The Six Deadly Sins of EOS: Plunging is just a return of value
Editor's Note: This article comes fromCurrency BondEditor's Note: This article comes from
Currency Bond
(ID: BitBond007), Author: Agent Lizhi, reproduced by Odaily with authorization.
As one of the most promising public chain projects in 2018, EOS has continued to decline recently. In recent days, the exchange rate of EOS to Bitcoin has hit a new low since the freezing point in December 2018. Investors who are full of expectations firmly believe that in the situation where Bitcoin breaks new highs one after another, EOS is just stagflation, and there will be a time of "value return". However, what awaited them was another breakout.
What happened to EOS? What went wrong? Next, I will list the six deadly sins of EOS.
The First Deadly Sin: Greed
Before the Telegram project raised funds, EOS was the largest fundraising project in the history of the blockchain. At that time, EOS, which was just a concept, raised a total of 4.2 billion US dollars (the current market value of EOS has fallen to around 4.2 billion US dollars). BM, who had failed two projects, was lucky enough to meet a few domestic "first-level evangelists". Seeing that the bull market is about to reach its climax, the "first-level evangelists" quickly used their own profit-driven (holding a large amount of EOS) The influence packaged this concept, inflated the bubble, and sold it to the speculators in China, helping EOS to harvest a wave of domestic leeks.
Assuming that as a responsible blockchain project party, the normal process should be to find professional investors to raise a small part of funds, and then push the project to the mass market after reaching an MVP (Minimum Viable Product). As soon as EOS came up, it raised funds for irrational groups. It was called crowdfunding, and the fundraising time was set as one year. IMHO, this method of fundraising is the biggest scandal in blockchain history, worse than Algorand's Dutch auction. EOS was not investigated by the SEC in the end, and the biggest possibility can only be that "the one who was cut was not an American."
Second Deadly Sin: Fraud
After empty gloves and white wolves exchanged for 4.2 billion US dollars, Block One (hereinafter referred to as b1) did not invest a large amount of these funds in the infrastructure construction around the EOS ecology as expected, but replaced them with Bitcoin, U.S. Treasury bonds and cash . In terms of ecological construction, EOS has only spent millions of dollars to hold some hackathon competitions that are not painful. Of course, maybe it's not that b1 doesn't want to invest money, but that there is too much money to spend.
There is no hard cap, selling "air" to ordinary small retail investors, and exchanging crowdfunding money for safe digital gold and legal currency cash flow, a proper financial management company. If any public chain can raise 4.2 billion US dollars, it will do no worse than EOS. From the perspective of reasonable allocation of funds, EOS is a cancer in the blockchain circle, crowding out too many resources in the industry.
The Third Deadly Sin: Laziness"Four months after the launch of the EOS mainnet, spinach DAPPs, large and small, emerged one after another. Although it is a spinach application, because the design mechanism of spinach games is simpler and naturally has the characteristics of attracting funds, it is understandable as an early landing application. However, as hackers broke through several Dapp applications and stole a large number of players' funds, Dapp finally began to sink, and b1 did not make any response to this, and did not provide developers with suitable suggestions or tools, and let it live on its own off. Assuming that b1 can provide some suitable tools such as random number detection, or support some related tools, the result will not be like this."、"Furthermore, one year after the launch of the EOS mainnet, it finally ushered in the first anniversary conference. When people saw the venue design schedule of EOS, they were secretly excited. They thought it would be an Apple-style conference, and b1 would launch subversive projects at that time. As a result, "we're different" didn't happen."、"eosio 2.0"Learn EOS to get rewards
Steemit's upgraded voice
It is the answer sheet handed in by b1 this year, and the conference lasts for half an hour. Many believers took a half-day flight to the other side of the ocean for a "pilgrimage", only to return disappointed.
The Fourth Deadly Sin: Dictatorship
In terms of raising funds, b1 took great pains to make the investors' money "unrelated" to b1, completely disregarding the legal relationship. But in the actual governance of EOS, b1 has dictatorial power. Anyone who wants to participate in the EOS game can only be b1's mouthpiece. No node has ever dared to question b1, and no real KOL has ever had an impact on BM. EOS is a game of b1 company. All super nodes can only choose to obey. Interpret whether b1's new improvements to EOS will affect their node position and whether their mining rights will not be guaranteed.
Supernodes should not just be marketing financial management companies, they should have a greater role.
The Fifth Deadly Sin: Willfulness
For EOS under the dictatorship of b1, BM should understand the impact of all external news of b1 on all parties involved in EOS. Unfortunately, the big-mouthed BM is simply a disaster for EOS investors. Yes, disaster. As early as last year when BM had a chat in the telegram group, he mentioned that the resource memory of EOS was a "precious resource" and a "limited resource". A group of speculators began to "preach" in various EOS groups, vying to buy Into memory, the price of memory has been raised by more than 70 times. In less than two weeks, BM talked loudly about the need to expand the memory capacity. As soon as this remark came out, the price of memory began to fall precipitously. Every sentence of BM in the EOS official telegram group has been closely interpreted. It can be said that BM has opened his mouth and supported a bunch of repeater express companies.
BM's quick talk has caused huge misunderstandings for investors. The above-mentioned scene has happened more than once, but he doesn't know it, or doesn't care, it's simply capricious.
The Sixth Deadly Sin: Bribery
The consensus mechanism chosen by EOS is DPOS, and 21 nodes are selected from dozens of nodes as block producers. As a reward for nodes, 0.75% of the total EOS issued each year will be distributed to nodes according to the number of votes, and 0.25% of the total EOS will be distributed to block nodes according to the number of blocks produced. That is to say, as long as the number of votes obtained is enough, even if no block is produced, it can still obtain much more rewards than the block producing node by virtue of the huge number of votes.
Indeed, some nodes have also done this, and exploiting loopholes is the daily routine of some super nodes, such as "mutual investment". The top 30 supernodes in the EOS supernode voting list all have more than 100 million votes, while the EOS that has been mortgaged for voting is less than 400 million, which shows how much mutual voting accounts for. Supernodes with several superpowers unite to monopolize EOS voting rewards.
