Topic: EOS Officially Has The Worse ICO Setup In History (Read 21728 times)

The founder of EOS has created several other projects. The thread title is absurd if you consider how well TRON investors made out, for example.

I don't believe that all ICO's are scams, but this one is very fishy. The sale structure is ridiculous and too long. I get the feeling a lot of people, especially early investors are going to have buyers remorse.

ICO = Scam.

Why are you supporting a scammy distribution model people ?

See our ICO review of EOS - https://coins.best/ico-reviews/eos/
Any kind of feedback is welcome - feel free to comment on the review itself

I consider this the biggest scam of all.

To develop eos he needs just 1m to pay himself and 5 buddies for a year. Instead he is collecting 150m! + another 700m if thisbprice level holds!?!?

What the heck are the investors thinking? This is not gonna end well. Actually, it will contribute to the collapse of our financial system rapidly.

Cheers and love

Anyone investing now is hedging on a 400+ day long scam but gotta hand it to him, DL thought thru the game theory. This strategy puts daily "blocks" of 2M EOS up for grabs.

I don't see early investors profiting on the initial 200M EOS. Quick math to show why:

2 million ETH raised for initial 200M EOS - beginning trades at 0.01
200K ETH raised, EOS trades at 0.001
Currently at 400K ETH raise, EOS trades at 0.005

Any day after tomorrow for the next 400+ days, every day!:

20K ETH raised, EOS trades at 0.01
4K ETH raised, EOS trades at 0.005 - today's value.

4K ETH * 400 days = 1,600,000 ETH ($480M @ $300/ETH)
Market cap valuation of $1B = 8K ETH avg invested/day

Value on Bitfinex and other exchanges will drive daily sales (incentivize like blocks) but all investments in EOS smart contract go to DL, the king of the pyramid.

Invest wisely guys.

I'm not sure what to make of this ICO.
I've watched their https://www.youtube.com/watch?v=MUZWZj1pu94 youtube video, and I have to say it is sketchy, at best, as how this new technology actually works.
To me the technology looks like a wrapper of classes written in WREN that rely on ETH to function?

Or am I missing something? Maybe someone could explain what it is they're actually selling.

Thanks.

I agree. The ICO setup means the team do know how many money they will receive. And I think they even do have a plan about how to deal with these money.

PS:

There are two types of ICO's. 1 is rarer than the other:

ICO 1. Price immediately shoots off following public release (rare)
ICO 2. Price vomits 30-45% of its body weight in the 2 weeks following release (common).

Patience, young Jedi.

I saw a listing for a house once, sent an inquiry, and they guy insisted on meeting me at Starbucks instead of outside the house. He met me, with a contract, stating that I was not allowed to go inside before purchase (not a joke). I couldn't even believe it.

This ICO makes me feel the same way, with the bonus of a graphic designer.

No outsider should be taking this seriously. These terms are among the absolute worst I have ever seen.

Read this:
http://www.coindesk.com/eos-unpacking-the-big-promises-behind-a-possible-blockchain-contender/

Seriously, trading pre-ICO tokens?
"This place" is nuts...
How did I get here?


And you may find yourself living in a shotgun shack
And you may find yourself in another part of the world
And you may find yourself behind the wheel of a large automobile
And you may find yourself in a beautiful house, with a beautiful wife
And you may ask yourself, "Well... how did I get here?"

[Chorus]
Letting the days go by, let the water hold me down
Letting the days go by, water flowing underground
Into the blue again after the money's gone
Once in a lifetime, water flowing underground

[Verse 2]
And you may ask yourself, "How do I work this?"
And you may ask yourself, "Where is that large automobile?"
And you may tell yourself, "This is not my beautiful house"
And you may tell yourself, "This is not my beautiful wife"

[Chorus]
Letting the days go by, let the water hold me down
Letting the days go by, water flowing underground
Into the blue again after the money's gone
Once in a lifetime, water flowing underground

[Bridge]
Same as it ever was, same as it ever was
Same as it ever was, same as it ever was
Same as it ever was, same as it ever was
Same as it ever was, same as it ever was

[Verse 3]
Water dissolving and water removing
There is water at the bottom of the ocean
Under the water, carry the water
Remove the water at the bottom of the ocean

[Chorus]
Letting the days go by, let the water hold me down
Letting the days go by, water flowing underground
Into the blue again, into the silent water
Under the rocks and stones, there is water underground
Letting the days go by, let the water hold me down
Letting the days go by, water flowing underground
Into the blue again after the money's gone
Once in a lifetime, water flowing underground

[Verse 4]
And you may ask yourself, "What is that beautiful house?"
And you may ask yourself, "Where does that highway go to?"
And you may ask yourself, "Am I right? Am I wrong?"
And you may tell yourself, "My God! What have I done?"

[Chorus]
Letting the days go by, let the water hold me down
Letting the days go by, water flowing underground
Into the blue again, into the silent water
Under the rocks and stones, there is water underground
Letting the days go by, let the water hold me down
Letting the days go by, water flowing underground
Into the blue again after the money's gone
Once in a lifetime, water flowing underground


https://genius.com/Talking-heads-once-in-a-lifetime-lyrics

Scammy links above, stay away from those links guys, it's better to wait a few days and buy from an exchange than to get scammed from scammers in "newbie accounts"

"Officially".. lol. I feel this word is being overused lately.

ICO is started https://eos.io

Hello m8es

What gas limit and gas price to place?

EOS plan revealed:


http://www.geekbinge.com/wp-content/uploads/2014/09/South-Park-Go-Fund-Yourself-Featured-Image-e1411630977364.png

I have to admit that the EOS is a promising project, however, the ICO strategy is terrible since the team do not know how many money they want to collect to do some real work. What they do now seem to collect as much money as possible.

Yup, this is indeed a helpful thread. Lots of scammy ICOs lately.

Could you enlighten me regarding Bitshares and Steem? What's the correlation between those and EOS?

Thanks

This forum is beautiful.

It answers a lot for me and am glad that I never put 1 cent into Bitshares and Steem. For weeks I'd been wondering what gives with Bitshares? Now I know.

Does anyone know what the price of 1 eos will be?

Where do you get .25 ETH?  The amount will be variable depending on Eth spent during each particular phase.

https://steemit.com/eos/@dowha/eos-how-much-will-cost-me-1

You're a qiute man, stranger. Go away, we do not like when strangers rubbing us in, ok?

is this appropriate;

http://imgur.com/9tP1QRI

Hi. New here. Want to clear something up with this EOS ICO. Block.one is the technical "owner" of EOS. So Blockchain Capital - http://blockchain.capital/portfolio/ - is a Venture Capital fund and has their fingers in Block.one, thus EOS. About a month ago they came out with a token BCAP to raise funds!! Was this 10mill anything to do with getting into EOS??? And if one thought EOS is worth it, would it be possible to front run the EOS token sale as Block.one will automatically get 10% of the tokens!! Don't really know if this is worth it?? Any comments appreciated.

Does anyone know if there will be an indicative amount of token you have purchased through the ICO, or will we have to wait until the full 12 months is up?

Because get this.. supporting bad coins is bad.

EOS has the worst scenario, I remember if the project will have run the project crowdsale for a year. That looks silly and ridiculous for me. But I think if the EOS will become a big fail in this time. Too many the terms are pretty strange.
We know that the tezos will be interested in putting in rather than EOS itself. Many have taken off from that.
The EOS must change the terms.

if you guys think it is a scam, why not short it on the future exchange bitmex

https://www.bitmex.com/app/trade/EOSN17

http://agsexplorer.com/balances/1DprhZNARituvddKB4iHnb87nE7d3Hddom

I was scamed once... with those BTS guys ICOs 2nd one i say F U for all their projects.
I was young and i have belived they will deliver ...

They intend to keep 10% 100 miilion tokens for themselves. You know that this ICO will collect 15000BTC+. What do they need all those eos tokens for when they will already have been paid millions of dollars up front to create this. They estimate it will take 1 year to have a product. So why do they need this much money? plus the eos tokens.. ICOs.. only idiots join these.

1 EOS  Token will be distributed for every 0.25 ETH contributed. 82.4716 $ per token   200 million tokens on day 5 16,494,320,000 $$$

sixteen and a half billion US Dollars these motherfuckers want to raise by day 5 half the current market cap of eth itself?

For a shitty website, and a horrific buyers agreement, to cater open bars in new york??? This is something that can only come from America.

Seriously how stupid they think people are

Americans are excluded from the ico because these scammers would be in prison otherwise.

Somebody needs to stop this seriously. These selfish greedy bastards are endangering the whole ecosystem

good catch forgot about the link thanks

Here's the link to the Token Purchase Agreement PDF

https://eos.io/purchaseagreement/EOS%20Token%20Purchase%20Agreement%20-%20June%2022,%202017.pdf

also their token purchase agreement is give me all your money and expect nothing in return:

• EOS TOKENS HAVE NO RIGHTS, USES OR ATTRIBUTES. The EOS Tokens do
not have any rights, uses, purpose, attributes, functionalities or features, express or
implied, including, without limitation, any uses, purpose, attributes, functionalities or
features on the EOS Platform. Company does not guarantee and is not representing in
any way to Buyer that the EOS Tokens have any rights, uses, purpose, attributes,
functionalities or features.

NOT A PURCHASE OF EOS PLATFORM TOKENS. EOS Tokens purchased under
this Agreement are not tokens on the EOS Platform. Buyer acknowledges, understands
and agrees that Buyer should not expect and there is no guarantee or representation
made by Company that Buyer will receive any other product, service, rights, attributes,
functionalities, features or assets of any kind whatsoever, including, without limitation,
any cryptographic tokens or digital assets now or in the future whether through receipt,
exchange, conversion, redemption or otherwise.
• PURCHASE OF EOS TOKENS ARE NON-REFUNDABLE AND PURCHASES
CANNOT BE CANCELLED. BUYER MAY LOSE ALL AMOUNTS PAID.
• EOS TOKENS MAY HAVE NO VALUE.
• COMPANY RESERVES THE RIGHT TO REFUSE OR CANCEL EOS TOKEN
PURCHASE REQUESTS AT ANY TIME IN ITS SOLE DISCRETION.

1.4. EOS Tokens.
a. No Purpose. As mentioned above, the EOS Tokens do not have any rights, uses,
purpose, attributes, functionalities or features, express or implied. Although EOS
Tokens may be tradable, they are not an investment, currency, security, commodity,
a swap on a currency, security or commodity or any other kind of financial
instrument.
b. Company’s Use of Proceeds. Buyer acknowledges and understands that the
proceeds from the sale of the EOS Tokens will be utilized by Company in its sole
discretion.



Just some cherry picks. Unbelievable. These people should be in prison.

Looks like the scamimers are up to their antics yet again. Steem has to have the worst distribution of them all.. Now this. Ugh.

It's just a cash grab for the "developers". Bounties are poorly designed in most all cases as previously stated, if I remember correctly in the Iconomi ICO one published article about the ICO was paid around .7BTC in tokens, leading to the crash of a lifetime.

Here's the scammy part of bitshares3.0 that we baked in. This is my favorite part.

1. We are going to recycle funds. Lol. Monies paid to us, then get "paid" to our workers, me and my bro, we then "reinvest" back into eos, rinse and repeat 300+ times.

Solution: we should block those funds from being recycled by just locking them, but we're not hawhawhaw -suckers.

2. Most people will treat the daily ico auctions like ebay, invest at the last moment, we plan on manipulating the market at the last moment as well to make it seem like the auction is a great deal.

3. We also plan on manipulating the market at the beginning of the day to make you want to dump your position.

4. We claim that this ico method is to prevent whales. Lol. Thats not possible but please keep repeating it.

5. We already have an automated bot to help manipulate this motherfucker, you don't hehe.

Hi! Can you please help me!  I want to participate in the test sale but i can't find the explanation how to do that with parity? Thanks i advance!!!

Wow, just wow... ICO terms and conditions get worse and worse with each new release. How long before we see complex constructions to scam people and legally (depending on country) getting away with it (not that they can't do it now with ico's). It seems some ICO developers are asking for regulations by the powers that be with each new ridiculous following contract. Hopefully this doesn't become the consensus, because I'm seriously beginning to ask myself if it's even worth it to invest 5/6 figures in an ico. Most ico's and passed projects have been in the working for many years with their own funding outside of ico, so it isn't that they need us, perse. It also doesn't give any benefits like interests or dividends, while carrying full risk.

Then we have the shills that don't put their money where their mouth is, but are parasiting on bounties paid for by investors and dump the tokens that lower the price, thereby hurting investors and potentially the development and making money while having put in $0 themselves. This is getting more ridiculous by the day. People think investments are donations these days.

The following points are big problems with EOS as far as I can tell from my limited research on this project (no DD done):
- Huge inflation over a year period;
- Philosophy of centralization that goes against the entire concept of decentralization, i.e. blockchains.

Thanks for the headsup mate!

Please do some research instead of regurgitating info from another source.


Here is a good overview interview with Dan about EOS that also touches base on BitShares and Steem:  https://youtu.be/K6uR0A9cC5Y

New Fact

New Fact

EOS will have no set valuation for their coin in the 360 ICOS, depending how much money comes so will the coins be distributed. So if lots of money comes in you're screwed, devs rich.

New Fact

EOS is going to be completely centralized in the hands of people who own the most, 21 guys with the most I believe. They get all new coins generated and also they can vote for their own apps to get free coins. They own the network.

Everything can be changed, yet all the devs are supporting it this way. It's a gambling game for 360 days I will be coming out with more information on this project to expose it.

New Fact

Devs have no stake in the coin

They just want your funds(ETH), maybe Dan Larimer will drop this project like he did Steem/BitShares then go code for Ethereum with all that ETH. Invest in a coin where the developers have no economic incentive to get it successful? LOL! Rule #1 make sure devs have major economic incentive in whichever project you are investing in, they should make less money from funding and more from the value of their project going up to be legit. I'm just being quiet in their telegram writing down all the facts that are being discussed by the people.

ICO = Scam.

Why are you supporting a scammy distribution model people ?

and you know,the EOS was made the BTS raise to the moon
I think it 's a big scam.

The github page clearly says:

"Draft EOS Token Sale Contract

DISCLAIMER: Everything contained in this repository is in draft form and subject to change at any time and provided for information purposes only. block.one does not guarantee the accuracy of the information contained in this repository and the information is provided “as is” with no representations or warranties, express or implied. This code is owned and copyrighted by block.one and cannot be used by anyone for any purpose other than testing on the Etheruem test network.

This repository contains the draft source code for the EOS Token Sale. It is being released so that it may be reviewed by the community and deployed and tested by all on the Ethereum test network.

No information regarding the final terms and timing or properties of the sale have been released at this time."


360 days is also a very, very long window to purchase.  I imagine the purchase history should be available for everyone to see thus can judge when it's a good time to get in?  Obviously why they are front loading the first 5 day window with 20%.

https://steemit.com/ethereum/@kyle.anderson/eos-the-ethereum-killer-with-an-erc-20-debut-what-is-up-with-this-strange-ico


I thought Bancor was bad but this makes Bancors' ICO look like heaven.

At the start of the sale, 20% of the total minted tokens (200,000,000 EOS) will become available during a 5 day window.

The remaining 800,000,000 EOS will then be split evenly into 360 one-day windows of 2,222,222.222222 EOS tokens each day.

Depending how much money is put in each day the people get coin accordingly.

So you basically have no idea how much coin you get in regards to how much money you put in.


**There is essentially a daily, uncapped ICO for the next 360 days to distribute the remaining 80% of the EOS tokens**

😂😂😂