When Will Controversies Surrounding EOS End?

in #eos6 years ago (edited)


Image Courtesy: Wikimedia Commons

It looks like EOS loves to remain in controversy. Since the conception of this project to the launch of its Mainnet and to this day, controversies around it never stops. It doesn’t seem to be a peaceful project to me and keeps stirring my mind for no reason.

I’m the kind of person who would study and research about a project and once convinced of its future potential, will invest my money into it and forget for a long time to come in the hope of reaping a huge reward some day. But EOS doesn’t like people of my kind.

All inactive accounts of EOS holders can be officially robbed!


EOS is a blockchain governed by community. So it wants all its members to be active. If you don’t want to participate in its governance model and just want to be a dormant investor for over three years with zero transactions on its chain, you should stay away from it. This is the message being articulated in its proposed constitution. #Article XV of it states:

Termination of Agreement -A Member is automatically released from all revocable obligations under this Constitution 3 years after the last transaction signed by that Member is incorporated into the blockchain. After 3 years of inactivity an account may be put up for auction and the proceeds distributed to all Members according to the system contract provisions then in effect for such redistribution.

So never make a blunder of buying EOS tokens and putting away those tokens in your wallet to forget for some years. You will be robbed of all your tokens. The above article, if approved by the community, will allow for your account to be auctioned and all its funds will be re-distributed to all other Members.

The underlying assumption seems that if a token holder is inactive for a long enough time (of 3 years), it implies that the token-holder is not in need of those tokens and would never care to access his/her tokens. It’s being equated to reclaiming of an abandoned property!

BPs action of freezing EOS accounts has been approved by ECAF


After all 21 BPs unanimously decided to freeze 7 “suspected” EOS accounts last Sunday; ECAF has now approved their action for an indefinite freeze. It was alleged that these seven accounts held stolen funds from a suspected phishing attack. Hence BPs decided to take an extra-judicial action. ECAF (EOS Core Arbitration Forum) has earlier denied to issue any order on it citing that the constitution was not yet ratified by the EOS community so it doesn’t have any constitutional authority to issue the order. However, after the Freeze by BPs, ECAF issued this Emergency Measure of Protection Order. Does this vindicate BPs’ stance?

Initially, it looked like a coup from BPs to topple ECAF by taking and implementing decisions on its behalf. I’m not questioning whether or not the decision taken was good and in the interest of community but irrespective of the type of decision; it proves that any kind of decision can be taken by BPs.

But how can you protect the following victim?


When I went through following conversation of a user who bought one of those seven accounts by paying 4 BTC (for 3490 EOS), I find no reason for why this user is being penalized for making an absolutely valid purchase of 3490 EOS.

Here are the screen shots from the conversation for you to see:

EOS Frozen Account - 1.png

EOS Frozen Account -2.png

EOS Frozen Account -3.png

EOS Frozen Account -4.png

EOS Frozen Account -5.png

If EOS is a governed blockchain where individual’s property is held in higher regard than code and systems (as pledged by one of its BPs); can it also reverse its action to release the EOS which the above-said user rightfully deserves? If not, how will you explain your stance?

People have displayed a lot of trust in EOSIO and it's surprising that despite of all the negative news which regularly keep flashing, EOS has maintained its price over $10 all these while. But it doesn't validate all that as there is another way to look at things. People were expecting a huge appreciation in the price after the Mainnet launch but it couldn't break its all time high and instead struggling around half of that.

  • Does this imply the success of the EOS so far?
  • Do you think forfeiting an inactive account a valid rule?
  • Do you think the above-said victim of unconstitutional Freeze was at fault?

I'm naive at understanding all these. So your opinions and explanations matter to me. I'd be eagerly looking forward to your feedback on this issue.

Thank you!


References
Statements & Explanations from some of the BPs: 1, 2
EOS Technical White Paper v2 & Proposed Constitution: 1, 2

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Im not holder,got few coins on exchange.One thing is for sure,i won't buy any coins and put them in wallet.If someone has the "power" to take my coins from my wallet after 3 years,how is this secured then?Where this "someone" gets my wallet pass,seed?how??this is stupid.
And one more thing,i don't like centralized coins,and EOS is more centralized than XRP.


And one more thing,i don't like centralized coins,and EOS is more centralized than XRP.


That is a completely​ incorrect, can you explain how that is true?

Few adresses holds 90% tokens.Do your homework.

Where are you getting our data? That is nonsense, don’t believe everything you read.

You should be the one doing homework instead of repeating ignorant and false claims by FUDers.
Most of the top addresses are held by exchanges.

So sell those few EOS'es as fast as you can and forget about the whole thing. Apparently this sort of token is not for you.

I think i will take your advice.

If somebody offers me something worth $35.000 (and very liquid and very easy to sell - after all we are not talking about real estate located in Ouagadugu) for ~ $26.000 i.e. well below current fair market value then I would always assume that the seller is either stupid or is a crook. In both cases this would mean that it's high risk transaction and may eventually be voided for the reason of insanity or lack of proper ownership credentials in the first place. Clear case of greed blinding the buyer so don't expect that I would feel sorry for him. He took the gamble and he lost. Does this action violate immutability principle? Well, it does but the whole EOS ecosystem is in statu nascendi so such action is not unthinkable. Plus it is not the first time that blockchain registered transactions are being reversed - ETH/ETC split is good example and here there was no split because blockchain is brand new and split wouldn't make any sense, amounts involved were relatively small and block producers agreed to take common action.

EOS is not "money" and is not "store of value" - its utility token, representing network processing power, so distributing idle power to those who know how to use it makes sense. There is no obligation to hold EOS - there is plenty of other tokens for those who want to limit their activity to having them.

Ah, them controversies, I have almost forgotten about them - will they ever end? Nope

Well firstly, the asset was NOT very liquid or easy to sell. Secondly, "too good to be true" looking deals does not ALWAYS mean something fishy. Some deals actually guide the prices of the market. I've made several deals below market prices and I'm always looking for such deals whenever I need to buy something. So just the low-price logic is not acceptable to me.

the whole EOS ecosystem is in statu nascendi so such action is not unthinkable.

Yeah, it can be an excuse to gain some sympathy but this doesn't mean we should keep calm and just witness what's going on.

its utility token, representing network processing power, so distributing idle power to those who know how to use it makes sense.

It do makes sense when the owner is adequately compensated for it. The tokens have an ownership. Right?

"too good to be true" looking deals does not ALWAYS mean something fishy.

Not always, but in vast majority of cases. Like 95% of them. Greed blinds and on the other end of such deal there might be somebody more clever than you are. Accept the risk or stay away from such "opportunities".

this doesn't mean we should keep calm and just witness what's going on

If you have EOS then vote. If you don't then your stance on this subject is irrelevant.

It do makes sense when the owner is adequately compensated for it.

Compensated for doing nothing? By those who actually do something productive? Well here it works differently - you are compensated for doing something and punished for doing nothing. Don't like the logic? Then stay away.

Not always, but in vast majority of cases

So why do the minority of cases, that are authentic, should be penalised?

If you have EOS then vote. If you don't then your stance on this subject is irrelevant.

You think your power is limited by your own votes! I think you can influence many more votes than your own. That's the difference.

Same is true with your following stance:

Don't like the logic? Then stay away.

If you don't like the logic, why not work for a better one? "Stay away" is not always the best advice imho.

So why do the minority of cases, that are authentic, should be penalised?

You might call it statistics or social consensus... For the same reason for which you would be prosecuted if caught driving under influence even if the road was to nowhere and totally devoid of traffic so the fact of you being under influence would not matter safety-wise. There is no reason for the society to incentivize greed so if you are lucky you can escape with such a deal but don't expect overwhelming support of your actions. And I still have doubts about those minority cases... all of them involve either uninformed counter-party or counter-party in difficult position forcing him or her to dispose of an asset well below fair value. In both cases there are some issues which can be judged as morally doubtful.

The case in question is clear case of one greedy guy being outsmarted by a thief so the so called "victim" should seek recourse to the thief as EOS community doesn't owe him a thing.

You think your power is limited by your own votes! I think you can influence many more votes than your own. That's the difference.

Nope. I think that if you are a member of any given community then you have the right to participate and try to influence the outcome with tools provided. But if you are not a member then mixing up in community affairs smells fishy.

If you don't like the logic, why not work for a better one? "Stay away" is not always the best advice imho.

See above. Plus what you call "better logic" is the logic which failed many times in the past ("well, you have been robbed but we can not do anything about it because of holy blockchain principles blah, blah, blah..."). That's why EOS logic is different - it's an experiment exploring different development paths.

You have understood EOS, the author of this article did not and is not even able to verify the credibility of his sources before spreading disinformation.

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"EOS loves to remain in controversy" - NO, it is haters and FUDers that love pushing anti-EOS FUD!
You are asking wrong question. Correct question would be when will FUDers stop FUDing EOS. Answer is: never.

LOL! I don't think it's gonna happen anytime soon. But I enjoy all the drama surrounding it ...the only fun during this bear market 😊

Me too. EOS is breaking new ground. It is the most innovative blockchain project project with many new challenges of its own. It is attractive a lot of attention from jealous competition.

This post is really helpful for Crypto traders like me. Thanks for awaring about EOS coin.

What an amazing pack of lies!
Double check your sources.
Parrots always repeat what they hear, without any verification of the sources!
It was the first time I was reading an article from you and It will be the last one. You have just joined my "Muted" list, composed of non credible sources.
Try to be more professional next time!
Thierry

Thanks for your feedback! However, if you think there were lies and non-credible sources have been quoted / used; I'd have preferred if you have come up with the "truth" from authentic sources as you see them. But if you don't want to contribute to the discussion, it's better to mute. I approve your decision.

Thank you for your continued support of SteemSilverGold

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