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RE: EOS is a bloody bargain right now - Conservative price targets
From your comments in another thread I note you are really not on top of the situation, I suggest looking at their FAQ page as well as the T&C.
Tokens entitle you to vote for whoever wants to build the blockchain and will be redeemed for actual EOS tokens ;)
It's not what I read on their official website in the terms of the ICO sale.
Read their official FAQ on their official website concerning their ICO sale.
Do you read the iTunes TOS every time you update? I hear it allows Apple to sew you together with three other people in an ass to mouth fashion whilst gluing an iPad to the front person to create the first true human interfacing device ... They've never actually done it to anyone though.
OK that's actually just a South Park reference and gross misuse of hyperbole, but you get my point. Legal mumbo jumbo is nasty, and it's supposed to be nasty, it's only purpose is to protect the company in any and all circumstances, to ensure all bases are covered - no matter what.
As Block.one aren't actually launching the blockchain and the software will be open source, it would be incredibly stupid to try to enforce anything about an unknown third party in the T&C. No compliance expert worth their salt would allow that in terms and conditions, and especially not when high level staff are US Citizens who could be well and truly raw-dogged by the most over zealous regulators in the world.
Who ever launches the EOS blockchain will need the backing of 15% of the ERC20 token holders. It's stated clearly on their website and it's no doubt written on a smart contract somewhere (feel free to research that - I personally CBF). I don't think token holders will vote for a group who's planning on human centrepeding them.
Having said all that, as only 15% of the token holders are needed and the software is open source, multiple instances of the Blockchain could be launched and some groups may offer better/worse conditions to ERC20 token holders.
If anyone can launch the software then you can launch it too and make a new ICO to distribute the tokens, the actual ICO money went into block.one pockets, but to launch the blockchain you need money and a team, so a new ICO is needed and the first ICO donators are just donators in my opinion, those who will launch the blockchain don't have any incentive to give anything to the ERC20 EOS token holders.
If anyone can use EOS and launch his own blockchain then my best guess is that a new company will do a new ICO to collect funds to launch it. I think at least a couple million dollars are needed for this, and 5 to 10 for long term development.
They can't launch the blockchain without the ERC20 holders - they have every incentive to look after them. We'll talk again down the track and see who was right :)
I'm not sure about that, can you please provide some material backing this statement ?
It's in the FAQ on the eos.io website which I have already directed you too.
Block.one are going to hold 100 million of these tokens, they will need the support of another 50 Million token holders to select a team to launch the blockchain. They have every incentive to select the team that will add the most value to the 100 Million tokens they hold.