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RE: INSIDER ADDRESSES THE EOS CONTROVERSY, STEEMIT & A WORLD OF CRYPTO
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.
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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.