EOS Token, What Are You Buying???
According to the EOS contract text, you are NOT BUYING access to the EOS platform, network, information, profit sharing, assets or ANY OTHER THING OF VALUE. In fact, the text is saying in no uncertain words, that the token will have NO VALUE, NO PURPOSE, NO UTILITY.
Here are a few of the terms in the contract:
"1.4. EOS Tokens. No Purpose. As mentioned above, the EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied. Although EOS Tokens may be tradable, they are not an investment, currency, security, commodity, a swap on a currency, security or commodity or any other kind of financial instrument. Company’s Use of Proceeds. Buyer acknowledges and understands that the proceeds from the sale of the EOS Tokens will be utilized by Company in its sole discretion."
"7.1. No Rights, Functionality or Features. EOS Tokens have no rights, uses, purpose, attributes, functionalities or features, express or implied. EOS Tokens do not entitle holders to participate on the EOS Platform, even if the EOS Platform is launched and the EOS.IO Software’s development is finished and the EOS.IO Software is adopted and implemented.
7.2. EOS Platform. Buyer should not purchase EOS Tokens in reliance on the EOS Platform because EOS Tokens are NOT usable on the EOS Platform and do not entitle Buyer to anything with respect to the EOS Platform."
READ THE CONTRACT. This thing has NO value, will never have any value. So, again I ask the question What are you buying?
There are many more things wrong with this offering, I have mentioned only the most important here. I would really like to hear from anyone who can let me know what I missed. How did I misunderstand the language of the text.
Just a note, this is the second time I've written this same article. Steemit misplaced the first one.
good to see some critical voices too https://steemit.com/eos/@dowha/eos-how-much-will-cost-me-1#@carlostiziano/re-dowha-re-dowha-re-carlostiziano-re-dowha-eos-how-much-will-cost-me-1-20170625t183528550z
EOS understands how the game is played that is why it says it will never be anything - this is to get around liablilites and stupid regulations.
I think there are legal reasons why they cannot commit to any obligations to token holders, even if they still intend to.
When I read the terms and conditions for the Monaco card ICO it also said that there was no guarantee that the product would ever be launched.
Investing in cryptocurrencies and digital assets, especially via ICO carries very high risks. My advice is that anyone who is not comfortable taking such risks should stay clear.
I'm considering the Ether I send to the crowd fund to be a charitable donation to the project rather than an investment.
I don't think EOS ever actually intends to use those tokens. They only provide soft to run an EOS-style chain. As opposed to Ethereum there will not be a public chain.
Moreover transferring those tokens to the EOS world will be a pain :)
EOS can't use the tokens -- they are on the ETH blockchain, EOS is creating its own block chain which you have to take your Erc20 tokens and register them to it -- the reason why EOS uses eth is because its blockchain is not up yet and it needed money to fund the project - so it was a year long ICO.
Yes, I am very curios about this too. Hope anyone knows about this replies. Thank you for risking this important issue.
How would you think about the following statement in 'Technical Whitepaper'.
"Block producers publish their available capacity for bandwidth, computation, and state. The EOS.IO software allows each account to consume a percentage of the available capacity proportional to the amount of tokens held in a 3-day staking contract. For example, if a blockchain based on the EOS.IO software is launched and if an account holds 1% of the total tokens distributable pursuant to that blockchain, then that account has the potential to utilize 1% of the state storage capacity."
According to this statement, there are uses of Tokens (while I am not sure if a work 'Token' indicates EOS tokens or tokens of other blockchains running on EOS.
no uses, purpose, attributes, no currency ... I´m confused. can please anyone clarify.
The originator of the currency often has a purpose they wish to fulfill, e.g. do Artificial Intelligence research, provide co-working spaces across the globe, or create a credit card powered by Bitcoin, and they explain this in their White Paper.
Some believe a cryptocurrency has to have some purpose if the cryptocurrency is to have value; while others believe that all you need is a ton of users (coin owners) who all just simply believe the cryptocurrency has value.
When you look at the old-style fiat currency (like dollar bills or Pounds Sterling) most people give those pieces of paper some value by just simply believing it is worth some value - its a community agreement to accept & use such pieces of paper in exchange for goods and services.
I believe the purpose of EOS was to also provide blockchain developers an easy to use framework to create scalable feature-packed blockchains. So you can consider that the crowdsale is more-or-less a charity.
I've been following their source code on the Git repo for a while and it's truely revolutionary stuff.. If the EOS blockchain does come out, then you will be seeing other developers forking it and creating their own.. And I think for that mission, (ie. creating a framework for scalable blockchains) EOS is of interst to me.
I'm pleased to say both articles are now showing if you do a search on your user name - https://steemit.com/@stwbitcoin
Interesting thread. Same thoughts here. I strongly advice people to only buy in to cryptos that have a solid background: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. Do you know this interesting site? https://www.coincheckup.com Supposingly they researched every crypto coin in the scene based on: the team, the product, advisors, community, the business and the business model. They even score the coins stengths. For example: https://www.coincheckup.com/coins/Eos#analysis For the Eos Indepth analysis
EOS has those disclaimers to get around legal restrictions -- anyone that follows Dan Larimer or Brock Pierce would understand this immediately. John Oliver (who is an obvious propagandist gate keeper made fun of this disclaimer and called Brock a deuche on his HBO Show). EOS is gaming the system knowing that people investing in cryptocurrencies understand that our current system is based on Orwellian language that is actually the opposite of it's literal claims -- EX. "Right to work" - really means you will have no rights and will be at the mercy of your employer to do what he wants with you, see the game; EOS is playing the game back at them. So when it says you will get nothing and EOS will never be anything -- it is the exact opposite. I highly suggest anyone that wants to understand EOS to watch a Brock Pierce Video or read anything by Dan Larimer -- Brock is an excellent communicator and Dan is brilliant at understanding human nature, game theory, human motivation, and is the best blockchain developer in the world. The idea is to incentivise people to do the right thing, to give to others and by helping others you help yourself, the more you give the more you get. I think open source development exemplifies this -- it is the exact opposite of what we currently have in industry. Today's pharmaceutical industry illustrates this perfectly; in the current system each lab works independently and is in competition with each other lab to cure a disease, each lab does not share what it learns and is sure to patent any discoveries it makes, all participates in the game make sure they make enough strides to keep the game going - but they are mindful not to create an all out cure for the so said disease - for if they do the cash cow they rely on, which is the disease, will no longer exist (this is one of the reasons why we still have very limited cures for cancer - even after decades of research and billions and billions of dollars spent). The whole purpose is to make those at the top of the said industry insanely wealthy, while most others earn meeger wages and are reduced to a live a life of debt peonage. EOS looks to flip the script -- and that is what makes it so exciting, the idea is to attract people by rewarding them by giving what they have away to others who then give back to them, it creates a feed back loop that will have more and more joining and this network effect will explode -- this is the idea. It will be exciting to see - I look forward to the tipping point in these decentralized systems because once it hits that point it will explode into something that looks like a bubble, but actually is just the network effect (tell 2 people they tell two people ect) also know as Metcalf's law. I love EOS!!!!
if you buy the current EOS (erc20) tokens then you will be able to redeem the real EOS tokens in june 2018 after the mainNet launch , at the rate of 1:1
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