Topic: PSA: EOS Tokens have no purpose and are completely useless (Read 2622 times)

i have always believed that if you feel you coin is being slammed as a scam on this site you should come on and explain everything. Then at least people know you are watching the community and care.

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. Smiley

Invest wisely guys.

so you eventually refrained from participating in ICO?

I agree with you. The team of the EOS does not have a plan about how much money to use for their project since the collected ETH coins are decided by the market. So I do not like this way and I am out of this project, too.

Maybe it's great maybe it's not but i don't like how dan is working on a lot of projects, and leaves old ones behind.

EOS.io is awesome idea. It gonna replace ETH. It moch mure usable...

Basically, they could launch another ICO after the EoS platform is ready, name it something else, and you would be able to do nothing about it sitting on a pile of useless junk. 

Yep.

https://tokensale.civic.com/CrowdsaleTerms.pdf

(c) Purchase, ownership, receipt, or possession of Tokens carries no rights, express or implied,.... other than the right to use Tokens as a means to enable usage of and interaction with Services enabled by the Ecosystem, if successfully completed and deployed. In particular, you understand and accept that Tokens do not represent or confer any ownership right or stake, share, security, or equivalent rights, or any right to receive future revenue shares, intellectual property rights or any other form of participation in or relating to the Ecosystem and/or Company and its corporate affiliates, other than any rights relating to the provision and receipt of Services in the Ecosystem, subject to these Terms. The Tokens are not intended to be a digital currency, security, commodity, or any kind of financial instrument.

BIG difference from EoS: https://www.eos.io/purchase_agreement

Furthermore, EOS Tokens will not have any functionality or rights on the EOS Platform and holding EOS Tokens is not a guarantee, representation or warranty that the holder will be able to use the EOS Platform, or receive any tokens utilized on the EOS Platform, even if the EOS Platform is launched and the EOS.IO Software is adopted, of which there is no guarantee, representation or warranty made by Company.

well on the second thought I guess you are right on that.

Have you people ever read disclaimers & disclosures when signing something meaningful?  Obviously they do not want any sort of financial litigation towards their company, completely normal.

Do business in the real world and you deal with these daily, no way around it with a world filled with happy to sue lawyers.

so what could be the worst-case scenario with EOS Tokens considering thus? does it mean the tokens can be devalued unilaterally?

EOS just full with the greedy developer. It's complete scam project in my opinion. They are completely useless like you said that before.  Rather than this one, I'm interested with uncapped ico like Tezos and how the more developer team with no product being a greedy person.
I'm out for EOS.

Here is what the purchase agreement says:
https://eos.io/purchaseagreement/EOS%20Token%20Purchase%20Agreement%20-%20June%2022,%202017.pdf

- 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.