Please post references to support this claim and explain how you arrived at this conclusion: "Also the fact that the storage of blockchain data will be very expensive on EOS makes it impossible for EOS to run steemit like applications. To host steemit on EOS would cost billions of dollars in EOS tokens."
This reference talks about the storage solution being implemented on EOS but it certainly doesn't state how much storage space is allocated per EOS token, from the post I understand this value will increase over time:
https://steemit.com/eos/@eosio/the-dawn-of-eos-io
To arrive at the above conclusion you would have to answer these questions:
- How much storage space does steemit require
- How much storage space is allocated per EOS token
The average user does not, or should not, care about such things. Dan is creating something great for large-scale applications .. woo .. that's great! Normal people, or the masses rather .. do not care at all about storage requirements and faster than light transaction speeds .. or whatever the hell they are touting now .. the fact is, very few people will actually 'use EOS', which means one billion tokens, the actual use of which is still far from clear, is too bloody many. EtherParty will also have 1 billion tokens, or a % of that in circulation, and it is absolutely meant to be used by 'the masses'.
EOS is quite simply put .. overkill .. hopefully it can be used to help scale STEEM/STEEMIT, but Ethereum will have its own solutions for speed, transaction costs, and better governance - I do not know about you, but I am tired of a handful of 'witnesses', ie. Bitshares, STEEM, and soon EOS, controlling the fate of anything.
Yes, this is what I am saying - too many bloody tokens, too few users, means that they will be worth very little .. certainly not the approximately 2 USD that people have been paying. There are a great many other projects out there that 1) need investment, 2) deserve investment, and 3) will give positive returns to the investors .. EOS has been only provided horrific losses to-date. To think that post-ICO it will suddenly jump up to $ 4.00 or more, is ludicrous .. all we need to do is look a the price history of STEEM, something that is actually useful and profitable to be held by 'common-folk' .. it can't even break 2 bucks!
I am so pissed off that I put so much money in - I pulled it out at a loss, and am walking as far the hell away as I possibly can, as quickly as I can.
These posts really didn't age well!
I wanted to create an app on EOS and had to change my mind because it was impossible to host anything on EOS for cheap. Normal folks wont understand the design flaw of EOS until it's too late. The only way to make it work would be if they spend those 300 millions on storage, but they wont do it as they said thw token sale is the profit of their company and not for investment.
I want to invest only in ICOs where my contribution is used to help the world not for profits only.
Do your own research and calculations. Last time I told them about this they had to make an official statement saying they would implement fractional reserve like for banks. To lower the price of storage, but that does not mean that the storage exist.