Topic: EOS is an absolute SCAM! (Read 2928 times)

We'll see it the next year, I hope not

I got 2 tokens for holding waves I was interested in it and I'm very glad I found out about this thread because now I know it was just a scam and no good will come of it. Thank you for sharing and to the other users for the good answers I read through it and now I'm about to make up my mind not to invest.

I don't think it's a scam, you just shouldn't be trading it right now. This is a long term project, which shows amazing promise. Once completed it will change many things, a whole new way of using blockchains, search, operating systems. Wait till it dumps and buy and hold for a couple years, you will be rich.

it's around 1.6 Billion now.

I agree. You will not regret it in 3 months.

Wow And this what I saw I click the Article:

"This post was hidden due to low ratings."

You should post the Articles here for all to see. Steemit should get that feature disabled or fixed, it's a censorship tool.
The desperation is nauseating.

Buy Ark instead

My bad, they do have some source code.  Not much, but something. However, disclaimer: I'm a developer with 30 years of experience. What they have is very rudimentary, and dont constitute something that could serve as to raise $185 million on.  So yes, I agree: extremely overvalued.  The issue with large software projects is that they are very risky. In the case of EOS, it's very ambitious indeed and have one single developer committing to it right now, and the source code doesn't seem very ample; a few weeks worth of work perhaps, if my very quick look through was accurate. Their documents list 5 different guys working on it, with one guy listed doing documentation. It hardly sound like a project that just raised 185 million, but more of a garage stage. Sorry to be blunt, guys. Now, if they manipulate the EOS token price up, and sell out more of their own founder stake, in addition to the 185 million they raise, then what? Sorry to sound alarmist, but if you raise 185 million dollars for a project, it is to actually then USE the 185 million for the project. With such a budget, I would have thought they would have headhunted 20 of the best developers, given them tokens and a hefty salary with large completion bonuses, along with business developers, documentation specialists, legal compliance team.  Instead, there are 5 guys listed; and just a single guy committing code to github.

Here are my 2 cents on scams and legalities; I don't say they have done such a thing but:
1. When an entity raises funds for a project, the funds are to be used to further the business. Right now, i don't see them committing the capital raised to fulfill the plan.
2. An entity run and operated and developed from US must be registered as a security. Calling it a decentralized app, a coin etc. doesn't help since its largely run as an enterprise and thus fulfills the so called Hayes test. It does give me concern that the guys running EOS is not quite experienced in business or law to take the business to a multi-billion entity when they make such mistakes. Legal action could even blow up the entire project.
3. Looking at their EOS document; I saw nothing how they would use the proceeds of the ICO. if they lift out cash from the ICO it would have been better for those guys to legally define cash-outs. When they have omitted it, from a legal standpoint, they are ill served at such omissions. If teh main guy have control of the Ether  account, and no corporation behind it, then he very well can be subject to income tax on 185 million dollars. If they have a corporation, then the money is either investment, and the security must have been registered, or it is income, and must be paid tax on it. It's either or.

I think you get the point. The guys look a bit green, especially for guys that just raised 185 million dollars worth.

Too much ETH collected.

I think scam is the wrong word. It has value, but in my opinion it's overvalued.

If you knew a decent amount about the tech side of things, you'd know why that isn't really possible. You can't rebuild a blockchain into something new once it's that established. Blockchain was a successful attempt at some of the ideas Dan had, but it's not the final vision. EOS isn't a blockchain service itself, it is merely open source software they are developing to allow OTHERS to create blockchains on, and if those people choose to use the ETH snapshot containing all our registered EOS tokens, then we all suddenly have currency on those blockchains.

Dan Larimer has contributed a lot of great tech to the industry, even Vitalik has used some of his technology for ETH... Are they getting wayyyy more money than they should for the project? Sure, but I'm not sure how people willingly giving them more money than they needed makes it a scam... The goals are still there, the work is being done on a public github and they are actively engaging with their community, which is a lot more than you can say about 99% of ICOs.


We gave them 1bn, they didn't ask for 1bn. We turned them into a scam buy giving them too much money? Do you not see how silly of an idea that is?

he does not need 1bln$ to code a blockchain.

this is why it is a scam.

1bn is like building a small country.
no way this is fair or necessary.

It is obvious scam becouse if he would be honest he would drive all to BTS at begining and no need for new ICO.
They need $$$ from naive people and that is all.
Be prepare for dumps or make your exit fast guys.

To be fair, they actually have a Github up with code being updated regularly, and they have stated many times they they are building upon their past success with Bitshares, Steem and Graphite, taking the code and lessons learned from those and trying to build this grand platform on top of it.

I believe they will follow through, and EOS will definitely be something to invest in at a point when we get closer to next summer, or at least until they get the test platform running, but until then, it is extremely overvalued.

I only post that transaction info out of concern for some potentially bad behavior from them, but believe it has no relation to their ability or drive to deliver the software and tools. I had noticed it the day before yesterday, but when that 80+% sudden upswing happened last night during an extremely calm trading period, that was some serious cause for concern. So while I don't think this is some definitive proof of wrong doing, I don't think it's unwarranted to be worried about the behavior there, and especially the response from Dan that "we are not responsible for what our buyers do with the ETH we sell" since they supposedly are selling it OTC. The transaction logs clearly show it's primarily going through a chain of the same two accounts before split to the two different exchange accounts, so that makes it look extremely suspicious right there, going through just 1 entity for the most part. It also seems odd to be liquidating so much of it in such a short time period, especially when ETH is at such a low price point right now (which in itself is partly EOS's year-long crowd funding's fault).

It looked a lot like someone at EOS wanting to pump the exchange price up to make sure people wouldn't just skip the crowdfunding page and buy it for much cheaper on the exchange. But, maybe it really was just a freak event.

All i can say...wow. When looking at that transaction history...scary.  Have anyone of the readers here invested into EOS and what was the reason in doing so? The white paper looked good, granted, but it was basically just snippets from other papers, put togther nicely.  No code, no real info, just a sales pitch pretty much. Words, not substance.

Wow this looks really bad  

retweet my twitter message

https://twitter.com/traderaltcoins/status/883037696607883265


I hope I get an answer

Seems to ad some credence to what I'm seeing in their transaction history. Once they send it to the exchanges and swap for another crypto, there's no way to determine that they're doing with it, and an audit doesn't matter when it comes to crypto-crypto transactions.

https://image.ibb.co/esbsaF/eos_transfer.png

Centralized or decentralized security it doesnt really matter on me. Usually when i do join on ICO's i do always stick to my rules which i do only invest on where those funds would be somehow secured and cant really be stolen like on Eth-based platforms which do have smart contract which theres an assurance of security to those funds have been hold.

I just type " EOS is scam" and hit search, there are many articles from others people in steemit that are saying, EOS is scam. and he didn't hide their posts.

This sounds awful. ICO funds should be always be locked until the completion of the ICO.

I am also not so big on the 'decentralize everything' plan. Somethings really do well being distributed, but the majority of things require some centralization one way or another.

Even bitcoin is centralized around exchanges and markets. There are a few who dominate the volume, and they need to have oversight as we've seen with Mt. Gox.

Pretending that decentralization brings security is very dangerous in my opinion.