EOS Is An Accident Waiting To Happen
It started out as innocent excitement, but now it has reached a point where people are so blinded by the prospect of EOS mooning everyone is joining like an off-key chorus butchering the national anthem.
We get it, you're excited about EOS and the mainnet is launching June 2nd and Dan Larimer of Steem and Bitshares fame is behind EOS, great.
Can we please stop talking about EOS if only for a few minutes? The amount of hype surrounding EOS right now is getting to dangerous levels. Cryptocurrencies are already on shaky ground and the prolonged bear market has been gruelling and unforgiving. I even jokingly posted fake technical analysis where I called EOS an Enormously Overrated Shitcoin written about of frustration.
The hype actually seems to be originating from moon boys and moon girls who want to buy lambos desperate to turn a profit after Bitcoin's relentless drop in value at the start of the year. Everyone is looking to EOS as their saviour, their one chance to offset their Bitcoin losses.
Well, guess what? Not everyone is going to be taking profits from the EOS mainnet launch. Some will profit immensely, while many are going to be left holding heavy bags of EOS just like a few have since the last bull run that reached $23. Remember that bull run? Are you still holding bags you're looking to offload from it?
And if you think that many people invested into EOS see its "long-term potential" you're insane. Hardly anyone in cryptocurrency sees the long-term value of any project they invest in, anyone who claims otherwise is a bagholder and they're in denial they missed out on taking profits because everyone kept chanting "HODL!" and proclaiming they were not going to sell.
On paper, EOS reads like the kind of fantasy that could rival Lord of The Rings, Game of Thrones and Harry Potter all combined. It's promising, but people are investing into a project that hasn't been tested at scale or really at all. I guarantee some people are invested into EOS who don't even know what it is or plans to do.
A Chinese security research firm has already discovered multiple critical vulnerabilities in the EOS blockchain allowing whole wallet nodes to be compromised. and it hasn't even launched yet. For a project that has sitting on billions in investment, it's not a good start.
The biggest problem here is EOS is being set up to fall. People keep saying it's an Ethereum killer, and the EOS team have been dumping their ETH onto the market and as a result, caused Ethereum to drop in value (maybe this is an intentional manipulative move in an attempt to "kill" Ethereum).
As a rule of thumb, one of my investing rules which I stick by strongly is to avoid investing in coins that that too overhyped. And right now, EOS is triggering all kinds of red flags. Unless you were fortunate enough to get in <$10 USD, I would probably recommend staying away from EOS for the moment.
Oh, great... Now look at what you've done, you just made me post about EOS. The cycle continues.
Congratulations on the dan flag! Enjoy the free publicity.
I've read your post because I like to hear all, positive and negative arguments, I was expecting I will read the facts, why is EOS accident to happen. This sounds like something horrible is coming.
What are these "all kinds of red flags"? No details, I have wasted my time.
P.s.
Didn't read comments, short on time, just main blog post
The context is the part prior to that sentence. Maybe I wasn't clear though.
What this means is that EOS and the overhype around it breaks one of my rules for investing in cryptocurrency. Maybe when EOS cools off and any launch bugs are ironed out, I'll consider it. But for now, the heat is too much and people are going to be burned.
For now, everyone is speculatively investing into EOS and calling it an Ethereum killer. I'm weary of big claims, look at what has happened to Neo, another hype favourite that has lost people serious money. And WaltonChain, Nano, etc. Hype = losing money.
I strongly believe it's too late to get into EOS now and make a profit. But there'll be peaks and valleys of opportunity where profit entries and exits will popup.
Thanks for the answer.
The problem (in my eyes) was title of your post, I interpret it like something is seriously wrong with the EOS. And of course I had to read it, I want to see all sides and opinions. Then I couldn't find anything to support the title. (can't for example see it worse than some others, say Cardano...)
I see what you mean. Yeah, it probably is over-hyped like many others, nothing new here. :-)
Although as new application start emerging, this may become quite interesting, like Dan's new Steemit kinnda thingie later this year...
It is really disappointing that @dan flagged you.
I would love to buy more EOS, but not for crack prices, so I am waiting patiently.
Regardless if you guys agree or disagree with @beggars's opinions, you gotta hand it to him for his dedication...
Seriously, the guy writes a manifesto for each of the comments that he receives.
Yep no solid facts to back your statements,
You really should look deeper into things before posting dude.
Please see my reply to @captaincanary above or click here. I lay out my basis for this post.
Why? This post was mainly just a big biased rant against EOS without really going into any detail about why it won't succeed. Just saying "it's unproven" isn't enough.
Wow - flagged by Dan! I’m pretty surprised you are so against EOS, but I think there is a good chance you’ll look back on this one day when EOS is worth heaps. Of course I could be wrong, but you haven’t really presented a compelling argument.
Ouch! Why was Dan so peeved at this?? Just because he disagreed?
I read plenty of work that's bollocks, but I'm not into burning people for it.
With great power comes.. the right to destroy one's ability to earn a few pennies.
@nickmorphew
I wish I knew. I would have loved nothing more than for Dan to leave a comment and engage in debate with me, maybe even change my opinions on EOS and concerns surrounding the hype and overvaluation. I guess it's easier to silence struggling Steem users than it is to spend a few minutes writing a comment. It doesn't reflect well on Dan or the EOS project if this is his reaction to mild negativity about EOS. Especially considering Dan said in his resignation letter he wasn't going to be voting or participating on Steem anymore.
I'm really sorry things worked out this way. Ive only downvoted a couple of people and it was for blatant and unrepentant plagiarism.
Just keep creating content. Dont be discouraged.
Thanks for the words of encouragement @nickmorphew I really needed that.
If anything, this just motivates me to push harder to succeed on Steem. I refuse to let high-reputation/voting power heavyweights silence people on Steem for what I believe to be invalid reasons regardless of who you are and how smart you may be. And evident by the fact that others have commented and engaged in debate with me here on this post and I never once flagged them in disagreeance, it speaks volumes to that.
My goal is to get to the top so that I can help anyone else who finds themselves in a situation where they've been silenced. It's well within everyone's right to challenge the status quo, Donald Trump is a good example. He is hated by many, but he has his proponents and they get vilified for their stance. I personally do not like Donald Trump or what he stands for, but I would never attempt to silence them for it.
@bec-on-the-block
I do elaborate further in a response to @captaincanary above here. I have nothing against EOS personally, I still think on paper its a technically impressive project and I say as much, but the hype around this project is dangerous. This was more of a cautionary post trying to snap people out of the haze they seem to be in.
This is crypto, there will always be ample buy-in opportunities if I see it as an investment that is worthwhile. I am sure when Bitcoin reached $20k people thought we would never see sub $10k again, but here we are. EOS is going to go up on mainnet launch, but it will unmistakingly come back down because not even Bitcoin is immune to gravity.
My post was never meant to be a compelling argument, it was more of a sporadic blog post authored out of frustration over seeing constant EOS posts flooding my feed and subsequently cryptocurrency/blockchain tags on Steem.
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So @Dan is pretty active on STEEMIT....