As the EOS year long ICO draws into its final weeks, I'm beginning to see a potentially large flaw that could result in a lot of of people loosing money.
As you would all know, your EOS tokens will need to be held in a wallet that has been registered with EOS so that you can claim your proper EOS tokens once the ICO is finalised and the mainnet is released.
But whats going to happen to those that have missed this step, or haven't transfered their coins to the registered wallet it in. From what I beleive, those tokens will be burnt, gone forever meaning peoples hard earned cash could go up in smoke.
I'm estimating that 5% of the tokens will be lost due to mishaps by the token holders, or just plain laziness. So with a current supply of about 845Million tokens, that will mean approximately 42million may be lost, which equates to about 3/4 Billion dollars disappearing.
This of course isn't a flaw with EOS, its been well documented and there are plenty of resources to show you how to get your EOS wallet keys. HERE is a link to one of many articles on how to map your MEW to register your EOS tokens.
I think there will be some mass panic in the days leading up to the EOS crowdsale ending which may see a dump in tokens when people think its just all too hard. So it may be an idea to have some spare cash ready to pick up some bargains.
I’ll just sit on my SBD for a little longer then. I’ve been waiting for a reasonable opportunity to grab some EOS.
good idea mate.
There was a reasonable opportunity about a month or so ago when it was $4 or $5 😉
I know! If only I were able to buy some then. :(
I reckon there'll be plenty more chances to make money on EOS
yeah I managed to pick up a fair few just before they exploded from $5. Slowly trying to accumulate when it dips.
When EOS is sitting at $1000 people will laugh at trying to save $1 on a dip though
Totally agree
Totally agree
Honestly, I think it's good. If people are too lazy to work it out or click a few buttons, then they probably shouldn't have bought the token in the first place... those tokens that do get burnt should increase the value of all the other tokens; less supply equals more demand.
thats what I'm hoping for.
I myself put registering off until just last week because the process wasn’t a straightforward one. I now have non tech savvy friends asking me whether it’s easy to do. I try to explain in easy terms and send them tutorials, but I know they’ll struggle to use myetherwallet.
I can see people dumping them in the last days as well. I also think your estimate of 5% of tokens being lost is generous. There are going to be A LOT of people who don’t know about it, don’t know how, or like you said, are too lazy to do it.
There will surely be some fallout to come.
yeah I sold a bunch of EOS at the high point in Dec/Jan because i was too confused about registering. Once I did it I realised I was just an idiot as it was quite simple.
I think the Exodus wallet registration is meant to be quite simple, I'm sure @scooter77 can confirm.
Exodus is very easy. You go to the EOS wallet and click on register my tokens and boom. Tokens registered! You need a small amount of ETH for the transaction to occur..... Lots of support on their website too.
These guys have their coins on Coinspot and don’t know anything about even transferring to other wallets.
This is still going to be a slog for many people. We’ll see what happens to price.
The registration process is actually very easy. It simply requires that you read some instructions and follow them carefully...
yes it is indeed simple, but for those not familiar with some of the information it could be quite intimidating.
You make a really good point that some people would want to offload their EOS, if they think it’s too hard or don’t want to bother.
Thanks mate.
I think the lazy and non-tech savvy will just find an exchange that is supporting the token transition and keep them there. I believe Binance is doing that.
I believe some exchanges are, but do you really trust the exchange to do it properly.
I don't personally trust them, but plenty of others will I am sure.
Historical Revolution ICO
Ah - I think I misunderstood. I thought the unregistered tokens could still be salvaged later if people have their private keys. I agree with @aussieninja though - if people can’t be bothered registering their tokens, they can’t be that interested in EOS
agree 100%