The White Elephant in a Room

· December 18, 2017 · 11:00 pm <!– Excerpt

One of the categorical snippets of recommendation given to fresh crypto traders is to try and look for altcoins that have a purpose or record that can be practical in real-world situations. Many of them do just that including Ethereum, NEO, Substratum, OmiseGO, Power Ledger, Factom, Iota and TenX to name a few. Then there are those that are just currencies such as Bitcoin and Litecoin which can also be superb investment opportunities as we

Read More End Excerpt –>

One of the categorical snippets of recommendation given to fresh crypto traders is to try and look for altcoins that have a purpose or record that can be practical in real-world situations. Many of them do just that including Ethereum, NEO, Substratum, OmiseGO, Power Ledger, Factom, Iota and TenX to name a few. Then there are those that are just currencies such as Bitcoin and Litecoin which can also be superb investment opportunities as we have seen in new months.


What is a poser is the volume of investment that has left into cryptos that do not really offer anything aside from a blockchain. According to an essay on Wall Street Journal investors have already spent $700 million on a tech startup charity a digital token which they themselves state has no purpose.

FOMO Flashes

The company, Block.one, lifted the supports during the ICO which has come at a time of mass crypto insanity and big doses of FOMO (fear of blank out). The news went on to explain that the Cayman Islands-registered association develops program around an open source website; it has combined a blockchain height that does not really offer anything over the thousands that already exist in the crypto sphere.

The website offers a pretty customary ‘we are a scalable decentralized app platform’ matter with a simple white paper and a few group photos. They have been auctioning 2 million tokens every day to lift supports for the ICO. The EOS core formula is posted publically and the association expelled a new chronicle of it last week causing a now ordinarily seen spike in cost that customarily follows altcoin news.

FOMO Flashes

Toothless Token

Once the height is expelled the EOS tokens that have no genuine attribute to it will offer no purpose. Block.one only intends to write the bottom formula and let third-party developers do the rest.  The WSJ states that a squeeze agreement which investors contingency pointer states the tokens “do not have any rights, uses, purpose, attributes, functionalities or features.” In this way, the token seems like the self-evident “white elephant” – costly to possess but portion no purpose.

The stream shopping frenzy just shows that people are still peaceful to invest in concepts that are being built for a technological marketplace that doesn’t exist yet. With a market capacity of $5.1 billion EOS is one of the tip altcoins of the moment, sitting at 14th place in the crypto top charts. It has jumped over 450% this month from $1.97 to an all-time high today of $11.11, marketplace corrections have seen the cost tumble back a little but it is clearly clear that traders are still going crypto nuts.

Is EOS just another invalid “white elephant” of a token or will it eventually have some purpose? Would you invest in EOS? Let us know in the comments below.


Images pleasantness of AdobeStock, Wikimedia Commons

Show comments

Article source: http://bitcoinist.com/eos-investors-shell-700m-purposeless-token/