A Twitter trade about EOS, and its lackluster efficiency, has renewed give attention to Block.one’s Bitcoin reserves.
Dealer @i_am_jackis requested the Twitterverse why the EOS market cap is “nonetheless 1.2B?,” including that EOS holders ought to transfer on and promote for BTC.
“How is EOS nonetheless 1.2B mcap? If folks simply rotated to that to BTC we might all be comfortable umpa lumpas”
EOS has fallen out of favor with customers, primarily resulting from its disappointing, poor value motion over time. Consequently, some have labeled EOS a ghost chain.
EOS has misplaced its shine
Block.one’s year-long Preliminary Coin Providing (ICO), which led to June 2018, raised a staggering $4.1 billion, making it the most important capital increase in crypto historical past.
Given the sum raised, expectations for EOS had been excessive. And Block.one promised an “Ethereum-killer” able to out-doing the main dApp platform.
Sadly, issues didn’t pan out that means. A sequence of hostile occasions, together with claims that EOS is incapable of hitting touted speeds of 5,000 to 1,000,000 transactions per second and its Delegated Proof-of-Stake (DPoS) chain is very centralized, rocked the venture.
“Primarily based on these findings, it turns into clear that EOS is essentially just like a centralized cloud computing structure with out the basic elements of a blockchain or peer-to-peer community.”
Fours years from the ICO shut, its consumer base had shrunk considerably, and its dApps didn’t generate the identical traction as seen on rival chains. However extra crucially, the EOS value has been in freefall since its April 2018 peak of $22.70.
Apart from a quick fakeout in Could 2021, the place the worth spiked to $14.70, EOS has been trending downwards, seemingly unable to interrupt the downtrend.
Throughout a digital assembly of customers in November 2021, the CEO of the group venture EOS Nation, Yves La Rose, known as EOS a failure.
“EOS, because it stands, is a failure.”
How a lot are the Bitcoin reserves price?
In response to @i_am_jackis, @h_bitcoiner identified that Block.one’s reported 140,000 Bitcoin reserves are valued at “far more” than EOS’s market cap.
The EOS market cap at the moment is available in at $1.265 billion. Whereas Block.one’s Bitcoin reserves are valued at roughly $4.2 billion, equating to barely above 3 times the EOS market cap.
@h_bitcoiner signed off by reiterating a previous declare that purchasing EOS is like shopping for discounted BTC.
$EOS Bitcoin reserves price far more than whole EOS marketcap
140k BTC
Idk however there may be hypothesis by shopping for $EOS, you’re truly shopping for $BTC at low cost
— Symph (@h_bitcoiner) June 1, 2022
Nonetheless, there are not any reward mechanisms in place the place Block.one rewards EOS token holders with Bitcoin. As such, it’s flawed to say shopping for EOS is identical as shopping for Bitcoin.
