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RE: Reponse to Vitalik's Written Remarks
@dan
Is what is spoken in this video at 7:10mn into the video true?
is EOS erc20 token a donation with no ties or is it a promised EOS coin on the future EOS platform?
clarify please.
LoL you guys don't understand nothin. ICO's aren't for every-day investors basically. Do you understand the legal reasons of why they do this? If you don't understand the legal reasons of why someone would word their ICO in that manner:
No crypto, including bitcoin is a "reputable investment". This is the wild west of investing.
Had EOS promised you the world in their legal docs, then certainly it would be a scam and they are lying. Rather they took the standard US legal approach to everything, they completely washed their hands of ALL LIABILITY. This is how reputable US corporations operate. They claim no liability and promise nothing, so when you sue them, you get nothing. If you worked in the corporate world at all, you will understand. If you come from another country where you have honest people who believe in doing deals with handshakes, you will never understand. This is USA lawyerism. In the US, if you don't put a warning label on your cup, you will get a million dollar lawsuit if someone burns their tongue from drinking it.
The fact that the EOS ICO makes no warranties and disclaims all liabilities, means they know what they are doing. The difference between them being honest and a scam is, after they have disclaimed all liability, will they still do the project? Will they still produce EOS even when they are not legally obligated to? You see, if they had drafted a contract and something went horribly wrong, people could potentially sue them depending on their jurisdiction. If you disclaim liability, you can do the project without ever worrying about the risk of the project failing due to unforeseen circumstances, since it offers no warranties of receiving EOS.
That's why the Useless Ethereum Token ICO was the best ICO -- 'cause they were honest: https://uetoken.com/
Can't wait for the market cap to be above $1 million (currently at $118k): https://coinmarketcap.com/assets/useless-ethereum-token/
Thats a good way of looking at it.
I had not read that in the FAQs, that is scary. Is there an actual answer for this? @maat-a I am experimenting with Steemit in part to get an understanding of what anything developed on EOS will be like. I like Steemit and as an example its doing a great job but this is a good question.
It's my understanding that these tokens will be redeemable for actual EOS.
I dont think that is the case. I thought I read in there FAQ in the tokensale website that these coins have no rights. It dosnt mention anywhere that the current EOS tokens are going to be redeemed on the other side for 1 EOS.
Well, the whole project is open source, and as so many people invested I think it's likely that someone will create EOS blockchain, where investors get their tokens. It's also mentioned in EOS website that they won't start the blockchain. I think it might be because, they don't want to be seen as the company running and being responsible for the blockchain, probably because of legal reasons. Either way, whoever starts the new blockchain will want to award investors if they don't want to loose trust, and loose to alternative chain (which is easy, to create because the software is already there and it will already have economic power).
Im just stating that it is worrisome that It does not mention these erc-20 tokens that are being distributed for the EOS ICO have no wording in the FAQ that they are going to be redeemed when the blockchain is created. So really there is no certain garauntee that your EOS in your wallets will be able to have any value when the EOS blockchain is released.
Firstly, it doesn't say anywhere that block.one is simply holding on to the ETH.
Secondly, why would you hold all the ETH to then dump it and destroy the value you've accumulated?
Thirdly, do you think that Dan Larimer is going about this entire process to accumulate a token he has many well founded and well publicised criticisms of?
Fourthly, how can the ICO be rigged? It's every 23-hours, uncapped, fully open, and it usually prices in line with the secondary market?
I am simply refering to the wording of the FAQ of this ICO. It simply states that participation in this ICO gives no right or stake in the EOS blockchain. The erc-20 tokens that you buy from EOS.IO have no link or redeemable value in the EOS blockchain. Dont you think that should be mentioned. or else are we buying EOS on the whim?