Why EOS may represent your best bet if you dream of turning $10K into a million.
Why EOS may represent your best bet if you dream of turning $10K into a million.
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( Disclaimer : Because the information on this blog are solely based on my personal opinion, it should NOT be considered professional financial investment advice. - The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. )
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Back in 2016, I was trying hard to convince my Family and Friends to invest into this relatively new and risky crypto-asset called Ether.
« Smart contracts and decentralized applications - also known as dApps - are going to revolutionize the World and the Internet. - If you invest early enough, with a descent amount of money, you might well become a millionaire within a couple of years. »
Sadly enough, nobody listened... and they missed the once-in-a-lifetime opportunity to turn $10,000 into a whopping $1,000,000+ life changing fortune.
« Smart contracts and decentralized applications - also known as dApps - are going to revolutionize the World and the Internet. - If you invest early enough, with a descent amount of money, you might well become a millionaire within a couple of years. »
I, myself, was surprised (and still is) by how fast Ether - the native « currency of the Ethereal network - went from a few bucks to a all-time high of $400 USD.
At the same time, I predicted Ether's dramatic rise back in early 2017.
Back when the price of one Ether was just $30.00, I predicted a rise to above $85.00+ dollars. - The pitchfork and fibonacci levels gave me a target of above $280.00 by summer 2017, but I refused to believe it and I crossed out my $280.00 target.
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Now, let's be honest. - Although Ethereum is a cool and promising project, the fundamentals behind this new technology do not justify such a massive price increase.
The sad and cold truth is that Ethereum has almost NOT evolved since I was urging people to invest in it.
Apart from the DAO fiasco, nobody is using the Ethereum (today) for dApps or smart contracts.
Yes, people are raising crazy amounts of money (through ICOs) on the platform, but no descent dApps or products are actually being run on the Ethereum network. ( Apart, maybe, the Ether-Delta exchange which is quite slow compared to other DEX such as BitShares or Waves )
Apart from the DAO fiasco and from EtherDelta, no dApps are actually being run today on the Ethereum Network.
The Ethereum development team is still struggling to achieve more than 36 transactions per second and are talking of achieving Visa throughput of 20,000 transactions per second in 5-to-10 years.
For the decentralized network aiming to become Internet 2.0, this is extremely bad. - And this is precisely why I'll never put a penny of my savings into Ethereum from now on.
Just some numbers...
Visa/Mastercard/American Express : 20,000-to-50,000 transactions per second.
Facebook/Twitter : 50 - 100,000 likes and comments per second.
The NYSE : 150,000+ trades per second.
VS
Bitcoin : 6 transactions/second
Ethereum : 36 transactions/second.
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While it is totally fine for Bitcoin to process only 6 - 10 transactions per second ( as it is aiming to become digital gold, i.e. a store of value ), it is absolutely terrible for Ethereum which aims to replace the current centralized internet network.
Even if Ethereum achieves Visa throughput of 20,000 transactions per second in 5 years, it is still catastrophic. -
How on Earth are you going to run Social Media dApps ? CryptoCurrency Exchanges ? Public Forums ?
IT STILL WOULD BE IMPOSSIBLE.
In other words, Ethereum in its current state is doomed to ultimately fail.
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If another cryptocurrency/cryptoasset would offer everything that Ethereum offers ( or promises to offer in the future ) while providing high throughputs, low latency and high scalability, would you invest ?
I sure hope so ! -
Extremely-High Throughputs
Extremely-Low Latency
High Scalability
are the 3 conditions to make the Ethereum network ( or any similar network ) work.
Now, imagine this new network to provide, not only, those 3 requirements, but also free transactions as well as decentralized governance through the votes of the token holders.
Let me introduce you to EOS
While you can imagine Ethereum as a computer ( a very slow one ), you can imagine EOS as both: a computer and a operating-system that has the potential to scale up to millions of transactions per second with a sub-second latency.
EOS may not stand for Ethereum-on-Steroids, but that's exactly what it is.
A Commercial Ethereum that offers, not only the fastest network possible, but also an operating system with databases, decentralized governance and account identification to help developers develop their dApps and smart contracts.
While Ethereum wouldn't even be able ( in its current state ) to support the traffic of the SteemIt social media, EOS has the potential to run huge websites such as Facebook, Amazon, Google and the NYSE will using only a small percentage of the total network.
When, back in 2016, I urged my Friends and Family to invest in Ethereum... I was thinking of a network like EOS who could eventually become the Internet 2.0. ( i.e. a decentralized version of the Internet network ).
EOS is what Ethereum was supposed to be... When in 2016, I was thinking about investing in Ethereum... What I was imagining in my head was a system like EOS.
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Now, EOS is still in its ICO phase. - Which means that tokens are still being issued for its development.
Every day, until the end of the ICO process, 2 millions tokens are being issued. - The total will be 1 billion circulating tokens.
With, already, more than 1 billion dollars ( cash on hand ) to develop the network - and the beta testnet is already running at a 10,000+ transactions speed!, it is clearly the biggest project going on in the whole Crypto universe.
My only concern, of course, is the current inflation rate which is quite high during this initial coin offering period.
Pretty Obvious Descending Triangle here. - My target would be somewhere between $0.50 - $0.30 per token.
« More Millionaires will be made with EOS than with any technology in modern history. »
Yes. This has been my thoughts recently. -
The entry, however, has to be properly timed if you want to achieve this long-time dream of turning $10,000 into $1,000,000.
For that, I wish you good luck.
Great post but my opinion is biased because I read everything about EOS. I missed the ethereum boat too, not because I didn't believe in it, but because I was not dilligent enough in trying to find out how to buy it. At the time I was not involved with many exchanges like I am now and I was influenced by the misconception that all the crypto exchanges weren't "safe". I had $7000 in bitcoin that I was ready to trade with ethereum (at the time was $7). Long story short, I did get in at $75 and once again at $150 before selling half my position at $300 (after it had corrected back from $400). Obsessed with this "missed fortune", I started studying cryptocurrencies, found and registered with Steemit for the sole purpose of learning more about cryptocurrencies (until @ackza convinced me to spend more time posting and curating on this platform). I found EOS and share your belief that this has a 100x potential. The reason I came up with POTENTIAL 100x return is currently EOS is has 1/63th the market cap of ethereum and with cryptocurrency market set to keep doubling until it reaches mass adoption. Of course the key word is POTENTIAL because they have yet to prove themselves. I've been accumulating EOS on the dips from my trading profits at 50 cents and recently sold a portion to take profits as I think it will dip a little more under $1 (I will buy again at 75 cents). If there's another FUD campaign by the likes of China or Jamie Dimon opens his mouth again and it goes to 30 cents, I will be all over it more than a shopaholic on Black Friday at Walmart.
What are your thoughts of ethereum being scalable? That is the single biggest threat to EOS' existence. EOS is just "on paper" now while ethereum is already being used. In comparison, ethereum did not have this threat from bitcoin as bitcoin doesn't have the smart contract capability. I would be interested to know your opinion on this matter. Thank you.
In order for Ethereum to be a threat to EOS, it would have to change it’s entire infrastructure.
Ethereum has many structural problems that prevent it from scaling properly. None of the changes proposed by the Ethereum development team address those issues.
Bottom line: Without Asynchronous communication, without Horizontal scaling and without Decentralized governance, Ethereum will never be able to perform the number of transactions per second needed to fulfill its promises.
Which eos? Is it the token with EOS1 Symbol or the one with the EOS symbol on the ethereum blockchain?
They both represent the same thing. -- ERC-20 EOS tokens will be frozen right after the ICO and they will be redeemable for real EOS tokens on a 1:1 basis.
« By buying into the ICO, you are reserving yourself a part of the pie [ of the EOS tokens ]. » - Dan Larimer
That's a great post, thanks. Where do you see the difference to litecoin except for the size? It seems to have a similar concept as EOS.
And something that is usually a bit ignored: How strong are the developers of EOS, are they able to grow and carry the weight?
Function and Purpose : Litecoin is not a smart contract platform, nor does it run public dApps.
EOS team is one of the best in Crypto. Having built Steem and BitShares. They have already succeed at scaling thousands of transactions per second...
Plus, they are the best funded project with more than 1 Billion dollars cash on hand.
thx for the answer. Those are good points and probably explains why it took so long until steemit was running smoothly again when they are busy with something else^^
I reread your article and you mention that EOS is supposed to manage 10k transaction per second. That's a lot but not enough. I imagine, 1000 times as much will be enough for the next 10 years if it is supposed to grow so big. After all the NYSE is not the only high frequency trading platform in the world and AIs are getting better and cheaper by the day. Are there indicators for the maximum of trades per second that can be made?
I will follow you now.
He didn't say EOS is supposed to manage 10k...
He said EOS beta testnest is already running at over 10k tps.
EOS is working on running parallel threads instead of just singular like all of the rest. The goal is to be able to handle at least 1 million transactions per second by the launch.
Ok, the million mark would be a big one. Thanks for your information.
I really dont buy that decending triangle chart. Just look at the volume that went in.. It also resolves around the end of the ICO period. Lots of news that will drive price will come out between now and the ICO end.
Great point about inflation. Most people overlook that.
I did a post about EOS buying guide and another post about inflation.
Overall I agree with your assessment. EOS has the potential to be a super-wealth builder.