EOS's not a scam, but who knows what it is

in #eos7 years ago (edited)

So I'm like much of you among the people that bought a bunch of EOS at 0.90€ on exchanges and made 300-400% profit in just 2 days. Now I'm seeing my EOS going down on value, and I can understand why: at first, the 200M tokens issue in block #0 were issued to people that maybe didn't even know how to claim token after funding.

And most of them didn't claimed them.

The other ones, clever people, posted higher sell orders than what the evaluation would be at the moment. As eosscan.io suggests, price of EOS tokens at the end of block #0 was 0.7831 USDT.

So the higher orders were, at first, higher than that, i.e. around 0.90. For the first 2-3 blocks, the amount of tokens effectively claimed was not so high, hence the price went up more and more because people wew in a hurry to get tokens ASAP on exchanges, mostly Kraken.

This brought the price up to the All Time High of 6.2€ on Kraken, in the middle of the night for us poor European traders.
When I woke up that morning (it was Monday, the block #0 tokens were issued 2 days earlier) I saw my EOS at about 5€, so I sold a bunch of 'em.

eos-wp-github.png

Now, 6 days later, the price is about 2€. I think we could see a bit of a rise-up when EOS team members will talk at the London Fintech Week early next week, but I don't think there will be a huge rise: big whales can always be coming but, as noted on the Technical Whitepaper on Github:

"PLEASE NOTE: CRYPTOGRAPHIC TOKENS REFERRED TO IN THIS WHITE PAPER REFER TO CRYPTOGRAPHIC TOKENS ON A LAUNCHED BLOCKCHAIN THAT ADOPTS THE EOS.IO SOFTWARE. THEY DO NOT REFER TO THE ERC-20 COMPATIBLE TOKENS BEING DISTRIBUTED ON THE ETHEREUM BLOCKCHAIN IN CONNECTION WITH THE EOS TOKEN DISTRIBUTION."

So, what are these EOS for?

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