INSIDER ADDRESSES THE EOS CONTROVERSY, STEEMIT & A WORLD OF CRYPTO
by SGTreport.com
In this out of the ordinary interview I speak with Justin, who is known on Steemit as "Official Fuzzy", he's the co-founder of Bitshares, he also happens to know Dan Larimer, the founder of Steemit and Bitshares, very well. In this discussion Justin addresses some of the questions and "red flags" about Dan Larimer's latest venture, EOS.
We also discuss the good - and bad sides of Steemit, and cryptos in general. Crypto and blockchain technology offers humanity a duality: The possibility of total freedom, or total enslavement.
Thanks for tuning in.
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Really interesting interview guys! I particularly loved that quote at the beginning. What @officialfuzzy saying and what I know about Dan from his Steem writings and overall achievements are the main reasons of why I never hesitated to invest into EOS from the very start.
The full quote is posted below by @vlemon
It's a very powerful quote.
I also appreciated what Justin was saying at the very end, albeit not clearly enough, that if we are not careful about what we support, we will end up with the current "evil empire" taking over any new movements because they have the money and the flash behind them. He's also right that there's a lot of "dumb money" out there that is just chasing a buck. They will migrate to whatever is popular to make money without thinking about whether the crypto has: 1) good technology with a future, 2) a good project with a genuine value offering or 3) something that is good for the majority of people and cryptos in the long run. You vote with your money in this regard. I think it also says everything that Ethereum is the "corporate coin" of choice with mirrored pyramids as a logo. Not really a coincidence I think.
Wow...man u are 100% where i was when i called that on ethereum.
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Well written, @teamsteem! I'm not a trader, and I'm not a crypto expert.
All I need to know is that Dan's motivation and goals in life are the same as mine. He's fighting to destroy control systems and maximize individual liberty. For that reason alone, I will gladly throw some money his way.
I'm not in the fight to financially profit from it either, but good people must build wealth and wield it to further liberty's cause. If we do not, our enemies will always have a huge advantage.
Thank you for the mention @teamsteem.
I totally agree and that is why I am also a (currently) happy participant in the EOS project.
I am in agreement with you.
...
A brilliant and revolutionary tech-whiz builds two amazing products and makes exciting (and public) plans for the third. Doubters insist on doubting and haters insist on hating, claiming that he doesn't have a product.
Am I talking about Elon Musk or Dan Larimer?
Point is, @dan should just keep doing what he's doing. At this point, the people doubt @dan are a lot like the people who doubt Elon Musk -- and equally ridiculous.
Well said. The best indicator of future behavior is past behavior. This man does something. He doesn't think and sit and think. Plenty of people with naysay from a chair. @dan builds from his chair.
Ive never known the guy to be anything but amazing.
I truly listen to this 40+ minutes interview and I am getting accustomed to Dan's view.
It is okay it differs from others views but we need diversity in the crypto world.
Thanks.
Keep on steemit !!
Some of the things that seem to worry many people, are in fact the things that make me believe in EOS. The mere fact that they are draining roughly 8-10% of the Ether currently available before total distribution is reached, seems rather ingenious to me. I'm in it for the long run with EOS with a healthy investment.
I invested 700 EOS when the price is 4.5 dollars , but now the price is 2 dollars only. I am still holding it.
What is your suggest?
Hold or buy more.
It all depends on (a) whether you believe in EOS long term or not and (b) whether you need the money in a foreseeable future. The token sale is over in 308 days, after which I personally expect price to go up. Unless you need that money for something else, I'd keep the tokens beyond this time frame. If, however, you need to sell, I'd say say at about $1.85/1.90 - a price level that is touched quite regularly at the moment. Good luck with it, no matter what you end up doing.
Really Awesome post thanks !!....My new post ...[Akshardham Temple]
That's a good point. This, together with the info in the SGT video made me finally understand why they have such a long drawn out token sale. I just couldn't get my head around it before...
I know what you mean. In crypto world things often need to be simplified in order for mere mortals to understand, what's actually up and down.
How are they draining 8-10% of the Ethereum presently available? What does draining even mean? Obtaining and then selling?
What I mean by this is, that you can only buy EOS with Ether. I made a rough calculation (1-2 weeks ago), that showed that this will allocate (/drain) about 9% of the total Ether supply. Please note, that this calculation was very loose, and I made it when Ether traded at about $225.
But that makes no sense, you know that right? Do you think Gold gets drained when it's bought and sold?
EOS has made the decision to become the single biggest use case for any digital currency application and they've decided to perform that use case on Ethereum. It furthers the digital currency use case for Ethereum and makes it a more widely used and transacted in currency. It's great for Ethereum.
But nothing is being drained, it's being recycled and used, like a current...or a currency.
Ha ha, valid point. I guess my choice of words was beyond poor here... That being said, wouldn't you agree, that buying up huge chunks of gold (to reuse that example) to e.g. mint coins out of it and thus create a new value (system) does to some degree remove the original asset from the market?
No dude, not at all. Everything that exists exists and is available for a price.
How is it I have a limit order on an exchange to buy EOS with USD? Is the ETH as payment only in the ICO? Is that why no one can tell me if there is a fixed price for the token-to-be-issued when purchased directly from the developers in the ICO? If you have to buy in the ICO with ETH then "EOS when issued" should track the movements of ETH. It's a poor man's way to benefit from increases in the price of ETH.
I can't answer that question, unfortunately. I do feel pretty confident saying, that there will not be a fixed price. Since value is inherently relative, how could this be the case? Or am I misunderstanding your question?
I've done a lot more due diligence and have concluded that 1) the founders of EOS clearly state in their White Paper they could screw everybody out of their money and it would be tough luck. 2) They probably would not do that because it could be hazardous to their health. 3) They will control a huge block of ETH by time the ICO is complete. 4) EOS price movements in the after-market should roughly track ETH since people are paying for EOS in ETH. 5) A purchase of EOS is roughly equivalent to one roll at a crap table because of all the disclaimers in the White Paper. I took a position in EOS last week understanding I could easily lose everything.
What is the highest price currency in the world 🌎 cryptocurrency, paper currency , country currency or TIME
Time is the most precious commodity in the world. It is in limited supply and when it is has been used it is gone forever and can not be replaced or restored. No one knows how much time is left in their wallet at any given moment and it is spent immediately as it appears. We have all been allotted a bit of time in the blockchain of this present life, invest it wisely!
Well put, sir. Are you really a deacon? That's cool. I'm your first follower! haha I must be seeing a typo... This comment was your first post ever?
Yes sir, I'm really a deacon and I'm not sure but you may be right that this is my first post. Thank you for commenting and following!
Totally agreed so beautiful
Thank you!
Everything is relative. Crypto currencies with finite aggregate amounts should reflect the inflationary expectations of people in the countries with the weakest fiat currencies. i.e: Bitcoin might be telling you that fiat currency in Venezuela is worthless and people there don't care what they pay for Bitcoin. Accordingly people in countries with more stable currencies feel enriched by the relative parabolic move in the prices of some coins and tokens, relative to their fiat currencies. People in Venezuela who own Bitcoin may be just trying to preserve some of their local purchasing power.
I don't see any problem with EOS is using an Ethereum based token for crowdsale. As EOS does not have a token yet, they are currently building a completely new platform from the ground up. So if you are selling a token to gain funding to build this new platform what is currently the best platform to use? Clearly right now it is Ethereum. Do you really think @dan is going to sell all of these EOS tokens and then screw over everyone when he releases the new platform a year from now? That is not a way to release a new platform to the masses and get developers to build upon your new platform. Obviously all EOS token holders will receive the real tokens when the platform is built, you just have to be patient. Personally I'm very interested to see what EOS will bring as steemit and bitshares are both solid steps along the way.
I am really happy to see you getting more traction on Steemit. I have been following SGT Report (via TheLibertyMill) for about three years now? Has it been that long? I actually learned about Steemit from one of your podcasts, and you are reliably one of the best in the alt media sphere. I think your podcasts are clear, concise, balanced and rational, which is a real pleasure in an age of hyperbole (which even I fall prey to). Respect!
Thank you for posting @sgtreport.
This is the kind of reporting Steemians appreciate.
Keep Steemiting.....
All the best to you....Cheers.
Very enlightening interview. The Mutual Aid society concept is a BOOMER. Thanks for putting this together.
Kaboom
Awesome video. Did 2x speed and the 20mins of listening was worth it.
Most important sentence of this interview:
“The people who say that there is no product yet, Dan has built 2 of them if they think he’s not gonna build the 3rd one, they’re crazy. This is the one he always wanted. The other 2 were just helping him get there.”
Absolutely agree. I think the current price now is very much what the market dictates to be it price. It would skyrocket when the product get's released and fall down if the product does not get delivered.
You have hit the nail on the head, without question. A brilliant track record and people are still talking nonsense.
Mainstream crypto is still talking nonsense. :)
I call BS. They have already admitted they have enough funding. Blockone and Dan don't need any more money to make EOS happen. No one doubts that Dan has the ability and will make EOS happen. And comparing the way Ethereum did it is false. Ethereum sold a coin on their own blockchain. Blockone is selling a token, not on their own blockchain, but on the Ethereum blockchain. Why? Because they want ETH for themselves.
What does it matter how much they "need"?
When building something u always take risk and encounter costs outside of your plans. You need as much as thrle free market will give u to build!
*Blockone is selling a token, not on their own blockchain, but on the Ethereum blockchain. *
That is an interesting point, true. Has @dan or anyone else involved in the project come out to say why they're doing it that way? Alternatively, has Vitalik or anyone on the Ethereum team come out to accuse them of wanting ETH for themselves?
This isn't an ICO for EOS - they are selling a product. They do have enough funding, anyone putting in is buying a product, not part of a ICO raise for funds...
It's not very clear, ICOs are for developers who need funding not for companies who want to make profits. If they want to make profits then it should be called a sale, not an ICO.
"We" never called it an ICO. We have consistently called it a token distribution. We have always called it revenue.
The community projects their own (intentional?) missunderstanding in spite of our efforts to correct the terminology.
You said It's not an ICO about 500 times on telegram :)
If they want to make profits then it should be called a sale, not an ICO.
Well, the ICO craze of 2017 has kind of blurred the lines there ...
@michaelx: Hi, could you make a statement about your company remittio.com? I wrote a post about it here
how can you handle 2X? Too fast for me! Trying 1.5...
You get used to it bro. I always use 1.5x but when it's half hr to 2hr vid and they talk slowly I go 2x Lol! :)
I also try 2x listening now :-)