Four Reasons why I’m not selling my EOS.
It has been over a year since I have last done a video on the EOS blockchain, and life has moved on both for myself, and for the EOS-IO community, and since then I have witness significant improvements, as well as setbacks within the EOS main-net blockchain, that has made me feel that EOS main-net is in need, of an Apologist video once more. I personally thought long, and hard before relenting to do this video article, considering the personal expense, as well as my responsibilities, in both professional, and family-oriented areas of my life.
But as I have set on the sidelines, and have witnessed a myriad of things, that simply do not add up, about the EOS blockchain, particularly within the areas of extraordinary amounts of Fear, Uncertainty and Doubt, it is become apparent to me, that perspectives and expectations for the EOS main-net, need to be logically and accurately readjusted according to the information we have available to us today, and not just by, looking through the lens, of emotional short lived turbulence, that can often occur when any disruptive technology is rolled out, or community value perceptions are at an all-time low.
In this video I will be giving you, my opinion on why, I personally am not giving up on the EOS main-net blockchain, despite all that has happened, both deserved and undeserved. OK now let’s get started.
Number one: Technological Advantage, I know you have heard this said many times before by now, that the technology advantage of EOS IO is off the chart, but let’s first address what most likely is on every EOS holders mind, why does this not translate into higher token price? This is a very legitimate question for those that are asking, after all if you have been in the EOS main-net community, for any length of time you have quite commonly noticed, that despite significant rollouts, updates, and upgrades. The token price seems to act more like a stable coin, then a speculative token.
The results seem, to be always the same, which typically follows something along the lines of, a significant spike in price, followed by a dramatic dump, taking back all the recent capital gains. With no discernible reason why, personally I think it is clear for anyone that has been involved in crypto for any length of time, that this is likely artificial price manipulation, all the classic clear-cut signs are there.
I speculate that there are likely significant players, that are operating behind the scenes, that do not want the EOS main-net blockchain to gain, too much price momentum, or especially not to be seen, as a more valuable investment, by new retail investors. Perhaps in hindsight, we should have seen this coming, after all what new disruptive innovation is ever met with open arms, specially when there’s significant money at stake to be lost by entrenched legacy interests.
Much in the same way that Tesla the automotive company, went up against the big three American automotive companies, for several years of its company history it was being artificially kept low do two shorts in price stock manipulation by short sellers, and later it was discovered that, many of these short sellers had links to the traditional auto companies. I suspect something very similar is happening to EOS main-net, after all if you really think about it, how many entrenched interest, have taken long-term competing positions both with capital, as well as crypto businesses, in competing legacy blockchains, whatever the real reason is, one thing is becoming more clear as time goes on, there seems to be significant price manipulation afoot.
Though despite all of the downward sell pressure, unreasonable fud, and community infighting, the EOS main-net blockchain is still working, and still very much alive, despite what some would hope, which is to my mind, a testament to the significant, technological advantage we have.
Number two: Legitimately more Decentralized, I know, I know, before I get started on this point, I can already hear what some people are probably saying, right about now, most people have been convinced that the EOS main-net is not more decentralized than other legacy blockchains, and at the risk of sounding like a broken record, that is simply just not accurate, when you make an intellectually honest, apples to apples comparison, with (delegated-proof-of-stake) block producers, and (proof-of-work) mining pools. When you are accounting for these factors, the EOS blockchain is quite literally the most decentralized blockchain operating currently in the top 25.
Think about it for a moment, how many community fights have we had since launch, if we were truly as centralized as many people say, one of the clear-cut benefits of being a centralized community, is that there is a lot more direction, centralized communities are far more orderly, and founding fathers / developers’ opinions, take presidents over the opinion of many other community members. Love it or hate it, this quite simply has not been the case for the EOS main-net community. In fact, how often have we had suggestions by Dan Larimer himself, as well as the block-one development team.
Which are more often than not, ignored by the current EOS main-net voting proxy community. Regardless of if you think this is bad or good, one thing you cannot argue, and that is that EOS is centralized around its founding developers, and I know, as a follow up some might still say what about the growing cartels, and collusion of block producers, as well as exchanges voting with community funds?
I am about to say something that may be construed as inaccurate, by some members within the EOS main-net community, but I feel that this obviously needs to be said, many in the early community chose this path, both knowingly and unknowingly, when we voted in our current governance model. Love it or hate it, this is what we chose as a community, and I am aware that there have been some unintended consequences, but realistically speaking there will always be something wrong, or not perfect within any blockchain, or governance structure, that human-beings choose.
Because we as human beings are not perfect, so it stands to reason that any system that we put into place, no matter how well thought out, will be imperfect. It is way past time that we put aside the standard of perfection, especially when it comes to governance. We cannot allow perfection to be the enemy of good enough for now. There will always be improvements that we can make, there will always be upgrades that are desired, there will always be preferrable models we are currently not using, regardless of all these things, ask yourself a fundamental question. Despite who is producing blocks, does the EOS blockchain perform as needed, is it not incredibly fast, is it not incredibly adoptable, is it not robust, is it not streamline and closer to perfection, then any other blockchain operating currently, within the crypto blockchain ecosphere. I’m always blown away by how amazingly fast the EOS blockchain is.
For example, I recently purchased Bitcoin, from a well-known exchange and moved it to my private wallet, it took almost 10 minutes, to complete my transfer. I did the same exact thing with my recent EOS purchases, not only did I not have to pay a transfer fee, but the transfer itself only took less than a second to get confirmation that my EOS had arrived in my private wallet.
I think many of us in the EOS main-net community take it for granted that we quite literally are living in the future of blockchain, while other blockchains are trying to catch up to the standards that we are setting, EOS is already achieving these remarkable feats.
Take for example, the early days of the EOS main-net launch, I still remember it well, how when we launched there where many FUD accusations that the EOS blockchain was not decentralized enough, because it utilized, (Delegated-Proof-of-Stake), and not (Proof-of-Work) as many of the legacy blockchains did during that time, now fast forward years later, and we are discovering some of the loudest detractors during that time, or now cheering loudly as their blockchains begin to undertake massive upgrades into (Proof-of-Stake) consensus models.
Guys wake up! Legacy blockchains that are competing in the rim of programmable money, are upgrading themselves to be more like EOS-IO, this is what I would say is an optical victory for the EOS-IO community, the accusations that we are not decentralized enough, are quite literally being proven, right before our eyes to be Illegitimate, and I think in hindsight it is quite clear that the reason that many early accusers were upset, was not because the EOS blockchain was not decentralized, but they feared being surpassed by the competition, and since then they have used every dirty trick one can think of, to continue to suppress our growth, at whatever cost.
Number Three: Diversification of Core Interest, now let us get to the elephant in the room, I’m sure most of you have heard by now that Dan Larimer is leaving the company of block-one, for some of us this was a huge blow I’m sure, considering that many people in the early days likely followed Dan Larimer over from bit-shares in steemit to participate within his new grand experiment. That we now know today as the EOS-IO ecosphere, this has prompted many to sell off their position, and the ones that are still holding are probably still very much concerned about the future of this project. I myself am not overly concerned, I think it is important for us to get clear perspective about what likely went down, and what it actually means for EOS-IO, Dan Larimer has said in the past that he created EOS-IO so he could eat his own dog food.
I believed him back then, and I believe him today, Dan Larimer leaving does not necessarily mean that he is leaving the EOS-IO ecosphere, just Block-One. I would say with a high probability it is likely that he will develop more freer and more open blockchain applications that will leverage EOS-IO technology in some way, I know that this does not necessarily mean that there will be a direct benefit to the current holders of EOS main-net tokens, but I think the main-net token holders have to understand that in some ways this is a good thing, from the standpoint that Dan Larimer can sometimes have controversial opinions, that not all will agree with, considering he is a libertarian and has very strong beliefs about financial liberty. Honestly, this always had the potential to become a problem for a regulated corporation like Block-One.
I suspect that Dan Larimer felt morally obligated to do something that had the potential to address, the significant growing concern of big tech censorship, especially when you consider that programmable decentralized blockchain, is in a unique position too possibly provide solutions, that are uniquely suited to address social media censorship issues, I can imagine that he may have felt strongly convicted considering he is uniquely suited to build such a blockchain application.
While in contrast the Block-One Corporation is likely on the path of creating a regulated Pro-fi DEX, that is as user friendly as Coinbase, and that will likely leverage EOS main-net resources on its back end.
Honestly speaking, EOS main-net’s path to success, is most likely going to be as a platform for regulated corporate blockchains, and I know for some this is a very unattractive prospect, but we must remember that in the world of business, and corporate interest, regulation is a necessary pre-existing condition of any major financial institution looking to invest heavily within a new investment, largely to do with the fact that regulatory risk can often cost companies potentially billions, if they are non-compliant. Whether we like it or not, blockchain regulation is coming, and in some ways is already here, we’re already hearing new terminologies for blockchain companies being created, such as Cee-fi, and Pro-fi, and as blockchain begins to become more mass adopted by the common people, there must necessarily be some adoption by blockchain companies as well, to make their products more accommodating, if they hope to attract the lion share, of incoming large financial institutions.
I will not beat around the bush, this does mean in some ways, less financial freedom, but in other areas it also means higher likelihood, of tremendous financial gains. Realistically some of us knew this day would eventually come, and in many mainstream legacy blockchains, the wild-wild-west days of blockchain, are mostly over. Unfortunately, loss of some freedoms, is the necessary cost of mass adoption, and realistically cannot be helped. Every revolutionary new industry in the past has gone through this.
Yes, there will still be projects that put freedom and privacy as a primary core function, but realistically the price for more freedom, and privacy will usually be less adoption. The EOS main-net, is moving down the path of mass adoption, which means we will need to be compliant with regulators. Love it or hate it, that’s simply the way it is, but don’t be too upset, that does not mean that there will not still be niche applications, that will allow users to gravitate to core principles that they feel more comfortable with, after all development on any blockchain is generally up to the application in question, and I suspect there will be a significant amount of freedom minded DAPP applications built using EOS main-net, And I suspect that some of them will have their origin in the mind of Dan Larimer himself, through anonymous means. Applications that will seek to make us freer, and less vulnerable to the centralization of mainstream corporate interest, to Dan Larimer I wish him all the best on his new path in life, and wish him success, because I ultimately believe if he succeeds at whatever he feels it necessary to address, then we within the EOS-IO ecosphere will be better off for it.
Number 4: Maximum Capitulation, alright I know this next part may be a little bit speculative considering, that we may, or may not have, seen the full impact of what Dan Larimer leaving Block-One, will have on the EOS main-net blockchain overall.
I am reminded of the story of the early days of Bitcoin, back then when 70% of trading was done on Mt-Gox, more particularly the huge impact of what happened when the exchange was hacked and so many Bitcoin holders lost their Bitcoin, I like many others assume that Bitcoin would not recover from such a massive blow, but I was wrong, it did recover, and it is stronger and more usable than ever.
The same thing happened to Ethereum, I’m sure there are some crypto old schoolers, here on the EOS side of things, that can tell you how much ridicule the Ethereum community received, over the Ethereum D-A-O hack, and more importantly their solution to address it. I like many others assume the Ethereum blockchain was dead, yet again I was wrong, the Ethereum blockchain has moved on from that, to make new all-time highs, and now it’s moving forward to become even better with their up-and-coming integration of Ethereum 2.0.
The lesson of these two stories is, we should not assume that simply because we are in our darkest hour that our project is dead, especially considering that our fundamentals are still good. I believe that we are now either at, or fast approaching, the point of, maximum capitulation, for the EOS main-net community, which means more than likely the worst is behind us. For most EOS token holders, Dan Larimer leaving Block-one was quite literally the worst thing that could have happened, from the standpoint of perception. Yet, the EOS main-net community will more than likely survive it.
Despite all of that, we are still here, and we are still standing, and I know it may not seem like it, after all at times when capitulation is at an all-time high, it very rarely ever seems that the darkest days are behind us. Look around you, to your left, and to your right, the ones you see in the EOS community now, are the EOS hodlers that are in this project for the long term.
EOS hodlers are a special breed, I would wager that you could not find there like in any other crypto community currently out there, ask yourself what community as new as ours, has dealt with as many volatile market cycles, community upheavals, founder letdowns, and precede lack of support by the core developers. The EOS hodler hands are extraordinarily strong, we have gone through the metaphorical fire together, and we are still standing despite all of our collective detractors that would love to see us fall, we’re still here, we’re still standing, and we’re still holding. And most of us will not sell our EOS tokens, at what amounts to bargain basement prices.
To adopt a quote from a movie I have seen “they will get our EOS when they pry it from our cold dead hands.”
To all EOS holders, strong hands will weather the storm.