EOS: Curious but Confused - Please help!

in #cryptocurrency • 7 years ago (edited)

I heard about EOS as the Ethereum Killer. I was an initial adopter of Ethereum and I was attracted to the smart contracts and saw huge potential there.
eosQuestionMark_red.png Image Credit: https://urbancrypto.com
My strategy with cryptos has been invest a small amount in interesting projects and then wait. It has worked very well so far. I want to purchase some EOS, but my concern is how will I claim the true EOS tokens when the platform goes live.

My assumptions :

ETH is only being used as an intermediary while the true platform is developed.
The EOS ERC20 token won't have any value on the EOS platform.
I will need to do something at some time in order to collect the "real" EOS tokens.

Question :

Can anybody confirm these assumptions, and/or point me to a definitive explanation on how the exchange for EOS ERC20 Tokens for "real" EOS tokens will take place?

Thank you for any help!

#eos #ethereum
7 years ago in #cryptocurrency by
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     7 years ago 

    The assumption is that you will get EOS tokens for your 'temporary ETH-based EOS tokens' once they are made.

    However as several people have pointed out, the whitepaper actually does not guarantee anything. Others have also pointed out again, that this is not uncommon since during development anything could change and it would be bad for the devs to lock them down to anything.

    I guess it depends on wether you trust the team behind EOS or not. Make your own risk assessment.

    How the actual process of getting the 'real' tokens will go is still uncertain and will probably not be made known until the 'real' tokens are near completion. I imagine the news will be widespread on how to do this, once it is possible. Hope that helps!

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     7 years ago 

    Thank you for the info! That does help. It would make me feel better if there was some actual plan or guide to how the final process will work, but I don't think that will stop me from making a small investment.

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       7 years ago 

      I highly recommend you go watch Ivan Tech's latest video on youtube. huge red flag and scam warnings for eos.

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       7 years ago (edited)

      Thanks for the recommendation. It was a helpful video, and it led me to this in the FAQs of EOS.io

      As block.one will not configure and/or launch any EOS Platform, block.one will have no control over when, how or whether the EOS.IO Software is adopted or implemented, or how, when or whether the EOS Platform is launched. As such, you should not expect and there is no guarantee that you will receive any other cryptographic tokens or digital assets now or in the future.

      That is definitely a red flag!

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         7 years ago 

        Sure. I just happened to catch the video this morning. Glad it helped someone!