Is block1 collecting all those ETH just to do dump it on the market and crash the price?
2- Is block1 collecting all those ETH just to be a really big part of the Ethereum network once they move to proof of stake?
3- Are you sure that the price of the EOS token is'nt rigged everyday? Block 1 could buy their own tokens to keep their price up?
The cryptocurrency space is still a very unregulated and new market! I am not saying that EOS is a scam, but these issues needs to be adressed and considered!
For more details, please watch the video below:
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Those are some pretty red red flags! Thanks @adixx
You're welcome :)
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Many unanswered questions yet 454 million $ market cap.
I clearly chose the wrong business to be in 🤗
Let's just hope it's not a pump and dump otherwise people might lose serious money !
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