China is Crazy for EOS
China has been swept up by the EOS fever, and it's not holding back. Talk of EOS has exploded in the Chinese community, with everyone and their moms wanting in on this new token. The current market trade volume is evidence of this, with the top 2 trade volumes coming from chinese exchanges (Yunbi and BTER):
And to make matters even more interesting, the combined trade volumes total to more than $260 Million USD in the past 24 hours. That's more than 75% of yesterday's trades. Hitting "TRENDING" in China definitely has its benefits. Whats interesting is that the EOS ICO has no cap and will continue distributing tokens for a whole 341 DAYS! They're not done yet! 2,000,000 Tokens will be distributed every single day until a total of 1 Billion tokens have been distributed! (https://eos.io/)
Double Edged Sword
China has a tendency of taking everything by storm - they succumb to the hype and have serious FOMO. I've been following forum discussions and there have been a lot of basic questions about how to participate in the ICO and how to claim the tokens. Whilst this is good for increasing somethings value, it does make everything unstable due to the insane amounts of hype. At which point does it become TOO crazy.
Will Korea be Next ?
Last month we have seen crazy trade volumes coming from Korea, with Bithumb and Coinone topping highest volume charts
Currently EOS doesn't appear to be listed on korean exchanges, but if it does, how will the Koreans react.
tezos is more interesting
What's interesting about a value proposition that's basically a new programming language (guess we didn't have enough of those) compared to the minds of the platform you just won money for posting in?
Too bad you need to invest basically 1 ETH to get in. Not good for those with smaller wallets, but so be it. Definately looks good if you have the funds.
start of EOS trading is definitely super fun to watch :-)
It's history in the making IMO
I think EOS will start to take attention away from Ethereum as it gets more publicity. Since EOS has just recently started trading, I think the price will fluctuate greatly as people try to make quick profits. Long term EOS looks like a great investment.
Or many are American funds distributed through the Chinese market, seeing that US citizens are not allowed to participate.
Great analysis, pros and cons!
The market does what it does and we need to do what we do. I would say that it's a shame for the people who bought at $6 on day 3 of the distribution, but that's like me saying that people who bought Ether at $6 are victims: it would be a lie.
Thanks for the post @boxmining!
Thanks for sharing this! I just upvoted you
To the Chinese, long term hold is not in their mind. they are in it to speculate and when the price correct a lot of them will be in trouble because they love to margin trade.
quick in and out!
No such thing as value investing in China yet. Hopefully that will change and making the market more stable..
The only thing that really matters is that the popularity of the currency is growing.
People who bought a lot of EOS coins now have pretty good money, and most of them (who are clever ones), sell it.
that's not a coin for long-term investment. so the hype is ok.
The tendency is to see the hype move across China and certainly will take over Korea as well if the trades continue to increase.