You Better Buy Some EOS ImmediatelysteemCreated with Sketch.

in #eos6 years ago (edited)


People, if you never listen to another thing I say, please please please for the love of God and universe, buy some EOS while you can. You need to scrape up $600 (enough to buy 100) and get some damn EOS.

Where ETH is Luby's, EOS is Golden Corral
If you are familiar with either of these fine dining establishments, the primary difference is that one Luby's is pay per item, while the other, Golden Corral, is all you can eat. The EOS tokens represent bandwidth on the overall network, while ETH represents a number of transactions and the more clogged the network gets, the more you pay to get your transactions prioritized.

Airdrops
For those of you who are new, airdrops is when you get free tokens because of tokens you already own. This is a way token creators use to promote their tokens and get people to value them. With Ethereum, you have had two major airdrop in 4 years, OMG (which I missed) and the ETH/ETC fork which produced the modern smart contract functionality based Ethereum that has gone from 4 bucks to 1400 bucks (back down to $600 now) by becoming the primary means of handling initial coin offerings.
EOS, which has not even released the official token, already has two major airdrops of tokens, one which will start as an ERC 20, the other which I believe has been done on the EOS network for the registered token holders. The second is a fork of Wikipedia, that will be pay to play instead of freebs for editing.

The first is a block producer. What is a block producer? These are the entities that will create the blocks in the EOS chain and be compensated by the 1% inflation a year of EOS tokens. IN the manner of true decentralization, the creators of EOS will have nothing to do with producing the actual blocks, EOS token holders will choose who does that. What is the best way to get you, the token holder to choose someone for that 1% of the ecosystem per year honor (tens-hundreds of millions of dollars), why not bribe you with an airdrop that puts a portion of that value back into your pocket. (for this airdrop you must have 100 EOS tokens minimum in a registered wallet).
Many Many Many Airdrops are Potentially Coming
When you buy ETH, you get to HODL your coins hoping for the price to go up as people need them to launch new products, or spend them on those new products. With EOS, most of the tokens offered through the system will give a portion away to current token holders. Why would they do this? The EOS foundation plans to use the boatloads of ETH they have collected in the token sale for this very purpose. Instead of raising money through initial coin offerings, a group with a solid team and solid plan for a new platform can just come to Block One (parent of EOS) and ask for funding. BlockOne will let the EOS holders (you) vote on whether or not to fund these ventures.

Transaction Costs and Transaction Value
I made the mistake of trying to get some coins off of Etherdelta when their gui interface was down, by interacting with the smart contract. Not realizing that I had to put 18 zeros behind the amount I wanted to move, I paid 50 cents to move .0000XX cents worth of an ERC20 token. I verified through that mistake that I could indeed get my tokens if I had to, and decided to wait for the GUI to return to service. (There are now two GUI's that work with Etherdelta, the second being called Forkdelta FYI). The material point, you simply can't move small amounts of ERC20 tokens in an economical manner with ETH. With EOS, there are no fees for moving tokens around.

1 EOS = 6.4ETH per Year Potentially
When the EOS network is up to 1 Million transactions per second (EOS may not have this capacity initially), a holder of one EOS token will be able to do a transaction every 17 minutes. Without overloading the network. That is over 32,000 transactions per year per EOS token. While an ETH is supposed to be good for 100,000 of the simplest transactions (ie sending value from one address to another), I am hard pressed to come up with a time I have spent that little, I honestly don't think I have spent less than .0002 ETH in transaction cost in the past month. 32,000 transactions at a price of .0002ETH = 6.4ETH in transaction value alone, per year per EOS token.

With EOS, You Do Not Know What You Are Buying, And That Could Be Very Good
EOS is designed to be a more effective platform for launching smart contracts, but it is also designed to encourage those who launch products on the platform to give HODLers a piece of the action. Imagine if you had gotten 2.1 (that is one ten millionth) of Bitcoin, just because you owned 100 tokens that you paid 6 dollars a piece for. Since there are 1 Billion tokens initially distributed with EOS, 100 tokens is one ten-millionth of the ecosystem (1/10,000,000). In the future, there will probably be tokens that go up as much over 10 years as Bitcoin has since its creation. Will EOS be the environment for all of those tokens? Probably not, but there is no reason it should not be. With EOS, you are not just buying a token, you are staking out your planet in a new crypto universe.

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Definitely agree with you on most of this. As you said I just had a similar post. I completely agree EOS is one of the absolute best coins you can pick up. Couple things though about your post.

Ethereum has not been around for 5 years. I think the sale started summer of 2014 and it launched in 2015. The Ethereum classic was not really an airdrop. I would say OmiseGo would be the biggest airdrop for ETH holders but it was a limited supply.

Another thing and I would like your thoughts on this is the Block Producers airdrop. I feel like this is vote buying, no? I have not looked much into that project so curious on your thought. Otherwise great post!

Hey, thank you for the feedback. I didn't realize OMG was an ETH airdrop? I didn't get any from it.

I guess I don't have a problem with the aspect of sharing the rewards for block production with the Holders, I kinda think that is the model the EOS team intended. Ultimately the whales that will make the decision on most of the block producers are going to want someone who will get these blocks produced in a timely manner, and you can always take your votes elsewhere.
Maybe I would feel differently if you had to actually provide your votes to get the reward, with the airdrop, you really get the reward no matter who you voteo for, of course if you do not vote for them, they might not get to be a block producer and pay you anything.

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