Addressing EOS
It's important to look at EOS with an impartial, unemotional perspective and ask the deeper questions so you can get a better understanding of what EOS is all about and what it's really capable of.
There's a lot to EOS, most of which is very different from what the crypto community in general has become accustomed to.
Fellow Hoosier here! Thanks for the video and your thoughts. I have a pretty solid position in EOS but I agree with you on a lot of your points. The whole premise of an account being deleted after 3 years of no activity is just fuel for the FUDsters for sure. There is no reason for a rule like that to be in the constitution.
Also I agree with you that like we see with STEEM there are ninja miners / founders and some of the original Witnesses that won't ever be "knocked off the horse" no matter what they do. I think we will see a similar type thing with the EOS block producers. They will get up there and then be able to make friends with other block producers and they will basically be in place into eternity which could certainly be viewed as an issue.
The third point I wanted to mention that I agree with you on is that the system is complex enough that even technical people are having problems getting their barrings which could cause issues on down the road as people try to build the system out. There is a lack of documentation for a lot of things in the system so I feel like people at Block.one understand tons more than the community who is trying to build on this system. I'm one of the only people with technical videos out on EOS but that was a month ago and I'm meaning to make more but it is often to complicated to get very much viewership but it helps me understand the system better. It is confusing though for sure.
And you are right. Calling it an Ethereum Killer is getting a lot of people triggered. LOL I don't think it will kill Ethereum. Ethereum will remain as a main artery in crypto but personally I don't feel that any meaningful applications will be built on Ethereum because it can't handle the capacity until it scales.
Hey Brian! Should the BP vote be made a public vote? Could this solve the long term problem of the same BP's voting for each other? Great response friend! Clay
Well i think the issue with that is they can move money to other accounts and still do the voting. It would be like saying that you can't vote for yourself on here. Well people would just vote with their other accounts.
lol "ninja mine" its called a Premine,
Ninja mine is the false narrative pushed by the oligarchs to make it sound better
your right that EOS does this much better with top 10 BP's getting around $million a day is about 10,000 times higher than steems premine
and when you consider bitfinex gets 35% of its votes for top BP spot its evident that a few main entity's have full control and are only printing money for themselves and will dump on everyone that follows based on the false ideologies pushed forward by block.one brock pierce Dan and many others
when someone uses false statements and spreads misinformation on a product or service, it is a fraud I.e a scam
on ethereum, cant scale wont scale,
look forward to bitcoin solutions
Yeah I can't wait for all the social networks and applications built on top of Bitcoin. They should have just build Steemit on top of Bitcoin.
(For anyone else reading this I'm joking.)
EOS raised $4 billion without even having a finished, working product. That is over-the-top awesome. The point is that I think people are putting their money on Dan Larimer.
So the control of EOS by 21 "super" people is unsettling to some but given that Dan will be controlling this, I and others will put my faith in him (and therefore EOS).
Your point about limited number of people in control who will do what is best for themselves is a valid point of concern .....at least in the future. Thank you for bringing it to everyone's attention. The beginning of EOS, I think, will go fine. A few years down the road?? Then you point becomes very valid and something to keep an eye on.
A side note: Steemit has a similar group that controls it. The top 19 witnesses are there to make the decisions and one additional witness is added, chosen by how much MV they have. So Steemit is also controlled by those with the largest stake and/or votes and it is very difficult for someone to break into the top group. This isn't such a bad thing if the right people are there as they have the intelligence and experience to make it work. However, your point comes up again and is valid....will they make the decision based on what favors themselves or for the best future of the entire community???
I consider raising $4 bn without a working product to be an indication of hype and silly investing, not a positive thing.
Yet billions of dollars of Ether are mined every year as part of their ongoing ICO.
EOS and Steemit are no way decentralized. I realized after a lot of work.Its kind of giving a flavor of decentralization but not completely.I think the block chain technology is not mature enough in a way to support consumers APPS like steemit or others which needed higher transaction. But no way if the network is controlled by just 21 entities. Voting or electing the entities is democratic in some sense but there is always voter apathy and skewed representation by entities.We see it all the time in elections to public offices
Thanks for sharing your thoughts @heiditravels.
From my point of view, there is a lot of debate over the legality of fundraising and the long-term success of platforms like Ethereum and EOS.
Blockchain technology and decentralisation are grossly inefficient, but the rewards can be great. It makes sense for Bitcoin, as a sound money that hedges against inflation and government monetary policy. However, with many other projects (as we see in many of the ICOs), the inefficiencies of decentralisation will make it very hard for those projects to compete with their centralised competitors (think Facebook and Google).
If you have time, listen to the last 15-20 minutes of this podcast and let me know what you think. 👍
You raise some good points, and a few things I did not know... like the 3 year inactivity rule. That is a most concerning feature. Thanks for your great reporting.
Love your videos!
I think the people calling it an Ethereum killer are the commentators online?
I guess the Eos constitution is clear on all the points you raise and anyone involved should inform themselves rather than wait to be told...
Centralised...compared to what? 3 block producers own 51% of ethereal block production.
Chain pausing...the problem got fixed didn't it?
Accounts being frozen prevented stealing and great example of arbitration...
For those who don't like Eos, why not focus on the cryptos you like instead?
Room for many cryptos in my opinion...
thank you got your information as usual. I'm still learning a ton about eos and I truly can't complain about anything as steemit has changed my life also and i'm ridiculously grateful for dan .. my life will never be the same. i need to spend more time talking to you. you have a better handle on all of this and i definitely want to do that interview i was telling you about :)
They delete your account and steal your funds after three years? Good grief! I didn't know that. So much for hodling EOS!
Thanks for a very informative vid.
Worth reading the Eos constitution but then do any of us ever read the small print of anything? We rely on being informed when I'm reality we should inform ourselves and be proactive.
I read all the fine print of the coins I invest in. This one is getting skipped!
Very nice breakdown. I'll be looking forward to the comments on this one.
Very informative video... Definitely learned a lot about EOS that I was unaware of, haven't really been following very closely (for some of the reasons you've touched on)...
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