Fair points. I will read the link but just watched a great video by a developer that i subscribe to. I dont listen to speculation to be honest. I listen and read people who seem to know the technical aspect of things.
Any way this is the video:
Ivan is very technical and explains some of my cencerns much much better then i ever could:
==> EOS is distributing tokens on ETH blockchain (this is what confused and why i wrote my previous comment)
As the video points out these tokens will not be usuable on EOS blockchain! very strange i think. So what is the point
when EOS dont even uses its own blockchain?
Also note the other redflags Ivan mentions (ex Ether locked up under 1 company). Also he highlight some of the terms i pointed out. He is much more knowledgable then me so i dont think i was very far off to be honest.
Basically EOS is not obliged to give you anything if they choose to. And the tokens you get might not even be worth anything as its not based on their own blockchain.
And as Ivan says in the end of his video: would any smart investor give away their money without any proof of concept and these terms? The answer is of course NO.
This is just my 2 cent. People can invest in whatever they like. I'm just highlighting some concernts as an investor.
ps. i will continue to read and learn more of course on EOS and other blockchains. I think blockchain is the future and will pretty much be as big as internet was back in the days when it went mainstream.
Just watched the video. I think you're misrepresenting the author of the video. Most of it was them reading something from someone else, not their personal opinion. This person is up front about how they don't like ICOs in general and said the same thing I did, meaning there are no guarantees when it comes to ICOs (not just this ICO).
But yes, there is no proof of concept (yet). To me, that's okay because I've been using Steemit for over a year and BitShares for almost as long. That's my proof of concept. I also build the EOS code this weekend, so it's not vaporware. The video says to know the people you're giving money to. That's great advice and I know the authors of EOS based on what they've already accomplished in this space.
"I think you're misrepresenting the author of the video. Most of it was them reading something from someone else, not their personal opinion"
How so? he goes through the opinion and explain it very well and agrees with the comments with very solid motivation.
And sure the EOS is not out yet but the agreement could have promised tokens based on this platform once its out. It does not. In reality it does not promise you anything worth anything. Read the agreement again. It seems you have not completely read it! Read the paragraph where Ivan also points out this statement.
Let me ask you this, the tokens you get with your money are in direct competition with the "new" tokens right (they are ETH based)? so what is it you are investing in? i asked this several times now but i have not got a solid answer.
"I know the authors of EOS based on what they've already accomplished in this space."
Maybe that makes you to biased towards EOS?
I'm sure they are great people and have great knowledge but for a project to get adapted in the way ETH has it need persistent and team that can stick with it for a long period of time. Lets hope they can do that this time. I am not saying i dont want it to succeed but i look at past history and the agreement and get a bit nervous.
I have read it. Maybe this guy can explain things better than I have:
If you're not understanding him or me, I've done the best I can do. If you're personally nervous, please, by all means, don't participate at all. That's fine.
I actually watch his videos as well. I think his just putting a blind eye to the risks. But ok i can give you that Dan is a very skilled person and if he sticks to what he aims to achieve this project might have a great chance of success. EOS cost very little at this point so i will get 100 or so just to HODL, i had good luck with ETH when i got it at 10$ so who knows. This is a volatile market and at current price its a risk worth taking i suppose. Thanks for given more info. I'm not sure if that is true (did not find this before) but it seems you get 1 token from the new chainblock in exchange of the EOS tokens so that is what i was missing.
The EOS blockchain doesn't even exist yet. How can they sell a token to be used on a chain that doesn't exist? They will be redeemed for EOS tokens. Read actual publications by EOS to understand these things. Go to the source.
I'll watch this video, but the way you describe it, it sounds like FUD. Almost every ICO terms of service I've seen has similar language basically saying you're donating to them and you get nothing in return which keeps them out of trouble from the government. It's all about trust. If you trust a project team and their vision, you invest, otherwise you don't. For those unwilling to do that, they should wait until the project is fully functional and launches and buy the tokens on the open market.
Hi @lukestokes...maybe you can help me understand something. I've been pondering it and can't come up with a solid explanation.
I don't understand the purpose of even releasing an EOS token right now...especially being on the ETH blockchain. They already have plenty of VC funding for development of the EOS platform. What do they need the money for? Moreover, it is likely they will have well over $1B usd worth of ETH at the conclusion of the token sale. Since they don't need the money to deliver the product, I can only speculate on what they will use it for (and nothing I've come up with is a good scenario).
If you are given an option to take $1B worth of value in a token of value of your competitor or not take $1B, would you take it? It might be that simple. Other than that, I don't know. Could they manipulate the ETH market once EOS is up and running? Maybe. Could they fund conversions of ETH DAPPS to EOS DAPPS using ETH? Maybe. It's a good question for @dan.