A Twitter alternate about EOS, and its lackluster efficiency, has renewed concentrate on 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 individuals simply rotated to that to BTC we may all be completely satisfied umpa lumpas”
EOS has fallen out of favor with customers, primarily as a result of its disappointing, poor worth motion over time. In consequence, some have labeled EOS a ghost chain.
EOS has misplaced its shine
Block.one’s year-long Preliminary Coin Providing (ICO), which resulted in 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 approach. A collection of adversarial 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 highly centralized, rocked the undertaking.
“Based mostly on these ﬁndings, it turns into clear that EOS is basically much like a centralized cloud computing structure with out the elemental parts of a blockchain or peer-to-peer community.”
Fours years from the ICO shut, its person base had shrunk significantly, and its dApps didn’t generate the identical traction as seen on rival chains. However extra crucially, the EOS worth has been in freefall since its April 2018 peak of $22.70.
Aside from a short fakeout in Might 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 neighborhood undertaking EOS Nation, Yves La Rose, referred to as EOS a failure.
“EOS, because it stands, is a failure.”
How a lot are the Bitcoin reserves value?
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 present is available in at $1.265 billion. Whereas Block.one’s Bitcoin reserves are valued at roughly $4.2 billion, equating to barely above thrice 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 value far more than whole EOS marketcap
— 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 similar as shopping for Bitcoin.