The crypto community has long debated the superiority of EOS over Ethereum. In theory, the EOS blockchain is more scalable and significantly faster than ETH, but when it comes to execution, the project has been a disappointment. Even with the top Dapps and millions of users on its platform, the crypto has been unable to rise up to its community’s expectations. While most blame Block.one’s negligence for the failure, some believe that EOS is a dead project, a ghost chain.
Twitter exchanges about EOS and its lackluster performance have renewed focus on Block.one’s Bitcoin reserves. Trader @i_am_jackis wondered why the EOS market cap was “still 1.2B?,” saying EOS holders should sell for Bitcoin instead.
“How is EOS still 1.2B mcap? If people just rotated to that to BTC we could all be happy umpa lumpas”
CEO of EOS Nation, Yves La Rose Calls EOS Blockchain Project Under Block.one a Failure
Block.one’s year-long Initial Coin Offering (ICO), which ended in June 2018, raised a staggering $4.1 billion, making it the biggest capital raise in cryptocurrency history. This raised high expectations for EOS. Block.one also promised a “Ethereum-killer” capable of outdoing the leading dApp platform. Unfortunately, it didn’t work out that way. A series of adverse events, including claims that EOS cannot hit its claimed speeds of 5,000 to 1,000,000 transactions per second and its Delegated Proof-of-Stake (DPoS) chain is overly centralized, rocked the project.
“Based on these ﬁndings, it becomes clear that EOS is fundamentally similar to a centralized cloud computing architecture without the fundamental components of a blockchain or peer-to-peer network.”
Four years after its ICO close, its user base had shrunk significantly, and its dApps had failed to generate the same traction as rival chains. But more crucially, the EOS price has been in freefall since its April 2018 peak of $22.70. With the exception of a brief spike to $14.70 in May 2021, EOS has been trending downwards, unable to break the downtrend. The CEO of EOS Nation, Yves La Rose, described the project as a failure during a virtual meeting of users in November 2021.
“EOS, as it stands, is a failure.”
Block.one Holds $4.2 B in Bitcoin, 3x EOSIO’s Market Cap
As a response to @i_am_jackis, @h_bitcoiner pointed out that Block.one’s reported 140,000 Bitcoin reserves are valued at “way more” than EOS’s market cap. EOS currently has a market cap of $1.265 billion. Block.one’s Bitcoin reserves are estimated at approximately $4.2 billion, which is slightly more than three times the market cap of EOS. @h_bitcoiner reaffirmed his claim that buying EOS is like buying discounted Bitcoin in the past.
$EOS Bitcoin reserves worth way more than entire EOS marketcap
Idk but there is speculation by buying $EOS, you are actually buying $BTC at discount
— Symph (@h_bitcoiner) June 1, 2022
However, Block.one does not offer EOS token holders Bitcoin rewards. Therefore, it is incorrect to say that buying EOS is the same as buying Bitcoin.
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