I don't like giving investment advice. In general, I find the entire concept absolutely horrendous and I am generally the guy telling everyone not to listen to anyone else's investment advice as it's a fundamentally flawed concept. Anyone that is giving you investment advice should be looked at with the highest level of skepticism possible. Assume they have absolutely everything to gain by you buying what they are selling and that you have absolutely nothing to gain from doing it. That being said, if I did give financial advice, I'd probably do it the only way I knew how, which is to tell you exactly what I'm doing and why I have made that decision.
Last year, EOS hit $0.50 and I called the bottom. In doing so, I took on certain risks, but I felt the potential upside greatly outweighed any potential losses and that if I was going to take one serious gamble last year, that was it. It went well and no I'm not going to get into specifics for a variety of reasons that I'll leave to your imagination. I'm also here to say that I dropped EOS like a dumpster fire that I perceive it to be and am not looking for any window to get back into it. If you're an EOS fanboy and can't stomach what I'm saying right now, read on for some harsh truth and criticism.
I can see absolutely no reason to hold EOS tokens at this point. The project was making some lofty promises to address issues that STEEM had and I wasn't opposed to making money or considering what they had to say, so I moved in at an opportune time and got out at significantly more opportune time, this is how investing works. When the project failed to deliver on those promises and gave away the blockchain to anyone wanting to start their own project, it's was time for me to consider that it was no longer a viable investment. Sure I could be wrong, but I'd rather take a bet that I feel more confident with.
If any serious projects want to operate on EOS, they aren't going to pander to Block Producers that are obviously intent on extorting every penny possible from the developers when they can just fire up their own copy of the chain and have the same technology. EOS can totally do ICOs and issue tokens for digital ownership, but the illusion that there will be any free transactions or DAPP friendly environment went out the window when Block Producers started gouging RAM prices and offering votes for sale. Even Dan didn't like how things started out and had to flex control of the chain with yet again another company with majority ownership and broken distribution, even after the year long ICO.
I've been involved here on the STEEM blockchain for roughly two years now and even though I regularly criticize and challenge decisions made, I've gained a lot of respect for Steemit Inc and Ned due to the simple fact that they seem to do their best to stay out of the politics of the chain. When the majority of users ask and petition for their involvement, they seem reluctant to get involved, and I think this is actually a good thing. We need to sort out our own issues without calling in big brother every time things don't go our way. I'm not going to say that every decision they've made along the way is perfect and that I haven't had my own gripes, but in the grand scheme of things I think they are genuinely committed to providing quality development and growth of the platform.
I feel like the announcement and details of resource credits and the new account creation tools are a serious game changer. I'd imagine it's only a matter of time before we start seeing a serious decentralized exchange running on smart contracts and tokenized ownership of assets operating on the STEEM blockchain. The biggest unanswered questions that I think we have is whether or not fiat gateways will be directly tied into the chain or not and at what price Steemit Inc will start selling off large amounts of stake. I can think of reasons why I'd both want and not want direct fiat gateways in the U.S., but I suppose that's a debate for another day. As for the other question, time will tell, but I think the fact that they haven't yet is a clear indicator that the best is yet to come.
Bringing it all back full circle, remember that I don't give investment advice, but if I did I imagine that I'd be calling the bottom on STEEM right now. I'd probably be writing an entire post about why I dumped the competition and moved most of my net worth into STEEM at $0.80. I'd probably make mention of SMTs getting an actual release date and reminding myself that even if we dip a little lower, the risk versus reward potential is beyond that of the little gamble I took on EOS last year. Who knows, maybe I'd be bouncing around on the trending page every day if I gave investment advice. Oh well, back to what I actually do care about, philosophy and building communities on the blockchain. Namaste.
Ya know, I think if more people thought like you, this world would be a better place.
if you still have both your kidneys you're not gatewaying into steem hard enough
I wonder if I could sell my kidneys on a dip and buy them back on a pump before I actually had to have them removed...
actually it's time to go 10X long on Crypto kidneys....it's only gonna go up from now on..
Your opinion is well appreciated, at least for me that I'm new on this cryptoworld and I don't know anyone near me to gide and lead me! So thank you!
Take that EOS! I wonder if Dan is gonna come along and flag you (like he does everyone else that is critical of EOS).
Eh I don't have any problem with Dan, I think we are similarly idealistic. His platforms are kind of prone to abuse from opportunistic people though. I'd rather the two year head start with the witnesses and development we have over EOS for sure.
Your journey is an interesting one. Top marks for taking the crypto plunge...
As for me? I'm still sceptical about any investment although i still haven't a clue about the crypto currencies mechanisms... so any investment on my behalf i am prepared to lose...
My current investment into SteemIt involves my knowledge distribution and time.
I quite appreciate your gentle, non-advice giving form of giving advice. Well done. If I had anything with which to invest, I'd likely follow your non-advice-giving lead. Certainly reads as sound and well-founded to me. ;)
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