Well, you must be aware that these days EOS has generated a lot of interest from crypto investors and it’s prices pumped to a new All Time High this week. So there is a lot of activity in exchanges as well as at eos.io. Are you among those who are using the data from eosscan.io for making a buy decision for EOS from eos.io?
I’d like to warn you to tread with utmost caution while using eosscan.io.
However I ain’t an experienced crypto-investor and wonder if I could be called even an investor. But I keep experimenting with this stuff to learn the new ropes. So I share whatever experiences I gather as a noob with you guys here. If you want to update me with any additional information or think if I’m wrong in my interpretations, please do not hesitate to correct me. I’d be glad for all your help.
In recent past, I had experimented with buying EOS from exchanges as well as eos.io a couple of times. Investing in EOS ICO is quite different than investing in any other ICOs. There are no fixed or pre-decided rates for EOS tokens. To make you easily understand, I’d say, buying through EOS.io ICO is like bidding for a bid bot on Steem platform. The difference in this analogy is that a bid bot’s voting window is 2.4 hours while EOS.io’s window (called a Period) is for 23 hours. A 100% vote of a bid bot is equivalent to 2 million EOS tokens which are proportionately distributed to all bidders. So I can say EOSscan.io is like SteemBotTracker app that help in making an informed bid.
Although EOS is a very promising token, I was not very interested in buying it over $10 price at present. I’m not a person who will join the rush to buy a token at its ATH. But a couple of days back while checking my emails, I happened to click on a mailer from EOSscan. Several months back, I had subscribed to the mailing list of EOSscan and was receiving a daily email informing me of ongoing rates in the current Period. But I always used to ignore these emails. But when I clicked this email that day, I was surprised to see the EOS prices for Period-318 to be about 4-5 times lower than the market, while this Period was going to close within an hour.
The contribution graph for Period 318 looked like this:
I was surprised to find this graph way below the prices of previous Periods. There was a big difference. I couldn't believed that I can get EOS this low, when its market prices are at its all time high. So I also checked the graph for total ETH contributions received:
The end point of the line representing Period-318 showed a spectacular dip. I was still in utter disbelief. I checked the Last Updated time for the data and it was just moments back. So, though the information looked too good to be true, I had to trust it.
Many things came to my mind like people are buying EOS only in exchanges as they want to immediately take out the profit from its soaring prices or may be due to ETH network congestion, people couldn't transfer funds in time. or perhaps the end time of this Period is in off-peak hours and most investors are sleeping at this time 😜. While I was thinking all these, time passed by and when there were only 25 minutes left, I finally decided to transfer a small amount. I thought, I'd be a foolish man if I don't make good of an opportunity which itself presented before me.
And when I received EOS tokens, there wasn't any surprise for me. I was proved a stupid yet again. I bought EOS at its highest!
Check the Period-318, it received the highest contribution in recent past.
I realized that I loss my wisdom under time pressure and give in to impulsive decisions. I've seen this graph stopped updating a couple of hours before the closing of the Period earlier too. But this time, Last Update time was showing perfectly fine, so I decided to go by this tool. I don't think this EOSScan.io tool is working perfectly as it was intended to work.
You can see the difference in "# of contributed ETH" after the Period-318 was closed and Period 319 had started and what it shows now when Period 320 is in progress:
The maker of this EOSscan tool @pyo had claimed in his last post:
Data has become 100% accurate. (Previously we have used the crawling method from etherscan.io. Now we have access directly to the blockchain data by using web3.js)
But this post was published a good 10 months back. Since then, I haven’t heard any update from him. I’m glad that he is open to suggestion to improve it. But with only 30 more Periods left for the EOS sale, there is hardly any motivation to improve it now.
It's better that investors keep away from this tool in their own interest.
- What's your take on this issue? How would you have behaved in a similar circumstance?
- Have you ever used EOSscan tool? How was your experience with it?
I'd love to listen your views and experiences.
You are excellent sir
I think probably there are people who have automated their bids to come in at the last moment up to a price target. If I was going to bid I'd certainly be doing it that way.
One of the reasons participating in this sort of bidding is a bad plan imo.
Thanks for your input! But even if that was the case, I'd expect this tool to show the graph accordingly. What puzzles me is that even after the Period was over, the figures were far below the actual collection.
Oh, yeah, that's really weird and bad. Sorry I misread.
Thank you for your continued support of SteemSilverGold
wow ..., this is really information that is very aspirative, accommodative and implementation. this is very useful for me who is beginner in steemit. thanks for the information sir. greetings from me.
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sorry for wrong comment
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