EOS generated $4 billion during its ICO and so with such a haul comes the expectation of great things. The cryptoverse has waited with baited breath, but for me this one still ranks in the leagues of the shitcoins. Albeit, a well funded one. So what’s the deal? Let me explain my thoughts on why EOS is a shitcoin.
The EOS mainnet was barely launched when a glitch led to a freezing of the mainet. This in turn froze all transactions.
The stop of the EOS network was announced by the Block.one team, the developers of EOS software, as they found out about the bug on the network.
This event caused a maelstrom of debate within the EOS community ranging from support to down-right mockery of the crap show on display. Buggy code is never a great signal of a top notch platform. However all can be forgiven if all else is well – which for me, it’s not.
EOS’s governance system is the complete opposite of what a blockchain should be. Allowing a minority of insiders to control everything, including the investor’s money flies in the face of Satoshi’s dream and the whole conceptual underpinning of cryptocurrencies.
Charlie Shrem, Bitcoin pioneer, highlights why EOS is a shitcoin:
No coin is fully decentralized yet, but some, like bitcoin are “on the path to decentralization.” I was very bullish on EOS because I respect Dan Larimer and the team, however this is shameful. I am putting EOS in the same category as Ripple.
I’m not against a certain level of centralisation per se. Take for example Ripple as an entity having a certain amount of control, but at least they are transparent with their code and do not allow transactions to be reversed or wallets to be frozen.
Interestingly, crypto-community number crunching discovered that 50% of the EOS tokens belonged to the top 10 wallets!
The issues with EOS have stimulated a lot of distain from the community ranging from scepticism;
EOS is a shitcoin; final thoughts
EOS is a great example of how in embryonic sectors people are willing to throw an awful lot of money at something in the hopes of it working out. Has EOS worked out? Not really… it’s a bit of a shit-show. If you agree, show your support by sharing this post across all your social media channels below.