Is Buying EOS Like Buying Discounted Bitcoin? – Tech Tribune France

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A Twitter exchange about EOS and its lackluster performance has renewed focus on Block.one’s Bitcoin reserves.

Trader @i_am_jackis asked Twitterverse why the market cap of EOS is “still 1.2 billion?”, adding that EOS holders should move on and sell for BTC.

How is EOS still 1.2B mcap? If people just switched to this for BTC we could all be happy umpa lumpas”

EOS has fallen out of favor with users mainly due to its disappointing and poor price over the years. As a result, some have called EOS a ghost channel.

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EOS has lost its shine

Block.one’s initial coin offering (ICO), which closed in June 2018, raised a staggering $4.1 billion, making it the largest capital raise in the industry. history of cryptography.

Given the amount raised, expectations of EOS were high. And Block.one promised an “Ethereum-killer” capable of outperforming the leading dApp platform.

Unfortunately, things did not turn out that way. A series of adverse events, including claims that EOS is unable to achieve advertised speeds of 5,000 to 1,000,000 transactions per second and that its Delegated Proof-of-Stake (DPoS) chain is highly centralized, have shook the project.

“Based on these results, it becomes clear that EOS is fundamentally similar to a centralized cloud computing architecture without the fundamental components of a blockchain or peer-to-peer network.”

Four years after the ICO closed, its user base had shrunk dramatically and its dApps had failed to generate the same traction seen on rival channels. But more importantly, the EOS price has been in freefall since its April 2018 peak at $22.70.

Other than a brief counterfeit in May 2021, where the price spiked to $14.70, EOS has been trending lower, seemingly unable to break the downtrend.

EOS Weekly Chart
Source: EOSUSDT on TradingView.com

During a virtual user meeting in November 2021, EOS Nation community project CEO Yves La Rose called EOS a failure.

“EOS, as it is, is a failure.”

How much are bitcoin reserves worth?

In response to @i_am_jackis, @h_bitcoiner pointed out that the 140,000 Bitcoin reserves reported by Block.one are valued at “much more” than the market capitalization of EOS.

The market capitalization of EOS currently stands at $1.265 billion. While Block.one’s bitcoin reserves are valued at around $4.2 billion, which equates to just over three times the market capitalization of EOS.

@h_bitcoiner signed off reiterating a past claim that buying EOS is equivalent to buying BTC at a discount.

However, there are no reward mechanisms in place where Block.one rewards EOS token holders with Bitcoin. As such, it is incorrect to say that buying EOS is the same as buying Bitcoin.



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Is Buying EOS Like Buying Discounted Bitcoin? – Tech Tribune France


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