I've been in several conversations concerning EOS ERC-20 tokens from the distribution and whether or not they will be redeemable 1:1 for actual EOS "stake," when/around the time that the main net launches. Can you all clear this topic up so that I can refer people to this comment?
Thank you!
I'm thinking that maybe this issue can't be cleared up without the risk of turning EOS ERC-20 tokens into 'securities'. It seems that those with money to 'invest' must do so on the assumption that:
I'm looking forward to investing my time developing software for the EOS blockchain, instead of a large token purchase, as this avoids making some of these assumptions. However, I've almost just convinced myself to to buy some tokens too!
Perfect. This is the kind of response that I was looking for, thanks for chiming in!
I'm a massive advocate for EOS and I literally have lengthy conversations about it daily with people. Due to the legal atmosphere and a lot of confusion surrounding it, the necessary wording of terms, etc. send many people into conspiracy theory world immediately and it becomes hard to not just tell some folks "quit being crazy, trust them, they're doing extremely important work, and more importantly, they now HOW to do it," when some of them come at me with "did you read the terms, it's worthless, it's a scam, I'm not touching EOS!" I hate that haha. I guess I was seeking for this comment to be a silver bullet for that kind of sentiment.
I was primarily fishing for an official response to the question that I posed so that I can make several hour long debates/conversations and condense them to a few minutes by keeping this link handy and sending it over to the person that I'm having the conversation with. In other words, it would make my life a lot easier since I'm trying to advocate as much as I can for EOS.
Of course, if you reside in the USA, do not purchase tokens.
The future is lookin' good, boys and girls.
I think you hit the nail on the head. Great comment.
If you invest your time developing software for EOS, i for one will use it and if it's really good i will happily promote it for free :)
Only if you register your public key. Otherwise, no, you'll lose your EOS tokens. It's all in their initial documentation they provided that users must register an EOS key. A lot of the fears people are circulating apart from this issue of registering your key is silly stuff they have come up with from lack of understanding of what is transpiring.
My view is if a person cannot grasp the EOS agreement, why it was written that way, and reasonably understand what the outcome would be... why are they holding EOS tokens or buying them?
It would kind be like owning bitcoin without understanding what a blockchain is or what cryptocurrencies are. A lot of people just throw money at stuff these days without understanding what it is they are buying. I own some EOS, I registered my key, and I understand what is going to happen, and I fully grasp why their agreement was written as such, and I can foreseebly understand the outcome that will create. Whoever controls the eos github address, and publishes the list of EOS token holders, ultimately decides the EOS token holders. Such a publication would be verifiable against the Ethereum blockchain itself. Certainly, anyone could launch any modified version of EOS they wish, but only those running the official github version with that list of token holders would be considered the legitimate EOS by all parties: developers, exchanges, ect.
Other variant versions of EOS would not meet consensus with the official network and would be forks.
Yes, this is important information to know.