First dip into EOS, is EOS easy to buy?

in #cryptocurrency7 years ago

A Little Background:


Since the announcement of EOS by Dan Larimer without much detail at the start, everyone was waiting for the conference at consensus 2017 to get a peek at Dan's latest project.
I was one of those person that really wanted to know what EOS was about and when someone who was attending the conference posted a video of the presentation I immediately jumped on it. (I will leave a link to the presentation at the end of this blog post)

Of course after watching it my first reaction was: "this is the best project of the year, how do I invest?", well I discovered that the process was not gonna be the standard ICO (Initial Coin Offering) model but based on the AGS (angelshares for those that were there at the time) model where each day a defined number of tokens go on sale and this amount is divided equally according to the amount of ETH sent by people.
I think this model is better because it gives the same opportunity to everyone to buy tokens during the ICO year even if you decided to invest later you would still be able to get a good price for EOS.

eos_front_token.png

How come I only invested in EOS today?


Well when the ICO started I realised it was gonna be on the Ethereum blockchain as a smart contract and that I needed an ethereum wallet which I didn't have at the time. Since I wasn't experienced with ethereum and how their smart contract worked I thought I would wait a bit and do some more research before sending money on a chain I didn't understand.
The fact that people were going crazy and a lot of FOMO(Fear Of Missing Out) was happening during the first days of funding did help me in my decision of waiting a bit longer to buy into EOS.
During the first 10 periods(excluding period 0 which was a bit special) it was more than $4M USD going into EOS everyday with a peak of $12M USD which equals a price of $6 per EOS, I thought that the market wouldn't be able to sustain this rate for the next 340 days and that there will be a time when I can buy in cheaper. My goal was to buy EOS at a lower price then on period 0 which was 0.86c USD per EOS. After watching the price for the last 2 months I finally saw my opportunity as the price started to decline below $1 USD for the past week or so. (I am using https://eosscan.io/ to watch the price)

Making It Happen:


This morning less than 3 hours before the auction ended the price was about 0.3c and I decided to buy some, although in the end the final price was around 0.58c it was still a good deal and I am happy with it.
If you check the price history period 73 was actually the cheapest day so far to buy EOS but I am sure other opportunity will arise in the coming month considering the current bloodbath around crypto so if you want to invest get your ETH ready.

Eos_period73.png

The Tools:


If you care to know I have followed https://eos.io/ instructions to buy the coins and for the moment I am keeping them on a wallet provided by metamask.io which is a chrome extension, it works in pair with the eos website/distribution app. It is very easy to setup and use, if you do use it please don't forget to backup the wallet to avoid any problems down the road because it would be a shame to lose those precious EOS tokens.
For the moment I am keeping the tokens there because I still have to understand how it all work as far as registering the tokens and claiming then, I still have some more research to do on the subject and on EOS in general, I will keep you informed about that.

Anyway thank you for your time and feel free to leave your reactions in the comments below and I will see you next time.
signature_walterjay_interactive.gif

For those who missed the presentation here is the link to the video on youtube of EOS's presentation at consensus 2017 in May of this year which happened in New York City.

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The interesting thing about eos and steem and bitshare is that they have a chart looking almost similar, in the start we see the high price and after that lower, lower and lower, and it never comeback to inicial price, this why I don't like to trade with this coins, but I hope that they will go up someday.

I see what you mean but it isn't true for Bitshare as the price did set a record this year(June 2017) reaching over 1Billion USD in market cap which is higher then the 70Million cap in September 2014 which was the record for nearly 3years.

Hopefully Steem will follow the same path and be 10-15 times higher in 2020.

I hope so. ☺

Nice tip. I didn't even know you could buy EOS off the exchanges. But of course you can, how else would the EOS on the exchanges in the first place!

Do you know if it is normal that you can get lower prices on EOS if you buy it from eos.io?

Thanks
@ronni

Well the price you get from eos.io is only valid for the day you bought them and it does vary according to the amount of ETH that got sent to the address of the smart contract during the day. Those EOS you "buy" on the site are new EOS that are created/released everyday at a set rate of 2M a day and those 2M are not affected by the price on the exchange which only sells EOS that already exist. You could compare that to bitcoin mining where the newly mined bitcoin have a different price(according to electricity cost and difficulty) compared to the bitcoin currently in existence and that are selling on the exchanges.
That would be my guess for the price difference.

I guess you would be able to calculate close to release time if you get a great price.

Would you be able to sell them off on the exchanges immediately with a profit afterwards?

I am not sure if you can claim you balance immediately since I have not done it yet, I am currently leaving EOS on the same address and plan claim it all near the end of the ICO.
As for the calculation you can't know for certain what the final price will be until the current sale of the day has ended so arbitrage would be difficult. From what I have experienced today some people just send their ETH during the last 5 mins therefore bumping the price up (more than +0.20c/EOS during last minutes) so you could end up paying more the the price on the exchange.

Thank you for clarifying this Walter!

Hi Walter, sounds like you got a very good deal. I'm also looking into the registering part. The info on the EOS website mentions calling the 'claim' and 'register' methods on the EOS Token Distribution Contract. However it seems that the registering is a separate step to claiming!

Yes it isn't clear to me either I will do further research on the subject. I am looking around on previous articles under the eos tag, might be able to find the information we are looking for.

There's some basic info and step by step guides. What I find interesting is that on the EOS.IO site under 'advance participation' it also mentions options to map to either a Steem or Bitshares public key to register. I think more info will become available before the end of the distribution, especially as falling to register a public key is identified as a technical risk.

This is a solid project, easy to buy? not really because i want to see this coin in common exchanges as bittrex but you have an amazing wallet to save them as exodus :)

Well the thing is I prefer to avoid exchange when possible because I feel safer holding my private keys specially for a coin like EOS where the product isn't launched yet, we can't know for sure that an exchange won't be hacked until EOS is ready. As for exodus I did look at it and use it previously for DASH and Litecoin but I saw that it was written as not compatible on eos.io website probably because it cannot interact directly with the ethereum blockchain and the smartcontract. In my opinion it is worth taking the extra precaution and follow the guideline provided by eos.io until the EOS wallet is ready to use.

Thank you for this post. Is there any step by step process to claim EOS. Sorry I am new in this field !

I haven't look into the claiming process yet, but when I do I will post about it.

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