You've GOT to be kidding me!!!! EOS is worth MORE than STEEM????? Are people absolutely retarded? I mean, not too long ago, EOS passed up STEEM for both market cap AND price. This just seriously blows my mind, and proves what kind of bullshit is happening to the crypto community right now.
Let me just start by saying I think the potential of EOS is pretty freaking cool. I think if they can deliver (and it sounds like they can), it will be an extremely beneficial product/project to the blockchain development world. Who knows, hopefully I will leverage EOS someday for my own project.
With that being said, here's still why I believe this is proof that the crypto community on a whole is completely retarded:
Fundamentals & Usage vs Optimism
EOS is purely optimism at this point. There's been NO usage or release of anything. The only thing propelling a demand of EOS is simply the fact people think it's a cool idea. Sure, we all want to believe in the idea of having a cool idea turn great and having it lead to prosperity. But, this is a common methodology which means everyone's already on board, right? Well, this is exactly what's happening here. I guess it's proof that all you need is an idea in this crypto world and people will literally throw money at you.
For everyone unfamiliar with the EOS ICO, they release 2,000,000 ERC-20 tokens daily! There's already over 400 million, and by the end of the ICO this number will more than double to 900 million. As stated directly by Dan and block.one, these EOS tokens will have no value and offer no return by EOS/block.one. In addition, EOS on it's own won't be a blockchain. It will merely be a platform or "operating system" for other blockchain projects to be built and exist. With that said, there's no guarantee that an EOS token will be accepted on a blockchain developed from EOS.
Does this make sense?
There's literally NO reason at all that I can think of to actually hold a worthless ERC-20 token that has been stated to return NO value and whose project fundamentals don't even exist.
Now let's look at our STEEM. Obviously we're all here using Steemit. Steemit is a site that works. It has fundamentals. It has a user base. It has actual functionality besides "let's buy these tokens and pray they make us millionaires". For now, I will say there's minimal usage for Steem tokens. Apart from receiving them for posts and maybe some users buying them to up their power, there's no market place, no gambling site, etc... where we can actually have usage and spend these STEEM coins.
Knowing this, I think it definitely makes sense for EOS to be worth STEEM in the long term once EOS is released and proven. For now though, I'm still baffled how something that is being used, functioning, and proven is deemed not as valuable as something hypothetical. I'm not sure if I can clearly illustrate well enough that this concept is the most proof I can think of that the crypto markets are extremely over-hyped, over-valued, and WILL crash. Why wouldn't people want to flock to the things that are existing and proven? Well, they will get a big dose of reality check once EOS is released and they see block.one not redeeming their tokens for anything.
Woohoo! somebody is angry. lolz.
You are right about the fact that Crypto market are mostly filled with retarded. But also do not forget that they are here for money and purely money.
It's the young individuals and small investor like you and me who are interested in the market to grow with it's functionality for good. The whales doesn't care. The find a coin with good prospects and pump and then dump. That's what they do to lure the small investors.
If you head over to bittrex as of this moment you will find out that all the rubbish coins are up by 30-40% up while the best of altcoins are down and out.
It's a trap.
Another point that you mentioned;
There's not other usage because it's not meant for all those. STEEM isn't means to be used in the market for buying a shirt or your fav shoes etc.
It's purely for the content management that can be used for social media platforms and any other web forum that wants to reward it's users.
So, yeah you are right about the minimal usage, but I am afraid that will always be the case as compared to other coins such as BTC, LITC, ETH and DASH etc.
btw nice write up.
Thanks for the read and comment @ghayas!
Yea I know STEEM isn't for anything besides usage on this site, but that's the point I'm making is that the minimal usage will keep the demand down since you can't really do anything with it besides hold it here for power and give it to other people for actions on here or whatever. Overall point I was making is just that speculation and greed propels these shit tokens when proven fundamentally sound coins aren't doing so hot.
Agreed ! but I guess it will increase over time because steemit is only 500k users. Secondly, there are Millions of websites and at lease thousands of them are newspapers and magazines, forums etc. Surely, they want readers taking interest in their contents and what's better than introducing SMT's to their forums. Tx
Not surprised. EOS will be able to do much more.
Sure, but the ERC-20 token for EOS can't!
@exxodus great post friend i upvoted this post
@elpop thank you!! Yea I think it's pretty ridiculous.
interesting truth to this statement. Steemit is real and will continue to grow, EOS we will have to see I guess. Thanks for your perspective resteemed....
Thanks @bobfilmore72! Yea, this greed just goes to show that the crypto boom is a total bubble and people are naive for thinking otherwise. Artificial value token rallies will pop and then we'll have currencies like STEEM that are proven and fundamentally sound.
meanwhile BTC woot Woot 6800! ,when the bubble collapses all that money will consolidate into the main chains, at least thats my .02
The future Hodls
Here is .... MR Collins... playing a song for this well written post on the "worlds smallest violin" guess the tune my Friend.
Thank You Kindly