As Hilarski predicted EOS airdrop token got sold off immediately after Blockchain Snapshot
I usually don't pay much attention to airdrops, but I did happen to see a warning by @hilarski about some users FOMO'ing over the airdrop. It turns out that the price of EOS went to over $9 USD because of it. Many apparently wanted to take advantage of the automatic airdrop of tokens which requires a minimum of 100 EOS locked into an ethereum smart contract. Lets look at the math logically...
Lets assume you had no EOS and had to buy 100 to get the airdrop. That would be approximately $900.00 USD. It turns out that EOSDAC is trading somewhere around $0.20 USD. How much would it have been to buy 100 EOSDAC after the airdrop? That would be 0.2 x 100, so $20.00. What this means is that if you bought much more than 2 EOS to get to 100 EOS for the automatic airdrop, you lost money.
This is how much FOMO distorts value...
The green spike above represents the price in Bitshares per EOS and at one point EOS was trading at one for every 60+ Bitshares. Now it's back down in the 30's.
So the next time you hear airdrop, probably the best course of action is to hodl and wait until after the airdrop to buy more because this seems to be one of the best predictors of a downturn in price. Thanks to @hilarski for the advice.
Donations (public bitcoin address):
3FwxQsa7gmQ7c1GXJyvDTqmT6CM3mMEgcv
I already had mine so I didnt do anything excessive to get the free coins. I also wont sell them immediately for 20 cents or whatever they are going for.
I dont know why I dont take advantage of the simple knowledge more because the coins go up and up until the airdrop everytime and then just dump.. Has to be an easy 25% gain just buying and selling before the drop. Ignis, BTCP, there is always an upcoming airdrop for some coin..
Same here. I already had the minimum for the automatic airdrop. However, I don't see anything in MEW (access through hardware wallet). Any idea what the token abbreviation is and where to find it?
I think i read something like "between late April and mid May", some claim, they already received their EOSdac (that should also be the token code). You can check here, if your holdings have been included in the snapshot:
https://eosdac.io/airdrop/
I don't know that they have sent them yet or even started sending them yet. If they are selling on an exchange they are probably futures. From what I heard is that the snapshot was today, we should get the tokens next week more than likely. EOSDAC social media only says the snapshot has happened so far, no further details yet.
I tend to disagree sir! EOS has risen significantly the week before (from 6-9$), and the drop started well before the snapshot. If you are not a daytrader the drop after April 15 is irrelevant:
The more important news, relevant for the spike imo, was the release of the feature complete testnet, that has received rather positive feedback from the devs.
The sharp decline immediately after the snapshot was the drop in demand. There are of course multiple reasons for the price rise generally. But that graph whiplash is definitely mostly because of the EOSDac snapshot. I think that EOS could eventually replace ETH. I'm a programmer involved in this field now. Solidity is cumbersome to work with and ETH hasn't scaled yet. With EOS you can use your C/C++ directly.
Nice observation. Something I try to exercise: Remember that feeling of when you FOMO'd. Avoid that feeling.
Oh no! I have FUDOMO (fear uncertainty and doubt of missing out)!
So, i will build a time machine. It should only cost a couple mil.
And then i will go back in time and buy 100 EOS with this $1000 i have, that i was going to invest in something. And EOS without the airdrop just isn't the same.
Great example @zoidsoft
There was a great hype over this and it turns out not to be worth it! People must do their homework or pay high school fees!
Expect EOS to fall hard today? Seems to be holding thus far after the airdrop
It's already come down significantly from the Bitshares index. I don't expect much more of a downturn to happen at this point. However, there could be a large sell off in early June as the whales who got in months ago seek to lock in profits. But I expect it to rebound strongly if it does.